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Exhibit
10.1
SECOND AMENDED AND
RESTATED
BUSINESS LOAN AND SECURITY
AGREEMENT
dated as of February 20,
2008
by and among
ICF INTERNATIONAL,
INC.,
ICF CONSULTING GROUP, INC.
and other
“Borrower”
parties hereto from time to time, as Borrowers,
CITIZENS BANK OF
PENNSYLVANIA,
and certain other
“Lender” parties hereto from time to time, as
Lenders,
CITIZENS BANK OF
PENNSYLVANIA,
as Administrative
Agent
BANK OF AMERICA,
N.A.
as Syndication
Agent
CITIBANK, N.A. and SUNTRUST
BANK
as Documentation
Agents
and
RBS SECURITIES CORPORATION
d/b/a RBS GREENWICH CAPITAL,
as Lead Arranger and Book
Running Manager
TABLE OF
CONTENTS
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CERTAIN DEFINITIONS
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1 |
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INTERPRETIVE
PROVISIONS
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14 |
| ARTICLE 1 |
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COMMITMENT |
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15 |
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Section 1.1 |
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Maximum Loan Amount |
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15 |
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Section 1.2 |
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Use of
Proceeds |
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15 |
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Section 1.3 |
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Intentionally Omitted |
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15 |
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Section 1.4 |
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Advances |
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15 |
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Section 1.5 |
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Additional Mandatory Payments; Reduction of
Commitment |
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17 |
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Section 1.6 |
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Field
Audits |
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17 |
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Section 1.7 |
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Certain Fees |
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17 |
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Section 1.8 |
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Increases to the Revolving Facility Commitment
Amount |
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18 |
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Section 1.9 |
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Appointment of the Primary Operating Company |
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19 |
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Section 1.10 |
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Joinder of New Subsidiaries and Affiliates; Release of
Certain Borrowers |
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19 |
| ARTICLE 2 |
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LETTERS OF CREDIT |
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20 |
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Section 2.1 |
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Issuance |
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20 |
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Section 2.2 |
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Amounts Advanced Pursuant to Letters of
Credit |
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20 |
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Section 2.3 |
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Letter
of Credit Fees |
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20 |
| ARTICLE 3 |
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SECURITY |
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21 |
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Section 3.1 |
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Security Generally |
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21 |
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Section 3.2 |
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No
Preference or Priority |
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22 |
| ARTICLE 4 |
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CONDITIONS TO THE LENDERS’ OBLIGATIONS |
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22 |
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Section 4.1 |
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Compliance with Law and Agreements; Third Party
Consents |
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22 |
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Section 4.2 |
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Financial Condition |
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22 |
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Section 4.3 |
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Litigation/Bankruptcy |
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22 |
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Section 4.4 |
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Opinion of Counsel |
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23 |
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Section 4.5 |
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No
Default |
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23 |
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Section 4.6 |
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Documentation |
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23 |
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Section 4.7 |
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Restatement Costs and Expenses |
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23 |
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Section 4.8 |
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Restatement Matters |
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23 |
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Section 4.9 |
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Security Interests |
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24 |
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Section 4.10 |
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Insurance |
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24 |
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Section 4.11 |
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Due
Diligence/Syndication |
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24 |
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Section 4.12 |
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Other
Deliveries |
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24 |
| ARTICLE 5 |
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REPRESENTATIONS AND WARRANTIES |
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24 |
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Section 5.1 |
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Existence and Qualification |
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24 |
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Section 5.2 |
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Authority; Noncontravention |
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24 |
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Section 5.3 |
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Financial Position |
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24 |
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Section 5.4 |
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Payment of Taxes |
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25 |
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Section 5.5 |
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Accuracy of Submitted Information; Omissions |
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25 |
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Section 5.6 |
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Government Contracts/Government Subcontracts |
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25 |
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Section 5.7 |
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No
Defaults or Liabilities |
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25 |
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Section 5.8 |
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No
Violations of Law |
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25 |
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Section 5.9 |
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Litigation and Proceedings |
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25 |
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Section 5.10 |
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Security Interest in the Collateral |
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26 |
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Section 5.11 |
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Principal Place of Business; Location of Books and
Records |
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26 |
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Section 5.12 |
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Fiscal
Year |
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26 |
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Section 5.13 |
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Pension Plans |
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26 |
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Section 5.14 |
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O.S.H.A., ADA and Environmental Compliance |
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27 |
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Section 5.15 |
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Intellectual Property |
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27 |
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Section 5.16 |
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Existing or Pending Defaults; Material
Contracts |
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28 |
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Section 5.17 |
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Leases
and Real Property |
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28 |
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Section 5.18 |
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Labor
Relations |
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28 |
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Section 5.19 |
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Assignment of Contracts |
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28 |
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Section 5.20
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Contribution Agreement |
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28 |
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Section 5.21
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Registered Names |
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28 |
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Section 5.22
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Ownership of the Borrowers |
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28 |
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Section 5.23
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Solvency |
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28 |
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Section 5.24
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Foreign Assets Control Regulations, Etc. |
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29 |
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Section 5.25
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Federal Reserve Regulations |
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29 |
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Section 5.26
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Commercial Tort Claims |
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29 |
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Section 5.27
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Letter
of Credit Rights |
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29 |
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Section 5.28
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Survival of Representations and Warranties |
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29 |
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ARTICLE 6
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AFFIRMATIVE COVENANTS OF THE BORROWERS |
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29 |
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Section 6.1
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Payment of Loan Obligations |
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29 |
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Section 6.2
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Payment of Taxes |
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29 |
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Section 6.3
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Delivery of Financial and Other Statements |
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29 |
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Section 6.4
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Maintenance of Records; Review by the Administrative
Agent |
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30 |
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Section 6.5
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Maintenance of Insurance Coverage |
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30 |
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Section 6.6
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Maintenance of Property/Collateral; Performance of
Contracts |
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31 |
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Section 6.7
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Maintenance of Existence |
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31 |
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Section 6.8
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Maintenance of Certain Deposit Accounts with the
Administrative Agent |
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31 |
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Section 6.9
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Maintenance of Management |
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31 |
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Section 6.10
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Disclosure of Defaults, Etc. |
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31 |
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Section 6.11
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Security Perfection; Assignment of Claims Act; Payment of
Costs |
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32 |
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Section 6.12
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Defense of Title to Collateral |
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32 |
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Section 6.13
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Compliance with Law |
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32 |
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Section 6.14
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Other
Collateral Covenants |
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33 |
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Section 6.15
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Financial Covenants of the Borrowers |
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34 |
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Section 6.16
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Intentionally Omitted |
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34 |
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Section 6.17
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Landlord Waivers; Subordination |
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34 |
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Section 6.18
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Substitute Notes |
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34 |
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ARTICLE 7
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NEGATIVE COVENANTS OF THE BORROWERS |
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34 |
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Section 7.1
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Change
of Control; Disposition of Assets; Merger |
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34 |
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Section 7.2
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Margin
Stocks |
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36 |
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Section 7.3
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Change
of Operations |
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36 |
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Section 7.4
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Judgments; Attachments |
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36 |
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Section 7.5
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Further Assignments; Performance and Modification of
Contracts; etc. |
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36 |
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Section 7.6
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Affect
Rights of the Administrative Agent or Lenders |
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37 |
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Section 7.7
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Indebtedness; Granting of Security Interests |
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37 |
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Section 7.8
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Dividends; Loans; Advances; Investments and Similar
Events |
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37 |
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Section 7.9
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Lease
Obligations |
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39 |
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Section 7.11
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Lockbox Deposits |
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39 |
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Section 7.12
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Sale
and Leaseback Transactions; Other Agreements |
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39 |
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Section 7.14
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Anti-Terrorism Laws |
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39 |
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Section 7.16
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Capital Expenditures |
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39 |
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ARTICLE 8
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COLLATERAL ACCOUNT |
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39 |
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ARTICLE 9
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DEFAULT AND REMEDIES |
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40 |
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Section 9.1
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Events
of Default |
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40 |
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Section 9.2
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Remedies |
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42 |
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ARTICLE 10
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THE ADMINISTRATIVE AGENT; AGENCY |
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43 |
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Section 10.1
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Appointment |
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43 |
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Section 10.2
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General Nature of Administrative Agent’s
Duties |
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43 |
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Section 10.3
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Exercise of Powers |
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44 |
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Section 10.4
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General Exculpatory Provisions |
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44 |
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Section 10.5
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Administration by the Administrative Agent |
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45 |
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Section 10.6
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Lenders Not Relying on the Administrative Agent or Other
Lenders |
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45 |
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Section 10.7
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Indemnification |
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46 |
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Section 10.8
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Administrative Agent in its Individual Capacity;
Administrative Agent’s Commitment |
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46 |
ii
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Section 10.9 |
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Holders of Notes |
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46 |
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Section 10.10 |
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Successor Administrative Agent |
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46 |
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Section 10.11 |
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Additional Agents |
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47 |
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Section 10.12 |
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Calculations |
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47 |
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Section 10.13 |
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Funding by the Administrative Agent |
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47 |
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Section 10.14 |
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Benefit of Article |
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49 |
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Section 10.15 |
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Field
Audits and Examination Reports; Confidentiality; Disclaimers by
Lenders; Other Reports and Information |
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49 |
| ARTICLE 11 |
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CERTAIN ADDITIONAL RIGHTS AND |
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50 |
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Section
11.1 |
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Power
of Attorney |
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50 |
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Section
11.2 |
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Lockbox |
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50 |
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Section
11.3 |
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Other
Agreements |
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51 |
| ARTICLE 12 |
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MISCELLANEOUS |
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51 |
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Section 12.1 |
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Remedies Cumulative |
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51 |
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Section
12.2 |
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Waiver |
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51 |
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Section
12.3 |
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Notices |
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51 |
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Section
12.4 |
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Entire
Agreement |
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53 |
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Section
12.5 |
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Relationship of the Parties |
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53 |
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Section
12.6 |
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Waiver
of Jury Trial and Certain Damages |
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53 |
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Section
12.7 |
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Submission to Jurisdiction; Service of Process;
Venue |
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53 |
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Section
12.8 |
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Changes in Capital Requirements |
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54 |
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Section
12.9 |
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Other
Agents, Arrangers, Managers |
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54 |
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Section 12.10 |
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Modification and Waiver |
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54 |
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Section 12.11 |
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Transferability |
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54 |
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Section 12.12 |
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Governing Law; Binding Effect |
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56 |
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Section 12.13 |
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Gender; Number |
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56 |
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Section 12.14 |
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Joint
and Several Liability |
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56 |
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Section 12.15 |
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Materiality |
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56 |
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Section 12.16 |
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Reliance on the Administrative Agent |
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56 |
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Section 12.17 |
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The
Patriot Act |
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56 |
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Section 12.18 |
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Counterparts |
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56 |
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Section 12.19 |
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Taxes |
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56 |
iii
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EXHIBITS
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| Exhibit
1 |
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Request
for Advance and Certification |
| Exhibit 1(a) |
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Request
for Swing Line Loan Advance |
| Exhibit 2 |
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LIBOR
Election Form and Certification |
| Exhibit 3 |
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LIBOR
Interest Election Procedure and Requirements |
| Exhibit 4 |
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[Intentionally Omitted] |
| Exhibit 5 |
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Quarterly
Covenant Compliance/Non-Default Certificate |
| Exhibit 6 |
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Form of
Joinder Agreement |
| Exhibit 7 |
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Pricing
Grid |
| Exhibit 8 |
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Form of
Assignment and Acceptance Agreement |
| Exhibit 9 |
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Joinder
Waivers & Foreign Borrower Exclusion Requirements and
Procedures |
| Exhibit 10 |
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Incremental Revolving Facility Assumption Agreement |
| Exhibit 11 |
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Authorization |
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| SCHEDULES |
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| Schedule A |
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Borrowers |
| Schedule A-1 |
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Foreign
Borrowers |
| Schedule B |
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Permitted
Foreign Bank Accounts |
| Schedule 1 |
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Lender
Commitments/Percentages |
| Schedule 2 |
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Principal
Places of Business/Books and Records Location(s) |
| Schedule 5.2 |
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Conflicts |
| Schedule 5.3 |
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Financial
Statements |
| Schedule 5.6(a) |
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Default
under Government Contracts |
| Schedule 5.6(b) |
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Government Contracts Constituting Material
Contracts |
| Schedule 5.9 |
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Litigation and Proceedings |
| Schedule 5.11 |
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Primary
U.S. Business Locations |
| Schedule 5.13(a) |
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Under
Funded Pension Plans |
| Schedule 5.13(b) |
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Non-Exempt ERISA Transactions |
| Schedule 5.13(c) |
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Terminated Pension Plans |
| Schedule 5.15 (a) |
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Intellectual Property |
| Schedule 5.15(b) |
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Intellectual Property Royalty Payments |
| Schedule 5.18 |
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Labor
Agreements |
| Schedule 5.22(a) |
|
Borrower
Ownership |
| Schedule 5.22(b) |
|
Minority
Shareholders |
| Schedule 5.26 |
|
Commercial Tort Claims |
| Schedule 5.27 |
|
Letter of
Credit Rights |
| Schedule 7.7(a) |
|
Existing
Indebtedness |
| Schedule 7.7(c) |
|
Liens
Securing Existing Indebtedness |
| Schedule 7.8(c) |
|
Existing
Loans, Advances and/or Investments (to non-Borrowers) |
SECOND AMENDED AND
RESTATED BUSINESS LOAN AND SECURITY AGREEMENT
THIS SECOND AMENDED AND
RESTATED BUSINESS LOAN AND SECURITY AGREEMENT is executed as of
February 20, 2008, and is by and among (i) CITIZENS BANK
OF PENNSYLVANIA, a Pennsylvania state chartered bank, acting in the
capacity of Lender, Swing Line Lender and as Administrative Agent
for the Lenders; (ii) certain other “Lender”
parties to this Second Amended and Restated Business Loan and
Security Agreement from time to time; (iii) ICF INTERNATIONAL,
INC., a Delaware corporation, ICF CONSULTING GROUP, INC., a
Delaware corporation and certain other “Borrower”
parties to this Second Amended and Restated Business Loan and
Security Agreement from time to time; and (iv) RBS SECURITIES
CORPORATION d/b/a RBS GREENWICH CAPITAL, as sole and exclusive lead
arranger and sole and exclusive book running manager.
W I
T N E S S E T
H T H A T
:
WHEREAS,
pursuant to a certain Amended and Restated Business Loan and
Security Agreement dated as of October 5, 2005 (as heretofore
amended, modified or restated from time to time, the
“Existing Loan Agreement”) by and among certain of the
Borrowers, the Administrative Agent and certain of the Lenders,
certain of the Borrowers obtained loans and certain other financial
accommodations (collectively, the “Existing Loan”) from
certain of the Lenders in the original aggregate maximum principal
amount of Seventy-five Million and No/100 Dollars ($75,000,000.00);
and
WHEREAS,
pursuant to various modifications and amendments to the Existing
Loan Agreement, the Existing Loan was increased to an aggregate
maximum principal amount of One Hundred Twenty-five Million and
No/100 Dollars ($125,000,000.00); and
WHEREAS, the
Borrowers, the Administrative Agent and the Lenders have agreed to
further increase the maximum principal amount of the Existing Loan
from One Hundred Twenty-five Million and No/100 Dollars
($125,000,000.00) to Two Hundred Seventy-five Million and No/100
Dollars ($275,000,000.00), subject to further increase (or
reduction) as specified herein, and amend and restate the Existing
Loan Agreement, in its entirety, as hereinafter
provided.
NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein
contained, Ten Dollars ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree, represent and warrant as
follows:
CERTAIN
DEFINITIONS
For the purposes of this
Second Amended and Restated Business Loan and Security Agreement,
the terms set forth below shall have the following
definitions:
“Account
Debtor” shall mean any Person who is indebted to one
(1) or more of the Borrowers for the payment of any
Receivable.
“Accounts”
shall have the meaning attributed to such term by the UCC, and
shall include any and all of the following, whether now or
hereafter existing: (a) all accounts receivable, other
receivables, book debts and other forms of obligations (including
any such obligations that may be characterized as an account or
contract right under the UCC, but excluding forms of obligations
evidenced by Chattel Paper, or Instruments), (b) all rights
in, to and under all purchase orders or receipts for goods or
services, (c) all rights to any goods represented by any of
the foregoing (including unpaid sellers’ rights of
rescission, replevin, reclamation and stoppage in transit and
rights to returned, reclaimed or repossessed goods), (d) all
rights to payment due for property sold, leased, licensed, assigned
or otherwise disposed of, for a policy of insurance issued or to be
issued, for a secondary obligation incurred or to be incurred, for
energy provided or to be provided, for the use or hire of a vessel
under a charter or other contract, arising out of the use of a
credit card or charge card, or for services rendered or to be
rendered in connection with any other transaction (whether or not
yet earned by performance), (e) all “health care
insurance receivables”, as such term is defined in the UCC
and (f) all collateral security of any kind, given by any
Person with respect to any of the foregoing.
“ADA”
shall have the meaning attributed to such term in
Section 5.14(a) of this Agreement.
“Additional Equity
Stock” shall mean the shares of either treasury stock or
newly issued preferred stock, common stock or other equity
interests (including options, warrants or rights to purchase) of
any Borrower issued to any Person on or after the Restatement
Date.
“Additional Base
Rate Interest Margin” shall have the meaning attributed
to such term in the Notes and in Exhibit 7
attached to this Agreement.
“Additional Libor
Interest Margin” shall have the meaning attributed to
such term in the Notes and in Exhibit 7
attached to this Agreement.
“Administrative
Agent” shall mean Citizens Bank or any of its affiliates,
acting in its capacity as agent for the Lenders, or any successor
Agent appointed pursuant to Section 10.10 of this
Agreement.
“Administrative
Agent’s Commitment” shall have the meaning
attributed to such term in Section 10.8(b) of this
Agreement.
“Affiliate” shall mean, as to any Person,
any other Person which, directly or indirectly, is in control of,
is controlled by or is under common control with such Person, or
which owns, directly or indirectly, five percent (5%) or more
of the outstanding equity interests of any Person.
“Affirmative
Covenant” shall mean any affirmative or similar covenant
made by the Borrowers set forth in this Agreement or in any other
Loan Document.
“Agreement” or “Loan
Agreement” shall mean this Second Amended and Restated
Business Loan and Security Agreement, together with the schedules
and exhibits attached hereto and any and all amendments or
modifications of this Second Amended and Restated Business Loan and
Security Agreement or the schedules and exhibits attached
hereto.
“Annual Excess Cash
Limitation” shall mean One Million and No/100 Dollars
($1,000,000.00).
“Applicable Interest
Rate” shall mean, as applicable and as of any particular
date of determination, (i) the LIBOR Lending Rate, plus the
applicable Additional Libor Interest Margin, (ii) the Base
Rate, plus the applicable Additional Base Rate Interest Margin or
(iii) the Swing Line Rate, plus the applicable Additional
Libor Interest Margin, as more particularly set forth in the
Notes.
“Applicable
Laws” shall mean any and all federal, state or local
laws, ordinances, statutes, rules or regulations to which any
Borrower or the property of any Borrower is subject, whether
domestic or international.
“Approved
ESOP” shall have the meaning attributed to such term in
Section 7.1(b) of this Agreement.
“Approved
ESPP” shall have the meaning attributed to such term in
Section 7.1(b) of this Agreement.
“
Authorization” shall mean a written authorization in
the form attached hereto as Exhibit 11
.
“Base
Rate” shall mean the higher of the (i) Federal Funds
Rate, plus one-half of one percent (0.50%) or (ii) Prime
Rate.
“Blocked
Person” shall mean any Person described in Section 1
of the Anti-Terrorism Order (Executive Order
No. 13224).
“Board”
shall mean the Board of Governors of the Federal Reserve
System.
2
“Borrower”
and “Borrowers” shall mean, individually or
collectively, as the context may require, one or more of the
following entities: the Parent Company, the Primary Operating
Company, the entities listed on Schedule A
hereto, and each other entity which, as of any date of
determination, is a “Borrower” party to this Agreement
and the other Loan Documents.
“Business
Day” shall mean (a) any day which is neither a
Saturday or Sunday nor a legal holiday or a day on which commercial
banks are authorized or required to be closed in the Commonwealth
of Virginia or New York City; (b) when such term is used to
describe a day on which a borrowing, payment, prepaying, or
repaying is to be made in respect of any LIBOR Rate Loan, any day
which is: (i) neither a Saturday or Sunday nor a legal holiday
on which commercial banks are authorized or required to be closed
in New York City; and (ii) a London Banking Day; and
(c) when such term is used to describe a day on which an
interest rate determination is to be made in respect of any LIBOR
Rate Loan, any day which is a London Banking Day.
“Capital Lease
Obligations” of any Person shall mean all obligations of
such Person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required
to be classified and accounted for as capital leases on a balance
sheet of such Person under GAAP, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance
with GAAP.
“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended (42 U.S.C. Sections 9601
et seq .).
“Chattel
Paper” shall have the meaning attributed to such term by
the UCC, and shall include “electronic chattel paper”
and “tangible chattel paper”, as such terms are defined
in the UCC, whether now or hereafter existing.
“Citizens
Bank” shall mean Citizens Bank of Pennsylvania, a
Pennsylvania state chartered bank, acting individually, together
with its successors and assigns.
“Collateral” shall have the meaning
attributed to such term in Section 3.1 of this
Agreement.
“Collateral
Account” shall have the meaning attributed to such term
in Article 8 of this Agreement.
“Commercial
Contract” shall mean any written contract to which a
Borrower is a party (other than a Government Contract or Government
Subcontract) which gives rise or may give rise to
Receivables.
“Commercial Tort
Claims” shall have the meaning attributed to such term by
the UCC, and shall include any and all claims now existing or
hereafter arising in tort with respect to which (a) the
claimant is an organization, or (b) the claimant is an
individual and the claim (i) arose in the course of the
claimant’s business or profession, and (ii) does not
include damages arising out of personal injury to or death of any
individual.
“Commitment
Amount” shall mean Two Hundred Seventy-five Million and
No/100 Dollars ($275,000,000.00); provided, however, that for
purposes of making any calculation under this Agreement, the term
“Commitment Amount” shall mean, as of any date of
determination, an amount equal to the sum of the Revolving
Commitment Amount, plus the aggregate amount of all Incremental
Revolving Facility Commitments established prior to and remaining
in effect as of such date of determination.
“Contribution
Agreement” shall mean that certain Second Amended and
Restated Contribution Agreement of even date herewith, by and among
the Borrowers, and delivered by the Borrowers to the Administrative
Agent prior to or simultaneously with their execution and delivery
of this Agreement or a Joinder Agreement (as the case may be),
together with any and all Administrative Agent-approved amendments
and modifications thereof.
“Deposit
Accounts” shall have the meaning attributed to such term
by the UCC, and shall include any and all demand, time, savings,
passbook or similar account(s) from time to time established and
maintained with a bank.
3
“Documents” shall have the meaning
attributed to such term by the UCC, and shall include any and all
documents of any type and nature, whether now or hereafter
existing.
“e-mail”
shall have the meaning attributed to such term in Section 12.3
of this Agreement.
“ EBITDA ”
shall mean, with respect to the Borrowers for any period of
determination, the sum of net income, plus interest expense,
plus federal, state and local income taxes, plus
depreciation expense, plus amortization expense, plus
any and all Administrative Agent-approved non-cash, non-recurring
charges against income, plus any and all non-cash charges
related to stock and stock-option compensation, minus any
non-cash gain (to the extent included in determining net income),
and plus Administrative Agent-approved transaction expenses
incurred by any Borrower during such period, all as determined on a
consolidated basis in accordance with GAAP. Additionally, EBITDA
shall be adjusted on a pro forma basis, in a manner reasonably
acceptable to the Administrative Agent, to include, as of the first
day of any applicable period, any acquisitions and dispositions of
assets permitted hereunder or pursuant hereto, including, without
limitation, adjustments reflecting any and all non-recurring costs
and extraordinary expenses of any such permitted acquisitions and
asset dispositions consummated during such period, calculated on a
basis consistent with GAAP and Regulations S-X of the SEC Act, or
as approved by the Administrative Agent.
“Eligible
Assignee” shall mean any Lender, an Affiliate of any
Lender, a Federal Reserve Bank or any other “Qualified
Institutional Buyer”, as such term is defined under Rule
144(A), promulgated under the Securities Act of 1933, as
amended.
“Equipment” shall have the meaning
attributed to such term by the UCC, and shall include any and all
of the following, whether now or hereafter existing: machinery and
equipment, including processing equipment, conveyors, machine
tools, data processing and computer equipment, including embedded
software and peripheral equipment and all engineering, processing
and manufacturing equipment, office machinery, furniture, materials
handling equipment, tools, attachments, accessories, automotive
equipment, trailers, trucks, forklifts, molds, dies, stamps, motor
vehicles, rolling stock and other equipment of every kind and
nature, trade fixtures and fixtures not forming a part of real
property, together with all additions and accessions thereto,
replacements therefor, all parts therefor, all substitutes for any
of the foregoing, fuel therefor, and all manuals, drawings,
instructions, warranties and rights with respect thereto, and all
products and proceeds thereof and condemnation awards and insurance
proceeds with respect thereto.
“ERISA”
shall have the meaning attributed to such term in
Section 5.13(a) of this Agreement.
“ERISA
Affiliate” shall mean with respect to any Borrower, any
Person which, together with such Borrower, is under common control,
constitutes a member of such Borrower’s controlled group,
constitutes a member of such Borrower’s affiliated service
group and/or is otherwise required to be treated as a single
employer with such Borrower pursuant to Sections 4001(a)(14) and/or
(b) of ERISA and/or Sections 414(b), (c), (m) or
(o) of the Internal Revenue Code of 1986, as
amended.
“Event of
Default” shall have the meaning attributed to such term
in Section 9.1 of this Agreement.
“Excess Cash
Event” shall mean (i) any sale or disposition of any
of the assets of any Borrower which is (a) not in the ordinary
course of business; or (b) prohibited by the terms of this
Agreement; (ii) the issuance by any Borrower after the date of
this Agreement of debt securities or other debt obligations (other
than in connection with debt expressly permitted pursuant to
Section 7.7(a) of this Agreement); (iii) the receipt by
or on behalf of any Borrower of insurance proceeds (other than
insurance recoveries for business interruption loss, workers
compensation or damage to tangible property, which (a) with
respect to any of the foregoing insurance losses, do not exceed
Five Hundred Thousand and No/100 Dollars ($500,000.00),
individually or in the aggregate, and (b) with respect to
insurance recoveries for damage(s) to tangible property, are
promptly applied toward repair or replacement of the damaged
property); (iv) the reversion of any pension plan assets;
and/or (v) any other extraordinary cash event resulting in
excess cash to a Borrower, including, without limitation, cash
proceeds resulting from the issuance of additional equity interests
or capital stock by a Borrower (other than the issuance of
additional equity interests or capital stock by a Borrower pursuant
to an Approved ESOP or an Approved ESPP).
“Existing
Loan” shall have the meaning attributed to such term in
the recitals to this Agreement.
4
“Existing Loan
Agreement” shall have the meaning attributed to such term
in the recitals to this Agreement.
“Facility”
or “Facilities” shall mean the Revolving
Facility and/or the Swing Line Facility, individually or
collectively, as the context may require.
“Federal Funds
Rate” shall mean, for any day, the rate per annum
(rounded upward to the nearest 1/8 of 1%) determined by the
Administrative Agent to be the rate per annum announced by the
Federal Reserve Bank of New York (or any successor) on such day as
being the weighted average of the rates on overnight Federal Funds
transactions arranged by Federal Funds brokers on the previous
trading day, as computed and announced by such Federal Reserve Bank
(or any successor) in substantially the same manner as such Federal
Reserve Bank computes and announces the weighted average it refers
to as the “Federal Funds Effective Rate” as of the date
of this Agreement; provided that if such Federal Reserve
Bank (or its successor) does not announce such rate on any day, the
“Federal Funds Effective Rate” for such day shall be
the Federal Funds Rate for the last day on which such rate was
announced.
“Financial Product
Provider” shall mean any Lender party to this Agreement
who, as of any applicable date of determination, is owed Permitted
Financial Product Obligations.
“Fiscal
Quarter” shall mean any quarterly period designated by
the Borrowers as a fiscal quarter for financial accounting
purposes.
“Fiscal
Year” shall mean any annual period designated by the
Borrowers as a fiscal year for financial accounting
purposes.
“Fixed Charge
Coverage Ratio” shall have the meaning attributed to such
term in Section 6.15(a) of this Agreement.
“Foreign
Borrower” and “Foreign Borrowers”
shall mean, as of any date of determination and individually or
collectively (as the context may require), each and all of the
Borrowers listed on Schedule A-1 hereto, and
any other Borrower not incorporated, formed or organized within the
United States.
“GAAP”
shall mean generally accepted accounting principles.
“General
Intangibles” shall have the meaning attributed to such
term by the UCC, and shall include any and all of the following,
whether now or hereafter existing: all right, title and interest
in, to or under any contract, all “payment
intangibles”, as such term is defined by the UCC, customer
lists, licenses, copyrights, trademarks, patents, and all
applications therefor and reissues, extensions or renewals thereof,
rights in intellectual property, interests in partnerships, joint
ventures and other business associations, licenses, permits,
copyrights, trade secrets, proprietary or confidential information,
inventions (whether or not patented or patentable), technical
information, procedures, designs, knowledge, know how, software,
data bases, data, skill, expertise, experience, processes, models,
drawings, materials and records, goodwill (including the goodwill
associated with any trademark or trademark license), all rights and
claims in, to or under insurance policies (including insurance for
fire, damage, loss and casualty, whether covering personal
property, real property, tangible rights or intangible rights, all
liability, life, key man and business interruption insurance, and
all unearned premiums), uncertificated securities, choses in
action, deposit, checking and other bank accounts, rights to
receive tax refunds and other payments, rights to receive
dividends, distributions, cash, Instruments and other property in
respect of or in exchange for pledged stock and investment
property, rights of indemnification, all books and records,
correspondence, credit files, invoices and other papers, including
without limitation all tapes, cards, computer runs and other papers
and documents.
“Goods”
shall have the meaning attributed to such term by the UCC, and
shall include any and all Goods whether now or hereafter
existing.
“Government” shall mean the United States
government, any state government, any local government, any
department, instrumentality or any agency of the United States
government, any state government or any local
government.
5
“Government Contract
Assignments” shall have the meaning attributed to such
term in Section 6.11 of this Agreement.
“Government
Contract” and “Government Contracts”
shall mean, individually or collectively as the context may
require, (i) written contracts between any Borrower and the
Government; and (ii) written subcontracts between any Borrower
and a Prime Contractor who is providing goods or services to the
Government pursuant to a written contract with the Government (a
“Government Subcontract”), provided that the
subcontract relates only to goods or services being provided to the
Government pursuant to the Government Subcontract.
“Government
Subcontract” shall have the meaning attributed to such
term under the definition of “Government
Contract”.
“Hazardous
Substance” shall mean, without limitation, any flammable
explosives, radon, radioactive materials, asbestos, urea
formaldehyde foam insulation, polychlorinated biphenyls, petroleum
and petroleum products, methane, hazardous materials, hazardous
wastes, hazardous or toxic substances, pollutants or contaminants
as defined in CERCLA, HMTA, RCRA or any other applicable
environmental law, rule, order or regulation.
“Hazardous
Wastes” shall mean, without limitation, all waste
materials subject to regulation under CERCLA, RCRA or analogous
state law, and/or any other applicable Federal and/or state law now
in force or hereafter enacted relating to hazardous waste treatment
or disposal.
“Hedging
Contracts” shall mean interest rate swap agreements (as
defined in 11 U.S.C. Section 101), interest rate cap
agreements and interest rate collar agreements, or any other
agreements or arrangements entered into between any Borrower and
the Administrative Agent or a Lender from time to time and designed
to protect such Borrower against fluctuations in interest rates or
currency exchange rates.
“Hedging
Obligations” shall mean all present and future
liabilities, repayment obligations and other obligations of any and
all of the Borrowers to the Administrative Agent or a Lender under
Hedging Contracts.
“HMTA”
shall mean the Hazardous Materials Transportation Act, as amended
(49 U.S.C. Sections 1801 et seq .).
“ICF
India” shall have the meaning attributed to such term in
Section 1.10(b) of this Agreement.
“Incremental
Revolving Facility Assumption Agreement” shall mean an
Incremental Revolving Facility Assumption Agreement in the form and
substance attached as Exhibit 10
hereto.
“Incremental
Revolving Facility Commitment” shall mean the commitment
of any Lender, established pursuant to Section 1.8 of this
Agreement, to make additional Revolving Loans available to the
Borrowers.
“Incremental
Revolving Facility Commitment Amount” shall mean, as of
any date of determination, (a) with respect to any Incremental
Revolving Facility Lender, the aggregate maximum amount of all
Incremental Revolving Facility Commitments of such Incremental
Revolving Facility Lender then in effect, and (b) with respect
to all Incremental Revolving Facility Lenders, the aggregate
maximum amount of all Incremental Revolving Facility Commitments of
such Incremental Revolving Facility Lenders then in
effect.
“Incremental
Revolving Facility Upfront Fee” shall have the meaning
attributed to such term in Section 1.7(a) of this
Agreement.
“Incremental
Revolving Facility Lender” shall mean, as of any date of
determination, a Lender with an Incremental Revolving Facility
Commitment then in effect.
“Indebtedness” shall mean, without
duplication, and as of the date on which Indebtedness is to be
determined, (a) all obligations of the Borrowers in respect of
money borrowed; (b) all obligations of the Borrowers (other
than trade debt incurred in the ordinary course of the
Borrowers’ business), whether or not for borrowed money,
(i) represented by notes payable, or drafts accepted, in each
case representing extensions of credit, (ii)
6
evidenced by bonds, debentures, notes or
similar instruments, or (iii) constituting purchase money
indebtedness, conditional sales contracts, title retention debt
instruments or other similar instruments, upon which interest
charges are customarily paid or that are issued or assumed as full
or partial payment for property or services rendered;
(c) Capital Lease Obligations of the Borrowers; (d) all
obligations of the Borrowers to purchase, redeem, retire, defease
or otherwise make any payment in respect of any mandatorily
redeemable stock issued by the Borrowers, valued at the greater of
such stock’s voluntary or involuntary liquidation preference
plus accrued and unpaid dividends; (e) the Borrowers’
pro rata share of the Indebtedness of any unconsolidated Affiliate
of the Borrowers (including Indebtedness of any partnership or
joint venture in which a Borrower is a general partner or joint
venturer to the extent of such Borrower’s pro rata share of
the ownership of such partnership or joint venture); (f) all
Indebtedness of any other Person which a Borrower has guaranteed;
(g) reimbursement obligations in connection with letters of
credit issued for the benefit of a Borrower; and (h) the
Obligations. Unless otherwise specified hereinabove,
“Indebtedness” shall not include the obligation of a
Borrower to make payments after the closing of an acquisition or
merger that are based on financial or performance metrics of the
acquisition or merger target or for consulting, noncompetition or
nonsolicitation agreements, unless required to be reflected as a
liability of the Borrower on the Borrower’s balance sheet in
accordance with GAAP.
“Instrument” shall have the meaning
attributed to such term by the UCC, and shall include any and all
of the following, whether now or hereafter existing: all
certificates of deposit, and all “promissory notes”, as
such term is defined by the UCC, and other evidences of
indebtedness (other than instruments that constitute, or are a part
of a group of writings that constitute, Chattel Paper).
“Interest
Expense” shall mean, as of the date of any determination,
the Borrowers’ aggregate cash interest expense for borrowed
money (including, without limitation, premiums and interest expense
arising from or relating to Hedging Contracts and original issue
discounts), plus the amount of all other interest due (whether paid
or not paid) on any Indebtedness of each Borrower for the
applicable measurement period, all as determined on a consolidated
basis in accordance with GAAP.
“Interest Payment
Date” shall mean, relative to any LIBOR Rate Loan having
an Interest Period of three (3) months or less, the last
Business Day of such Interest Period, and as to any LIBOR Rate Loan
having an Interest Period longer than three (3) months, each
Business Day which is three (3) months, or a whole multiple
thereof, after the first day of such Interest Period and the last
day of such Interest Period.
“Interest
Period” shall mean, relative to any LIBOR Rate Loans
(other than Swing Line Loans), (i) initially, the period
beginning on (and including) the date on which such LIBOR Rate Loan
is made or continued as, or converted into, a LIBOR Rate Loan
pursuant to this Agreement (including, without limitation,
Exhibit 3 hereto) and the Notes and ending on
(but excluding) the day which numerically corresponds to such date
one (1), three (3) or six (6) months thereafter (or, if
such month has no numerically corresponding day, on the last
Business Day of such month), in each case as the Borrower may
select in its notice pursuant to this Agreement (including, without
limitation, Exhibit 3 hereto) and the Notes;
and (ii) thereafter, each period commencing on the last day of
the next preceding Interest Period applicable to such LIBOR Rate
Loan and ending one (1), three (3) or six (6) months
thereafter, as selected by the Borrower by irrevocable notice to
the Administrative Agent not less than three (3) Business Days
prior to the last day of the then current Interest Period with
respect thereto.
“Inventory” shall have the meaning
attributed to such term by the UCC, and shall include any and all
of the following, whether now or hereafter existing: all inventory,
merchandise, goods and other personal property for sale or lease or
are furnished or are to be furnished under a contract of service,
or that constitute raw materials, work in process, finished goods,
returned goods, or materials or supplies of any kind, nature or
description used or consumed or to be used or consumed or in the
processing, production, packaging, promotion, delivery or shipping
of the same, including all supplies and embedded
software.
“Investment
Property” shall have the meaning attributed to such term
by the UCC, and shall include any and all of the following, whether
now or hereafter existing: (a) all securities, whether
certificated or uncertificated, including stocks, bonds, interests
in limited liability companies, partnership interests, United
States Treasury obligations, certificates of deposit, and mutual
fund shares; (b) all Security Entitlements, including the
rights to any securities account and the financial assets held by a
securities intermediary in such securities account and any free
credit balance or other money owing by any securities intermediary
with respect to that account; (c) all securities accounts;
(d) all commodity contracts; and (e) all commodity
accounts.
7
“Joinder
Agreement” shall have the meaning attributed to such term
in Section 1.10 of this Agreement.
“Lead
Arranger” shall mean RBS Securities Corporation d/b/a RBS
Greenwich Capital, as sole and exclusive lead arranger and sole and
exclusive book running manager.
“LC
Issuer” shall mean, for any Letter of Credit issued for
the benefit of a Person situated in the United States, Citizens
Bank, and for any other Letter of Credit, either Citizens Bank
and/or HSBC Bank USA, N.A. (as applicable).
“Lender”
and “Lenders” shall mean, respectively, each and
all of the banking or financial institutions which, as of any date
of determination, have (i) extended credit or agreed to extend
credit to the Borrowers pursuant to this Agreement, and/or
(ii) agreed in writing to be bound by the terms and provisions
of this Agreement.
“Letter of
Credit” and “Letters of Credit” shall
mean, respectively, each and all of the standby letters of credit
issued pursuant to this Agreement.
“Letter of Credit
Application” shall have the meaning attributed to such
term in Section 2.1 of this Agreement.
“Letter of Credit
Administration Fee” shall have the meaning attributed to
such term in Section 2.3 of this Agreement.
“Letter of Credit
Fee” shall have the meaning attributed to such term in
Section 2.3 of this Agreement.
“Letter of Credit
Rights” shall have the meaning attributed to such term by
the UCC, and shall include any and all of the following, whether
now or hereafter existing: any right to payment or performance
under a letter of credit, whether or not the beneficiary has
demanded or is at the time entitled to demand payment or
performance, but specifically excludes any right of a beneficiary
to demand payment or performance under a letter of
credit.
“Leverage
Ratio” shall have the meaning attributed to such term in
Section 6.15(b) of this Agreement.
“LIBOR” or
“LIBOR Rate” shall mean relative to any Interest
Period for LIBOR Rate Loans and, subject to the terms and
provisions of Exhibit 3 hereto, the offered
rate for deposits of U.S. Dollars in an amount approximately equal
to the amount of the requested LIBOR Rate Loan for a term
coextensive with the designated Interest Period which the British
Bankers’ Association fixes as its LIBOR rate and which
appears on a nationally recognized service as selected by the
Administrative Agent, such as the Telerate Successor Page 3750, as
of 11:00 a.m. London time on the day which is two London Banking
Days prior to the beginning of such Interest Period.
“LIBOR Election Form
and Certification” shall mean the form attached as
Exhibit 2 hereto.
“LIBOR Rate
Loan” shall mean any loan or advance, the rate of
interest applicable to which is based upon the LIBOR
Rate.
“LIBOR Lending
Rate” shall mean, relative to any LIBOR Rate Loan to be
made, continued or maintained as, or converted into, a LIBOR Rate
Loan for any Interest Period, a rate per annum determined pursuant
to the following formula:
|
|
|
|
|
|
|
| LIBOR Lending Rate |
|
= |
|
LIBOR Rate |
|
|
|
|
|
|
(1.00 - LIBOR Reserve Percentage) |
|
|
“LIBOR Reserve
Percentage” shall mean, relative to any day of any
Interest Period for LIBOR Rate Loans, the maximum aggregate
(without duplication) of the rates (expressed as a decimal
fraction) of reserve
8
requirements (including all basic,
emergency, supplemental, marginal and other reserves and taking
into account any transitional adjustments or other scheduled
changes in reserve requirements) under any regulations of the Board
or other governmental authority having jurisdiction with respect
thereto as issued from time to time and then applicable to assets
or liabilities consisting of “Eurocurrency
Liabilities”, as currently defined in Regulation D of the
Board, having a term approximately equal or comparable to such
Interest Period.
“Loan” and
“Loans” shall mean, individually or collectively
as the context may require, the loan and loans made by the Lenders
to the Borrowers (including, without limitation, any loans made
pursuant to an Incremental Revolving Facility Commitment) in the
aggregate maximum principal amount of Three Hundred Fifty Million
and No/100 Dollars ($350,000,000.00), or so much thereof as shall
be advanced or readvanced from time to time, which are represented
by the Facilities, and which are evidenced by, bear interest and
are payable in accordance with the terms and provisions set forth
in the Notes and this Agreement.
“Loan
Document” and “Loan Documents” shall
mean, respectively, each and all of this Agreement, the Notes, the
Stock Security Agreement, the Membership Interest Assignment, the
Mandate/Fee Letter and each other document, instrument, agreement
or certificate heretofore, now or hereafter executed and delivered
by any Borrower in connection with the Loan or this
Agreement.
“London Banking
Day” shall mean a day on which dealings in US dollar
deposits are transacted in the London interbank market.
“Mandate/Fee
Letter” shall mean that certain mandate/fee letter dated
December 10, 2007, from the Administrative Agent to the
Primary Operating Company relating to the Loan, including the term
sheet and schedules annexed thereto, which shall specifically
survive and not be superseded by the execution and delivery of this
Agreement.
“Mandatory
Payment” and “Mandatory Payments”
shall mean, individually or collectively as the context may
require, any and all mandatory payments required to be made on the
Loan pursuant to Section 1.5 of this Agreement.
“Material
Contract” and “Material Contracts”
shall mean, as of any date of determination and individually or
collectively as the context may require, any and all contracts or
agreements to which a Borrower is a party and pursuant to which
such Borrower (a) is or may be entitled to receive payment(s)
in excess of Two Million Five Hundred Thousand and No/100 Dollars
($2,500,000.00), in the aggregate, per annum, or (b) is
obligated to make payment(s) or have any other obligation or
liability thereunder in excess of Two Million Five Hundred Thousand
and No/100 Dollars ($2,500,000.00), in the aggregate, per
annum.
“Maturity
Date” shall mean (i) the earlier of
February 20, 2013, or the date that all Loans shall become due
and payable in full hereunder, whether by acceleration or
otherwise, or (ii) such other date as may be agreed to by the
Administrative Agent, the Lenders and the Borrowers in
writing.
“Membership Interest
Assignment” shall mean that certain Second Amended and
Restated Collateral Assignment of Membership Interests dated as of
the Restatement Date, entered into by certain
“Borrower” parties thereto in favor of the
Administrative Agent for the benefit of the Lenders ratably, as the
same may be modified or amended from time to time.
“Negative
Covenants” shall mean any negative or similar restrictive
covenant made by the Borrowers set forth in this Agreement or in
any other Loan Document.
“Net Cash”
shall mean the cash proceeds (net of cash taxes paid and reasonable
and customary costs paid to unrelated and unaffiliated third
parties in connection with a particular transaction) arising from
any Excess Cash Event.
“Non-Borrower
Affiliate” shall mean any Affiliate of a Borrower which
is not itself a “Borrower” party to this Agreement as
of any applicable date of determination, and shall include, without
limitation, the Non-Borrower Subsidiaries.
9
“Non-Borrower
Subsidiaries” shall mean any or all of the following
entities of which Jones & Stokes Associates, Inc. is a
member: (i) Bayview Transportation Consultants, LLC,
(ii) HDR/Jester Seattle Joint Venture, (iii) Irvington
Partners JV, LLC, (iv) JESTER EDAW, LLC, (v) JSR Venture,
LLC, (vi) SPK Venture, LLC and (vii) Mooney-Hayes,
LLC.
“Note” and
“Notes” shall mean, respectively, each and all
of the Revolver Notes, Swing Line Note and other promissory notes
executed, issued and delivered pursuant to this Agreement, together
with all extensions, renewals, modifications, replacements,
increases and substitutions thereof and therefor.
“Obligation” and
“Obligations” shall mean, respectively, any and
all obligations or liabilities of any Borrower to any Lender or the
Administrative Agent in connection with the Loan or this Agreement,
whether now existing or hereafter created or arising, direct or
indirect, matured or unmatured, and whether absolute or contingent,
joint, several or joint and several, and no matter how the same may
be evidenced or shall arise (including, without limitation, any and
all Hedging Obligations and/or Hedging Contracts). Without limiting
the foregoing, the term “Obligations” shall also
include any and all Permitted Financial Product Obligations owing
to any Financial Product Provider as of any applicable date of
determination.
“Ordinary Course
Payments” shall mean payments made directly by a Borrower
to any Non-Borrower Affiliate; provided that such payments are made
(i) in the ordinary course of such Borrower’s business,
(ii) for products actually delivered or services actually
performed, and (iii) pursuant to an “arm’s
length” transaction (i.e., a transaction that would otherwise
be made with an unrelated and unaffiliated third party).
“Parent
Company” shall mean ICF International, Inc., a Delaware
corporation, and its successors and assigns.
“Participant” shall have the meaning
attributed to such term in Section 12.11(e) of this
Agreement.
“Patriot
Act” shall mean the U.S.A. Patriot Act (Title III of Pub.
L. 107-56 (signed into law on October 26, 2001)), as
amended.
“Pension
Plan” or “Pension Plans” shall have
the meaning attributed to such term in Section 5.13(a) of this
Agreement.
“Percentage” shall mean, as of any date of
determination and with respect to each Lender, the percentage(s)
corresponding to such Lender’s name on Schedule
1 attached to this Agreement in respect of the
Revolving Facility Commitment Amount and/or the Swing Line
Commitment Amount (as the context may require), as the same may be
modified or amended from time to time.
“Permitted
Acquisition” shall mean any merger or acquisition which
is (a) expressly permitted pursuant to Section 7.1(d)(ii)
of this Agreement, or (b) consummated pursuant to and in
strict accordance with all of the terms and provisions set forth in
any modification or amendment to this Agreement or in a consent
letter specifically issued by the Administrative Agent, acting at
the direction of the Required Lenders, for such merger or
acquisition.
“Permitted Financial
Product Obligations” shall mean, as of any applicable
date of determination, any and all fees, charges, debts,
liabilities and obligations (other than Hedging Obligations) owing
by any Borrower to any Financial Product Provider in connection
with any cash management service, credit card facility or other
bank product (other than any Hedging Contract) in an aggregate
amount not to exceed Three Million and No/100 Dollars
($3,000,000.00) outstanding at any time.
“Permitted Foreign
Bank Accounts” shall mean any and all of the bank
accounts described on Schedule B hereto,
together with any and all other foreign bank accounts approved from
time to time by the Administrative Agent in writing; provided that
each such bank account (a) has been established by and in the
name of a Borrower, (b) is located outside of the United
States of America, (c) is used solely for the collection of
Receivables, payment of Ordinary Course Payments and other general
operating purposes, (d) is not subject to any lien, claim,
charge or encumbrance (other than (i) the security interests
granted to the Administrative Agent under this Agreement or any
other Loan Document, and (ii) normal and customary rights of
set off or similar rights (of the financial institution maintaining
such account), but only if such rights may be exercised solely for
past due fees,
10
charges and expenses arising from the
general administration of such bank account, (e) if required
by the Administrative Agent, is subject to a control agreement or
blocked account agreement, in form and substance reasonably
satisfactory to the Administrative Agent, and (f) if not
subject to a control agreement or blocked account agreement, in
form and substance reasonably satisfactory to the Administrative
Agent, does not, for thirty (30) or more consecutive days,
contain funds and/or other items of value which, in the aggregate,
exceed the U.S. Dollar equivalent of Three Million and No/100
Dollars ($3,000,000.00) as of any applicable date of determination;
it being understood and agreed, however, that the amount of funds
held in a depository account maintained by any Lender shall not be
included in any calculation of the foregoing amount.
“Permitted
Investments” shall mean: (a) direct obligations of,
or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States (or by any agency
thereof to the extent such obligations are backed by the full faith
and credit of the United States), in each case maturing within one
(1) year from the date of acquisition thereof;
(b) commercial paper having the highest rating, at the time of
acquisition thereof, of Standard and Poor’s or Moody’s
Investors Services and in either case maturing within six
(6) months from the date of acquisition thereof;
(c) certificates of deposit, bankers’ acceptances and
time deposits maturing within one hundred eighty (180) days of
the date of acquisition thereof issued or guaranteed by or placed
with, and money market deposit accounts issued or offered by, any
domestic office of any commercial bank organized under the laws of
the United States or any state thereof which has a combined capital
and surplus and undivided profits of not less than Five Hundred
Million and No/100 Dollars ($500,000,000.00); (d) fully
collateralized repurchase agreements with a term of not more than
thirty (30) days for securities described in clause
(a) above and entered into with a financial institution
satisfying the criteria described in clause (c) above; and
(e) mutual funds investing solely in any one or more of the
Permitted Investments described in clauses (a) through
(d) above.
“Permitted
Liens” shall mean: (a) liens for taxes which are
being contested in good faith and by appropriate proceedings, which
(i) such Borrower has the financial ability to pay, including
penalties and interest, and (ii) the non-payment thereof will
not result in the execution of any such tax lien or otherwise
jeopardize the interests of the Administrative Agent and/or the
Lenders in, on or to any Collateral; (b) deposits or pledges
to secure obligations under workers’ compensation, social
security or similar laws, incurred in the ordinary course of
business; (c) liens securing secured indebtedness of the
Borrowers, but only to the extent and dollar amount such secured
indebtedness is permitted pursuant to Section 7.7(a) of this
Agreement; (d) cash deposits pledged to secure the performance
of bids, tenders, contracts (other than contracts for the payment
of money), leases, statutory obligations, surety and appeal bonds
and other obligations of like nature made in the ordinary course of
business; (e) mechanics’, workmen’s,
repairmen’s, warehousemen’s, vendors’,
lessors’ or carriers’ liens or other similar liens;
provided that such liens arise in the ordinary course of the
Borrowers’ business and secure sums which are not past due,
or which are separately secured by cash deposits or pledges in an
amount adequate to obtain the release of such liens;
(f) except as otherwise provided in this Agreement, statutory
or contractual landlord’s liens on the Borrowers’
tangible personal property located in such Borrower’s demised
premises; (g) zoning or other similar and customary land use
restrictions, which do not materially impair the use or value of
any Collateral or property of any Borrower; (h) judgment liens
which are not prohibited by Section 7.4 of this Agreement;
(i) other liens expressly permitted by the terms and
provisions of this Agreement; and (j) liens in favor of the
Administrative Agent and/or any Lender with respect to the
Loans.
“Person”
shall mean an individual, partnership, corporation, trust, limited
liability company, limited liability partnership, unincorporated
association or organization, joint venture or any other
entity.
“Primary Operating
Company” shall mean ICF Consulting Group, Inc., a
Delaware corporation.
“Prime
Contractor” shall mean any Person (other than a Borrower)
which is a party to any Government Subcontract.
“Prime
Rate” shall mean the rate of interest from time to time
established and publicly announced by Citizens Bank as its prime
rate, in Citizens Bank’s sole discretion, which rate of
interest may be greater or less than other interest rates charged
by Citizens Bank to other borrowers and is not solely based or
dependent upon the interest rate which Citizens Bank may charge any
particular borrower or class of borrowers.
“Proceeds”
shall have the meaning attributed to that term by the UCC or under
other Applicable Law, and, in any event, shall include, but shall
not be limited to, any and all of the following, whether now owned
or hereafter acquired: (i) any and all proceeds of, or amounts
(in any form whatsoever, whether cash, securities,
11
property or other assets) received under
or with respect to, any insurance, indemnity, warranty or guaranty
payable from time to time, and claims for insurance, indemnity,
warranty or guaranty effected or held with respect to any of the
Collateral, (ii) any and all payments (in any form whatsoever,
whether cash, securities, property or other assets) made or due and
payable from time to time in connection with any requisition,
confiscation, condemnation, seizure or forfeiture of all or any
part of the Collateral by any governmental authority (or any person
acting under color of governmental authority), (iii) any claim
against third parties (a) for past, present or future
infringement of any patent or patent license, or (b) for past,
present or future infringement or dilution of any copyright,
copyright license, trademark or trademark license, or for injury to
the goodwill associated with any trademark or trademark license,
(iv) any recoveries against third parties with respect to any
litigation or dispute concerning any of the Collateral including
claims arising out of the loss or nonconformity of, interference
with the use of, defects in, or infringement of rights in, or
damage to, Collateral, (v) all amounts collected on, or
distributed on account of, other Collateral, including dividends,
interest, distributions and Instruments with respect to Investment
Property and pledged stock, and (vi) any and all other amounts
(in any form whatsoever, whether cash, securities, property or
other assets) from time to time paid or payable under or in
connection with any of the Collateral (whether or not in connection
with the sale, lease, license, exchange or other disposition of the
Collateral).
“Qualifying
Person” shall have the meaning attributed to such term in
Section 10.10 of this Agreement.
“RCRA”
shall mean the Resource Conservation and Recovery Act, as amended
(42 U.S.C. Sections 6901 et. seq .).
“Receivable” and
“Receivables” shall mean, individually or
collectively as the context may require, any and all of the
Borrowers’ present and future accounts, contracts, contract
rights, chattel paper, general intangibles, notes, drafts,
acceptances, chattel mortgages, conditional sale contracts,
bailment leases, security agreements, contribution rights and other
forms of obligations now or hereafter arising out of or acquired in
the course of or in connection with any business the Borrowers
conduct, together with all liens, guaranties, securities, rights,
remedies and privileges pertaining to any of the foregoing, whether
now existing or hereafter created or arising, and all rights with
respect to returned and repossessed items of inventory.
“Register”
shall have the meaning attributed to such term in
Section 12.11(d) of this Agreement.
“Report”
and “Reports” shall have the meaning attributed
to such term in Section 10.15 of this Agreement.
“Request for Advance
and Certification” shall mean any Request for Advance and
Certification in the form attached as Exhibit
1 hereto.
“Required
Lenders” shall mean all of the Lenders who at any given
time, are not in default under or in breach of any of the terms and
conditions of this Agreement applicable to such Lender, and who
hold Notes representing, in the aggregate, at least fifty-one
percent (51%) of the aggregate Commitment Amount (excluding
the Swing Line Commitment Amount, but including the aggregate
Incremental Revolving Facility Commitment Amount then in
effect).
“Restatement” shall mean the settlement of
the transactions contemplated by this Agreement.
“Restatement
Date” shall mean the date on which the Restatement shall
occur, such date being also the date of this Agreement.
“Revolver
Notes” shall mean each and all of the promissory notes
executed, issued and delivered pursuant to this Agreement in
connection with the Revolving Facility, together with all
extensions, renewals, modifications, replacements and substitutions
thereof and therefor.
“Revolving
Facility” shall mean the revolving credit facility being
extended pursuant to this Agreement, in the original maximum
principal amount of the Revolving Facility Commitment Amount, with
a sub-limit of Five Million and No/100 Dollars ($5,000,000.00) for
Letters of Credit and a sub-limit of Twenty Million and No/100
Dollars ($20,000,000.00) for Swing Line Loans; it being understood
and agreed that the maximum principal amount of the Revolving
Facility shall be subject to increase pursuant to Section 1.8
of this Agreement.
12
“Revolving Facility
Commitment Amount” shall mean an amount equal to the sum
of Two Hundred Seventy-five Million and No/100 Dollars
($275,000,000.00), plus the aggregate amount of any and all
Incremental Revolving Facility Commitments existing as of such date
of determination.
“Revolving Facility
Commitment Fee” shall have the meaning attributed to such
term in Section 1.7(b) of this Agreement.
“SEC”
shall mean the Securities and Exchange Commission of the United
States of America.
“SEC Act”
shall mean The Securities Exchange Act of 1934, 15 U.S.C.A.
§78, as amended.
“Security
Entitlements” shall have the meaning attributed to such
term by the UCC, and shall include any and all Security
Entitlements whether now or hereafter existing.
“Stock Security
Agreement” shall mean that certain Second Amended and
Restated Stock Security Agreement dated as of the Restatement Date,
entered into by certain “Borrower” parties thereto in
favor of the Administrative Agent for the benefit of the Lenders
ratably, as the same may be modified or amended from time to
time.
“Supporting
Obligations” shall have the meaning attributed to such
term by the UCC, and shall include any and all of the following,
whether now or hereafter existing: any and all letter of credit
rights or secondary obligations that support the payment or
performance of an Account, Chattel Paper, Document, General
Intangible, Instrument or Investment Property.
“Swing Line
Commitment” shall mean the Swing Line Lender’s
obligation to make Swing Line Loans to the Borrowers in an
aggregate principal amount not to exceed the Swing Line Commitment
Amount.
“Swing Line
Commitment Amount” shall mean Twenty Million and No/100
Dollars ($20,000,000.00).
“Swing Line
Commitment Period” shall mean the period commencing on
the Restatement Date and ending on the Swing Line Termination
Date.
“Swing Line
Facility” shall mean the swing line credit facility being
extended pursuant to this Agreement, in the original maximum
principal amount equal to the Swing Line Commitment
Amount.
“Swing Line
Lender” shall mean Citizens Bank.
“Swing Line
Loan” or “Swing Line Loans” shall have
the meaning attributed to such term in Section 1.1(b) of this
Agreement.
“Swing Line
Note” shall mean that certain Second Amended and Restated
Swing Line Promissory Note of even date herewith, made by the
Borrowers and payable to the order of the Swing Line Lender, in the
maximum principal amount of the Swing Line Commitment Amount, or so
much thereof as shall be advanced or readvanced, together with all
extensions, renewals, modifications, increases, replacements and
substitutions thereof or therefor.
“Swing Line
Outstandings” shall mean, as of any date of
determination, the aggregate principal amount of all Swing Line
Loans then outstanding.
“Swing Line
Rate” shall mean with respect to the Swing Line Facility,
relative to any Swing Line Interest Period (hereafter defined), the
offered rate for delivery in two London Banking Days of deposits of
U.S. Dollars for a term coextensive with the designated Swing Line
Interest Period which the British Bankers’ Association fixes
as its LIBOR rate as of 11:00 a.m. London time on the day on which
the Swing Line Interest Period commences. If the first day of any
Swing Line Interest Period is not a day which is both a
(i) Business Day, and (ii) a London Banking Day, the
Swing Line Rate shall be determined by reference to the next
preceding day which is both a Business Day and a London Banking
Day. If for any reason the Swing Line Rate is
unavailable
13
and/or the Administrative Agent is
unable to determine the Swing Line Rate for any Swing Line Interest
Period, the Swing Line Rate shall be deemed to be equal to the
Prime Rate. For purposes of this definition, the term “Swing
Line Interest Period” means (a) initially, the period
beginning on (and including) the date on which such Swing Line Loan
is made or continued as a Swing Line Rate Loan pursuant to this
Agreement and the Swing Line Note and ending on (but excluding) the
day which numerically corresponds to such date one (1) month
thereafter (or, if such month has no numerically corresponding day,
on the last Business Day of such month); and (b) thereafter,
each period commencing on the last day of the next preceding Swing
Line Interest Period applicable to such Swing Line Loan and ending
one (1) month thereafter.
“Swing Line
Termination Date” shall mean the fifth (5
th
) Business Day prior to
the Maturity Date, or such earlier date on which the Swing Line
Lender shall have elected, in its sole and absolute discretion, to
terminate the Swing Line Facility.
“Target”
shall have the meaning attributed to such term in
Section 7.1(d) of this Agreement.
“Total Funded
Debt” shall mean, as of any date of determination, all
Indebtedness of the Borrowers (calculated on a consolidated
basis).
“Transitional
Deposit Account” shall have the meaning attributed to
such term in Article 8 of this Agreement.
“UCC”
shall mean the Uniform Commercial Code as the same may, from time
to time, be enacted and in effect in the Commonwealth of Virginia;
provided , that to the extent that the UCC is used to define
any term herein and such term is defined differently in different
Articles or Divisions of the UCC, the definition of such term
contained in Article or Division 9 shall govern; provided
further , that in the event that, by reason of mandatory
provisions of law, any or all of the attachment, perfection or
priority of, or remedies with respect to, the Administrative
Agent’s lien on any Collateral is governed by the Uniform
Commercial Code as enacted and in effect in a jurisdiction other
than the Commonwealth of Virginia, the term “UCC” shall
mean the Uniform Commercial Code as enacted and in effect in such
other jurisdiction solely for purposes of the provisions thereof
relating to such attachment, perfection, priority or remedies and
for purposes of definitions related to such provisions.
“Uncommitted
Incremental Revolving Facility Commitment Amount” shall
mean, as of any date of determination, an amount equal to the sum
of Seventy-five Million and No/100 Dollars ($75,000,000.00), minus
the aggregate dollar amount of all Incremental Revolving Facility
Commitments established prior to such date of determination and
then remaining in effect.
INTERPRETIVE
PROVISIONS
(a) The meanings of defined
terms are equally applicable to the singular and plural forms of
the defined terms.
(b) The words
“hereof”, “herein”, “hereunder”
and similar words refer to this Agreement as a whole and not to any
particular provision of this Agreement; and
“Subsection”, “Section”,
“Schedule” and “Exhibit” references are to
this Agreement unless otherwise specified.
(c) Unless otherwise
expressly provided herein, (i) references to agreements
(including this Agreement) and other contractual instruments shall
be deemed to include all subsequent amendments and other
modifications thereto, but only to the extent such amendments and
other modifications are not prohibited by the terms of this
Agreement, and (ii) references to any statute or regulation
are to be construed as including all statutory and regulatory
provisions consolidating, amending, replacing, supplementing or
interpreting the statute or regulation.
(d) The article, section and
paragraph headings of this Agreement are for convenience of
reference only, and in no way define, limit or describe the scope
of this Agreement or the intent of any provision hereof.
(e) This Agreement and the
other Loan Documents are the result of negotiations among all
parties hereto, and have been reviewed by counsel to the
Administrative Agent, the Borrowers and the Lenders, and are the
products of all parties. Accordingly, this Agreement and the other
Loan Documents shall not be construed against the Administrative
Agent or the Lenders merely because of the Administrative
Agent’s or Lenders’ involvement in their
preparation.
14
ARTICLE 1
COMMITMENT
1.1 Maximum Loan
Amount .
(a) Subject to the terms and
conditions of this Agreement, (i) each Lender severally agrees
to make the Loans to the Borrowers (except for the Swing Line Loan,
which shall be extended only by the Swing Line Lender), with the
maximum amount of each Lender’s obligation being equal to
such Lender’s Percentage of the Commitment Amount; and
(ii) as set forth more fully in Section 1.1(b) below, the
Swing Line Lender will make the Swing Line Loan to the Borrowers.
The Loans, including the Swing Line Loan, shall bear interest and
be payable in accordance with the terms and provisions of this
Agreement and the Notes. The Notes shall be executed and delivered
to each respective Lender on the Restatement Date and thereafter,
from time to time, as and when requested by the Administrative
Agent.
(b) Subject to the terms and
conditions of this Agreement, the Swing Line Lender shall make
swing line loans (each, a “Swing Line Loan” and
collectively, the “Swing Line Loans”) to the Borrowers
from time to time during the Swing Line Commitment Period, in the
aggregate principal amount at any one time outstanding not to
exceed the Swing Line Commitment Amount; provided, however, that at
no time may the aggregate outstanding principal amount of the Swing
Line Loans, plus the aggregate outstanding principal amount of the
Revolving Facility (including the aggregate face amount of all
Letters of Credit outstanding), exceed the Revolving Facility
Commitment Amount. During the Swing Line Commitment Period, the
Borrowers may use the Swing Line Commitment by borrowing, repaying
Swing Line Loans in whole or in part, and reborrowing, all in
accordance with the terms of this Agreement. At the request of the
Swing Line Lender, the Administrative Agent may, at any time, on
behalf of the Borrowers (which hereby irrevocably direct the
Administrative Agent to act on their behalf) request each Lender
having a Percentage of the Revolving Facility, including the Lender
then acting as the Swing Line Lender, to make, and each such
Lender, including the Lender then acting as the Swing Line Lender,
shall make an advance under the Revolving Facility, in an amount
equal to such Lender’s Percentage of the Revolving Facility,
of the amount of the Swing Line Outstandings as of the date such
request is made. In such event, each such Lender shall make the
requested proceeds available to the Administrative Agent for the
account of the Swing Line Lender in accordance with the funding
provisions set forth in this Agreement. The proceeds of the
Revolving Facility advanced pursuant to this Section 1.1(b)
shall be immediately applied to repay the Swing Line
Outstandings.
1.2 Use of Proceeds
. The Loan shall be used by the Borrowers only for the
following purposes: (i) to refinance certain existing
indebtedness of the Borrowers; (ii) to finance any Permitted
Acquisition (including, the purchase price of a Permitted
Acquisition, together with customary transaction costs and expenses
payable to unrelated and unaffiliated third parties relating
thereto); and (iii) for working capital, letters of credit and
general corporate needs. Each Borrower agrees that it will not use
or permit the Loan proceeds to be used for any other purpose
without the prior written consent of the Administrative
Agent.
1.3 [Intentionally
Omitted] .
1.4 Advances;
Payments .
(a) Agreement to Advance
and Readvance; Procedure . So long as no Event of Default shall
have occurred and be continuing, and no act, event or condition
shall have occurred and be continuing which with notice or the
lapse of time, or both, shall constitute an Event of Default, and
subject to the terms and provisions of this Agreement, the Lenders
(and the Swing Line Lender, as the case may be) shall advance and
readvance the proceeds of the Revolving Facility and the proceeds
of the Swing Line Facility (as applicable) from time to time in
accordance with the terms of this Agreement to the Borrowers upon
the Borrowers’ execution and delivery of this Agreement and
all other documents, instruments and agreements required by the
Administrative Agent and the Lenders in connection herewith.
Requests for advances with respect to the Revolving Facility shall
be in the form attached as Exhibit 1 hereto,
and requests for advances with respect to the Swing Line Facility
shall be in the form attached as Exhibit 1(a)
hereto. Requests for advances of Loan proceeds with respect to the
Revolving Facility and the Swing Line Facility may be made via
facsimile on any given Business Day if the Borrowers provide
the
15
Administrative Agent, in advance, with a
written list of the names of the specific officers authorized to
request disbursements by facsimile. Upon request by the
Administrative Agent, the Borrowers shall confirm, in an original
writing, each facsimile request for advance made by any Borrower.
Notwithstanding the foregoing, (a) the Lenders shall have no
obligation to make any advance with respect to the Revolving
Facility after the Maturity Date; and (b) the Swing Line
Lender shall have no obligation to make any advance with respect to
the Swing Line Facility after the Swing Line Termination
Date.
(b) Interest Rate
Election; Certain Advance Procedures and Limits . Amounts
advanced in connection with the Loans shall bear interest at the
Applicable Interest Rate, which shall either be on a Base Rate
basis or LIBOR basis, as more fully set forth below, in the Notes
and in the exhibits attached to this Agreement, except that Swing
Line Loans shall only be made available to the Borrowers on a Swing
Line Rate basis. Advances bearing interest on a Base Rate basis
shall be in minimum and incremental amounts of One Hundred Thousand
and No/100 Dollars ($100,000.00), and shall be made available on a
same-day basis, if requested by 12:00 Noon, Washington, D.C. time,
on any Business Day. Advances bearing interest on a LIBOR basis
shall also be in minimum and incremental amounts of One Hundred
Thousand and No/100 Dollars ($100,000.00), and shall be made
available not less than three (3) Business Days, nor more than
five (5) Business Days, if requested by 12:00 Noon,
Washington, D.C. time. The Borrowers’ right to request LIBOR
based interest, as well as certain additional terms, conditions and
requirements relating thereto, are set forth in the Notes and in
the exhibits attached to this Agreement, and each Borrower
expressly acknowledges and consents to such additional terms and
provisions.
(c) Automatic
Advances/Payments . The Borrowers hereby authorize the
Administrative Agent, on any Business Day, to transfer funds from
the Collateral Account or any other designated account of the
Borrowers to pay down the Obligations and to make Loans or
Swingline Loans available to the Borrowers to cover shortages or
overdrafts in the Collateral Account or such other designated
account of the Borrowers. All such transfers are subject to the
availability of Loan proceeds under the Revolving Facility (with
respect to advances) and the availability of funds in the
Collateral Account or such other designated account of the
Borrowers (with respect to paydowns). The Administrative Agent may,
in its discretion, make such transfers (or direct any Lender
maintaining a Deposit Account of a Borrower to wire transfer to the
Administrative Agent any funds on deposit thereon to facilitate any
such transfer by the Administrative Agent), but shall have no
liability for their failure to do so. Subject to the terms of any
cash management agreement between the Borrowers and any Lender, the
Borrowers may, at any time, terminate the authority granted by the
Borrowers to the Administrative Agent herein upon not less than two
(2) Business Days prior written notice to the Administrative
Agent.
(d) Application of
Payments . All payments made or to be made upon any Obligations
shall be payable in lawful currency of the United States and in
immediately available funds. Except as otherwise expressly provided
in this Agreement, the Notes or any other Loan Document, if at any
time insufficient funds are received by and available to the
Administrative Agent to pay in full all amounts of principal,
interest and fees then due pursuant to this Agreement or the Notes
(as the case may be), such funds shall be applied as
follows:
(i) first, to expenses and
costs of collection, if any, incurred by the Administrative Agent
in connection with the Loans, including, but not limited to, all
court costs and the reasonable fees and expenses of its agents and
legal counsel, the repayment of all advances made by the
Administrative Agent hereunder or under any other Loan Document on
behalf of the Borrowers and any other reasonable costs or expenses
incurred by the Administrative Agent in connection with the
exercise of any right or remedy hereunder;
(ii) second, to fees and late
charges owing to the Administrative Agent pursuant to this
Agreement or any other Loan Document, and then to fees and late
charges owing to the Lenders (ratably in accordance with their
Percentage) pursuant to this Agreement or any other Loan
Document;
(iii) third, to accrued and
unpaid interest (applied first to the Swing Line Facility and then
to the Revolving Facility);
(iv) fourth, to the
outstanding principal amount of the Obligations (applied first to
Swing Line Outstandings (if any), then pro rata to the unpaid and
outstanding principal amount of the Revolving Facility and all
Hedging Obligations, and then pro rata to Permitted Financial
Product Obligations); and
(v) fifth, to any Person
lawfully entitled thereto.
16
1.5 Additional
Mandatory Payments; Reduction of Commitment . In addition
to all other sums payable by the Borrowers pursuant to any of the
Notes, this Agreement or any other Loan Document, the Borrowers
shall also make mandatory payments on the Notes (applied first to
Swing Line Outstandings (if any), and then to amounts outstanding
under the Revolving Facility, as provided herein below), upon the
occurrence of any Excess Cash Event. Notwithstanding the foregoing,
no mandatory payment shall be due and payable unless the Net Cash
arising from any Excess Cash Event occurring in any Fiscal Year,
when aggregated with the Net Cash arising from all other Excess
Cash Events occurring during such Fiscal Year, exceeds the Annual
Excess Cash Limitation, in which event the amount of such mandatory
payment shall be equal to the amount by which the Net Cash arising
from such Excess Cash Event(s) exceeds the Annual Excess Cash
Limitation.
1.6 Field Audits
. The Administrative Agent has the right at any time and in its
discretion to conduct field audits with respect to the Collateral
and each Borrower’s Receivables, inventory, business and
operations. All field audits shall be at the cost and expense of
the Borrowers; it being understood and agreed that, in the absence
of an Event of Default, the Borrowers’ maximum liability for
field audit costs and expenses shall be limited to the reasonable
costs and expenses of only one (1) field audit conducted
during any twelve (12) month period (unless the Administrative
Agent shall conduct a field audit pursuant to Section 1.10 of
this Agreement in connection with the joinder of a new
“Borrower” hereunder, in which event the Borrowers
shall be liable for the costs and expenses of such field audit as
well). Any and all field audits conducted following an Event of
Default shall be at the Borrowers’ cost and expense, with the
foregoing limitation on maximum costs and expense being
inapplicable.
1.7 Certain Fees
. In addition to principal, interest and other sums payable
under the Notes, the Borrowers shall pay the following
fees:
(a) Upfront Fee . The
Borrowers shall pay to the Administrative Agent, for the account of
each Lender party to this Agreement as of the Restatement Date, an
upfront fee in the amounts set forth in, and pursuant to the terms
of the Mandate/Fee Letter. Additionally, the Borrowers shall pay to
the Administrative Agent for the account of each Incremental
Revolving Facility Lender, an upfront fee (an “Incremental
Revolving Facility Upfront Fee”), for the Incremental
Revolving Facility Commitment made by such Incremental Revolving
Facility Lender pursuant to this Agreement in an amount to be
determined at the time such Incremental Revolving Facility
Commitment is accepted by the Borrowers. The Incremental Revolving
Facility Upfront Fee shall be due and payable in full on the
effective date of such Incremental Revolving Facility
Commitment.
(b) Commitment Fee .
So long as any amounts remain outstanding in connection with the
Revolving Facility, or the Lenders have any obligation to make any
advance in connection therewith, the Borrowers agree to pay to the
Administrative Agent for the benefit of the Lenders ratably, a
quarterly commitment fee (the “Revolving Facility Commitment
Fee”), at an annual rate corresponding to the
Borrowers’ Leverage Ratio for the immediately preceding
Fiscal Quarter, as set forth on Exhibit 7
hereto, calculated on the difference between (i) the Revolving
Facility Commitment Amount (including any increases thereto
pursuant to Section 1.8 hereof), and (ii) without
duplication, the sum of the average daily outstanding principal
balance of the Revolving Facility and Swing Line Outstandings
during the applicable three (3) month period, plus the
aggregate face amount of all Letters of Credit outstanding at any
time during the applicable three (3) month period. The
Revolving Facility Commitment Fee shall be calculated on the basis
of the actual number of days elapsed and a three hundred sixty
(360) day year, shall be due for any three (3) month
period during which the Lenders shall have any obligation in
connection with the Facility, and shall be payable in arrears,
commencing on March 31, 2008, and continuing on the last
Business Day of every third (3 rd ) calendar month thereafter for so long as this Agreement
remains in effect, and on the date on which the Obligations have
been paid and satisfied in full.
(c) Administrative Agent
Fee and Lead Arranger Fee . The Borrowers shall pay to
(i) the Administrative Agent an agent fee and (ii) the
Lead Arranger an arrangement fee, in each case in the amounts set
forth in, and pursuant to the terms of the Mandate/Fee
Letter.
(d) Letter of Credit
Fees . The Borrowers shall pay any and all Letter of Credit
fees as and when such fees become due and payable pursuant to this
Agreement.
(e) Out-of-Pocket Fees and
Expenses . The Borrowers shall be liable for and shall timely
pay all out-of-pocket costs and expenses (including reasonable
attorneys’ fees and expenses of counsel for the
Administrative Agent, and of other special and local counsel and
other experts, if any, engaged by the
17
Administrative Agent) from time to time
incurred by the Administrative Agent and/or the Lead Arranger in
connection with (i) the syndication of the Loan and/or
(ii) the drafting of, administration of, preservation of
rights in and enforcement of this Agreement, the other Loan
Documents and the transactions contemplated by this Agreement.
Without limiting the generality of the foregoing, the Borrowers
shall be liable for all of the Administrative Agent’s
out-of-pocket costs and expenses (including reasonable
attorneys’ fees and expenses of counsel for the
Administrative Agent) associated with any and all amendments,
waivers and/or consents prepared, negotiated, executed, issued
and/or delivered in connection with this Agreement.
1.8 Increases to the
Revolving Facility Commitment Amount .
(a) The Borrowers may, by
written notice to the Administrative Agent from time to time after
the Restatement Date, request Incremental Revolving Facility
Commitments in an amount not to exceed the Uncommitted Incremental
Revolving Facility Commitment Amount from one or more Incremental
Revolving Facility Lenders, which, in the first instance, shall
only include existing Lenders; it being understood and agreed that
(i) no Lender shall have any obligation to become an
Incremental Revolving Facility Lender, and (ii) if the full
amount of the Incremental Revolving Facility Commitments being
requested are not subscribed for by existing Lenders within ten
(10) days of the delivery of such written notice, the
Borrowers may offer such remaining Incremental Revolving Facility
Commitments to other non-Lender financial institutions;
provided that each Incremental Revolving Facility Lender, if
not already a Lender hereunder, shall be subject to the approval of
the Administrative Agent. Each such notice shall set forth
(i) the amount of the Incremental Revolving Facility
Commitments being requested (which shall be in minimum increments
of Five Million and No/100 Dollars ($5,000,000.00) and a minimum
amount of Twenty-five Million and No/100 Dollars ($25,000,000.00),
or equal to the Uncommitted Incremental Revolving Facility
Commitment Amount) and (ii) the date on which such Incremental
Revolving Facility Commitments are requested to become effective
(which shall not be less than ten (10) Business Days nor more
than thirty (30) days after the date of such notice). Any Loan
made or to be made pursuant to an Incremental Revolving Facility
Commitment shall (A) constitute a Loan made pursuant to this
Agreement, (B) be deemed advanced under the Revolving
Facility, (C) bear interest and be repaid in accordance with
the terms and provisions of this Agreement applicable to advances
made under the Revolving Facility, without preference or priority,
(D) be secured by the Collateral on a pari passu basis, and
(E) be subject to all other terms and provisions of this
Agreement applicable to Loans and advances thereof.
(b) The Borrowers and each
Incremental Revolving Facility Lender shall execute and deliver to
the Administrative Agent an Incremental Revolving Facility
Assumption Agreement and such other documentation as the
Administrative Agent shall reasonably specify to evidence the
Incremental Revolving Facility Commitment of such Incremental
Revolving Facility Lender. The Administrative Agent shall promptly
notify each Lender as to the effectiveness of each Incremental
Revolving Facility Assumption Agreement. Each of the parties hereto
hereby agrees that, upon the effectiveness of any Incremental
Revolving Facility Assumption Agreement, this Agreement shall be
deemed amended to the extent (but only to the extent) necessary to
reflect the existence and terms of the Incremental Revolving
Facility Commitment evidenced thereby.
(c) Each of the parties
hereto hereby agrees that the Administrative Agent may take any and
all actions as may be reasonably necessary to ensure that, after
giving effect to any Incremental Revolving Facility Commitment
pursuant to this Section 1.8, the outstanding Loans under the
Revolving Facility (if any) are held by the Lenders in accordance
with their new pro rata Percentages. This may be accomplished at
the discretion of the Administrative Agent (i) by requiring
the outstanding Loans to be prepaid with the proceeds of a new
Revolving Facility borrowing, (ii) by causing the existing
Lenders to assign portions of their outstanding Loans to
Incremental Revolving Facility Lenders, (iii) by permitting
the Revolving Facility borrowings outstanding at the time of any
increase in the Revolving Facility Commitment Amount pursuant to
this Section 1.8 to remain outstanding until the last days of
the respective Interest Periods therefor, even though the Lenders
would hold such Revolving Facility borrowings other than in
accordance with their new pro rata Percentages, or (iv) by any
combination of the foregoing. Any prepayment or assignment
described in this subparagraph (c) shall be subject to
indemnification by the Borrowers pursuant to this Agreement, but
otherwise be without premium or penalty.
(d) Notwithstanding the
foregoing, no Incremental Revolving Facility Commitment shall
become effective, unless on the date of such effectiveness,
(i) no Event of Default shall have occurred and be continuing,
and no act, event or condition shall have occurred or exist which
with notice of the lapse of time, or both, would constitute an
Event of Default, and (ii) the Administrative Agent shall have
received (A) a certificate dated such date and executed by the
Chief Financial Officer or other duly authorized officer of the
Borrowers,
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certifying that all of the
representations and warranties set forth in Article 5 of this
Agreement and in each of the other Loan Documents are true and
correct in all respects on and as of the date of the certificate
with the same effect as though made on and as of such date (except
to the extent that a representation and warranty relates to an
earlier date); (B) a duly executed Note, in form and substance
acceptable to the Administrative Agent, which shall evidence the
Loans to be made pursuant to the Incremental Revolving Facility
Commitment; (C) UCC, judgment, bankruptcy, pending litigation
and tax lien search results for the Borrowers, confirming that no
intervening lien, claim or encumbrance (other than Permitted Liens)
on any Collateral exists that would affect the legality, validity
or priority of the liens in favor of the for the ratable benefit of
the Lenders with respect to such Collateral; (D) the
applicable Incremental Revolving Facility Assumption Agreement,
duly executed by the parties thereto, together with such other
documents, instruments and/or agreements reasonably requested by
the Administrative Agent; and (E) the applicable Incremental
Revolving Facility Upfront Fee payable by the Borrowers to and for
the account of each Incremental Revolving Facility
Lender.
1.9 Appointment of the
Primary Operating Company . Each Borrower acknowledges that
(i) the Lenders have agreed to extend credit to each of the
Borrowers on an integrated basis for the purposes herein set forth;
(ii) it is receiving direct and/or indirect benefits from each
such extension of credit; and (iii) the obligations of the
“Borrower” or “Borrowers” under this
Agreement are the joint and several obligations of each Borrower.
To facilitate the administration of the Loan, each Borrower hereby
irrevocably appoints the Primary Operating Company as its true and
lawful agent and attorney-in-fact with full power and authority to
execute, deliver and acknowledge on such Borrower’s behalf,
each Request for Advance and Certification and all other Loan
Documents or other materials provided or to be provided to the
Administrative Agent or any Lender pursuant to this Agreement or in
connection with the Loan. This power-of-attorney is coupled with an
interest and cannot be revoked, modified or amended without the
prior written consent of the Administrative Agent. Upon request of
the Administrative Agent, each Borrower shall execute, acknowledge
and deliver to the Administrative Agent a Power of Attorney, in
form and substance reasonably satisfactory to the Administrative
Agent, confirming and restating the power-of-attorney granted
herein.
1.10 Joinder of New
Subsidiaries and Affiliates; Release of Certain Borrowers
.
(a) Unless waived in writing
by the Administrative Agent, acting at the direction of the
Required Lenders, in their sole and absolute discretion, the
Borrowers shall cause any present or future Affiliate of any
Borrower in which such Borrower now or hereafter owns, directly or
indirectly, an ownership interest of greater than fifty percent
(50%) to execute and deliver to the Administrative Agent
(i) within forty-five (45) days of the date of formation
or acquisition (as applicable) of any domestic entity, and
(ii) ninety (90) days of the date of formation or
acquisition (as applicable) of any foreign entity (x) a
Joinder Agreement in the form attached as
Exhibit 6 hereto (a “Joinder
Agreement”), pursuant to which such Affiliate shall
(A) join in and become a party to this Agreement and the other
Loan Documents; (B) agree to comply with and be bound by the
terms and conditions of this Agreement and all of the other Loan
Documents; and (C) become a “Borrower” and
thereafter be jointly and severally liable for the performance of
all the past, present and future obligations and liabilities of the
Borrowers hereunder and under the Loan Documents; and (y) such
other documents, instruments and agreements as may be reasonably
required by the Administrative Agent in connection therewith
(including, without limitation, an opinion of counsel), in form and
substance acceptable to the Administrative Agent and its counsel in
all respects. The Borrowers acknowledge and agree that the
Administrative Agent shall have the right, at the Borrowers’
cost and expense, to perform a field audit of the Receivables,
inventory, business and operations of any present or future
Affiliate proposed to be joined as a “Borrower”
hereunder; and
(b) Notwithstanding anything
to the contrary contained in clause (a) above, none of ICF
Consulting India Private, Ltd., a corporation organized under the
laws of India and a wholly owned subsidiary of the Primary
Operating Company (“ICF India”), nor any Non-Borrower
Subsidiary shall be required to become a Borrower or execute and
deliver Loan Documents, and the Borrowers shall not be required to
undertake any procedures to perfect any security interest (or make
a representation or warranty with respect to any such security
interest) which the Administrative Agent may now or hereafter
obtain in and to the capital stock and other equity interests in
ICF India or any Non-Borrower Subsidiary. Furthermore, subject to
the terms and provisions set forth in Exhibit
9 attached hereto, the Administrative Agent agrees that
it shall not unreasonably withhold, delay or condition (i) its
waiver of any or all of the joinder requirements set forth in
clause (a) above, (ii) its consent to any Foreign
Borrower entering into other financing arrangements with any
Person, whether secured or unsecured, and/or (iii) in
connection with any such financing arrangement(s), its release of
any Foreign Borrower from such Foreign Borrower’s
Obligations, including any security interest of the Administrative
Agent in such Foreign Borrower’s assets granted in connection
herewith.
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ARTICLE 2
LETTERS OF
CREDIT
2.1 Issuance .
The Borrowers and the Lenders acknowledge that from time to time
the Borrowers may request that an LC Issuer issue or amend
Letter(s) of Credit. Subject to the terms and conditions of this
Agreement, and any other requirements for letters of credit
normally and customarily imposed by an LC Issuer, each LC Issuer
agrees to issue such requested letters of credit, provided that no
Event of Default has occurred and is continuing, and no act, event
or condition has occurred or exists which with notice or the
passage of time, or both, would constitute an Event of Default. If
any such Letter(s) of Credit are issued by an LC Issuer, each of
the Lenders shall purchase from such LC Issuer a risk participation
with respect to such Letter(s) of Credit in an amount equal to such
Lender’s Percentage of the Revolving Facility Commitment
Amount. No LC Issuer shall have any obligation to issue any Letter
of Credit which has an expiration date beyond the date which is
three (3) Business Days prior to the Maturity Date, unless the
Borrowers shall have deposited with such LC Issuer, concurrent with
the issuance or renewal of any such Letter of Credit, cash security
therefor in an amount equal to the face amount of the Letter of
Credit. Any request for a Letter of Credit shall be made by a
Borrower submitting to the LC Issuer (with a copy to the
Administrative Agent) an Application and Agreement for Letter of
Credit or Amendment to Letter of Credit (each being herein referred
to as a “Letter of Credit Application”) on an LC
Issuer’s standard form, at least three (3) Business Days
prior to the date on which the issuance or amendment of the Letter
of Credit shall be required, which Letter of Credit Application
shall be executed by a duly authorized officer of a Borrower, and
be accompanied by such other supporting documentation and
information as the Administrative Agent or LC Issuer may from time
to time reasonably request. Each Letter of Credit Application shall
be deemed to govern the terms of issuance of the subject Letter of
Credit, except to the extent inconsistent with the terms of this
Agreement. It is understood and agreed that Letters of Credit shall
not be issued for durations of longer than one (1) year. Any
outstanding Letter of Credit may be renewed from time to time;
provided that (i) at least sixty (60) days’ prior
written notice thereof shall have been given by the Borrowers to
the Administrative Agent and the LC Issuer; (ii) no Event of
Default exists under the terms and provisions of the particular
Letter of Credit or this Agreement, and no act, event or condition
has occurred or exists which with notice or the passage of time, or
both, would constitute an Event of Default under the terms and
provisions of the particular Letter of Credit or this Agreement;
and (iii) if the renewal period would expire after the
Maturity Date, the Borrowers shall have deposited with the LC
Issuer, concurrent with the renewal of such Letter of Credit, cash
security therefor in an amount equal to the face amount of such
Letter of Credit.
2.2 Amounts Advanced
Pursuant to Letters of Credit . Upon the issuance of any
Letter(s) of Credit (i) any amounts drawn pursuant thereto
shall be deemed advanced ratably under the Revolver Notes, shall
bear interest and be payable in accordance with the terms of the
Revolver Notes and shall be secured by the Collateral (in the same
manner as all other sums advanced under the Revolver Notes); and
(ii) each Lender shall purchase from the LC Issuer such risk
participations in the Letter(s) of Credit as shall be necessary to
cause each Lender to share the funding obligations with respect
thereto ratably in accordance with such Lender’s Percentage.
It is expressly understood and agreed that all obligations and
liabilities of the Borrowers to an LC Issuer in connection with any
such Letter(s) of Credit shall be deemed to be
“Obligations,” and the Administrative Agent shall not
be required to release its security interest in the Collateral
until (i) all Notes and all other sums due to the Lenders in
connection with the Loan have been paid and satisfied in full,
(ii) all Letters of Credit have been canceled or expired, and
(iii) no Lender or LC Issuer has any further obligation or
responsibility to make additional Loan advances or issue additional
Letters of Credit. Furthermore, in no event whatsoever shall any LC
Issuer have any obligation to issue any Letter of Credit which
would cause (x) the face amount of all then outstanding
Letters of Credit issued for the account of any or all Borrowers to
exceed Five Million and No/100 Dollars ($5,000,000.00), in the
aggregate, or (y) the aggregate outstanding principal amount
of the Revolving Facility (including the aggregate face amount of
all Letters of Credit outstanding), to exceed the Revolving
Facility Commitment Amount.
2.3 Letter of Credit
Fees . The Borrowers shall be jointly and severally liable
for the payment of: (i) to the Administrative Agent, for the
benefit of the Lenders ratably, a quarterly fee (the “Letter
of Credit Fee”) at the annual rate equal to the Additional
Libor Interest Margin corresponding to the Borrower’s
Leverage Ratio reported as of the immediately preceding quarter, as
set forth on Exhibit 7 hereto, which shall be
calculated (a) on the face amount of each Letter of Credit as
of the date of issuance (or the anniversary or amendment date, as
applicable), and (b) on the basis of the actual number of days
elapsed and a three hundred sixty (360) day year; and
(ii) to the LC Issuer, an issuance fee in an amount equal to
12.5 basis points of the face amount of the particular
20
Letter of Credit and customary
administrative charges (collectively, the “Letter of Credit
Administration Fee”). The Letter of Credit Fee shall be due
and payable, in advance, on the date the Letter of Credit is
issued, amended, extended or renewed and on the same day of every
third (3rd) month thereafter during which such Letter of
Credit shall remain issued or outstanding. The Letter of Credit
Administration Fee shall be due and payable simultaneously with the
LC Issuer’s issuance, amendment, extension or renewal of the
particular Letter of Credit (as the case may be).
ARTICLE 3
SECURITY
3.1 Security
Generally . As collateral security for the Loan and all
other Obligations, the Borrowers hereby grant and convey to the
Administrative Agent, for the benefit of the Lenders ratably, a
security interest in all of the assets of each Borrower, including,
without limitation, the following (collectively, the
“Collateral”):
Receivables . All of
each Borrower’s present and future right, title and interest
in and to any and all Accounts, contracts, contract rights, Chattel
Paper, General Intangibles, notes, drafts, acceptances, chattel
mortgages, conditional sale contracts, bailment leases, security
agreements and other forms of obligations now or hereafter arising
out of or acquired in the course of or in connection with any
business each Borrower conducts, together with all liens,
guaranties, securities, rights, remedies and privileges pertaining
to any of the foregoing, whether now existing or hereafter created
or arising, and all rights with respect to returned and repossessed
items of Inventory;
Inventory . All of
each Borrower’s present and future right, title and interest
in and to any and all Inventory and Goods, wherever located, and
whether held for sale or lease or furnished or to be furnished
under contracts of service, and all raw materials, work in process
and materials now or hereafter owned by each Borrower, wherever
located, and used or consumed in its business, including all
returned and repossessed items; and all other property now or
hereafter constituting Inventory;
Other Collateral . All
of each Borrower’s present and future right, title and
interest in and to any and all cash, cash equivalents, Deposit
Accounts, Documents, Instruments, Investment Property, Letter of
Credit Rights and Supporting Obligations, whether any of the
foregoing shall be now owned or hereafter acquired by such
Borrower, together with all of each Borrower’s present and
future furniture, fixtures, Equipment, machinery, supplies and
other assets (other than stock, as below provided) and personal
property of every type or nature whatsoever, including without
limitation, all of each Borrower’s present and future
inventions, designs, patents, patent applications, trademarks,
trademark applications, trade names, trade secrets, goodwill,
registrations, copyrights, licenses, franchises, customer lists,
tax refunds, tax refund claims, rights of claims against carriers
and shippers, leases and rights to indemnification;
Stock or Other Ownership
Interests . All of each Borrower’s present and future
right, title and interest in and to any and all of the issued and
outstanding capital stock, membership interests and/or other
ownership interests in any other Borrower or any Foreign Borrower,
whether such interests are now or hereafter issued or outstanding
and whether now or hereafter acquired by such Borrower, together
with all voting, economic and other rights thereof or appurtenant
thereto, pursuant to the Stock Security Agreement, Membership
Interest Assignment and/or such other documents, instruments or
agreements as may be reasonably required by the Administrative
Agent;
Leases . All of each
Borrower’s present and future right, title and interest in
and to any and all leases, occupancy agreements, subleases,
contracts, licenses, agreements and other understandings of or
relating to the use, enjoyment or occupancy of real property or any
improvements thereon; provided, however, that if the terms of any
such lease or other contract require such Borrower to notify or
obtain the prior written consent of a third party for the grant of
a security interest in such lease or other contract, the security
interest granted hereby in such lease or other contract shall not
be effective until such notification is delivered or such consent
is obtained;
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Records . All of each
Borrower’s present and future right, title and interest in
and to any and all records, documents and files, in whatever form,
pertaining to the Collateral; and
Proceeds, Etc . Any
and all Proceeds of the foregoing, whether cash or non-cash
proceeds, and all increases, substitutions, replacements and/or
additions to any or all of the foregoing.
It is expressly understood
and agreed that the foregoing grant and conveyance of a security
interest in the Collateral is in confirmation of (and not
replacement of) the grant and conveyance of a security interest in
the Collateral which was previously made pursuant to or in
accordance with the Existing Loan Agreement and the other Loan
Documents; that the liens created by such prior grant and
conveyance of a security interest in the Collateral remain in full
force and effect; and that the grant of and conveyance of a
security interest in the Collateral pursuant hereto shall be
supplemental to such prior grant and conveyance.
Notwithstanding the
foregoing, the above described grant and conveyance shall not be
deemed to include the grant and conveyance of (A) any
Government Contract, Government Subcontract or Commercial Contract,
which by its terms or applicable law may not be conveyed; it being
understood, however, that in any such situation(s), the
Administrative Agent’s security interest shall include
(i) the entirety of each Borrower’s right, title and
interest in and to all Receivables and all other Proceeds directly
or indirectly arising from such Government Contract, Government
Subcontract or Commercial Contract, and (ii) all other rights
and interests which any Borrower may lawfully convey to the
Administrative Agent with respect to such Government Contract,
Government Subcontract or Commercial Contract (including, without
limitation, a conveyance of the applicable Commercial Contract if
such prohibition on conveyance is negated by Applicable Law);
(B) any stock or other ownership interests of a Foreign
Borrower in excess of sixty-five percent (65%) of all of the
issued and outstanding stock or other ownership interests of such
Foreign Borrower; (C) motor vehicles titled in the name of any
Borrower; and (D) except as otherwise set forth in
Section 3.1 of this Agreement with respect to leases,
interests in real property owned by any Borrower.
3.2 No Preference or
Priority . It is expressly understood and agreed that each
of the Notes shall be secured without preference or priority; it
being the intention of the parties that the Notes shall be co-equal
and coordinate in right of payment of principal, interest, late
charges and other sums due thereunder.
ARTICLE 4
CONDITIONS TO THE
LENDERS’ OBLIGATIONS
The initial performance of
the Lenders’ obligations under this Agreement shall be
subject to the following conditions:
4.1 Compliance with Law
and Agreements; Third Party Consents . The Lenders shall be
reasonably satisfied that (a) the Loan shall be in full
compliance with all legal requirements, (b) all regulatory and
third party consents and approvals required to be obtained have
been obtained, and (c) the Borrowers shall have performed all
agreements theretofore to be performed by the Borrowers.
4.2 Financial
Condition . There shall have been no material
adverse change in the financial condition of the Borrowers, in the
aggregate, between the date of the most recent financial
statement(s) delivered to the Lenders and the Restatement
Date.
4.3
Litigation/Bankruptcy . There shall be no
pending or threatened litigation by any entity (private or
governmental) with respect to the Loan or any documentation
executed in connection therewith (except for such litigation
disclosed to and not objected to by the Administrative Agent prior
to Closing), nor shall there be any litigation, bankruptcy or other
proceedings which the Administrative Agent believes, in good faith,
could reasonably be expected to have a material adverse effect on a
going forward basis.
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4.4 Opinion of
Counsel . The Administrative Agent shall have
received an opinion of Borrowers’ counsel with respect to
each Borrower that is incorporated, formed or organized within the
United States, in form and substance satisfactory to the
Administrative Agent and its counsel in all respects.
4.5 No Default
. There shall exist no Event of Default, and no act, event
or condition shall have occurred or exist which with notice or the
lapse of time, or both, would constitute an Event of
Default.
4.6
Documentation . The Administrative Agent shall
have received such financial statements, projections, certificates
of good standing, corporate resolutions, limited liability company
consents, UCC financing statements, opinions, certifications,
schedules to be attached to
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