EX-(10)(A)
Conformed Copy
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364-DAY INTERIM CREDIT AGREEMENT
dated as of
February 25, 2003
among
▇▇▇▇▇-▇▇▇▇▇▇ CORPORATION
The Lenders Party Hereto
BANC OF AMERICA BRIDGE LLC
BANK ONE, NA,
as Co-Syndication Agents
and
JPMORGAN CHASE BANK,
as Administrative Agent
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▇.▇. ▇▇▇▇▇▇ SECURITIES INC.,
as Lead Arranger and Sole Bookrunner
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TABLE OF CONTENTS
Page
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ARTICLE I
Definitions
SECTION 1.01. Defined Terms..............................................1
SECTION 1.02. Classification of Loans and Borrowings....................12
SECTION 1.03. Terms Generally...........................................13
SECTION 1.04. Accounting Terms; GAAP....................................13
ARTICLE II
The Credits
SECTION 2.01. Commitments...............................................13
SECTION 2.02. Loans and Borrowings......................................13
SECTION 2.03. Requests for Revolving Borrowings.........................14
SECTION 2.04. Competitive Bid Procedure.................................15
SECTION 2.05. Funding of Borrowings.....................................17
SECTION 2.06. Interest Elections........................................17
SECTION 2.07. Termination and Reduction of Commitments..................18
SECTION 2.08. Repayment of Loans; Evidence of Debt......................19
SECTION 2.09. Prepayment of Loans.......................................20
SECTION 2.10. Fees......................................................20
SECTION 2.11. Interest..................................................21
SECTION 2.12. Alternate Rate of Interest................................22
SECTION 2.13. Increased Costs...........................................22
SECTION 2.14. Break Funding Payments....................................24
SECTION 2.15. Taxes.....................................................24
SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs............................................25
SECTION 2.17. Mitigation Obligations; Replacement of Lenders............26
ARTICLE III
Representations and Warranties
SECTION 3.01. Organization; Powers......................................27
SECTION 3.02. Authorization; Enforceability.............................27
SECTION 3.03. Governmental Approvals; No Conflicts......................27
SECTION 3.04. Financial Condition; No Material Adverse Change...........28
SECTION 3.05. Litigation and Environmental Matters......................28
SECTION 3.06. Compliance with Laws and Agreements.......................28
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SECTION 3.07. Investment and Holding Company Status.....................28
SECTION 3.08. Taxes.....................................................28
SECTION 3.09. ERISA.....................................................29
SECTION 3.10. Disclosure................................................29
ARTICLE IV
Conditions
SECTION 4.01. Effective Date............................................29
SECTION 4.02. Each Credit Event.........................................30
ARTICLE V
Affirmative Covenants
SECTION 5.01. Financial Statements and Other Information................31
SECTION 5.02. Notices of Material Events................................32
SECTION 5.03. Existence; Conduct of Business............................32
SECTION 5.04. Payment of Obligations....................................32
SECTION 5.05. Maintenance of Properties; Insurance......................32
SECTION 5.06. Books and Records; Inspection Rights......................32
SECTION 5.07. Compliance with Laws......................................33
SECTION 5.08. Use of Proceeds...........................................33
ARTICLE VI
Negative Covenants
SECTION 6.01. Subsidiary Indebtedness...................................33
SECTION 6.02. Liens.....................................................34
SECTION 6.03. Sale and Leaseback Transactions...........................36
SECTION 6.04. Fundamental Changes.......................................36
SECTION 6.05. Transactions with Affiliates..............................36
SECTION 6.06. Ratio of Consolidated Total Debt to Consolidated Net
Worth...............................................37
SECTION 6.07. Ownership of Excess Margin Stock..........................37
ARTICLE VII
Events of Default
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ARTICLE VIII
The Administrative Agent
ARTICLE IX
Miscellaneous
SECTION 9.01. Notices...................................................41
SECTION 9.02. Waivers; Amendments.......................................41
SECTION 9.03. Expenses; Indemnity; Damage Waiver........................42
SECTION 9.04. Successors and Assigns....................................43
SECTION 9.05. Survival..................................................45
SECTION 9.06. Counterparts; Integration; Effectiveness..................45
SECTION 9.07. Severability..............................................46
SECTION 9.08. Right of Setoff...........................................46
SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of
Process.............................................46
SECTION 9.10. WAIVER OF JURY TRIAL......................................47
SECTION 9.11. Headings..................................................47
SECTION 9.12. Confidentiality...........................................47
SECTION 9.13. Interest Rate Limitation..................................48
SCHEDULES:
Schedule 2.01 -- Commitments
Schedule 3.05 -- Disclosed Matters
Schedule 6.01 -- Existing Indebtedness
Schedule 6.02 -- Existing Liens
EXHIBITS:
Exhibit A -- Form of Assignment and Acceptance
Exhibit B -- Form of Opinion of Borrower's Counsel
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364-DAY INTERIM CREDIT AGREEMENT dated as of
February 25, 2003 (the "Agreement"), among ▇▇▇▇▇-▇▇▇▇▇▇
CORPORATION, a Delaware corporation, the LENDERS party
hereto, BANC OF AMERICA BRIDGE LLC and BANK ONE, NA, as
Co-Syndication Agents, and JPMORGAN CHASE BANK, as
Administrative Agent.
The Borrower has requested that the Lenders (such term, and each
other capitalized term used and not otherwise defined herein having the meaning
assigned to it in Article I) extend credit to enable it to borrow on a revolving
credit basis on and after the date hereof and at any time and from time to time
prior to the Termination Date a principal amount not in excess of $700,000,000
at any time outstanding. The Borrower has also requested that the Lenders
establish procedures pursuant to which the Borrower may invite the Lenders to
bid on an uncommitted basis on short-term borrowings by the Borrower maturing on
or prior to the Termination Date. The proceeds of borrowings hereunder are to be
used (i) for working capital and general corporate purposes, (ii) to provide
liquidity in connection with any commercial paper program of the Borrower and
(iii) for the repurchase of the Borrower's Class A and Class B Common Stock
pursuant to the tender offer commenced on February 4, 2003, as amended from time
to time.
The Lenders are willing to extend such credit to the Borrower on
the terms and subject to the conditions herein set forth.
Accordingly, the parties hereto agree as follows:
ARTICLE I
Definitions
SECTION 1.01. Defined Terms. As used in this Agreement, the
following terms have the meanings specified below:
"ABR", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate.
"Adjusted LIBO Rate" means, with respect to any Eurodollar
Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such
Interest Period multiplied by (b) the Statutory Reserve Rate.
"Administrative Agent" means JPMorgan Chase Bank, in its capacity
as administrative agent for the Lenders hereunder.
"Administrative Questionnaire" means an Administrative
Questionnaire in a form supplied by the Administrative Agent.
"Affiliate" means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.
"Alternate Base Rate" means, for any day, a rate per annum equal
to the greater of (a) the Prime Rate in effect on such day and (b) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the
Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.
"Applicable Percentage" means, with respect to any Lender, the
percentage of the total Commitments represented by such Lender's Commitment. If
the Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Commitments most recently in effect, giving effect to
any assignments.
"Applicable Rate" means, for any day, with respect to any ABR Loan
or Eurodollar Revolving Loan, or with respect to the facility fees payable
hereunder, as the case may be, the applicable rate per annum set forth below
under the caption "ABR Spread", "Eurodollar Spread" or "Facility Fee Rate", as
the case may be, based upon the ratings by S&P and ▇▇▇▇▇'▇, respectively,
applicable on such date to the Index Debt:
Index Debt Ratings ABR Eurodollar Facility Fee
(S&P/▇▇▇▇▇'▇): Spread Spread Rate
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Category 1
>AA-/Aa3 0.000% 0.110% 0.040%
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Category 2
A+/A1 0.000% 0.150% 0.050%
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Category 3
A-/A3 0.000% 0.230% 0.070%
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Category 4
BBB+/Baa1 0.000% 0.400% 0.100%
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Category 5
