EXHIBIT 4.1
CONFORMED COPY
AMENDMENT No. 3 dated as of June 30, 1999 (this
"Amendment"), to the Credit Agreement dated as of January
23, 1998, as amended by Amendment No. 1 dated as of August
12, 1998, and Amendment No. 2 and Waiver dated as of
November 30, 1998 (the "Credit Agreement"), among EAGLE
FAMILY FOODS, INC. (the "Borrower"), EAGLE FAMILY FOODS
HOLDINGS, INC. ("Holdings"), the Lenders (as defined in the
Credit Agreement), THE CHASE MANHATTAN BANK, as
administrative agent (in such capacity, the "Administrative
Agent") and collateral agent (in such capacity, the
"Collateral Agent") for the Lenders, as swingline lender (in
such capacity, the "Swingline Lender"), and as Issuing Bank
(as defined in the Credit Agreement), and XXXXXXX XXXXX
CAPITAL CORPORATION, as documentation agent.
A. Pursuant to the Credit Agreement, the Lenders, the Swingline Lender
and the Issuing Bank have extended credit to the Borrower, and have agreed to
extend credit to the Borrower, in each case pursuant to the terms and subject to
the conditions set forth therein.
B. The Borrower and Holdings have requested that certain provisions of
the Credit Agreement be amended as set forth herein.
C. The Required Lenders are willing to so amend the Credit Agreement
pursuant to the terms and subject to the conditions set forth herein.
D. Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the Credit Agreement.
Accordingly, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1. Amendments. (a) The definition of the term "Applicable
-----------
Rate" contained in Section 1.01 of the Credit Agreement is hereby amended as
follows:
(i) by substituting the words "July 3, 1999" for the words "December
31, 1998" in the proviso to the first paragraph of such definition; and
(ii) by substituting the following new table for the existing table
contained therein:
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Revolving Loan Term Loan
-------------- ---------
Leverage Ratio Eurodollar ABR Eurodollar ABR Commitment
-------------- Spread Spread Spread Spread Fee Rate
------ ------ ------ ------ --------
-----------------------------------------------------------------------------------------------------
Category 1
----------
3.25% 2.25% 3.50% 2.50% 0.500%
Greater than 7.0 to 1.0
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Category 2
----------
Greater than 6.5 to 1.0 but 2.75% 1.75% 3.00% 2.00% 0.500%
less than or equal to 7.0 to
1.0
-----------------------------------------------------------------------------------------------------
Category 3
----------
Greater than 6.0 to 1.0 but 2.25% 1.25% 2.50% 1.50% 0.500%
less than or equal to 6.5
to 1.0
-----------------------------------------------------------------------------------------------------
2
Revolving Loan Term Loan
-------------- ---------
Leverage Ratio Eurodollar ABR Eurodollar ABR Commitment
--------------------- Spread Spread Spread Spread Fee Rate
------ ------ ------ ------ --------
-----------------------------------------------------------------------------------------------------
Category 4
---------------------
Greater than 5.5 to
1.0 but less than or 2.00% 1.00% 2.25% 1.25% 0.500%
equal to 6.0 to 1.0
-----------------------------------------------------------------------------------------------------
Category 5
---------------------
Greater than 5.0 to 1.75% 0.75% 2.25% 1.25% 0.500%
1.0 but less than
or equal to 5.5 to
1.0
-----------------------------------------------------------------------------------------------------
Category 6
---------------------
Greater than 4.0 to 1.50% 0.50% 2.25% 1.25% 0.375%
1.0 but less than
or equal to 5.0 to
1.0
-----------------------------------------------------------------------------------------------------
Category 7
---------------------
1.50% 0.50% 2.25% 1.25% 0.375%
Less than or equal
to 4.0 to 1.0
-----------------------------------------------------------------------------------------------------
(b) Section 6.12 of the Credit Agreement is hereby amended by
substituting the following new table for the existing table contained therein:
"Period Ratio
------ -----
Effective Date-
April 3, 1999 6.90 to 1.0
April 4, 1999-
October 2, 1999 11.20 to 1.0
October 3, 1999-
January 1, 2000 8.75 to 1.0
January 2, 2000-
April 1, 2000 8.50 to 1.0
April 2, 2000-
September 30, 2000 6.50 to 1.0
October 1, 2000-
September 29, 2001 6.00 to 1.0
September 30, 2001-
September 28, 2002 5.50 to 1.0
Thereafter 5.00 to 1.0".
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(c) Section 6.13 of the Credit Agreement is hereby amended by
substituting the following new table for the existing table contained therein:
" Period Ratio
------ -----
Effective Date-
April 3, 1999 1.50 to 1.00
April 4, 1999-
October 2, 1999 1.10 to 1.00
October 3, 1999-
January 1, 2000 1.15 to 1.00
January 2, 2000-
April 1, 2000 1.20 to 1.00
April 2, 2000-
December 30, 2000 1.75 to 1.00
December 31, 2000-
December 29, 2001 2.00 to 1.00
Thereafter 2.25 to 1.00".
SECTION 2. Amendment Fee. Each Lender that shall execute a
--------------
counterpart hereof and return such counterpart to the Administrative Agent or
its counsel prior to 5:00 p.m., New York City time, on July 13, 1999 (the
"Return Date"), shall be entitled, upon the effectiveness of this Amendment as
provided in Section 4 below, to an amendment fee (an "Amendment Fee" and
collectively, the "Amendment Fees") equal to 1/4 of 1% of the sum of (a) the
outstanding Term Loans of such Lender and (b) the Revolving Commitment (whether
used or unused) of such Lender, in each case, as calculated on the Return Date.
The Amendment Fee payable to a Lender shall be paid to the Administrative Agent
for the account of such Lender, shall be paid in immediately available funds and
once paid, shall not be refundable under any circumstances.
SECTION 3. Representations and Warranties. Each of the Borrower and
-------------------------------
Holdings represents and warrants to each other party hereto that, after giving
effect to this Amendment, (a) the representations and warranties set forth in
Article III of the Credit Agreement are true and correct in all material
respects on and as of the date hereof with the same effect as though made on and
as of the date hereof, except to the extent such representations and warranties
expressly relate to an earlier date, and (b) no Default or Event of Default has
occurred and is continuing.
SECTION 4. Conditions to Effectiveness. This Amendment shall become
----------------------------
effective as of the date first written above on the date that the Administrative
Agent shall have received (a) counterparts of the Amendment which, when taken
together, bear the signatures of the Borrower, Holdings and the Required Lenders
and (b) the Amendment Fees.
SECTION 5. Effect of Amendment. Except as expressly set forth
--------------------
herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of the
Lenders, the Swingline Lender, the Issuing Bank, the Collateral Agent or the
Administrative Agent under the Credit Agreement or any other Loan Document, and
shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in
all respects and shall continue in full force and effect. Nothing herein shall
be deemed to entitle the Borrower or Holdings to a consent to, or a waiver,
amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document in similar or different circumstances. This
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Amendment shall apply and be effective only with respect to the provisions of
the Credit Agreement specifically referred to herein.
SECTION 6. Counterparts. This Amendment may be executed in any
-------------
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all such counterparts together shall constitute but one and the same instrument.
Delivery of any executed counterpart of a signature page of this Amendment by
facsimile transmission shall be as effective as delivery of a manually executed
counterpart hereof.
SECTION 7. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND
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CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
SECTION 8. Headings. The headings of this Amendment are for purposes
---------
of reference only and shall not limit or otherwise affect the meaning hereof.
5
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers as of the day and year
first above written.
EAGLE FAMILY FOODS, INC.,
by
/s/ Xxxxx Xxxxxxx
---------------------------------------------------
Name: Xxxxx Xxxxxxx
Title: Vice President/CFO
EAGLE FAMILY FOODS HOLDINGS, INC.,
by
/s/ Xxxxx Xxxxxxx
---------------------------------------------------
Name: Xxxxx Xxxxxxx
Title: Vice President/CFO
THE CHASE MANHATTAN BANK,
individually and as Administrative Agent, Collateral
Agent, Issuing Bank and Swingline Lender,
by
/s/ Xxxx X. Xxxxxx
--------------------------------------------------
Name: Xxxx X. Xxxxxx
Title: Managing Director
XXXXXXX XXXXX CAPITAL CORPORATION,
individually and as Documentation Agent,
by
/s/ Xxxxx X. X. Xxxxxx
--------------------------------------------------
Name: Xxxxx X. X. Xxxxxx
Title: Vice President
6
ALLIANCE CAPITAL FUNDING L.L.C.,
By: Alliance Capital Management L.P., as Manager on
behalf of ALLIANCE CAPITAL FUNDING L.L.C., as
Assignee,
By: ALLIANCE CAPITAL MANAGEMENT CORPORATION, General
Partner of Alliance Capital Management L.P.,
by
/s/ Xxxx Xxxxxxxxxxx
---------------------------------------------------
Name: Xxxx Xxxxxxxxxxx
Title: Vice President
BANKBOSTON, N.A.,
by
/s/ Xxxxxxx X. X. Xxxxx
---------------------------------------------------
Name: Xxxxxxx X. X. Xxxxx
Title: Managing Director
BANK OF HAWAII,
by
/s/ Xxxxx X. Xxxxxx
---------------------------------------------------
Name: Xxxxx X. Xxxxxx
Title: Vice President
BANK OF NOVA SCOTIA,
by
/s/ Xxxxxxx X. Xxxxxxxx
---------------------------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President
BANK OF TOKYO - MITSUBISHI TRUST COMPANY,
by
/s/ Xxxxx Xxxxxx
---------------------------------------------------
Name: Xxxxx Xxxxxx
Title: Vice President
7
CREDIT AGRICOLE INDOSUEZ,
by
/s/ Xxxxx Xxxxx
---------------------------------------------------
Name: Xxxxx Xxxxx
Title: First Vice President
by
/s/ Xxxxx XxXxxxxxxx
---------------------------------------------------
Name: Xxxxx XxXxxxxxxx
Title: Vice President
XXXXX XXXXX INSTITUTIONAL SENIOR LOAN FUND,
By: XXXXX XXXXX MANAGEMENT, as Investment Advisor,
by
/s/ Payson X. Xxxxxxxxx
---------------------------------------------------
Name: Payson X. Xxxxxxxxx
Title: Vice President
FIRST UNION NATIONAL BANK N.C.,
by
/s/ Xxxxxxxxx X. Xxxxx
---------------------------------------------------
Name: Xxxxxxxxx X. Xxxxx
Title: Senior Vice President
FLEET NATIONAL BANK,
by
/s/ Xxxxxxx X. Xxxxxxxx
---------------------------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President
THE FUJI BANK, LIMITED, NEW YORK BRANCH,
by
/s/ Xxxxx Xxxxxxxx
---------------------------------------------------
Name: Xxxxx Xxxxxxxx
Title: Vice President & Manager
GENERAL MOTORS EMPLOYEES GLOBAL GROUP
PENSION TRUST,
STATE STREET BANK AND TRUST COMPANY as Trustee for
GENERAL MOTORS EMPLOYEES GLOBAL GROUP
PENSION TRUST,
by
/s/ Xxxxxxx Connois
----------------------------------------------------
Name: Xxxxxxx Connois
Title: Assistant Vice President
INDOSUEZ CAPITAL FUNDING IV, LP,
By: INDOSUEZ CAPITAL, as Portfolio Advisor,
by
/s/ Xxxxxxx Xxxxxx
----------------------------------------------------
Name: Xxxxxxx Xxxxxx
Title: Vice President
KZH ING-2 LLC,
by
/s/ Xxxxxxxx Xxxxxx
----------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Authorized Agent
KZH-PAMCO LLC,
by
/s/ Xxxxxxxx Xxxxxx
----------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Authorized Agent
KZH SOLEIL LLC,
by
/s/ Xxxxxxxx Xxxxxx
----------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Authorized Agent
KZH WATERSIDE LLC,
by
/s/ Xxxxxxxx Xxxxxx
----------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Authorized Agent
XXXXXX COMMERCIAL PAPER, INC.,
by
/s/ Xxxxxxxx Cum
----------------------------------------------------
Name: Xxxxxxxx Cum
Title: Authorized Signatory
THE LONG TERM CREDIT BANK OF JAPAN, LIMITED, NEW
YORK BRANCH,
by
/s/ Nozomi Moue
----------------------------------------------------
Name: Nozomi Moue
Title: Deputy General Manager
MASSACHUSETTS MUTUAL LIFE INSURANCE,
by
/s/ Xxxxxxxx Xxxxx
----------------------------------------------------
Name: Xxxxxxxx Xxxxx
Title: Managing Director
XXXXXX XXXXXXX XXXX XXXXXX PRIME INCOME TRUST,
by
/s/ Xxxxx Xxxxxxx
----------------------------------------------------
Name: Xxxxx Xxxxxxx
Title: Authorized Signatory
SENIOR DEBT PORTFOLIO,
By: BOSTON MANAGEMENT AND RESEARCH, as
Investment Advisor,
by
/s/ Payson X. Xxxxxxxxx
----------------------------------------------------
Name: Payson X. Xxxxxxxxx
Title: Vice President
SOCIETE GENERALE,
by
/s/ Xxxxxxx X. Xxx
----------------------------------------------------
Name: Xxxxxxx X. Xxx
Title: Managing Director
SUMMIT BANK,
by
/s/ Xxxxxxxxx X. Xxxxxxx
----------------------------------------------------
Name: Xxxxxxxxx X. Xxxxxxx
Title: Vice President
XXX XXXXXX CLO I, LIMITED,
By: XXX XXXXXX MANAGEMENT, INC., as Collateral
Manager,
by
/s/ Xxxxxxx X. Xxxxxxx
----------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Senior Vice President & Director
XXX XXXXXX PRIME RATE INCOME TRUST,
by
/s/ Xxxxxxx X. Xxxxxxx
----------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Senior Vice President & Director
XXX XXXXXX SENIOR INCOME TRUST,
by
/s/ Xxxxxxx X. Xxxxxxx
----------------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Senior Vice President & Director
