AGREEMENTAgreement • September 15th, 2003 • Samsonite Corp/Fl • Leather & leather products • District of Columbia
THIS AGREEMENT ("Agreement") is made as of July 31, 2003 (the "Effective Date"), by and between Samsonite Corporation ("Samsonite"), a Delaware corporation, and the Pension Benefit Guaranty Corporation ("PBGC"), a United States government corporation.
Amendment and Restatement of Term Sheet Between Pension Benefit Guaranty Corporation ("PBGC") and Samsonite Corporation ("Samsonite")Samsonite Corp/Fl • September 15th, 2003 • Leather & leather products
On June 5, 1998, PBGC and Samsonite (the "Parties") executed a term sheet (the "Term Sheet") setting forth their understandings with respect to a recapitalization plan and shareholder rights plan that were the subject of certain filings with the Securities and Exchange Commission in 1998. The Parties agreed to be bound by the terms of the Term Sheet and have remained so bound since that time. Later in 1998, pursuant to the terms of the Term Sheet, Samsonite granted an equal and ratable lien (excluding any liens on stock or similar equity interests of subsidiaries of Samsonite) to PBGC in the amount of $17.3 million in certain domestic assets of Samsonite and certain of its domestic subsidiaries as security for contingent liabilities that could arise in the event that any of Samsonite's three pension plans (since merged into one plan—the Samsonite Employee Retirement Income Plan (the "SERIP")) terminated under Title IV of ERISA.
RECITALSCredit Agreement • September 15th, 2003 • Samsonite Corp/Fl • Leather & leather products • New York
applicable Collection Account and to commence the process of daily sweeps from such Blocked Account into the applicable Collection Account and (B) with respect to each Concentration Account Bank, in the case of U.S. Borrower and its Domestic Subsidiaries, such bank agrees to immediately forward all amounts received in the applicable Concentration Account to the applicable Collection Account through daily sweeps from such Concentration Account into the Collection Account, and in the case of European Borrower and its European Subsidiaries, such bank agrees from and after the receipt of an Activation Notice from European Agent upon the occurrence of an Activation Event to immediately forward all amounts received in the applicable Concentration Account to the applicable Collection Account through daily sweeps from such Concentration Account into the applicable Collection Account. No Borrower shall, or shall cause or permit any Subsidiary thereof to, accumulate or maintain cash in Disbursem
