Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all of the following conditions precedent have been met: (a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders: (i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower; (ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower; (iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with: (A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and (B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby; (iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party; (v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII; (vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable; (vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed; (viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request; (ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party; (x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and (xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder; (b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid. (c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent). (d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 3 contracts
Sources: Credit Agreement (Wintrust Financial Corp), Credit Agreement (Wintrust Financial Corp), Credit Agreement (Wintrust Financial Corp)
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all as of the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agentfirst above written when, and certified as accurate by the chief financial officer of Borroweronly when, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received counterparts of this Amendment executed by Holdings and the results Required Lenders or, as to any of a Lien search the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment; and Section 1 of this Amendment shall become effective when and only when the Administrative Agent shall have received (a) the fees specified in Section 2(a) hereof, and payment of all other accrued fees and expenses of the Administrative Agent (including a search as the reasonable accrued fees and expenses of counsel to judgmentsthe Administrative Agent invoiced on or prior to the date hereof) and (b) all of the following documents, bankruptcy, tax and intellectual property matters in its discretioneach such document dated the date of receipt thereof by the Administrative Agent (unless otherwise specified), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent: Counterparts of the Consent appended hereto (the "Consent"), executed by each of the Loan Parties (other than Holdings); Certified copies of (A) the resolutions of the Board of Directors of (1) Holdings approving this Amendment and the matters contemplated hereby and (2) each other Loan Party evidencing approval of the Consent and (B) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment, the Consent and all other matters contemplated hereby; A certificate signed by a duly authorized officer of Holdings stating that: (A) the representations and warranties contained in Section 4 hereof and in the Loan Documents are true and correct on and as of the date of such certificate as though made on and as of such date other than any such representations or warranties that, by their terms, refer to a date other than the date of such certificate, and any Lender requesting the same, (B) no event has occurred and is continuing that constitutes a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoDefault.
Appears in 2 contracts
Sources: Credit Agreement (Alpharma Inc), Credit Agreement (Alpharma Inc)
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" originals or telecopies facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower and dated the Effective Date in favor of each Lender requesting a Note;
(iii) a pledge agreementthe Guaranty, in substantially dated as of the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement")Effective Date, duly executed by each of the Borrower Guarantors;
(iv) the Security Agreement, dated as of the Effective Date, duly executed by each Loan Party, covering all of each such Person’s equipment, gaming devices (but only to the extent permitted by applicable law and contract) and associated equipment, fixtures, furnishings, inventory, accounts, intangibles and other personal property of every kind and description, including, to the extent permitted by the terms of the financing or leasing agreements applicable thereto, all furniture, fixtures and equipment that are financed or leased, but excluding any applicable SubsidiaryGaming License and the Capital Stock of any entity, together with:
(A) acknowledgment copies of properly filed Uniform Commercial Code financing statements (Form UCC-1), dated a date reasonably near to and prior to the extent not already in Effective Date, or such other evidence of filing as may be acceptable to the Administrative Agent's possession, certificates representing naming each of the pledged equity referred Loan Parties (as appropriate) as the debtor, and the Collateral Agent, as the secured party, or other similar instruments or documents, filed under the Uniform Commercial Code of all jurisdictions as may be necessary or, in the opinion of the Administrative Agent, desirable to therein accompanied perfect the security interest of the Collateral Agent pursuant to the Security Agreement;
(B) Uniform Commercial Code termination statements necessary to release all Liens and other rights of any Person securing any existing Liens (other than Permitted Liens), together with such other Uniform Commercial Code termination statements as the Administrative Agent may reasonably request;
(C) certified copies of Uniform Commercial Code Requests for Information or Copies (Form UCC-3), or a similar search report certified by undated stock powers a party acceptable to the Administrative Agent, dated a date reasonably near to the Effective Date, listing all effective financing statements which name any of the Loan Parties (under their present names and any previous names) as the debtor and which are filed in the jurisdictions in which filings were made pursuant to clause (A) above, together with copies of such financing statements (none of which (other than those described in clause (A), if such Form UCC-3 or search report, as the case may be, is current enough to list such financing statements described in clause (A)) shall cover any Collateral described in the Security Agreement except as permitted by Section 7.01);
(D) all control agreements required to be executed in blankpursuant to the Security Agreement, each duly executed by each of the appropriate parties thereto; and
(BE) such all instruments (including, without limitation, the promissory note from MDDC to the Borrower) and documents required to be delivered to the Collateral Agent pursuant to the Security Agreement;
(v) the Trademark Security Agreement, dated as of the Effective Date and duly executed and delivered by the Credit Parties;
(vi) the Mortgage, dated as of the Effective Date, duly executed by MDDC, together with evidence of the completion (or satisfactory arrangements for the completion) of all other actions, recordings and filings of the Mortgage as may be necessary or, in the reasonable opinion of the Administrative Agent, desirable effectively to create a valid, perfected Lien against the properties and the leasehold interests described therein or with respect purported to be covered thereby;
(vii) to the Pledge Agreement extent necessary to obtain an A.L.T.A. Title Policy without a survey exception, an updated surveyor’s plat of the Site prepared (and so certified) in compliance with the provisions of the applicable New Jersey survey standards by a registered land surveyor of New Jersey, and certified to the Administrative Agent and the Title Company;
(viii) an A.L.T.A. Title Policy in an amount not less than the sum of (x) the amount of the Aggregate Commitments as of the Effective Date plus (y) the aggregate principal face amount of the Senior Secured Notes, Mortgaged Property that shall (1) include such endorsements as are reasonably required by the Administrative Agent, (2) be reinsured by such reinsurance as is satisfactory to the Administrative Agent in its reasonable discretion, (3) be issued by the Title Insurer in form and substance satisfactory to the Administrative Agent, and (4) insure that:
(A) MDDC has a good, fee simple (or, as applicable, leasehold) title to the Site, free and clear of Liens (except the Permitted Liens), encumbrances (except the Permitted Encumbrances) and other exceptions to title (except the Permitted Exceptions);
(B) the Mortgage is a valid Lien on the Site, free and clear of all Liens (except the Permitted Liens), encumbrances (except the Permitted Encumbrances) and exceptions (except the Permitted Exceptions); and
(C) upon the terms and subject to the conditions set forth in the Mortgage, the Collateral Agent has the right to foreclose against the Site and that, except as otherwise permitted by the Permitted Exceptions, no forfeiture or right of reversion will exist due to covenants, restrictions or encroachments;
(ix) evidence of the following insurance coverages:
(A) comprehensive general public liability insurance in an amount reasonably satisfactory to the Administrative Agent and the Borrower covering the Borrower and MDDC;
(B) worker’s compensation insurance (or self insurance therefor) and employer’s liability insurance for the Borrower and MDDC, all in such amounts as may be required by statute;
(C) if commercially available, flood insurance if the Site is located in an area designated by the Secretary of Housing and Urban Development as a special flood hazard area; and
(D) rental or business interruption insurance in an amount not less than $500,000,000 per occurrence, subject to standard deductibles and exclusions; All policies of insurance required to be maintained by the Borrower and MDDC shall be issued by companies reasonably satisfactory to the Administrative Agent and shall have coverages and endorsements (including, without limitation, waivers of subrogation and waivers of breach of warranty) and be written for such amount as the Administrative Agent may deem reasonably necessary require. All policies of insurance required to be maintained by Borrower and MDDC must name the Administrative Agent as mortgagee and additional insured or reasonably desirable loss payee, must insure the interest of the Administrative Agent in order the property as mortgagee and must provide that no cancellation or material modification of the policies will be made without thirty days’ prior written notice to perfect Administrative Agent. Certificates for all such policies must be delivered to the Liens created therebyAdministrative Agent and approved by the Administrative Agent (which approval shall not be unreasonably withheld);
(ivx) the Hazardous Materials Indemnity, dated as of the Effective Date, duly executed by the Credit Parties;
(xi) an appraisal of the properties described in the Mortgage complying with the requirements of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989;
(xii) a Notice of Special Flood Hazards and Availability of Federal Disaster Relief Assistance duly executed by the Credit Parties which acknowledges that the Site is in an area that has been identified by the director of the Federal Emergency Management Agency as a special flood hazard area and acknowledging the flood insurance requirements applicable in connection therewith;
(xiii) the Intercreditor Agreement, dated as of the Effective Date, duly executed by the Administrative Agent, the Collateral Agent and U.S. Bank National Association, in its capacity as the trustee for the holders of the Senior Secured Notes;
(xiv) the Borrower shall have received net cash proceeds from the sale of its Senior Secured Notes in an aggregate amount not less than $650,000,000;
(xv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vxvi) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form good standing and substance reasonably satisfactory qualified to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect engage in business in each jurisdiction where such Person is qualified to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIdo business;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viiixvii) a favorable opinion of Sidley Austin LLP▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, P.A., counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to customary the matters set forth in Exhibit G and such other matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(ixxviii) a certificate of the General Counsel of a Credit Party or the General Counsel of ▇▇▇▇ stating that each Loan Party has received all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party and that such consents, licenses and approvals are in full force and effect;
(xix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfiedsatisfied and that since March 31, (B) that 2010, there has been no event material adverse change in the business, operations, debt service capacity, properties, assets, nature of business, liabilities (including environmental liabilities) or circumstance since the date prospects of the Audited Financial Statements that has had or could be reasonably expected toCredit Parties and their Subsidiaries, either individually or in the aggregate, have taken as a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a partywhole;
(xxx) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each Existing Credit Agreement has been, or concurrently with the Borrower Effective Date is being, terminated and all Liens securing obligations thereunder have been, or concurrently with the Effective Date are not subject to any Liens (except for Liens permitted under this Agreement)being, released; and
(xixxi) substantially concurrent payoff in full of all outstanding obligations under such other assurances, certificates, documents, consents or opinions as the Existing Credit Agreement with Administrative Agent, the proceeds of L/C Issuer, the initial Loans funded hereunder and Swing Line Lender or the termination of all commitments thereunder;Required Lenders reasonably may require.
(b) All Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Effective Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower The Effective Date shall have paid all reasonable and documented out-of-pocket feesoccurred on or before August 16, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)2010.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 2 contracts
Sources: Credit Agreement (Marina District Development Company, LLC), Credit Agreement (Boyd Gaming Corp)
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the date when, on or before September 18and only when (the “Amendment No. 2 Effective Date”), 2018, all each of the following conditions precedent shall have been metsatisfied or waived:
(ai) The Administrative Agent's receipt Agent shall have received counterparts of this Amendment executed by (A) the Borrower and AMR, (B) the Administrative Agent and the Collateral Agent and (C) each of the followingRequired Lenders, each of which shall be originalsor as to any such Lender, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably advice satisfactory to the Administrative Agent that such Lender has executed this Amendment.
(ii) A certificate of each Loan Party signed on behalf of such Loan Party by its President or a Vice President and each its Secretary or any Assistant Secretary, dated the date of the Lenders:
Amendment No. 2 Effective Date, certifying as to (i) executed counterparts the truth of this Agreementthe representations and warranties contained in the Financing Documents as though made on and as of the date of the Amendment No. 2 Effective Date, sufficient except to the extent that any such representation or warranty relates to a specified date, in number for distribution which case such representation or warranty shall be or was true and correct as of such date, and (ii) the absence of any event occurring and continuing, or resulting from the Amendment No. 2 Effective Date, that constitutes a Default or an Event of Default.
(iii) The Borrower shall have paid (a) to the Administrative Agent, for the benefit of each Term 2 Lender and the Borrower;
(ii) executing this Amendment on or before May 15, 2008, a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) fee equal to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence 3.50% of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers aggregate principal amount of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity Term 2 Advances of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and such Lender outstanding on the other Loan Documents to which the Borrower is a party or is to be a party;
date hereof, (vb) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by for the chief financial officer benefit of Borrowereach Revolving Credit 1 Lender executing this Amendment on or before May 15, that (A) after giving 2008, a fee equal to 1.50% of the Revolving Credit 1 Commitment of each such Lender in effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, date hereof and (Bc) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date all invoiced accrued fees and expenses of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which (including the proceeds reasonable fees and expenses of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin Shearman & Sterling LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, for which invoices shall have been provided to the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) two Business Days prior to the Closing Amendment No. 2 Effective Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto).
Appears in 2 contracts
Sources: Credit Agreement (American Airlines Inc), Credit Agreement (Amr Corp)
Conditions of Effectiveness. This Third Amended and Restated Credit Agreement shall become effective if, on or before September 18, 2018, and as of the first date (the “Restatement Effective Date”) on which all of the following conditions precedent shall have been metsatisfied or waived in accordance with Section 11.01:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" .pdf copies sent via electronic mail or telecopies telecopied (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Restatement Effective Date (or, in the case of certificates of governmental officials, a recent date before the Closing Restatement Effective Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the BorrowerBorrowers;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note;
(iii) a pledge agreementBorrowing Base Certificate, in substantially as of the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:Restatement Effective Date;
(iv) a certificate of each Loan Party dated as of the proposed Restatement Effective Date signed by a Responsible Officer of such Loan Party certifying that, on the Restatement Effective Date before and after giving effect to the effectiveness of this Agreement, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects on and as of such date, except (x) to the extent not that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date and (y) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in the Administrative Agent's possessionall respects as of such date after giving effect to such qualification, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blankand (B) no Default exists; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(ivv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vvi) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject qualified to the Pledge Agreement under the laws of engage in business in its jurisdiction of incorporation, organization or formation (or equivalent), as applicableformation;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders Administrative Agent may reasonably request;
(viii) a favorable opinion of ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP, Maryland counsel to the Parent, addressed to the Administrative Agent and each Lender, as to such matters concerning the Parent and the Loan Documents to which the Parent is a party as the Administrative Agent may reasonably request;
(ix) a certificate signed by of a Responsible Officer of the Borrower certifying each Loan Party either (A) that attaching copies of all consents, licenses and approvals required in connection with the conditions specified execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in Sections 4.02(a) full force and (b) have been satisfiedeffect, or (B) stating that there has no such consents, licenses or approvals are so required;
(x) certified copies of UCC, tax and judgment lien searches, or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents (together with copies of such financing statements and documents) that name any Loan Party (other than Parent) as debtor and that are filed in those state and county jurisdictions in which any Loan Party (other than Parent) is organized or maintains its principal place of business and such other searches, if any, that the Administrative Agent reasonably deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered by the Collateral Documents (other than Liens permitted to exist pursuant to the terms hereof);
(xi) [intentionally omitted];
(xii) [intentionally omitted];
(xiii) the Administrative Agent shall have received such other agreements and documents, and evidence that all other actions, recordings and filings have been no event taken, in each case that the Administrative Agent may reasonably deem necessary or circumstance since desirable in order to create or perfect the date Liens created under the Collateral Documents (including all actions the delivery of the Audited Financial Statements certificates representing any Equity Interests in any Person that has had have been pledged pursuant to the Pledge Agreement (together with undated stock powers or could be reasonably expected to, either individually or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the aggregate, have a Material Adverse Effect, holder(s) of such Equity Interests);
(Cxiv) that there is no the absence of any action, suit, investigation or proceeding proceeding, pending oror threatened, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected purports to materially affect any of the Borrowers, the Guarantors or any of their respective Subsidiaries, or any transaction contemplated hereby, or that could have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower material adverse effect on any of the Borrowers or the Guarantors, or any of their respective Subsidiaries, or any transaction contemplated hereby and or on the execution, delivery and performance by the Borrower and the validity against the Borrower ability of any of the Loan Documents Borrowers or the Guarantors to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in perform its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower obligations under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Loan Documents; and
(xixv) substantially concurrent payoff in full of all outstanding obligations under a Solvency Certificate from the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;Loan Parties demonstrating that each Loan Party is Solvent.
(b) All At least five (5) Business Days prior to the Restatement Effective Date, the Administrative Agent and each Lender, as applicable, shall have received documentation and other information with respect to each of the Loan Parties which is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the USA Patriot Act (Title III of Pub. L. 107 56 (signed into law October 26, 2001)) and regulations implemented by the US Treasury’s Financial Crimes Enforcement Network under the Bank Secrecy Act reasonably requested by the Administrative Agent or such Lender at least ten (10) Business Days prior to the Restatement Effective Date.
(c) Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Restatement Effective Date shall have been paid.
(cd) Unless waived by the Administrative Agent, the Borrower Borrowers shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Restatement Effective Date, plus such additional amounts of such reasonable fees, charges and disbursements as shall constitute its reasonable estimate of such reasonable fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower Borrowers and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, 4.01 each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Restatement Effective Date specifying its objection thereto.
Appears in 2 contracts
Sources: Credit Agreement (Starwood Property Trust, Inc.), Credit Agreement (Starwood Property Trust, Inc.)
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" originals or telecopies electronic copies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officerduly authorized officer of the applicable signing Loan Party, each dated as of the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the LendersAgent:
(i) executed counterparts of this Agreement, sufficient in number for distribution to Agreement executed by the Administrative Agent, each Lender and the Borrowereach Loan Party;
(ii) a Revolving Credit each Note and a Term Note for each requesting Lender executed by the BorrowerBorrowers in favor of each Lender requesting a Note or Notes;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly Security Agreement executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyeach Loan Party;
(iv) the Term Loan Intercreditor Agreement executed by the Borrowers and the Term Loan Agent;
(v) the Fee Letter executed by the Company and the Administrative Agent;
(vi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers duly authorized officers of the Borrower each Loan Party and each Restricted Subsidiary party to a Loan Document, in each case, as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and officer of each Loan Party or Restricted Subsidiary executing the other Loan Documents to which the Borrower each Loan Party or Restricted Subsidiary is a party or is to be a party;
(vvii) Borrower shall such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so would not reasonably be expected to have delivered a Material Adverse Effect;
(viii) the executed opinion of Hunton & ▇▇▇▇▇▇▇▇ LLP, counsel to the Company and special New York counsel to the other Loan Parties, addressed to the Administrative Agent, the Collateral Agent a certificateand each Lender, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably requestCollateral Agent;
(ix) (i) unaudited consolidated financial statements for the quarter ending September 30, 2016 prepared in accordance with GAAP and (ii) financial projections (including the assumption on which such projections are based) for fiscal years 2017 through 2021;
(x) a certificate signed by a Responsible Officer of the Borrower Company certifying (A) that the conditions specified in Sections 4.01(c) and Sections 4.02(a) and (b) have been satisfied, and (B) that there has been no event or circumstance not occurred since the date of the Audited Financial Statements that has had or could be reasonably expected toDecember 31, either individually or in the aggregate2016, have a any Material Adverse Effect;
(xi) a solvency certificate from the chief financial officer of the Company in the form of Exhibit L, which demonstrates that the Company and its Restricted Subsidiaries on a consolidated basis, are, and after giving effect to the Transactions and the other transactions contemplated hereby, will be, Solvent
(Cxii) copies of UCC, United States Patent and Trademark Office and United States Copyright Office, tax and judgment Lien searches, bankruptcy and pending lawsuit searches or equivalent reports or searches, each of a recent date listing all effective financing statements, Lien notices or comparable documents that there name any Loan Party as debtor and that are filed in those state and county jurisdictions in which any Material Real Property of any Loan Party is no located and the state and county jurisdictions in which any Loan Party is organized or maintains its principal place of business and such other searches that the Administrative Agent deems reasonably necessary or appropriate, none of which encumber the Collateral covered or intended to be covered by the Security Agreements (other than Permitted Liens);
(xiii) the Collateral Questionnaire, executed by each Loan Party; and
(xiv) a Borrowing Base Certificate covering the Borrowing Base as of the Closing Date, with customary supporting documentation.
(b) (i) Any fees required to be paid on or before the Closing Date to the Administrative Agent, the Arrangers or the Lenders pursuant to the Fee Letter shall have been paid and (ii) any costs and expenses required to be paid on or before the Closing Date to the Administrative Agent, the Arrangers or the Lenders to the extent invoices have been received by the Company at least two Business Days prior to the Closing Date (or such later date as reasonably agreed by the Company) shall have been paid.
(c) The Company and its Restricted Subsidiaries shall have complied in all material respects with all state and federal regulations regarding financial assurance requirements (including but not limited to reclamation bonding requirements).
(d) The Administrative Agent shall have received a certificate from the applicable Loan Party’s insurance broker or other evidence satisfactory to it that all insurance required to be maintained pursuant to Section 6.07 is in full force and effect, together with endorsements naming Collateral Agent, for the benefit of Secured Parties, as additional insured and lender’s loss payee thereunder to the extent required under Section 6.07.
(e) In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid, perfected First Priority security interest in the Collateral (subject to the limitations set forth in the Collateral Documents), each Loan Party shall have delivered to Collateral Agent:
(i) executed counterparts of the Security Agreement;
(ii) evidence reasonably satisfactory to Administrative Agent of the compliance by each Loan Party of their obligations under the Security Agreement and the other Collateral Documents (including their obligations to execute or authorize, as applicable, and deliver UCC financing statements (including, without limitation, as-extracted financing statements), originals of securities, instruments and chattel paper and any agreements governing deposit and/or securities accounts as provided therein);
(iii) fully executed IP Security Agreements, in proper form for filing or recording in the United States Patent and Trademark Office and the United States Copyright Office, as applicable, memorializing and recording the encumbrance of the Intellectual Property listed in Schedule 6 to the Security Agreement; and
(iv) evidence that each Loan Party shall have taken or caused to be taken any other action, executed and delivered or caused to be executed and delivered any other agreement, document and instrument (including any other intercompany notes evidencing Indebtedness permitted to be incurred pursuant to Section 7.03) and made or caused to be made any other filing and recording (other than as set forth herein) reasonably required by the Administrative Agent.
(f) There shall not exist any action, suit, investigation investigation, litigation, proceeding or proceeding hearing, pending or, to the knowledge of the Borrower, or threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with impairs the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower ability of the Loan Documents Parties to which it is consummate the Transactions and no preliminary or permanent injunction or order by a party;state or federal court shall have been entered, in each case that would be material and adverse to the Arrangers, the Agents or the Lenders. All Governmental Authorities and Persons shall have approved or consented to the transactions contemplated hereby, to the extent required, and such approvals shall be in full force and effect.
(xg) The Arrangers and the Administrative Agent Agents shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day at least three business days prior to the Closing Date, plus such additional amounts of such fees, charges Date all documentation and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred other information required by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower Arrangers’ and the Administrative Agent).
(d) The Borrower shall have delivered Agents’ regulatory authorities with respect to the Administrative AgentCompany and the other Loan Parties under applicable “know your customer” and anti-money laundering rules and regulations, and any Lender requesting including without limitation the samePATRIOT Act, a Beneficial Ownership Certification, in each case that has been requested by the Arrangers or the Agents at least five (5) ten Business Days prior to the Closing Date. Without limiting .
(h) On the generality Closing Date, neither the Company nor any of its Subsidiaries shall have any material Indebtedness other than Indebtedness permitted pursuant to Section 7.03.
(i) Since December 16, 2016, no Material Adverse Effect shall have occurred.
(j) The Administrative Agent shall have received any promissory note required to be pledged to the Administrative Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof.
(k) The representations and warranties of (i) the Borrowers contained in Article V and (ii) each Loan Party contained in each other Loan Document shall be true and correct in all material respects (or, if such representation or warranty is subject to a materiality or Material Adverse Effect qualification, in all respects) on and as of the provisions date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality or by a reference to a Material Adverse Effect in the text thereof.
(l) No Default or Event of Default shall have occurred and be continuing, or would result, from any Credit Extension or from the application of the last paragraph of Section 10.03, for proceeds thereof on the Closing Date. For purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder under any Loan Document to be consented to or approved by or acceptable or satisfactory to a Lender such Lender, unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 2 contracts
Sources: Asset Based Revolving Credit Agreement (Contura Energy, Inc.), Asset Based Revolving Credit Agreement (Contura Energy, Inc.)
Conditions of Effectiveness. This Articles II and III of this Agreement shall become effective if, on or before September 18, 2018, as of the date (the "Effective Date") when and only when all of the following conditions precedent set forth in this Article IV have been met:satisfied.
(a) The Administrative Agent's receipt of Agent shall have received on or before the Effective Date the following, each of which shall be originals, "pdfs" or telecopies dated such day (followed promptly by originals) unless otherwise specified), each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent Debt Coordinators (unless otherwise specified) and in sufficient copies for each of the LendersLender Party:
(i) executed counterparts A counterpart of this Agreement, sufficient in number for distribution to the Administrative Agent, Agreement executed by or on behalf of each Loan Party and each Lender and Party or the Borrower;requisite number of Lender Parties under each of the Covered Facilities constituting "required lenders" thereunder (or such similar term as denotes the necessary number of lenders or other financial institutions owed or holding the required percentage of loans or other credit extensions outstanding or commitments therefor as may be necessary to amend, modify, restate and, in certain cases, extend, any such Credit Facility as herein stated), as determined by the Debt Coordinators (with notice thereof to Group).
(ii) a Revolving Credit Note The Amendment, Modification, Restatement and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, General Provisions Agreement in substantially the form of Exhibit E A hereto (together with each other pledge agreement supplement delivered in connection therewithas the same may be amended, in each case as amendedsupplemented or otherwise modified from time to time, the "Pledge Facility Agreement"), duly executed by each Loan Party, the Borrower and any applicable SubsidiaryDebt Coordinators, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect and the Liens created thereby;Collateral Trustee.
(iviii) such certificates of resolutions or The valuation report for all trademarks, copyrights, patents, licenses and other action, incumbency certificates and/or other certificates of Responsible Officers general intangibles of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;Parties.
(vb) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after Before giving effect to the financing hereunder and each transactions contemplated by the Loan to be advanced on the Closing DateDocuments, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;there shall have occurred no Material Adverse Change.
(vic) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is There shall exist no action, suit, investigation investigation, litigation or proceeding pending or, to the knowledge of the Borrower, or threatened in writing in any court or before any arbitrator or Governmental Authority governmental instrumentality that would (i) could reasonably be expected to have result in a Material Adverse Effect and Change or (Dii) that no consentsrestrains, licenses prevents or approvals are required in connection with imposes or can reasonably be expected to impose materially adverse conditions upon the consummation by Covered Facilities or the Borrower of the transaction transactions contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)thereby.
(d) The Borrower Nothing contained in any public disclosure made by Group or any of its Subsidiaries after July 19, 2000, or in any information disclosed to the Arrangers or the Lender Parties by Group or any of its Subsidiaries after such date, shall lead any Arranger or any Lender Party to determine that, and none of the Arrangers or the Lender Parties shall have delivered otherwise become aware of any fact or condition not disclosed to them prior to such date which shall lead any Arranger or Lender Party to determine that the condition (financial or otherwise), operations, performance, properties or prospects of Group and its Subsidiaries, taken as a whole, are different in any material adverse respect from that disclosed in writing to such Arranger or Lender Party by or on behalf of Group prior to such date, or derived by such Arranger or Lender Party from the public filings of Group or any of its Subsidiaries prior to such date.
(e) All governmental and third party consents and approvals necessary in connection with the transactions contemplated by the Loan Documents shall have been obtained (without the imposition of any conditions that are not acceptable to the Administrative Agent, Lender Parties) and any no law or regulation shall be applicable in the judgment of the Lender requesting the same, a Beneficial Ownership CertificationParties, in each case at least five that restrains, prevents or imposes materially adverse conditions upon the transactions contemplated by the Loan Documents or the rights of the Loan Parties or their Subsidiaries freely to transfer or otherwise dispose of, or to create any Lien on, any properties now owned or hereafter acquired by any of them.
(5f) Group shall have paid (i) the fees specified in Sections 7.2 and 7.3 of the Facility Agreement, and all accrued fees of the Agents and the Lender Parties, in each case to the Administrative Agent for deposit in the Administrative Agent's Account, and the Administrative Agent will distribute such funds to the Lender Parties not later than the next succeeding Business Days Day thereafter and (ii) all accrued expenses of the Agents and the Lender Parties (including the reasonable accrued fees and expenses of counsel to the Debt Coordinators and the Lender Parties, and all local counsel and foreign jurisdiction counsel to the Debt Coordinators) which have been invoiced prior to the Closing Effective Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 2 contracts
Sources: Intercreditor Agreement (Warnaco Group Inc /De/), Intercreditor Agreement (Warnaco Group Inc /De/)
Conditions of Effectiveness. This Agreement shall become effective if, on The effectiveness of this Amendment (including the amendments contained in Section 1 and agreements contained in Section 2) are subject to the satisfaction (or before September 18, 2018, all waiver) of the following conditions precedent have been met:(the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”):
(a) The Administrative Agent's receipt of the following, each of which This Amendment shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), have been duly executed by the Borrower Borrowers, Holdings, the Subsidiary Guarantors and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent (which may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions include a copy transmitted by facsimile or other actionelectronic method), incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified the Lenders under the Credit Agreement consisting of Lenders holding more than 50% of the aggregate outstanding principal amount of the Initial Term Loans immediately prior to the First Amendment Effective Date.
(b) [Reserved];
(c) The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Top Borrower as accurate to the matters set forth in paragraphs (f) and (g) of this Section 3;
(d) The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the First Amendment Effective Date and executed by the chief financial officer of Borrowera secretary, that assistant secretary or other Responsible Officer thereof, which shall (A) after giving effect to certify that either (x) (i) attached thereto is a true and complete copy of the financing hereunder certificate or articles of incorporation, formation or organization of such Loan Party certified by the relevant authority of its jurisdiction of organization and each that such certificate or articles of incorporation, formation or organization of such Loan to be advanced Party attached thereto have not been amended, repealed, modified or restated (except as attached thereto) since the date reflected thereon or (ii) the certificate or articles of incorporation, formation or organization of such Loan Party delivered on the Closing DateDate to the Administrative Agent have not been amended, Borrower repealed, modified or restated and each Subsidiary thereof are in full force and effect, (y) (i) attached thereto is each Solventa true and correct copy of the by-laws or operating, management, partnership or similar agreement of such Loan Party, together with all amendments thereto as of the Closing Date and such by-laws or operating, management, partnership or similar agreement are in full force and effect or (ii) the by-laws or operating, management, partnership or similar agreement of such Loan Party, together with all amendments thereto delivered on the Closing Date have not been amended, repealed, modified or restated and are in full force and effect and (z) attached thereto is a true and complete copy of the resolutions or written consent, as applicable, of its board of directors, board of managers, sole member or other applicable governing body authorizing the execution and delivery of this Amendment and any related Loan Documents, which resolutions or consent have not been modified, rescinded or amended (other than as attached thereto) and are in full force and effect, and (B) attached thereto are calculations evidencing compliance identify by name and title and bear the signatures of the officers, managers, directors or authorized signatories of such Loan Party authorized to sign this Amendment or any of such other Loan Documents to which such Loan Party is a party on the Closing Date and (ii) a good standing (or equivalent) certificate as of June 30, 2018 with a recent date for such Loan Party from the covenants contained in Article VIII;relevant authority of its jurisdiction of organization.
(vie) certificates The Administrative Agent shall have received a certificate as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to of the Pledge Agreement Loan Parties under the laws of its jurisdiction of incorporationorganization, organization or formation from the Secretary of State (or equivalent), as applicablecomparable Governmental Authority) of such jurisdiction;
(viif) written notice by Borrower designating a deposit account acceptable No Default or Event of Default has occurred and is continuing both before and immediately after giving effect to Administrative Agent into which the proceeds of Loans are to be disbursedtransactions contemplated hereby;
(viiig) a favorable opinion The representations and warranties of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent Borrowers and each Lender, as to customary matters concerning of the Borrower Guarantors set forth in Section 4 of this Amendment are true and the Loan Documents as the Required Lenders may reasonably requestcorrect;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(bh) All fees and expenses required to be paid hereunder or pursuant to any fee letter among the Administrative Agent on or before Top Borrower and any Repricing Arranger (as defined below) and that certain engagement letter dated as of May 14, 2015 (the Closing Date “Engagement Letter”), by and among the Top Borrower and the Repricing Arrangers shall have been paid and all fees required to in full in cash or will be paid to in full in cash on the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative AgentFirst Amendment Effective Date, the Borrower shall have paid including, without limitation, all reasonable and documented out-of-pocket feesexpenses incurred by the Repricing Arrangers, charges and disbursements of one primary counsel to the Administrative Agent and their respective Affiliates in connection with the execution and delivery of this Amendment.
(directly i) The Replacement Lender shall have executed and delivered the Master Assignment contemplated by Section 2 above and all conditions to the consummation of the assignments in accordance with Section 2 above shall have been satisfied and such assignments shall have been consummated.
(j) The Borrowers shall have, substantially concurrently with the effectiveness of this Amendment, paid to each Non-Consenting Term Lender all accrued interest, fees and other amounts payable to such counsel if requested by the Administrative Agent) Non-Consenting Term Lender under any Loan Document with respect to the extent invoiced one Term Loans assigned by such Non-Consenting Term Lender under Section 2(c) above (1) Business Day other than principal and all other amounts paid to such Non-Consenting Term Lender under Section 2 above), if any, then due and owing to such Non-Consenting Term Lender under the Credit Agreement and the other Loan Documents (immediately prior to the Closing Date, plus such additional amounts effectiveness of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agentthis Amendment).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 2 contracts
Sources: Credit Agreement (Cotiviti Holdings, Inc.), Credit Agreement (Cotiviti Holdings, Inc.)
Conditions of Effectiveness. This Agreement All provisions of this Fourth Amendment shall become be effective ifupon satisfaction of, on or before September 18completion of, 2018, all of the following conditions precedent have been metfollowing:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed shall have received counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender Fourth Amendment executed by the Borrower, each Guarantor, and each Lender;
(iiib) a pledge agreement, the representations and warranties set forth in substantially the form Section 3 of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower this Fourth Amendment shall be true and any applicable Subsidiary, together with:correct;
(Ac) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
shall have received (ivi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, Fourth Amendment and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ixii) a certificate of the Borrower dated as of the Fourth Amendment Effective Date signed by a Responsible Officer of the Borrower certifying (A) that and attaching the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation resolutions adopted by the Borrower of the transaction contemplated hereby and authorizing the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a partythis Fourth Amendment;
(xd) the Administrative Agent shall have received for the results benefit of a Lien search (including a search each Lender who executes this Fourth Amendment, an amendment fee in immediately available funds as to judgmentsagreed in the fee letter dated July 10, bankruptcy2024, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of among the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder Administrative Agent and the termination of all commitments thereunderBofA Securities, Inc.;
(be) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Fourth Amendment Effective Date;
(f) since December 31, plus such additional amounts of such fees2023, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate there shall not thereafter preclude have occurred any event or condition that has had or could reasonably be expected to have, either individually or in the aggregate, a final settling of accounts between the Borrower and the Administrative Agent).Material Adverse Effect; and
(dg) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior received, in form and substance satisfactory to the proposed Closing Date specifying Administrative Agent and its objection theretocounsel, such other documents, certificates and instruments as the Administrative Agent shall reasonably require.
Appears in 2 contracts
Sources: Credit Agreement (Carriage Services Inc), Credit Agreement
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all The effectiveness of this Amendment is subject to the following conditions precedent have been metthat:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received counterparts of this Amendment duly executed by the results of a Lien search (including a search as to judgmentsBorrowers, bankruptcythe Required Lenders, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder Administrative Agent and the termination of all commitments thereunderIssuing Bank;
(b) All fees required the Administrative Agent shall have received counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Loan Guarantors;
(c) the Administrative Agent shall have received an executed and effective amendment to the Prudential Note Agreement, which amendment shall be paid substantially in the form set forth on Exhibit B hereto;
(d) the Borrower Representative shall have made a Borrowing Request to the Administrative Agent on or before for a Revolving Borrowing in an amount equal to $14,645,000 for purposes of repaying the Closing Date Term Loans in an equivalent amount substantially concurrently with the effectiveness of this Amendment;
(e) the Administrative Agent shall have been paid received from the Borrowers, on behalf of each Lender signatory hereto that delivers its executed signature page to this Amendment by no later than the date and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived time specified by the Administrative Agent, an amendment fee in an amount equal to 0.10% of the Borrower sum of (i) such Lender’s Revolving Commitment immediately prior to the effectiveness of this Amendment plus (ii) the aggregate principal amount of such Lender’s Term Loans outstanding immediately prior to the effectiveness of this Amendment; and
(f) the Administrative Agent shall have paid all received payment and/or reimbursement of the Administrative Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced in an invoice dated on or prior to the date hereof, reasonable and documented out-of-pocket fees, charges fees and disbursements expenses of one primary counsel to the Administrative Agent (directly to such counsel if requested by for the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower in connection with this Amendment and the Administrative Agent)other Loan Documents.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 2 contracts
Sources: Note Purchase and Guarantee Agreement (Chefs' Warehouse, Inc.), Credit Agreement (Chefs' Warehouse, Inc.)
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the first date (such date being referred to as the “Amendment No. 6 Effective Date”, on or before September 18which date is January 4, 2018, all 2017) when each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent shall have received counterparts of this Amendment duly executed and delivered by (A) the Borrower, (B) the MLP, (C) the Consenting Lender and (D) the Administrative Agent's receipt .
(b) The Administrative Agent shall have received, on behalf of itself and the Lenders, an opinion from ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, special New York counsel to the Credit Parties, dated as of the followingAmendment No. 6 Effective Date and addressed to the Administrative Agent and the Consenting Lender, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent.
(c) The Administrative Agent and each of the Lenders:
shall have received (i) executed counterparts certificates of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
good standing (ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in such concept exists) from the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence applicable secretary of state of the completion state of all other actionsorganization of each Credit Party, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Credit Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement Amendment and the other Loan Documents to which the Borrower is a party or is to be a party;
(vii) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to dated as of the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Amendment No. 6 Effective Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that Borrower, confirming satisfaction of the conditions specified set forth in Sections 4.02(a2(e) and (bf) have been satisfied, of this Amendment.
(Bd) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation Payment by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax all reasonable fees and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid expenses due to the Administrative Agent on or before and ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated (the Closing Date shall have been paid and all fees required to be paid “Arranger”), including, to the Lenders on extent invoiced, reimbursement or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid payment of all reasonable and documented out-of-pocket feesexpenses (including the legal fees and expenses of ▇▇▇▇▇▇ ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) and (y) a consent fee, payable to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute Consenting Lender for its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certificationown account, in each case at least five (5) Business Days prior an amount equal to the Closing Date. Without limiting the generality 0.25% of the provisions Revolving Loan Commitments of the last paragraph Consenting Lender as of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.Amendment No. 6
Appears in 2 contracts
Sources: Revolving Credit Agreement (OCI Partners LP), Revolving Credit Agreement
Conditions of Effectiveness. This Agreement shall become effective ifas of the Closing Date, on or before September 18, 2018, all of subject to the following conditions precedent have been metprecedent:
(a) The Administrative Documentation Agent shall have received the following, each of which shall be originals or telecopies (followed promptly by originals), each properly executed by an Authorized Officer of the signing Loan Party, and each in form and substance satisfactory to the Documentation Agent and each of the Lenders:
(i) executed counterparts of this Agreement;
(ii) a Revolving Credit Note and/or Term Note, as applicable, executed by the Borrower in favor of each Lender, as applicable, requesting such Revolving Credit Note and/or Term Note;
(iii) counterparts of the Subsidiary Guaranty executed by each Domestic Subsidiary which is a Material Subsidiary;
(iv) counterparts of the Pledge Agreements executed by the Borrower together with the original certificates evidencing the applicable ownership interests (if applicable) along with appropriate transfer powers executed in blank; and
(v) the other Loan Documents.
(b) The Documentation Agent's ’s receipt of the following, each of which shall be originals, "pdfs" originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officeran Authorized Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Documentation Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Authorized Officers of the Borrower each Loan Party as the Administrative Documentation Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Authorized Officer thereof authorized to act as a Responsible an Authorized Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vii) Borrower shall have delivered the Organization Documents of each Material Subsidiary and such other documents and certifications as the Documentation Agent may reasonably require to evidence that each Loan Party is duly organized or formed, validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the Administrative Agent a certificate, in form and substance reasonably satisfactory extent that failure to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or do so could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would not reasonably be expected to have a Material Adverse Effect Effect;
(iii) favorable opinions of ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇ PC, special counsel to the Loan Parties, and (D) that no consents▇▇▇▇▇▇, licenses or approvals are required in connection with de ▇▇▇▇▇, S.E.N.C.R.L./L.L.P, special Quebec counsel to the consummation by Loan Parties as to such matters concerning the Borrower of the transaction contemplated hereby Loan Parties and the executionLoan Documents as the Documentation Agent and Lenders may reasonably request;
(iv) a favorable opinion of ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇ MNP, delivery special U.K. counsel to the Documentation Agent;
(v) projected consolidated financial statements (including a proforma opening balance sheet, proforma operating statements and performance by proforma cash flow statements) of the Borrower and its Subsidiaries for the validity against period from the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgmentsClosing Date through December 31, bankruptcy2012, tax and intellectual property matters in its discretion), each in form and substance reasonably satisfactory thereto, made against acceptable to the Borrower under Documentation Agent and the Uniform Commercial Code Lenders;
(vi) such other documents as the Documentation Agent any Lender or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)their counsel may have reasonably requested; and
(xivii) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement satisfactory Lien search results with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid respect to the Administrative Agent on or before the Closing Date shall have been paid Borrower and all fees required to be paid to the Lenders on or before the Closing Date shall have been paideach Guarantor.
(c) Unless waived The representations and warranties of the Borrower and each other Loan Party contained in Article V and in the other Loan Documents shall be true and correct on and as of the Closing Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all respects as of such earlier date.
(d) No Default shall exist, or would result from such proposed Borrowing or from the application of the proceeds thereof.
(e) All amounts due and payable pursuant to the Co-Lead Arranger Fee Letter shall have been received by Fifth Third Bank.
(f) The Documentation Agent and/or the Administrative Agent, the Borrower as applicable, shall have paid received payment of all amounts due and payable with respect to reasonable and documented out-of-pocket feescosts, charges fees and disbursements of one primary expenses (including, without limitation, reasonable legal fees and expenses incurred by its special counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agentand special Quebec counsel) to the extent invoiced one (1) Business Day prior to incurred through the Closing Date, plus such additional amounts Date in connection with the Documentation Agent’s due diligence investigation of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and its Subsidiaries and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality negotiation of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoLoan Documents.
Appears in 2 contracts
Sources: Credit Agreement (Rti International Metals Inc), Credit Agreement (Rti International Metals Inc)
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all and the obligation of each Term Lender to make its Term Loan hereunder is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" or e-mail (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, the Borrower’s Instruction Certificate and the Borrower Remittance Instructions, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note executed by the Borrower in favor of each Revolving Credit Lender requesting a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Term Lender requesting a Term Note;
(iii) a pledge agreementduly completed Borrower’s Instruction Certificate executed by a Responsible Officer of the Borrower, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(viv) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form good standing and substance qualified to engage in business in (A) its jurisdiction of organization and (B) each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
(v) favorable opinions addressed and reasonably satisfactory to the Administrative Agent, the Issuing Banks and certified as accurate by the chief financial officer of BorrowerLenders, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account from counsel reasonably acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each LenderAgent, as to customary the matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders Administrative Agent may reasonably request;
(ixvi) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(vii) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements December 31, 2016 that has had or could be reasonably expected toto have, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowerany Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority that would (1) relates to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or thereby, or (2) could reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower a calculation of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower ratio of Total Indebtedness to Total Asset Value as of the last day of the fiscal quarter of the REIT ended September 30, 2017;
(viii) a Solvency Certificate from the REIT certifying that, after giving effect to the transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date), each Loan Documents Party is, individually and together with its Subsidiaries on a consolidated basis, Solvent;
(ix) a duly completed compliance certificate, giving pro forma effect to which it is a partythe transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date);
(x) the Administrative Agent shall have received the results of duly completed Borrower Remittance Instructions signed by a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets Responsible Officer of the Borrower;
(xi) the financial statements referenced in Section 5.05(a) and (b);
(xii) evidence that each of the Existing BANA Credit Agreement, indicating among other things that the assets of Existing PNC Credit Agreement and the Existing WFB Credit Agreement and all documents entered into in connection with each the Borrower are not subject to any Liens such agreement, shall have been terminated in full (except for Liens permitted under this Agreement)to the extent that provisions of any such document by its express terms survives termination thereof) and all unpaid principal, interest, fees, expenses and other amounts owing thereunder or in connection therewith (other than any contingent obligation not yet due and payable) shall have been paid in full and all commitments thereunder shall have been terminated, or concurrently with the Closing Date is being, terminated and paid in full; and
(xixiii) substantially concurrent payoff in full of all outstanding obligations under such other assurances, certificates, documents, consents or opinions as the Existing Credit Agreement with Administrative Agent, any L/C Issuer, the proceeds of Swing Line Lender, the initial Loans funded hereunder and Required Lenders or the termination of all commitments thereunder;Required Term Lenders reasonably may require.
(b) All Any fees required hereunder or under the Fee Letters to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Completion of all due diligence with respect to the REIT, the Borrower, and their respective Subsidiaries and properties in scope and determination satisfactory to the Administrative Agent, the Bookrunner, the Arrangers and the Lenders in their sole discretion.
(d) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1which invoice may be in summary form) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(de) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at At least five (5) ten Business Days prior to the Closing Date, the Administrative Agent and each Lender shall have received documentation and other information with respect to each of the Loan Parties that is required, in the Administrative Agent’s or such Lender’s judgment, by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and regulations implemented by the US Treasury’s Financial Crimes Enforcement Network under the Bank Secrecy Act. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 2 contracts
Sources: Credit Agreement (Acadia Realty Trust), Credit Agreement (Acadia Realty Trust)
Conditions of Effectiveness. This (a) The effectiveness of this Agreement shall become effective if, on is subject to the satisfaction (or before September 18, 2018, all waiver) of the following conditions precedent have been metprecedent:
(ai) The Administrative Agent's receipt of Agent shall have received the following, each of which shall be originals, "pdfs" originals or telecopies facsimiles (followed promptly by originals) unless otherwise specified), each properly executed by a Responsible OfficerOfficer of the Borrower (unless otherwise specified), each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersits legal counsel:
(i1) this Agreement executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, by each Lender and the Borrowerparty hereto;
(ii2) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence favor of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyeach Lender requesting a Note;
(iv3) such certificates of or resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents Documents;
(4) such documents and certifications as the Administrative Agent may reasonably require to which evidence that the Borrower is a party duly organized or formed, and that the Borrower is validly existing, in good standing and qualified to be a party;engage in business in the state of its organization; and
(v5) Borrower shall have delivered to the Administrative Agent a certificate, in form favorable opinions of ▇▇▇▇▇▇▇▇ and substance reasonably satisfactory to the Administrative Agent, ▇▇▇▇▇▇▇▇ LLP and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower’s General Counsel, addressed to the Administrative Agent and each Lender, as to customary the matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;set forth in Exhibit E.
(ix6) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance evidence reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in it that any and all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder fees and the termination of all commitments thereunder;
(b) All fees expenses required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid pursuant to the Lenders on or before Commitment Letter and the Closing Date shall Fee Letter have been paid.
(c7) Unless waived by the Administrative Agent, The representations and warranties of the Borrower contained in Article V shall have paid be true and correct in all reasonable material respects on and documented out-of-pocket fees, charges and disbursements as of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus except to the extent that such additional amounts representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such feesearlier date.
(8) No Default shall exist.
(b) Upon the satisfaction of all of the conditions to effectiveness (or waiver thereof) set forth in Section 4.01(a), charges and disbursements as the Administrative Agent shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between promptly notify the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to Lenders of the Administrative Agenteffectiveness of this Agreement, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement such notice shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretobinding on all parties hereto.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Pmi Group Inc), Revolving Credit Agreement (Pmi Group Inc)
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the date first above written when, and only when, on or before September 18December 31, 20182004 (the "Effective Date"), all of the following conditions precedent Administrative Agent shall have been metreceived:
(ai) The Administrative Agent's receipt counterparts of this Amendment executed by the Borrower and the Required Banks or, as to any of the followingBanks, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably advice satisfactory to the Administrative Agent that such Bank has executed this Amendment; and each counterparts of the Lenders:
(i) Master Agreement executed counterparts of this Agreement, sufficient in number for distribution to by the Administrative Agent, each Lender and the Borrowerparties thereto;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by (a) an opinion of Peter Beshar, Esq., General Counsel of the Borrower, substa▇▇▇▇▇▇▇ ▇▇ ▇he form of Exhibit A-1 hereto, and covering such additional matters relating to the transactions contemplated hereby as the Required Banks may reasonably request; (b) an opinion of Frank McNamara, Esq., General Counsel of Putnam Investments ▇▇▇▇▇, ▇▇▇▇▇▇ntially in the form of Exhi▇▇▇ ▇-2 hereto, and covering such additional matters relating to the transactions contemplated hereby as the Required Banks may reasonably request; and (c) an opinion of Davis Polk & Wardwell, special counsel for the Borrower, in ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇rm of Exhibit A-3, hereto;
(iii) a pledge agreementevidence satisfactory to the Administrative Agent that the Commitments under (and as defined in) the (i) Credit Agreement [364 Day] dated as of July 7, in substantially the form of Exhibit E 2004 (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, supplemented or otherwise modified) among the "Pledge Agreement"Borrower, the banks and other financial institutions party thereto and Bank of America, N.A., as administrative agent, and (ii) the Credit Agreement [364 Day] dated as of June 9, 2004 (as amended, supplemented or otherwise modified) among the Borrower, the banks and other financial institutions party thereto and JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank), duly executed by as administrative agent, have been terminated and the loans thereunder have been (together will all interest and related fees) paid in cash in full;
(iv) evidence satisfactory to the Administrative Agent that (a) the amendment to the Other Revolving Credit Agreement, (b) the Term Loan Agreement and (c) the Master Agreement have each become effective;
(v) the following corporate documents of each of the Borrower and any applicable Subsidiaryeach Guarantor listed in clause (a) of the definition thereof, together witheach certified as indicated below:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence a copy of the completion certificate of all other actionsincorporation, recordings as amended and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other actioneffect, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date by the Secretary of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws State of its jurisdiction of incorporation, organization or formation (or equivalent), and a certificate from such Secretary of State dated as applicableof a recent date as to the good standing of and charter documents filed by each of the Loan Parties;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ixB) a certificate signed by a Responsible Officer of the Borrower Secretary or an Assistant Secretary of each such Loan Party, dated the Effective Date and certifying (A) that attached thereto is a true and complete copy of the conditions specified by-laws of such Loan Party, as in Sections 4.02(a) and (b) have been satisfiedeffect on the Effective Date, (B) that there has been no event or circumstance since the date attached thereto is a true and complete copy of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation resolutions duly adopted by the Borrower board of the transaction contemplated hereby and directors authorizing the execution, delivery and performance by the Borrower of this Amendment and the validity against other Loan Documents, and such other documents to which such Loan Party is or is intended to be a party, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the Borrower charter of such Loan Party has not been amended since the date of the Loan Documents certification thereto furnished pursuant to clause (i) above, and (D) as to the incumbency and specimen signature of each officer executing this Amendment (in the case of the Borrower) and each of the other documents to which it such Loan Party is intended to be a party;
party and each other document to be delivered by such Loan Party from time to time in connection herewith or therewith (x) and the Administrative Agent shall have received and each Bank may conclusively rely on each such certificate until it receives notice in writing from the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this AgreementLoan Party); and
(xiC) substantially concurrent payoff in full a certificate of all outstanding obligations under another officer of each such Loan Party as to the Existing Credit Agreement with the proceeds incumbency and specimen signature of the initial Loans funded hereunder and Secretary or Assistant Secretary, as the termination of all commitments thereundercase may be;
(bvi) All fees required a certificate of a senior officer of the Borrower, dated the Effective Date, to be paid to the effect set forth in Sections 3.2(d) and (e) of the Credit Agreement as amended hereby;
(vii) a Subsidiary Guaranty duly executed by each Guarantor listed in clause (a) of the definition thereof; and
(viii) such other documents as the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on any Bank or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary special counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)may reasonably request.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 2 contracts
Sources: Credit Agreement (Marsh & McLennan Companies, Inc.), Credit Agreement (Marsh & McLennan Companies, Inc.)
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the date first above written (the “Amendment Effective Date”) when, on or before September 18and only when, 2018the Paying Agent shall have received counterparts of this Amendment executed by the Borrower and all of the Lenders or, as to any of the Lenders, advice satisfactory to the Paying Agent that such Lender has executed this Amendment and the Paying Agent shall have additionally received all of the following conditions precedent have been metdocuments, each such document (unless otherwise specified) dated the date of receipt thereof by the Paying Agent (unless otherwise specified) and in sufficient copies for each Lender, in form and substance satisfactory to the Paying Agent (unless otherwise specified) and in sufficient copies for each Lender:
(a) The Administrative Agent's receipt A certificate signed by a duly authorized officer of the followingBorrower, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (orAmendment Effective Date, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersstating that:
(i) executed counterparts The representations and warranties contained in Section 4.01 of this the Credit Agreement, sufficient in number for distribution to as amended hereby, are correct on and as of the Administrative Agent, each Lender and the Borrower;Amendment Effective Date; and
(ii) No event has occurred and is continuing that constitutes a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunderDefault;
(b) All fees required to be paid to The Consent attached hereto, duly executed by each Guarantor existing on the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.Amendment Effective Date;
(c) Unless waived by Certified copies of the Administrative Agent, resolutions of the Board of Directors of the Borrower shall have paid approving this Amendment and of all reasonable documents evidencing other necessary corporate action and documented out-of-pocket feesgovernmental approvals, charges and disbursements of one primary counsel if any, with respect to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower this Amendment and the Administrative Agent).other Loan Documents;
(d) The A certificate of the Secretary or an Assistant Secretary of the Borrower shall have certifying the names and true signatures of the officers of the Borrower authorized to sign this Amendment and the other documents to be delivered hereunder or thereunder; and
(e) A favorable opinion of ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Senior Vice President, Secretary and General Counsel for the Borrower, substantially in the form of Exhibit C to the Administrative Agent, Credit Agreement and as to such other matters as any Lender requesting through the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Paying Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretomay reasonably request.
Appears in 2 contracts
Sources: Five Year Credit Agreement (Kroger Co), Five Year Credit Agreement (Kroger Co)
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" email (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise specified, each properly executed (if applicable) by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note;
(iii) in each case, solely with respect to Collateral required to be granted on the Closing Date (and for the avoidance of doubt and notwithstanding anything to the contrary herein, excluding as Collateral the Equity Interest of the Operating Partnership and any direct or indirect owner thereof) a pledge agreement, in substantially the form of Exhibit E agreement (together with each other pledge agreement supplement delivered in connection therewithpursuant to Section 2.18(a), in each case as amended, the "“Pledge Agreement"”), duly executed by the Borrower and any applicable SubsidiaryGrantors, together with:
(A) to the extent not already in the Administrative Agent's possessioncertificates or instruments, certificates if any, representing the Collateral pledged equity referred to therein thereunder accompanied by undated stock all endorsements and/or powers executed in blank; andrequired by the Pledge Agreement,
(B) evidence that (x) all proper financing statements have been or contemporaneously therewith will be duly filed under the Uniform Commercial Code of all applicable jurisdictions and (y) all applicable perfection requirements that the Administrative Agent reasonably may deem necessary or desirable in order to perfect the Liens created under the Pledge Agreement, covering the Collateral described in the Pledge Agreement,
(C) completed requests for information listing all effective financing statements filed in the jurisdictions referred to in clause (B) above that name any Grantor as debtor, together with (x) copies of such other financing statements and (y) if any such financing statement covers Collateral, termination statements (or similar documents) for filing in all applicable jurisdictions as may be necessary to terminate any such effective financing statements (or equivalent filings), and
(D) a Perfection Certificate duly executed by each Grantor;
(E) evidence of the completion of that all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Pledge Agreement have been taken;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form good standing and substance reasonably satisfactory qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the Administrative Agentextent that failure to do so would not, and certified as accurate by individually or in the chief financial officer of Borroweraggregate, that (A) after giving effect reasonably be expected to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIhave a Material Adverse Effect;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin ▇▇▇▇▇▇▇▇ Chance US LLP, counsel to the Loan Parties, and ▇▇▇▇▇▇▇ LLP, special Maryland counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(ixvii) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(viii) a certificate signed by a Responsible Officer of the Borrower (x) certifying that (A1) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B2) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could would reasonably be reasonably expected toto have, either individually or in the aggregate, have a Material Adverse Effect, (C3) that there the Borrower is not subject to any present or contingent Environmental Claim which, if adversely determined, would reasonably be expected to
have a Material Adverse Effect on the Borrower, and (4) no action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowerany Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority that (A) relates to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or thereby, or (B) would reasonably be expected expected, either individually or in the aggregate, to have a Material Adverse Effect and (Dy) that no consents, licenses or approvals are required in connection with the consummation by the Borrower attaching copies of the transaction contemplated hereby and Organization Documents of each Person whose Equity Interests are included in the executionCollateral, delivery and performance by if any, which Organization Documents shall (1) in the Borrower and the validity against the Borrower reasonable opinion of the Loan Documents to which it is a party;
(x) Administrative Agent, permit the Administrative Agent shall have received to realize on such Collateral upon the results occurrence and during the continuance of a Lien search an Event of Default and (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), 2) otherwise be in form and substance reasonably satisfactory thereto, made against to the Administrative Agent;
(ix) a fully completed Compliance Certificate as of the last day of the fiscal quarter of the Borrower under most recently ended as of the Uniform Commercial Code Closing Date ended for which financial statements of the Borrower are available, giving pro forma effect to the transactions to occur on the Closing Date (or applicable judicial docketincluding, without limitation, all Credit Extensions to occur on the Closing Date) as and including in effect reasonable detail the calculations required to establish compliance with the covenants set forth in each jurisdiction Section 7.11 and setting forth a calculation of the covenants described in which filings or recordations under the Uniform Commercial Code should be made to definition of Springing Mortgage Covenant Event;
(x) evidence or perfect security interests in all assets of a successful initial public offering (the “IPO”) and concurrent private placement by the Borrower, indicating among other things with minimum Net Proceeds of $246,000,000 therefrom after giving effect to concurrent payment of transaction expenses incurred in connection with the Loan Documents, the IPO and related transactions; provided that at least $190,000,000 of such Net Proceeds shall be from the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)IPO; and
(xi) substantially concurrent payoff in full of all outstanding obligations under such other assurances, certificates, documents and consents as the Existing Credit Agreement with Administrative Agent, any L/C Issuer or the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;Required Lenders reasonably may require.
(b) All Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become be effective if, on or before September 18, 2018, all as of the first date each of the following conditions precedent have has been met:satisfied (the first date each of such conditions precedent has been satisfied being referred to herein as the “Second Amendment Effective Date”):
1 Note: Annex I reflects changes from the Existing Credit Agreement as in effect on March 25, 2020, without giving effect to the First Amendment (LIBOR Transition), dated as of October 12, 2021. 173354470
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersaccordance with Section 7 hereof:
(i) executed counterparts of this AgreementAmendment, sufficient in number for distribution to duly executed and delivered by each of the Loan Parties, each Lender, each L/C Issuer and the Administrative Agent, each Lender and the Borrower;; and
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence certificate of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers Parent Borrower dated as of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate Second Amendment Effective Date signed by a Responsible Officer of the Parent Borrower certifying that before and after giving effect to this Amendment, the representations and warranties of the Borrowers and each other Loan Party contained in Article V of the Amended Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects, except (Ax) to the extent that such representations and warranties expressly relate to an earlier date in which case such representations and warranties are true and correct in all material respects as of such earlier date, (ii) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of the Second Amendment Effective Date (including such earlier date set forth in the foregoing clause (i)) after giving effect to such qualification and (iii) that for purposes of this Amendment, the conditions specified representations and warranties contained in Sections 4.02(asubsections (a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of Section 5.05 of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Amended Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior refer to the proposed Closing Date specifying its objection theretomost recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Amended Credit Agreement.
(b) No Default or Event of Default has occurred and is continuing on the Second Amendment Effective Date.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificatereceived, in form and substance reasonably satisfactory to the Administrative Agent, counterparts of this Amendment executed by each of the Loan Parties, the Lenders collectively comprising at least the Required Lenders and certified as accurate the Administrative Agent.
(b) All loans and other obligations owing by the chief financial officer Borrower under the PNC Bank Credit Agreement and all outstanding loans under the JPM Credit Agreement (in the case of Borrowerthe loans under the JPM Credit Agreement, that (Awithout a corresponding permanent reduction of the Revolving Commitments under the JPM Credit Agreement) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Dateshall have been, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 or substantially concurrently with the covenants contained Amendment Effective Date shall be, paid in Article VIII;full.
(vic) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to The Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLPshall have received, counsel to the Borrower, addressed in form and substance satisfactory to the Administrative Agent, an amendment to the JPM Credit Agreement, it being understood that, in each case, any such amendment that is in substantially the same form as this Amendment or otherwise substantially consistent with the summary of amendment terms previously approved by the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;shall be deemed satisfactory.
(ixd) Since May 3, 2021, there shall not have been any Asset Disposition of an Unencumbered Property or any incurrence of Indebtedness secured by a Lien on any Unencumbered Property.
(e) The Administrative Agent shall have received a certificate signed by of a Responsible Officer Secretary or an Assistant Secretary of the Borrower certifying (Ai) that as to the conditions specified in Sections 4.02(a) and (b) have been satisfiedresolutions authorizing the transactions contemplated by this Amendment, (Bii) that there has have been no event or circumstance since amendments to the date formation documents of the Audited Financial Statements that has had or could be reasonably expected toBorrower since June 30, either individually or in the aggregate2020, or, if there have a Material Adverse Effectbeen any amendments, attaching copies of such amendments, and (Ciii) that there is have been no actionchanges to the incumbency of officers authorized to execute this Amendment since June 30, suit2020, investigation or proceeding pending or, if there have been any changes, certifying as to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;such changes.
(xf) the Administrative Agent The Borrower shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent for the benefit of each Lender that executes and delivers a signature page to this Amendment on or before the Closing Date shall have been paid and all fees required to be paid prior to the Lenders on or before Amendment Effective Date (each, a “Consenting Lender”) a consent fee in an amount equal to 0.075% of the Closing Date shall have been paidoutstanding principal amount of each Consenting Lender’s Loans.
(cg) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to To the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent).
(d) The Borrower due and payable on the Amendment Effective Date shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, been paid in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretofull.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, and as of the first date (the “Closing Date”) on which all of the following conditions precedent shall have been metsatisfied or waived in accordance with Section 11.01:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" .pdf copies sent via electronic mail or telecopies telecopied (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Security Agreement"), duly executed by the Borrower and any applicable Subsidiaryeach Secured Guarantor, together with:
(A) certificates or instruments representing any Equity Interests in each Secured Guarantor (other than Equity Interests in any Secured Guarantor that is not a direct Subsidiary of another Secured Guarantor) and each Subsidiary of the Borrower directly held by any Secured Guarantor, accompanied by all endorsements and/or powers required by the Collateral Documents; provided that, with respect to any such Subsidiary of a Secured Guarantor that is an Excluded Foreign Subsidiary, 100% of the non-voting Equity Interests (if any) shall be required to be pledged by the Secured Guarantors (or such lesser amount that is owned by any Secured Guarantor) and 65% of the voting Equity Interests of such Excluded Foreign Subsidiary (to the extent not already in owned directly by any Secured Guarantor) shall be required to be pledged (and only the Administrative Agent's possession, certificates or instruments representing the pledged equity referred such Equity Interests shall be required to therein accompanied by undated stock powers executed in blank; andbe delivered hereunder),
(B) such evidence of the completion of all other actions, recordings and filings of or (i) a Perfection Certificate with respect to the Pledge Agreement Secured Guarantors dated the Closing Date and duly executed by a Responsible Officer of the Borrower and (ii) certified copies of UCC, tax and judgment lien searches, or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents (together with copies of such financing statements and documents) that name any Secured Guarantor as debtor and that are filed in those state and county jurisdictions in which any Secured Guarantor is organized or maintains its principal place of business and such other searches, if any, that the Administrative Agent reasonably deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered by the Collateral Documents (other than Liens permitted to exist pursuant to the terms hereof),
(C) UCC financing statements in proper form for filing, registration or recordation in all jurisdictions that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder such Collateral Documents, covering the Collateral described in such Collateral Documents,
(D) (i) the Control Agreements referred to in Section 2.06, duly executed by each of the parties thereto and (ii) the Control Agreements with respect to each Deposit Account or Securities Account in which any Borrowing Base Assets are on deposit and any other Control Agreement required by the Loan Documents, in each case, duly executed by each of the parties thereto and, in each case, other than those referred to in Section 6.21, and
(E) such other agreements and documents, and evidence that all other actions, recordings and filings have been taken, in each case that the Administrative Agent may reasonably deem necessary or desirable in order to create or perfect the Liens created under the Collateral Documents;
(iii) a Note executed by the Borrower in favor of each Lender requesting a Note;
(iv) a Borrowing Base Certificate, as of the Closing Date;
(v) a certificate of each Loan Party dated as of the Closing Date signed by a Responsible Officer of such Loan Party certifying that the condition set forth in Section 4.01(b) is satisfied;
(vi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vvii) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject qualified to the Pledge Agreement under the laws of engage in business in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursedformation;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
(ix) a favorable opinion of (A) ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP, Maryland counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower and the Loan Documents to which the Borrower is a party as the Required Lenders Administrative Agent may reasonably request, (B) Bilzin, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Price & ▇▇▇▇▇▇▇ LLP, Florida counsel to LNR Partners, LLC, addressed to the Administrative Agent and each Lender, as to such matters concerning LNR Partners, LLC and the Loan Documents to which it is a party as the Administrative Agent may reasonably request, and (C) ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ ▇▇▇, United Kingdom counsel to the Administrative Agent, addressed to the Administrative Agent and each Lender, concerning enforceability of the English law Loan Document to be delivered on the Closing Date;
(ixx) a certificate signed by of a Responsible Officer of the Borrower certifying each Loan Party either (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date attaching copies of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no all consents, licenses or and approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower such Loan Party and the validity against the Borrower such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(xxi) a certificate of a Responsible Officer of the Borrower certifying that the Borrower has delivered true and correct copies of the operating agreements, partnership agreements or other applicable organizational documents of each Borrowing Base Covenant Subsidiary and, subject to Section 6.21, each Unrestricted Real Property Subsidiary;
(xii) the Administrative Agent shall have received the results absence of a Lien search (including a search as to judgmentsany action, bankruptcysuit, tax and intellectual property matters in its discretion)investigation or proceeding, pending or threatened, in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (any court or applicable judicial docket) as in effect in each jurisdiction in which filings before any arbitrator or recordations under the Uniform Commercial Code should be made governmental authority that purports to evidence or perfect security interests in all assets of materially affect the Borrower, indicating among other things the Guarantors or any of their respective Subsidiaries, or any transaction contemplated hereby, or that the assets of each could have a material adverse effect on the Borrower are not subject or the Guarantors, or any of their respective Subsidiaries, or any transaction contemplated hereby or on the ability of the Borrower or the Guarantors to any Liens (except for Liens permitted perform its obligations under this Agreement)the Loan Documents; and
(xixiii) substantially concurrent payoff in full of all outstanding obligations under a Solvency Certificate from the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;Loan Parties demonstrating that each Loan Party is Solvent.
(b) All fees required to (A) The representations and warranties contained in Article V and the other Loan Documents shall be paid to the Administrative Agent true and correct in all material respects on or before and as of the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
Date, except (c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agentx) to the extent invoiced one (1) Business Day prior that such representations and warranties specifically refer to the Closing Datean earlier date, plus such additional amounts in which case they are true and correct as of such feesearlier date and (y) any representation or warranty that is already by its terms qualified as to “materiality”, charges “Material Adverse Effect” or similar language shall be true and disbursements correct in all respects as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or date after giving effect to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agentqualification, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5B) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement no Default shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoexist.
Appears in 1 contract
Conditions of Effectiveness. This (a) The Agreement shall become effective if, on or before September 18, 2018, as of the Effective Date of this Agreement upon the satisfaction of all of the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersconditions:
(i) Borrowers shall have delivered to Administrative Agent an original (or executed counterparts faxed or electronic copy) of this Agreement, sufficient in number for distribution to duly executed by each of the Administrative Agent, each Lender and the BorrowerLoan Parties;
(ii) Borrowers shall have delivered to Administrative Agent a Revolving Credit Note fully executed copy of the Parent PPP Loan Note, the application submitted in connection with the Parent PPP Loan and a Term Note for each requesting Lender any other documents or instruments executed by or delivered in connection therewith and the Borrowersame shall be in full force and effect, and shall be satisfactory in all respects to Administrative Agent;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such Agent shall have received evidence of the completion of all other actionsfirst Intercompany Forgivable PPP Loan, recordings in form and filings of or with respect substance satisfactory to the Pledge Agreement Administrative Agent, provided that Borrowers shall deliver to the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect evidence of each subsequent Intercompany Forgivable PPP Loan promptly following the Liens created therebyexecution and delivery of such loan;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing shall have received a PPP Loan Expense Certificate for the identity, authority and capacity of each Responsible Officer thereof authorized period prior to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a partydate hereof;
(v) Borrower each of the representations and warranties contained in Section 6 of this Agreement shall have delivered to the Administrative Agent a certificatebe true, in form correct and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;date of this Agreement; and
(vi) certificates as of a recent date the receipt by Administrative Agent of the good standing payment, in immediately available funds, of Borrower all reasonable out-of-pocket fees, costs, charges and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice expenses incurred by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower preparation, execution and delivery of this Agreement or any of the transaction contemplated hereby transactions arising hereunder or otherwise related hereto or referred to herein, including any actual out-of-pocket costs, expenses, charges or expenses of Administrative Agent and the executionreasonable fees, charges and disbursements of counsel for Administrative Agent.
(b) The parties hereto specifically acknowledge and agree that: (i) the execution and delivery of this Agreement shall not be deemed to create a course of dealing or otherwise obligate Administrative Agent or Lenders to execute similar agreements under the same, similar or different circumstances in the future; and performance by (ii) neither Administrative Agent nor any Lender has any obligation to further amend provisions of, or waive compliance with or consent to a departure from the Borrower requirements of, the Existing Loan Agreement or any of the other Loan Documents. Except as expressly amended pursuant hereto, the Existing Loan Agreement and each of the other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects, and the validity against Collateral described in the Borrower Loan Documents shall continue to secure the Obligations. Each of the Guarantors party hereto: (i) specifically consents to the terms of this Agreement; (ii) reaffirms its obligations under its Guaranty and under all other Loan Documents to which it is a party;
; (xiii) reaffirms the Administrative Agent shall have received waivers of each and every one of the results defenses to such obligations as set forth in such Guaranty and each such other Loan Document; and (iv) reaffirms that its obligations under such Guaranty and each such other Loan Document are separate and distinct from the obligations of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower any other party under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidLoan Documents.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Loan and Security Agreement (Live Oak Acquisition Corp)
Conditions of Effectiveness. This Agreement Amendment shall become be effective ifas of the date first above written when, and only when, (a) the U.S. Borrower shall have paid, on or before September June 18, 20182007, all for the benefit of each Lender executing this Amendment on or before 12:00 Noon Eastern time on June 18, 2007, a fee equal to 0.10% of the Total Exposure Amount of each such Lender and (b) the Administrative Agent shall have received, on or before June 18, 2007, the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the followingdocuments, each of which shall be originals, "pdfs" or telecopies such document (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each ) dated the Closing Date date of receipt thereof by the Administrative Agent (or, in the case of certificates of governmental officials, a recent date before the Closing Dateunless otherwise specified) and in sufficient copies for each Lender, in form and substance satisfactory to the Administrative Agent:
(i) Counterparts of this Amendment executed by each Borrower, each Subsidiary Guarantor and the Required Lenders or, as to any of the Required Lenders, advice satisfactory to the Administrative Agent that such Required Lender has executed this Amendment;
(ii) Counterparts of the Consent and Confirmation attached hereto executed by each Subsidiary Guarantor;
(iii) Evidence reasonably satisfactory to the Administrative Agent that any and each all expenses of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution counsel to the Administrative Agent, each Lender and Agent since the Borrower;date of its last invoice shall have been paid in full in accordance with Section 10.3 of the Credit Agreement; and
(iiiv) A certificate signed by a Revolving Credit Note and a Term Note for duly authorized officer of each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together withstating that:
(A) to the extent not already All representations and warranties made by such Borrower in Section 3 hereof and in the Administrative Agent's possessionCredit Agreement (as amended hereby) and the other Loan Documents are true and correct in all material respects as of the date hereof as if made on the date hereof (unless stated to relate solely to an earlier date, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blankwhich case such representations and warranties shall be true and correct in all material respects as of such earlier date); and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder amendments contemplated by Section 1 above, no Default has occurred and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidcontinuing.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective ifwhen, on or before September 18, 2018, all of the following conditions precedent have been met:and only when,
(a) The Administrative Agent's receipt Noteholder shall have received all of the followingfollowing documents, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each indicated) being dated the Closing Date (ordate hereof, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the LendersNoteholder:
(i) executed counterparts originals of each of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender Amendment and the BorrowerNotes;
(ii) a Revolving Credit Note favorable written opinion with respect to this Amendment and a Term Note for each requesting Lender executed by the BorrowerNotes, addressed to the Noteholder and satisfactory to its counsel;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence resolutions of the completion boards of all directors or other actionsappropriate governing body (or of the appropriate committee thereof) of the Company certified by its secretary or assistant secretary as of the Effective Date, recordings approving and filings of or with respect to adopting this Amendment and the Pledge Agreement that Notes, and authorizing the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyexecution and delivery thereof;
(iv) such certificates specimen signatures of resolutions officers or other actionappropriate representatives executing this Amendment and the Notes, incumbency certificates and/or other certificates of Responsible Officers certified by the secretary or assistant secretary of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a partyCompany;
(v) Borrower shall have delivered to the Administrative Agent a certificateCompliance Certificate as at May 28, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII2000;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject duly executed amendment to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;Credit Agreement; and
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursedduly executed Amended and Restated Intercreditor Agreement;
(viiib) a favorable opinion of Sidley Austin LLPThe Company shall have paid in immediately available funds, counsel the nonrefundable amendment fee to the BorrowerNoteholder;
(c) The Company shall have paid all costs and expenses (including legal fees) incurred by the Noteholder;
(d) Such other documents, addressed to the Administrative Agent and each Lenderinstruments, as to customary matters concerning the Borrower and the Loan Documents approvals or opinions as the Required Lenders Noteholder may reasonably request;
(ixe) a certificate signed by a Responsible Officer An original Acknowledgement and Acceptance Letter dated as of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection hereof from General Electric Capital Corporation reflecting its satisfaction with the consummation by the Borrower terms of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xif) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds The representations and warranties contained herein shall be true on and as of the initial Loans funded hereunder date hereof, there shall exist on the date hereof, no Event of Default or Default; there shall exist no material adverse change in the financial condition, business operation or prospects of the Company or its Subsidiaries since January 3, 2000; and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower Company shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior Noteholder an Officer's Certificate to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoeffect.
Appears in 1 contract
Sources: Note Agreement (Cone Mills Corp)
Conditions of Effectiveness. This Subject to Section 6.19, the effectiveness of this Agreement shall become effective if, on is subject to satisfaction or before September 18, 2018, all waiver by Agent of the following conditions precedent have been metprecedent:
(a) The Administrative Unless waived by Agent and Lenders, Agent's ’s receipt of the following, each of which shall be originalsoriginals or facsimiles, "pdfs" including pdfs or telecopies similar electronic transmission (followed promptly by originals,) unless otherwise specified, each properly executed by a Responsible OfficerSenior Officer of Borrower or the applicable Guarantor (including the Target Company), each dated the Closing Date (oron, or in the case of certificates third-party certificates, dated on or as of governmental officials, a recent date before before, the Closing Date) Date and each in form and substance reasonably satisfactory to the Administrative Agent Agent, each Lender and each of the Lenderstheir legal counsel:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the BorrowerLoan Documents;
(ii) a Revolving Credit Note executed original counterparts of each Subordination Agreement, each in form and a Term Note for each requesting Lender executed by the Borrowersubstance satisfactory to Agent;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence copies of the completion First Lien Credit Documents and the Term Loan (as defined therein) shall have funded in accordance with the terms of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyFirst Lien Credit Documents; (Reserved);
(iv) (Reserved);
(v) amendments to the Organization Documents of the Loan Parties in form and content reasonably acceptable to Agent;
(vi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Senior Officers of the Borrower Borrower, each Guarantor, as the Administrative Agent may reasonably require evidencing to establish the identity, identities of and verify the authority and capacity of each Responsible Senior Officer thereof authorized to act as a Responsible Senior Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicablethereof;
(vii) written notice by such evidence as Agent and any Lender may reasonably require to verify that Borrower designating a deposit account acceptable and each Guarantor is duly organized or formed, validly existing, in good standing and qualified to Administrative Agent into engage in business in Borrower’s or such Guarantor’s jurisdiction of organization and in each foreign jurisdiction in which the proceeds of Loans are Borrower or such Guarantor is required to be disbursedqualified, including copies of Borrower’s and each Guarantor’s Organization Documents certified by the corporate Secretary, certificates of good standing and/or qualification to engage in business and, if requested by Agent, tax clearance certificates;
(viii) a favorable opinion Perfection Certificate signed by a Senior Officer of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably requestParties;
(ix) a certificate signed by a Responsible Senior Officer of the Borrower certifying that (A1) that the conditions specified representations and warranties made by each Loan Party in Sections 4.02(a) the Loan Documents are true and correct on and as of the Closing Date (b) have been satisfiedexcept to the extent such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date), (B2) that there has been no event or circumstance since each Loan Party is in compliance with all the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect terms and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower provisions of the Loan Documents to which it is a party, and no Default or Event of Default shall have occurred and be continuing, (3) since December 31, 2015, there has been no event or circumstance which has or has had a Material Adverse Effect, and (4) a pro forma calculation of the Total Leverage Ratio of less than 4.50x, Senior Leverage Ratio of less than 3.00x, Adjusted EBITDA of the Parent on a Consolidated Basis of not less than $15,630,000, and Adjusted EBITDA of Borrower on a Consolidated Basis of not less than $19,130,000 (in each case giving effect to the Target Transaction and the funding of the Term Loans (as defined in the First Lien Credit Agreement) on the Closing Date);
(x) (Reserved);
(xi) an opinion of K▇▇▇▇▇ ▇▇▇▇ & W▇▇▇▇▇ LLP, M▇▇▇▇▇ ▇▇▇▇▇ & B▇▇▇▇▇▇ LLP, K▇▇▇▇▇▇ M▇▇▇▇▇▇▇ & K▇▇▇▇▇▇ PLL and Bilzin S▇▇▇▇▇▇ ▇▇▇▇▇ Price & A▇▇▇▇▇▇ LLP, each legal counsel to the Administrative Loan Parties, as to matters Agent may reasonably request, dated as of the Closing Date and otherwise in form and substance satisfactory to Agent;
(xii) receipt of certificates of insurance required to be maintained under Section 6.09, from insurance carriers acceptable to Agent, which certificates of insurance are in such forms and evidence such amounts of insurance coverage and deductibles acceptable to Agent pursuant to insurance policies with additional insured and lender loss payable clauses in favor of Agent and the Lenders;
(xiii) Loan Parties shall have received all Governmental Authorizations and all Consents, in each case that are necessary in connection with the results entry into, consummation and performance of a Lien search (including a search as to judgments, bankruptcy, tax the transactions contemplated by the Loan Documents and intellectual property matters the Acquisition of the Target Company and each of the foregoing shall be in its discretion), full force and effect and in form and substance reasonably satisfactory to Agent. All applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Loan Documents and the Acquisition of the Target Company and no action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be pending, and the time for any applicable Governmental Authority to take action to set aside its consent on its own motion shall have expired;
(xiv) Agent and the Lenders shall have received all documentation and other information required by such institution or its bank regulatory authorities under Sanctions, Anti-Terrorism Laws, Anti-Corruption Laws and other Laws, including the USA PATRIOT Act;
(xv) Agent shall have received evidence, reasonably satisfactory to Agent, that Borrower has completed the Target Transaction in accordance with the terms of the Target Acquisition Documents (without any material amendment thereto or waiver thereunder unless consented to by Agent). Agent shall have received a copy of the Target Acquisition Agreement and all supplements, amendments, installments, documents and agreements related thereto, made against certified in an Officer’s Certificate, dated the Borrower under Closing Date, as correct and complete;
(xvi) (Reserved);
(xvii) receipt of a copy of the Uniform Commercial Code (or applicable judicial docket) as representations and warranty insurance in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets favor of the Borrower, indicating among other things that the assets from an insurance carrier acceptable to Agent, which policy of each the Borrower are not subject insurance is in such form and evidences such amounts of insurance coverage and deductibles acceptable to any Liens (except for Liens permitted under this Agreement)Agent; and
(xixviii) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;such other assurances, certificates, documents, consents or opinions as Agent reasonably may require.
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date amounts payable under Section 2.02, shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements Attorney Costs of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements Attorney Costs as shall constitute its reasonable estimate of such fees, charges and disbursements Attorney Costs incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc)
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all be subject to the satisfaction of each of the following conditions precedent have been met:(the first date on which all such conditions shall be satisfied or waived, the “Effective Date”):
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgmentsfrom Holdings, bankruptcy, tax each Borrower and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the BorrowerRequired Lenders a duly executed original (or, indicating among other things that if elected by the assets Administrative Agent, an executed facsimile or PDF followed promptly by an executed original) counterpart of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from each Guarantor party thereto a duly executed original (or, if elected by the Administrative Agent, an executed facsimile or PDF followed promptly by an executed original) signature page to the Guarantor Acknowledgment and Consent attached hereto as Exhibit A;
(c) the Administrative Agent shall have received from the Borrowers an amendment fee equal to 0.25% of the aggregate amount of the Term Commitments and Revolving Commitments of each of the Required Lenders that has executed this Agreement, which fee will be allocated by the Administrative Agent to such Lender Required Lenders on a pro rata basis in accordance with the respective Commitments of such Required Lenders. Such amendment fee shall be fully earned on the date paid and shall not be refundable for any reason;
(d) the Borrowers shall have paid all costs and expenses of the Administrative Agent then due in accordance with Section 5(c) hereof and Section 10.5 of the Credit Agreement, to the extent such costs and expenses have been invoiced to the Borrower prior to the proposed Closing Date specifying its objection theretoEffective Date; and
(e) on the Effective Date, after giving effect to this Agreement, (i) the representations and warranties contained in Section 4 of this Agreement shall be true and correct; and (ii) no Default or Event of Default shall have occurred and be continuing.
Appears in 1 contract
Sources: Amendment and Waiver Agreement (Ultra Clean Holdings Inc)
Conditions of Effectiveness. This Agreement shall not become effective ifeffective, on and no Fronting Bank or before September 18Lender shall have an obligation to make its initial Credit Extension hereunder, 2018, all until satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" originals or telecopies facsimiles or sent by electronic mail (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Borrower, each dated the Closing Amendment Effective Date (or, in the case of certificates of governmental officials, a recent date before the Closing Amendment Effective Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and each Borrower as of the BorrowerAmendment Effective Date;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrowereach Borrower in favor of each Lender requesting a Note;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers Secretary or Assistant Secretary of the each Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the such Borrower is a party or is to be a party;
(iv) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Borrower is duly organized or formed, the capitalization of each Borrower and that each Borrower is validly existing, in good standing and qualified to engage in business in each jurisdiction where the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
(v) Borrower shall have delivered a favorable opinion from each of (A) Skadden, Arps, Slate, Meager & ▇▇▇▇ LLP, New York counsel to the Borrowers, and (B) ▇▇▇▇▇▇▇ ▇▇▇▇ & ▇▇▇▇▇▇▇, Bermuda counsel to the Borrowers, in each case addressed to the Administrative Agent a certificateAgent, the Fronting Bank and each Lender and in form and substance reasonably satisfactory acceptable to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as a certificate of a recent date Responsible Officer of the good standing Parent either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by each Borrower and each Subsidiary whose equity securities the validity against such Borrower of the Loan Documents to which it is a party, and confirming that such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicableso required;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower Parent certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that since December 31, 2006 there has been no event not occurred a material adverse change in the business, assets, liabilities (actual or circumstance since the date contingent), operations or condition (financial or otherwise) of the Audited Financial Statements that has had Parent and its Subsidiaries taken as a whole, Harbor Point Re individually, or could be reasonably expected to, either individually or in the aggregate, have Harbor Point Re and its Subsidiaries taken as a Material Adverse Effect, whole; and (C) that there is no action, suit, investigation the current Financial Strength Rating of Harbor Point Re and each other Material Insurance Subsidiary;
(viii) the Financial Strength Rating of Harbor Point Re shall be A or proceeding pending or, better;
(ix) a Compliance Certificate executed by a Responsible Officer of the Parent certifying as to the knowledge of the Borrower, threatened financial covenants in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect Section 7.09(a) and (Db) that no consentsas of March 31, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;2007.
(x) a letter from the Administrative Process Agent shall have received agreeing to the results terms of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this AgreementSection 11.14(d); and
(xi) substantially concurrent payoff in full of all outstanding obligations under such other assurances, certificates, documents, consents or opinions as the Existing Credit Agreement with Administrative Agent, the proceeds of L/C Administrator, the initial Loans funded hereunder and Lender or the termination of all commitments thereunder;Required Lenders may reasonably require.
(b) All Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Amendment Effective Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower Parent and Harbor Point Re shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced at least one (1) Business Day day prior to or on the Closing Amendment Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower Parent, Harbor Point Re and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.039.04, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Amendment Effective Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This (a) The Agreement shall become effective if, on or before September 18, 2018, as of the Amendment No. Five Effective Date upon the satisfaction of all of the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersconditions:
(i) Borrowers shall have delivered to Administrative Agent an original (or executed counterparts faxed or electronic copy) of this Agreement, sufficient in number for distribution to duly executed by each of the Administrative Agent, each Lender and the BorrowerLoan Parties;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender Parent shall have delivered to Administrative Agent an original (or executed faxed or electronic copy) of the Ratification attached to this Amendment, duly executed by the BorrowerP▇▇▇▇▇;
(iii) Borrowers shall have established the Pledged Account at Truist Bank and funded such account with a pledge agreement, cash deposit equal to the outstanding principal balance of the GARJA Loan in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered such principal amount as provided in connection therewith, in each case as amended, the "Pledge Agreement"Section 2(a), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) an Account Escrow Agreement shall be in effect in form and content acceptable to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred Agent with regard to therein accompanied by undated stock powers executed in blanksuch Pledged Account; and
(Biv) such evidence the receipt by Administrative Agent of the completion payment, in immediately available funds, of all other actionsreasonable out-of-pocket fees, recordings costs, charges and filings of or with respect to the Pledge Agreement that the expenses incurred by Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with the preparation, execution and delivery of this Agreement or any of the transactions arising hereunder or otherwise related hereto or referred to herein, including any actual out-of-pocket costs, 4875-5952-5200 v15 expenses, charges or expenses of Administrative Agent and the reasonable fees, charges and disbursements of counsel for Administrative Agent.
(b) The parties hereto specifically acknowledge and agree that: (i) the execution and delivery of this Agreement shall not be deemed to create a course of dealing or otherwise obligate Administrative Agent or Lenders to execute similar agreements under the same, similar or different circumstances in the future; and (ii) neither Administrative Agent nor any Lender has any obligation to further amend provisions of, or waive compliance with or consent to a departure from the requirements of, the Existing Loan Agreement or any of the other Loan Documents. Except as expressly amended pursuant hereto, the Existing Loan Agreement and each of the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, remain unchanged and in form full force and substance reasonably satisfactory to the Administrative Agenteffect and are hereby ratified and confirmed in all respects, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained Collateral described in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as shall continue to secure the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer Obligations. Each of the Borrower certifying Guarantors party hereto: (Ai) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, specifically consents to the knowledge terms of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect this Agreement; (ii) reaffirms its obligations under its Guaranty and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the under all other Loan Documents to which it is a party;
; (xiii) reaffirms the Administrative Agent shall have received waivers of each and every one of the results defenses to such obligations as set forth in such Guaranty and each such other Loan Document; and (iv) reaffirms that its obligations under such Guaranty and each such other Loan Document are separate and distinct from the obligations of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower any other party under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidLoan Documents.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Loan and Security Agreement (Danimer Scientific, Inc.)
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, as of the first date (the “Second Amendment Effective Date”) that all of the following conditions precedent shall have been metsatisfied:
(a) 3.1 The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" e-mails (in a .pdf format) or telecopies (in each case, followed promptly by originalsoriginals to the extent set forth below or otherwise requested by the Administrative Agent) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) specified and each in form and substance reasonably satisfactory to the Administrative Agent and each of the LendersAgent:
(ia) executed counterparts of this Agreement, sufficient in such number for distribution to as requested by the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable SubsidiaryBorrower, together with:
the Guarantors (A) to including each of the extent not already in New Subsidiary Guarantors), the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; andL/C Issuers and Lenders constituting Required Lenders.
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(ivb) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vc) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form good standing and substance reasonably satisfactory qualified to the Administrative Agent, and certified as accurate by the chief financial officer engage in business in its jurisdiction of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIorganization;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viiid) a favorable opinion of Sidley Austin (i) McGuireWoods LLP, counsel to the BorrowerLoan Parties, and (ii) M▇▇▇▇▇▇ ▇▇▇▇, in-house counsel to the Loan Parties, in each case, addressed to the Administrative Agent and each LenderLender and L/C Issuer, as to customary the matters concerning the Borrower Loan Parties, this Agreement and the other Loan Documents as the Required Lenders Administrative Agent may reasonably request;
(ixe) a certificate signed by of a Responsible Officer of the Borrower certifying to the effect that (Ai) that the conditions specified in Sections 4.02(a) 3.2 and 3.3 have been satisfied and (bii) no event has occurred and is continuing which constitutes a Default;
(f) a fully executed copy of the Intercreditor Agreement;
(g) a fully executed copy of an amendment, in each case dated as of (or prior to) the Second Amendment Effective Date, to each of the following (each as defined in the Intercreditor Agreement):
(i) the Regions Term Loan Agreement;
(ii) the Huntington Term Loan Agreement;
(iii) the PNC Term Loan Agreement; and
(iv) the Prudential Note Agreement; and
(h) such other assurances, certificates, documents, consents or opinions as the Administrative Agent, the L/C Issuers or the Required Lenders reasonably may require.
3.2 The representations and warranties contained in Section 4 are correct on and as of the Second Amendment Effective Date, as though made on and as of such date other than any such representations or warranties that, by their terms, refer to another date, in which case such representations and warranties shall have been satisfiedcorrect as of such other date.
3.3 There shall not have occurred since December 31, (B) that there has been no 2017, any event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected tocircumstance, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation has had or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would could reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses excluding any event or approvals are required in connection with circumstance resulting from the consummation COVID-19 pandemic to the extent such event or circumstance has been publicly disclosed by the Borrower of the transaction contemplated hereby and the execution, delivery and performance in its securities filings or disclosed in writing by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent and the Lenders prior to the Second Amendment Effective Date, and the scope of such adverse effect is no greater than that which has been disclosed).
3.4 The Administrative Agent and each Lender shall have received all documentation and other information that the results of a Lien search (Administrative Agent or such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including a search as to judgmentsthe U.S. Patriot Act, bankruptcy, tax and intellectual property matters in its discretion)the Beneficial Ownership Regulation, in form and substance reasonably satisfactory theretoeach case, made against to the Borrower under extent requested at least five Business Days prior to the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject Second Amendment Effective Date.
3.5 Any fees owed to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees Lender or Arranger required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Second Amendment Effective Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all (the "Effective Date") as of the following conditions precedent have been metdate first above written when, and only when:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received counterparts of this Amendment executed by the results of a Lien search (including a search Borrower and the Required Lenders or, as to judgmentsany of such Lenders, bankruptcyadvice satisfactory to the Administrative Agent that such Lender has executed this Amendment.
(b) the Administrative Agent shall have additionally received all of the following documents, tax each such document (unless otherwise specified) dated the date of receipt thereof by the Administrative Agent (unless otherwise specified) and intellectual property matters in its discretion)sufficient copies for each Lender, in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly unless otherwise specified) and in sufficient copies for each Lender
(i) A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to such counsel if requested sign this Amendment and the other documents to be delivered hereunder and thereunder; and
(ii) A certificate signed by a duly authorized officer of the Administrative Agent) to the extent invoiced one Borrower stating that:
(1) Business Day prior The representations and warranties contained in the Loan Documents and in Section 3 hereof are correct on and as of the date of such certificate as though made on and as of such date, except where such representation and warranty is expressly made as of a specific earlier date, in which case such representation and warranty shall be true as of such earlier date; and
(2) No event has occurred and is continuing that constitutes a Default or Event of Default as of the Effective Date after giving effect to this Amendment.
(iii) All of the accrued fees and expenses of the Administrative Agent and the Lenders (including the accrued fees and expenses of counsel for the Administrative Agent and the Lenders in connection with this Amendment and for other work since the Closing Date) shall have been paid in full, plus such additional amounts of such feesincluding without limitation, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred payment by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, for the pro rata benefit of the Lenders that execute this Amendment by no later than 12:00 p.m. (New York City time) on April 23, 2003, an amendment fee equal to 0.05% of the sum of (x) the outstanding principal balance of the Tranche B Term Loans and any Lender requesting (y) the same, a Beneficial Ownership Certificationaggregate amount of the Revolving Credit Commitments and the L/C Commitments of such Lenders under the Credit Agreement, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality without duplication, as of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretodate hereof.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Second Amendment shall become effective if, on or before September 18, 2018, all the date (such date being referred to as the “Second Amendment Effective Date”) on which each of the following conditions precedent have been metis satisfied:
(a) The Administrative Agent's receipt of the following, each of which Agent shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed have received counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender Second Amendment duly executed by the Borrower;, the Lenders, the Fronting Bank, the Swingline Lender and the Administrative Agent.
(iiib) The Administrative Agent shall have received a pledge agreementcertificate, in substantially signed by an Authorized Officer of the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewithBorrower, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
certifying that (A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings representations and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers warranties of the Borrower as contained in the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Credit Agreement and the other Loan Credit Documents to which the Borrower is a party are true and correct in all material respects (or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificateif qualified by materiality or Material Adverse Effect, in form all respects) as of the Second Amendment Effective Date, both immediately before and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan Second Amendment (except to be advanced on the Closing Date, Borrower and each Subsidiary thereof extent any such representation or warranty is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates expressly stated to have been made as of a recent date of the good standing of Borrower specific date, in which case such representation or warranty shall be true and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation correct in all material respects (or equivalentif qualified by materiality or Material Adverse Effect, in all respects) as of such date), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there no Default or Event of Default has been no event or circumstance since occurred and is continuing, both immediately before and after giving effect to the date consummation of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effecttransactions contemplated hereby, (C) that there is no actionchange, suit, investigation occurrence or proceeding pending or, development shall have occurred or become known to the knowledge of the BorrowerBorrower since December 31, threatened in writing in any court or before any arbitrator or Governmental Authority 2015 that would could reasonably be expected to have a Material Adverse Effect Effect, and (D) all conditions precedent to the Second Amendment Effective Date set forth in this Article II have been satisfied or waived as required thereunder.
(c) The Administrative Agent shall have received, for the account of each Lender party hereto that delivers its executed signature page to this Second Amendment by no consentslater than the date and time specified by the Administrative Agent, licenses or approvals are required an upfront fee in connection with an amount equal to the consummation amount previously disclosed to the Lenders and agreed upon by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;in writing.
(xd) the The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the results date of a Lien search (this Second Amendment, including a search as with respect to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against any fee letters executed by the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrowerconnection with this Second Amendment, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid including, to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by extent invoiced, payment and/or reimbursement of the Administrative Agent, the Borrower shall have paid all ’s reasonable and documented out-of-pocket fees and expenses (including, to the extent invoiced, reasonable fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by for the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)in connection with this Second Amendment.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Credit Agreement (Unum Group)
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, and as of the first date (the “Closing Date”) on which all of the following conditions precedent shall have been metsatisfied or waived in accordance with Section 11.01:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" .pdf copies sent via electronic mail or telecopies telecopied (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Security Agreement"), duly executed by the Borrower and any applicable Subsidiaryeach Secured Guarantor, together with:
(A) certificates or instruments representing any Equity Interests in each Secured Guarantor (other than Equity Interests in any Secured Guarantor that is not a direct Subsidiary of another Secured Guarantor) and each Subsidiary of the Borrower directly held by any Secured Guarantor, accompanied by all endorsements and/or powers required by the Collateral Documents; provided that, with respect to any such Subsidiary of a Secured Guarantor that is an Excluded Foreign Subsidiary, 100% of the non-voting Equity Interests (if any) shall be required to be pledged by the Secured Guarantors (or such lesser amount that is owned by any Secured Guarantor) and 65% of the voting Equity Interests of such Excluded Foreign Subsidiary (to the extent not already in owned directly by any Secured Guarantor) shall be required to be pledged (and only the Administrative Agent's possession, certificates or instruments representing the pledged equity referred such Equity Interests shall be required to therein accompanied by undated stock powers executed in blank; andbe delivered hereunder),
(B) such evidence of the completion of all other actions, recordings and filings of or (i) a Perfection Certificate with respect to the Pledge Agreement Secured Guarantors dated the Closing Date and duly executed by a Responsible Officer of the Borrower and (ii) certified copies of UCC, tax and judgment lien searches, or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents (together with copies of such financing statements and documents) that name any Secured Guarantor as debtor and that are filed in those state and county jurisdictions in which any Secured Guarantor is organized or maintains its principal place of business and such other searches, if any, that the Administrative Agent reasonably deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered by the Collateral Documents (other than Liens permitted to exist pursuant to the terms hereof),
(C) UCC financing statements in proper form for filing, registration or recordation in all jurisdictions that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder such Collateral Documents, covering the Collateral described in such Collateral Documents,
(D) (i) the Control Agreements referred to in Section 2.06, duly executed by each of the parties thereto and (ii) the Control Agreements with respect to each Deposit Account or Securities Account in which any Borrowing Base Assets are on deposit and any other Control Agreement required by the Loan Documents, in each case, duly executed by each of the parties thereto and, in each case, other than those referred to in Section 6.21, and
(E) such other agreements and documents, and evidence that all other actions, recordings and filings have been taken, in each case that the Administrative Agent may reasonably deem necessary or desirable in order to create or perfect the Liens created under the Collateral Documents;
(iii) a Note executed by the Borrower in favor of each Lender requesting a Note;
(iv) a Borrowing Base Certificate, as of the Closing Date;
(v) a certificate of each Loan Party dated as of the Closing Date signed by a Responsible Officer of such Loan Party certifying that the condition set forth in Section 4.01(b) is satisfied;
(vi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vvii) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject qualified to the Pledge Agreement under the laws of engage in business in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursedformation;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
(ix) a favorable opinion of (A) ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP, Maryland counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower and the Loan Documents to which the Borrower is a party as the Required Lenders Administrative Agent may reasonably request, (B) Bilzin, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Price & ▇▇▇▇▇▇▇ LLP, Florida counsel to LNR Partners, LLC, addressed to the Administrative Agent and each Lender, as to such matters concerning LNR Partners, LLC and the Loan Documents to which it is a party as the Administrative Agent may reasonably request, and (C) ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ ▇▇▇, United Kingdom counsel to the Administrative Agent, addressed to the Administrative Agent and each Lender, concerning enforceability of the English law Loan Document to be delivered on the Closing Date;
(ixx) a certificate signed by of a Responsible Officer of the Borrower certifying each Loan Party either (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date attaching copies of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no all consents, licenses or and approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower such Loan Party and the validity against the Borrower such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(xxi) a certificate of a Responsible Officer of the Borrower certifying that the Borrower has delivered true and correct copies of the operating agreements, partnership agreements or other applicable organizational documents of each Borrowing Base Covenant Subsidiary and, subject to Section 6.21, each Unrestricted Real Property Subsidiary;
(xii) the Administrative Agent shall have received the results absence of a Lien search (including a search as to judgmentsany action, bankruptcysuit, tax and intellectual property matters in its discretion)investigation or proceeding, pending or threatened, in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (any court or applicable judicial docket) as in effect in each jurisdiction in which filings before any arbitrator or recordations under the Uniform Commercial Code should be made governmental authority that purports to evidence or perfect security interests in all assets of materially affect the Borrower, indicating among other things the Guarantors or any of their respective Subsidiaries, or any transaction contemplated hereby, or that the assets of each could have a material adverse effect on the Borrower are not subject or the Guarantors, or any of their respective Subsidiaries, or any transaction contemplated hereby or on the ability of the Borrower or the Guarantors to any Liens (except for Liens permitted perform its obligations under this Agreement)the Loan Documents; and
(xixiii) substantially concurrent payoff a Solvency Certificate from the Loan Parties demonstrating that each Loan Party is Solvent.
(A) The representations and warranties contained in full of Article V and the other Loan Documents shall be true and correct in all outstanding obligations under the Existing Credit Agreement with the proceeds material respects on and as of the initial Loans funded hereunder Closing Date, except (x) to the extent that such representations and the termination warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date and (y) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all commitments thereunder;respects as of such date after giving effect to such qualification, and (B) no Default shall exist.
(bc) All Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(cd) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Date, plus such additional amounts of such reasonable fees, charges and disbursements as shall constitute its reasonable estimate of such reasonable fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(de) The Borrower Administrative Agent and the Lenders shall have delivered to the Administrative Agentreceived, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date (or such later date as may be acceptable to the Administrative Agent in its sole discretion), to the extent requested at least ten (10) Business Days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act.
(f) The Administrative Agent and the Lenders shall have received the Audited Financial Statements and the Unaudited Financial Statements.
(g) The Administrative Agent shall have received satisfactory evidence that (i) that certain Credit Agreement, dated as of April 19, 2013, among the Borrower, the guarantors party thereto, the lenders party thereto, and Credit Suisse AG, as administrative agent (as amended, supplemented or otherwise modified prior to the Closing Date), shall have been terminated and all amounts thereunder shall have been paid in full and (ii) satisfactory arrangements shall have been made for the termination of all guarantees and Liens granted in connection therewith. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, 4.01 each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all and the obligation of the L/C Issuer and each Lender to make the initial Credit Extensions hereunder is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originalsoriginal, "pdfs" or e-mail (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender Agreement and the BorrowerGuaranty Agreement;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note prior to the Closing Date;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiaryeach Loan Party, together with:
(A) to certificates or instruments, if any, representing the extent not already Certificated Securities (as defined in the Pledge Agreement), if any, accompanied by all endorsements and/or powers required by the Pledge Agreement,
(B) proper financing statements, to be filed under the Uniform Commercial Code of all jurisdictions that the Administrative Agent's possessionAgent may deem necessary or desirable in order to perfect the Liens created under the Pledge Agreement, certificates representing covering the pledged equity Collateral described in the Pledge Agreement,
(C) completed requests for information listing all effective financing statements filed in the jurisdictions referred to therein accompanied in clause (B) above that name any Loan Party as debtor, together with copies of such other financing statements,
(D) a Perfection Certificate, in substantially the form of Exhibit I-1, duly executed by undated stock powers executed in blankeach of the Loan Parties; and
(BE) such evidence of the completion of that all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Pledge Agreement have been taken (including receipt of duly executed payoff letters and UCC-3 terminations, if any);
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIexpected to have a Material Adverse Effect;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders Administrative Agent may reasonably request;
(vii) a favorable opinion of in-house counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
(viii) a favorable opinion of ▇▇▇▇▇▇▇ LLP, local counsel to the Loan Parties in Maryland, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
(ix) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(x) a certificate signed by a Responsible Officer of the Borrower (x) certifying that (A1) that the conditions specified in Sections 4.02(athis Section 4.01 have been satisfied (other than those conditions contingent upon the satisfaction of the Administrative Agent and/or the Lenders with respect to certain items received by them under this Section 4.01) and (b2) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowerany Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority related to the credit facility being provided under this Agreement or that would could reasonably be expected to have a Material Adverse Effect and (Dy) that no consents, licenses or approvals are required in connection with the consummation by the Borrower attaching copies of the transaction contemplated hereby and operating agreements, partnership agreements or other applicable organizational documents of each Person whose Equity Interests are included in the executionCollateral, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent organizational documents shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), be in form and substance reasonably satisfactory thereto, made against to the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); andAdministrative Agent;
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds a Borrowing Base Certificate duly certified by a Responsible Officer of the initial Loans funded hereunder and the termination of all commitments thereunderBorrower;
(xii) a Solvency Certificate from the Loan Parties certifying that, after giving effect to the transactions to occur on the Closing Date (including, without limitation, any Credit Extension to occur on the Closing Date), the REIT and its Consolidated Subsidiaries, on a consolidated basis, are Solvent;
(xiii) evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect (and the amount, types and terms and conditions of all such insurance shall be satisfactory to the Lenders), together with the certificates of insurance and endorsements, naming, with respect to each policy of liability insurance maintained by any Loan Party, the Administrative Agent, on behalf of the Creditor Parties, as an additional insured;
(xiv) the financial statements referenced in Sections 5.01(a) and (b).
(xv) such other assurances, certificates, documents, consents or opinions as the Administrative Agent or any Arranger reasonably may require.
(i) All fees required to be paid to the Administrative Agent and the Arrangers on or before the Closing Date shall have been paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) All due diligence with respect to the REIT, the Borrower and their respective Subsidiaries and the Initial Eligible Portfolio Properties, in scope and determination satisfactory to the Administrative Agent, Arrangers and the Lenders in their sole discretion, shall have been completed.
(d) There shall not have occurred since June 30, 2010 any event or condition that has had or could reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect.
(e) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(df) The Borrower consummation of an Initial Public Offering by the REIT with Net Cash Proceeds received by the REIT in respect thereof in an amount not less than $425,000,000, and the REIT and its Subsidiaries shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Datebeen formed. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all and be deemed effective as of the following conditions precedent have been metEffective Date, if and only if:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersshall have received:
(i) duly executed counterparts copies of this Agreement, sufficient in number for distribution to Amendment from the Administrative AgentBorrower, each Lender and the BorrowerAgents;
(ii) a Revolving Credit Note certificate as to the good standing of the Borrower and any Executing Entity as of a Term Note for each requesting Lender executed by recent date, from the Borrowerapplicable Governmental Authority of its jurisdiction of organization;
(iii) the results of a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence search of the completion of all other actions, recordings and Uniform Commercial Code filings of (or equivalent filings) made with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other actionBorrower, incumbency certificates and/or other certificates of Responsible Officers together with copies of the Borrower as the Administrative Agent may reasonably require evidencing the identityfinancing statements (or similar documents) disclosed by such search, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by in the chief financial officer states (or other jurisdictions) set forth in Appendix 3 of Borrower, that the Credit Agreement;
(iv) a certificate of a Borrower Responsible Officer (A) after giving effect certifying as to the financing hereunder and each Loan continued effectiveness of the matters set forth in the closing certificate delivered pursuant to be advanced on Section 4.02(b) of the Closing Date, Borrower and each Subsidiary thereof is each Solvent, Credit Agreement and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with setting forth the covenants contained information required pursuant to Appendix 3 or confirming that there has been no change in Article VIII;
(vi) certificates as of a recent such information since the date of the good standing Credit Agreement or the date of Borrower and each Subsidiary whose equity securities are subject the most recent certificate delivered pursuant to the Pledge Agreement under the laws this Section 2.03(g)(iii); and
1 1 As of its jurisdiction of incorporationDecember 7, organization or formation (or equivalent), as applicable;2020.
(viiv) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds copies of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to all additional documents and certificates as the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders or its counsel may reasonably request;
(ixb) a certificate signed by a Responsible Officer no Default or Event of Default shall have occurred and be continuing or shall result from the execution of this Amendment;
(c) each of the Borrower certifying Specified Conditions set forth in clauses (A) that the conditions specified in Sections 4.02(aa), (c) and (bd) in the definition thereof shall have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(xd) the Administrative Agent Risk Ratio shall have received the results of a Lien search (including a search as be less than or equal to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)20%; and
(xie) substantially concurrent payoff (i) in full the case of all outstanding obligations under Tranche L Loans, the Existing Credit Agreement with Tranche L Draw Condition shall be satisfied, (ii) in the proceeds case of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative AgentTranche S Loan, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement Tranche S Draw Condition shall be deemed to have consented tosatisfied and (iii) in the case of Tranche U Loans, approved or accepted or to the Tranche U Draw Condition shall be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretosatisfied.
Appears in 1 contract
Sources: Credit Agreement (Predex)
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent's receipt , counterparts of this Amendment executed by each of the followingLoan Parties, the Lenders collectively comprising at least the Required Lenders and the Administrative Agent.
(b) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, counterparts of the Intercreditor Agreement executed by each of the parties party thereto.
(c) The Borrower and certain of its Subsidiaries shall have (i) executed and delivered the Pledge Agreement, (ii) made all filings necessary or desirable in order to perfect and protect the first priority liens and security interests created in the Collateral (as defined in the Pledge Agreement) and (iii) delivered to the Collateral Agent certificated securities of each applicable Issuer (as defined in the Pledge Agreement), if any, together with any applicable share powers delivered in blank.
(d) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, a Subsidiary Guaranty executed by each Subsidiary of the Borrower that is a “Pledgor” under the Pledge Agreement.
(e) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, an amendment to the 2018 Term Loan Agreement, it being understood that any such amendment that is in substantially the same form as this Amendment shall be deemed satisfactory.
(f) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective Date) of ▇▇▇▇▇▇▇▇ LLP, counsel for the Borrower and the other Loan Parties, covering enforceability of this Agreement and the other Loan Documents, in each case, in form and substance reasonably acceptable to the Administrative Agent and covering such other matters relating to the Loan Parties and this Amendment as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.
(g) The Administrative Agent shall have received the following items from the Borrower:
(i) Certificates of good standing for each Loan Party from the states of organization of such Loan Party, certified by the appropriate governmental officer and dated not more than thirty (30) days prior to the Amendment Effective Date;
(ii) Copies of the formation documents of each Loan Party certified by an authorized signatory of such Loan Party, together with all amendments thereto;
(iii) Incumbency certificates, executed by authorized signatories of each Loan Party, which shall be originals, "pdfs" or telecopies identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents on behalf of such Loan Party (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated and to make borrowings and request other extensions of credit hereunder on behalf of the Closing Date (orBorrower, in the case of certificates of governmental officialsthe Borrower), a recent date before the Closing Date) and each in form and substance reasonably satisfactory to upon which certificate the Administrative Agent and each the Lenders shall be entitled to rely until informed of the Lenders:
(i) executed counterparts of this Agreement, sufficient any change in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed writing by the Borrower;
(iiiiv) Copies, certified by a pledge agreementSecretary or an Assistant Secretary or an authorized signatory of each Loan Party of the resolutions (and resolutions of other bodies, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed if any are reasonably deemed necessary by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in counsel for the Administrative Agent's possession) authorizing the transactions contemplated by this Amendment, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) be executed and delivered by the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Loan Parties; and
(xiv) substantially concurrent payoff in full UCC financing statement, judgment, and tax lien searches with respect to each Loan Party from its state of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;organization.
(bi) All The fees required to be paid to provided for in Section 5, (ii) any fees separately agreed by the Administrative Agent on or before and the Closing Date shall have been paid Borrower, and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agentiii) to the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent)) due and payable on the Amendment Effective Date shall have been paid in full.
(di) The Borrower Administrative Agent and each Lender shall have delivered to received all documentation and other information about the Loan Parties as shall have been reasonably requested by the Administrative Agent, and any Agent or such Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting Amendment Effective Date that it shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the generality of Patriot Act to the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved extent requested by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender at least five (5) Business Days prior to the proposed Closing Date specifying its objection theretoAmendment Effective Date.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Taubman Centers Inc)
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18October 30, 20182009, all of the following conditions precedent have been met:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "“pdfs" ” or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(viv) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificate, in form and substance may reasonably satisfactory require to evidence that the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIduly organized or formed;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ixv) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a4.03(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, (x) have a Material Adverse EffectEffect or (y) result in a material adverse change in or have a material adverse effect upon the prospects of the Borrower or the Borrower and its Subsidiaries taken as a whole, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect Effect, (D) a calculation of the financial covenants in Section 7.11 as of the last day of the fiscal quarter of the Borrower most recently ended prior to the Closing Date and (DE) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xivi) substantially concurrent payoff in full of all outstanding obligations under such other assurances, certificates, documents, consents or opinions as the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;Administrative Agent or any Lender reasonably may require.
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all as of the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agentfirst above written when, and certified as accurate by the chief financial officer of Borroweronly when, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received counterparts of this Amendment executed by Holdings and the results Required Lenders or, as to any of a Lien search the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment; and Section 1 of this Amendment shall become effective when and only when the Administrative Agent shall have received (a) the fees specified in Section 2 hereof, and payment of all other accrued fees and expenses of the Administrative Agent (including a search as the reasonable accrued fees and expenses of counsel to judgmentsthe Administrative Agent invoiced on or prior to the date hereof) and (b) all of the following documents, bankruptcy, tax and intellectual property matters in its discretioneach such document dated the date of receipt thereof by the Administrative Agent (unless otherwise specified), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent:
(i) Counterparts of the Consent appended hereto (the "Consent"), executed by each of the Loan Parties (other than Holdings);
(ii) Certified copies of (A) the resolutions of the Board of Directors of (1) Holdings approving this Amendment and the matters contemplated hereby and (2) each other Loan Party evidencing approval of the Consent and (B) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment, the Consent and all other matters contemplated hereby;
(iii) A certificate signed by a duly authorized officer of Holdings stating that: (A) the representations and warranties contained in Section 4 hereof and in the Loan Documents are true and correct on and as of the date of such certificate as though made on and as of such date other than any such representations or warranties that, by their terms, refer to a date other than the date of such certificate, and any Lender requesting the same, (B) no event has occurred and is continuing that constitutes a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoDefault.
Appears in 1 contract
Sources: Credit Agreement (Alpharma Inc)
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all (the “Effective Date”) as of the following conditions precedent have been metdate first above written when, and only when:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received (i) counterparts of this Amendment executed by the results of a Lien search (including a search Borrower and the Required Lenders or, as to judgmentsany of such Lenders, bankruptcyadvice satisfactory to the Administrative Agent that such Lender has executed this Amendment and (ii) the Consent attached hereto executed by each Guarantor and each Grantor (other than the Borrower) under the Guarantee and Collateral Agreement.
(b) the Administrative Agent shall have additionally received all of the following documents, tax each such document (unless otherwise specified) dated the date of receipt thereof by the Administrative Agent (unless otherwise specified) and intellectual property matters in its discretion)sufficient copies for each Lender, in form and substance reasonably satisfactory thereto, made against to the Administrative Agent (unless otherwise specified):
(i) A certificate of the Secretary or an Assistant Secretary of the Borrower under certifying the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets names and true signatures of the Borrower, indicating among other things that the assets officers of each the Borrower are not subject authorized to any Liens (except for Liens permitted under sign this Agreement)Amendment and the other documents to be delivered hereunder and thereunder; and
(xiii) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds A certificate signed by a duly authorized officer of the initial Loans funded hereunder and the termination of all commitments thereunder;Borrower stating that:
(bA) All fees required The representations and warranties contained in the Loan Documents and in Section 3 hereof are correct on and as of the date of such certificate as though made on and as of such date, except where such representation and warranty is expressly made as of a specific earlier date, in which case such representation and warranty shall be true as of such earlier date; and
(B) No event has occurred and is continuing that constitutes a Default or Event of Default as of the Effective Date after giving effect to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidthis Amendment.
(c) Unless waived by All of the accrued fees and expenses of the Administrative Agent and the Lenders (including the accrued fees and expenses of counsel for the Administrative Agent in connection with this Amendment and for other work since the date of the last invoice of counsel to the Administrative Agent), shall have been paid in full.
(d) With respect to the amendments set forth in Section 1 of this Amendment, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, for the pro rata benefit of each of the Lenders that executes this Amendment on or prior to the Effective Date, an amendment fee equal to 0.05% of the sum of (x) the outstanding principal balance of the Tranche B Term Loans and any Lender requesting (y) the same, a Beneficial Ownership Certificationaggregate amount of the Revolving Credit Commitments and the L/C Commitments of such Lenders under the Credit Agreement, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality without duplication, as of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoEffective Date.
Appears in 1 contract
Sources: Credit Agreement (Perkinelmer Inc)
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all The effectiveness of this Amendment is subject to the following conditions precedent have been metthat:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed shall have received counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender Amendment duly executed by the Borrower, the Approving Lenders (which shall constitute at least the “Required Lenders” as defined in the Credit Agreement) and the Administrative Agent;
(iiib) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
Administrative Agent shall have received (A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied copies of corporate resolutions certified by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and of the General Partner, on behalf of the Borrower, or such other Loan Documents to which the Borrower is a party or is to evidence as may be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified demonstrating that the Borrower’s incurrence of indebtedness with a Maturity Date as accurate by the chief financial officer of Borrower, that (A) after giving effect extended pursuant to the financing hereunder terms of this Amendment has been duly authorized and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, approved and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfiedGeneral Partner, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge on behalf of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower dated as of the transaction contemplated hereby date hereof certifying as to the representations and the execution, delivery warranties contained in Section 4 of this Amendment shall be true and performance by the Borrower and the validity against the Borrower correct in all respects as of the Loan Documents to which it is a partyEffective Time;
(xc) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against Request for Credit Extension duly executed by the Borrower under and in an amount corresponding to the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under funds flow memorandum on file with the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Administrative Agent; and
(xid) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable fees and documented out-of-pocket fees, charges and disbursements of one primary counsel other amounts required to the Administrative Agent (directly to such counsel if requested be paid by the Administrative Agent) to the extent invoiced one (1) Business Day Borrower on or prior to the Closing DateEffective Time pursuant to (i) the Credit Agreement, plus such additional amounts of such fees(ii) this Amendment, charges and disbursements or (iii) as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred otherwise agreed by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certificationin writing, in each case to the extent such fees and other amounts are invoiced to the Borrower at least five three (53) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoEffective Time.
Appears in 1 contract
Sources: Third Amended and Restated Credit Agreement (Equitrans Midstream Corp)
Conditions of Effectiveness. This Agreement The effectiveness of this Amendment is subject to the conditions precedent that:
a) the Administrative Agent shall become effective ifhave received counterparts of (i) this Amendment duly executed by the Borrower, on or before September 18the Approving Lenders (which shall constitute the “Required Lenders” as defined in the Credit Agreement) and the Administrative Agent, 2018(ii) a joinder to the Guaranty duly executed and delivered by EQM GP Corporation, all together with the documentation contemplated for additional Guarantors in Section 6.10(a) of the following conditions precedent have been met:
Credit Agreement, (aiii) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each an intercreditor agreement in form and substance reasonably satisfactory acceptable to the Administrative Agent Borrower and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender duly executed and delivered by the representative of the secured parties under the Term Loan Agreement and the Borrower;
other parties thereto, (iiiv) a Revolving Credit Note and a Term Note for each requesting Lender executed by fee letters among the Borrower;
(iii) a pledge agreement, PNC Capital Markets, LLC and PNC Bank, in substantially form and substance reasonably acceptable to the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, Borrower and the "Pledge Agreement")Administrative Agent, duly executed and delivered by the Borrower parties thereto, and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions modifications, supplements and amendments to the Collateral Documents as may be reasonably required by the Administrative Agent, in its sole discretion, to conform such Collateral Documents for any additional property upon which Liens are granted under, or other action, incumbency certificates and/or other certificates terms and provisions that are more restrictive under the comparable collateral documents securing Debt arising under the Term Loan Agreement;
b) the representations and warranties contained in Section 4 of Responsible Officers this Amendment shall be true and correct in all respects as of the Effective Time;
c) contemporaneous with the Effective Time, the term loan described in and governed by the Term Loan Agreement shall be made to the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which Initial Acquisition shall be consummated with the Borrower is a party or is to be a partyproceeds of such term loan;
(vd) Borrower the Term Loan Agreement shall have delivered to the Administrative Agent a certificate, be in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xie) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable fees and documented out-of-pocket fees, charges and disbursements of one primary counsel other amounts required to be paid by the Borrower on or prior to the Administrative Agent (directly Effective Time pursuant to such counsel if requested by the Administrative Agent) Credit Agreement and the Fee Letters to the extent such fees and other amounts are invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five three (53) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoEffective Time.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective ifwhen, and only when, on or before September 18December 15, 20181994, the Agent shall have received counterparts of this Amendment executed by the Seller, all of the following conditions precedent have been met:
(a) The Administrative Agent's receipt Banks and the Investors or, as to any of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (Banks or, in as to either of the case of certificates of governmental officialsInvestors, a recent date before the Closing Date) and each in form and substance reasonably advice satisfactory to the Administrative Agent that such Banks and each Investors have executed this Amendment, and Sections 1 and 2 hereof shall become effective when, and only when, on or before December 15, 1994, the Agent shall have additionally received all of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agentfollowing documents, each Lender and the Borrower;
document (iiunless otherwise indicated) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since being dated the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation receipt thereof by the Borrower of Agent (which date shall be the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretionsame for all such documents), in form and substance reasonably satisfactory thereto, made against to the Borrower under Agent:
(a) Certified copies of (i) the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets resolutions of the Borrower, indicating among other things that the assets Board of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds Directors of the initial Loans funded hereunder Seller approving this Amendment and the termination of matters contemplated hereby and thereby and (ii) all commitments thereunder;documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment and the matters contemplated hereby and thereby.
(b) All fees required A certificate of the Secretary or an Assistant Secretary of the Seller certifying the names and true signatures of its officers authorized to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidsign this Amendment.
(c) Unless waived by A favorable opinion of (i) in-house counsel for the Administrative AgentSeller and (ii) Thom▇▇▇▇, the Borrower shall have paid all reasonable and documented out-of-pocket fees▇▇ne ▇▇▇ Flor▇, charges and disbursements of one primary ▇▇ecial counsel to the Administrative Agent (directly Seller, to the effect that this Amendment has been duly authorized, executed and delivered by the Seller and confirming the opinions of such counsel if requested by furnished on August 16, 1994 pursuant to Section 3.01(i) of the Administrative AgentPurchase and Sale Agreement and pursuant to Section 3.01(g) of the Parallel Purchase Agreement, with references therein to the extent invoiced one (1) Business Day prior Purchase and Sale Agreement and to the Closing Date, plus such additional amounts of such fees, charges Parallel Purchase Agreement to mean the Purchase and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower Sale Agreement and the Administrative Agent)Parallel Purchase Agreement, respectively, as amended by this Amendment.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, A certificate signed by a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality duly authorized officer of the provisions Seller stating that:
(i) The representations and warranties contained in Section 4 hereof are correct on and as of the last paragraph date of Section 10.03such certificate as though made on and as of such date, and
(ii) No event has occurred and is continuing which constitutes an Event of Termination or would constitute an Event of Termination but for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender requirement that has signed this Agreement shall notice be deemed to have consented to, approved given or accepted time elapse or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoboth.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all as of the following conditions precedent have been met:
date first written above (the “Effective Date”) when, and only when, (a) The the Administrative Agent's receipt Agent shall have received all fees (including, without limitation, all upfront fees) payable by the Borrowers pursuant to that certain proposal letter agreement, dated October 5, 2011, among Union Bank, the Borrowers, UniSource Energy and Tucson Electric Power Company (the “Proposal Letter”), together with, to the extent invoiced, reimbursement or payment of the following, each all reasonable fees and out-of-pocket disbursements of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory counsel to the Administrative Agent and each other out-of-pocket expenses of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is required to be a party;
(v) Borrower shall have delivered reimbursed or paid by the Borrowers pursuant to the Administrative Agent a certificateProposal Letter, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) all requisite Governmental Authorities and third parties, if any, shall have been satisfied, (B) that there has been no event approved or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, consented to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower Obligors of this Amendment and the validity against Amended Agreement and the Borrower transactions contemplated thereby (collectively, the “Transactions”) to the extent required and material (and the Administrative Agent shall have received copies, certified by an Authorized Officer of the applicable Obligor to be true, correct and complete and in full force and effect, of all such approvals and consents, which shall be in form and substance satisfactory to the Administrative Agent and the Lenders), no stay of any applicable regulatory approval shall have been issued and there shall be no litigation or governmental, administrative or judicial action, actual or, to the knowledge of the Obligors, threatened, that could reasonably be expected to restrain, prevent or impose burdensome conditions on this Amendment, the Amended Agreement, any of the other Loan Documents to which it is a party;
or the Transactions, and (xc) the Administrative Agent shall have received received: (i) counterparts of this Amendment executed by all of the results parties hereto (in sufficient quantity for each party to have a fully executed original), and (ii) all of a Lien search (including a search as to judgmentsthe following documents, bankruptcy, tax and intellectual property matters in its discretion)each document being dated the Effective Date unless otherwise specified below, in form and substance satisfactory to the Administrative Agent and in the number of originals or photostatic copies reasonably satisfactory theretorequested by the Administrative Agent:
(A) a favorable written opinion (addressed to the Administrative Agent, made against the Borrower under Issuing Banks and the Uniform Commercial Code Lenders) of (or applicable judicial docket1) as in effect ▇▇▇▇▇▇, ▇▇▇▇▇ & Bockius LLP, New York counsel for the Obligors, and (2) ▇▇▇▇ ▇. ▇▇▇▇▇, Esq., General Counsel for the Guarantor and counsel for the Borrowers, in each jurisdiction case covering such customary matters relating to this Amendment, the Amended Agreement and the Transactions as the Administrative Agent shall reasonably request, and the Obligors hereby request such counsel to deliver such opinions;
(B) such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Obligors, the authorization of the Transactions, and any other legal matters relating to the Obligors, this Amendment, the Amended Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel;
(C) a certificate (the statements in which filings or recordations under shall be true), signed by an Authorized Officer of each Obligor, certifying that:
(1) the Uniform Commercial Code should be made to evidence or perfect security interests in all assets representations and warranties of the BorrowerObligors set forth in this Amendment, indicating among the Amended Agreement and the other things that Loan Documents are true and correct on and as of the assets Effective Date with the same effect as though made on and as of each such date, except to the Borrower are not subject extent such representations and warranties expressly relate to any Liens an earlier date (except for Liens permitted under this Agreementin which case such representations and warranties were true and correct as of such earlier date); and
(xi2) substantially concurrent payoff in full both before and after giving effect to this Amendment, no Default or Event of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder Default has occurred and the termination of all commitments thereunder;is continuing; and
(bD) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived a certificate, signed by the Administrative Agentan Authorized Officer of each Obligor, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining confirming compliance with the conditions specified set forth in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto2.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent's receipt , counterparts of this Amendment executed by each of the followingLoan Parties, the Lenders collectively comprising at least the Required Lenders (in their capacities as Lenders and, if applicable, as Swap Counterparties) and the Administrative Agent.
(b) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, a Joinder Agreement to the Subsidiary Guaranty executed by each Loan Party identified as a New Guarantor on Schedule 1 attached hereto.
(c) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, counterparts of the Intercreditor Agreement executed by each of the parties party thereto.
(d) The Borrower and certain of its Subsidiaries shall have (i) executed and delivered the Pledge Agreement, (ii) made all filings necessary or desirable in order to perfect and protect the first priority liens and security interests created in the Collateral (as defined in the Pledge Agreement) and (iii) delivered to the Collateral Agent certificated securities of each applicable Issuer (as defined in the Pledge Agreement), if any, together with any applicable share powers delivered in blank.
(e) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, an amendment to each of the KeyBank Credit Agreements, the ▇▇▇▇▇ Fargo Credit Agreement and the JPM Credit Agreement, it being understood that, in each case, any such amendment that is in substantially the same form as this Amendment or otherwise substantially consistent with the summary of amendment terms previously approved by the Administrative Agent shall be deemed satisfactory.
(f) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective Date) of ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, counsel for the Borrower and the other Loan Parties and ▇▇▇▇▇▇▇ LLP, special Maryland counsel to the Company, in each case, in form and substance reasonably acceptable to the Administrative Agent and covering such other matters relating to the Loan Parties and this Amendment as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.
(g) The Administrative Agent shall have received the following items from the Borrower:
(i) Certificates of good standing for each Loan Party from the states of organization of such Loan Party, certified by the appropriate governmental officer and dated not more than thirty (30) days prior to the Amendment Effective Date;
(ii) Copies of the formation documents of each Loan Party certified by an officer of such Loan Party, together with all amendments thereto;
(iii) Incumbency certificates, executed by officers of each Loan Party, which shall be originals, "pdfs" or telecopies identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents on behalf of such Loan Party (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated and to make borrowings and request other extensions of credit hereunder on behalf of the Closing Date (orBorrower, in the case of certificates of governmental officialsthe Borrower), a recent date before the Closing Date) and each in form and substance reasonably satisfactory to upon which certificate the Administrative Agent and each the Lenders shall be entitled to rely until informed of the Lenders:
(i) executed counterparts of this Agreement, sufficient any change in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed writing by the Borrower;
(iiiiv) Copies, certified by a pledge agreementSecretary or an Assistant Secretary of each Loan Party of the resolutions (and resolutions of other bodies, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed if any are reasonably deemed necessary by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in counsel for the Administrative Agent's possession) authorizing the transactions contemplated by this Amendment, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) be executed and delivered by the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Loan Parties; and
(xiv) substantially concurrent payoff in full UCC financing statement, judgment, and tax lien searches with respect to each Loan Party from its state of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;organization.
(bi) All The fees required to be paid to provided for in Section 5, (ii) any fees separately agreed by the Administrative Agent on or before and the Closing Date shall have been paid Borrower, and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agentiii) to the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent)) due and payable on the Amendment Effective Date shall have been paid in full.
(di) The Borrower Administrative Agent and each Lender shall have delivered to received all documentation and other information about the Loan Parties as shall have been reasonably requested by the Administrative Agent, and any Agent or such Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting Amendment Effective Date that it shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the generality of Patriot Act to the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved extent requested by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender at least five (5) Business Days prior to the proposed Closing Date specifying its objection theretoAmendment Effective Date.
Appears in 1 contract
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" originals or e-mails (in a .pdf format) or telecopies (in each case, followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party (to the extent a Loan Party is a party thereto), each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this AgreementAgreement executed by each of the parties to this Agreement on the Closing Date, and counterparts of Subsidiary Guaranties executed by (A) each Domestic Subsidiary and (B) each Foreign Subsidiary, if any, that is liable with respect to any Unsecured Indebtedness (other than (1) the Obligations or (2) obligations in respect of the SEB Portfolio-Preferred to the extent such obligations constitute Unsecured Indebtedness), in each case whether as borrower, guarantor or otherwise, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable SubsidiaryGrantor(s), together with:
(A) to the extent not already in the Administrative Agent's possessioncertificates or instruments, certificates if any, representing the Collateral pledged equity referred to therein thereunder accompanied by undated stock all endorsements and/or powers executed in blank; andrequired by the applicable Pledge Agreement,
(B) such evidence of that (1) all proper financing statements have been or contemporaneously therewith will be duly filed under the completion Uniform Commercial Code of all other actions, recordings applicable jurisdictions and filings of or with respect to the Pledge Agreement (2) all applicable perfection requirements that the Administrative Agent reasonably may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Pledge Agreement, covering the Collateral described in the Pledge Agreement,
(C) completed requests for information listing all effective financing statements or other perfection requirements filed in the jurisdictions referred to in clause (B) above that name any Domestic Subsidiary as debtor, together with (x) copies of such other financing statements and (y) if any such financing statement covers Collateral, termination statements (or similar documents) for filing in all applicable jurisdictions as may be necessary to terminate any such effective financing statements (or equivalent filings), and
(D) a Perfection Certificate duly executed by each Grantor;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and is validly existing, in form good standing (if applicable) and substance reasonably satisfactory qualified to engage in business in its jurisdiction of organization and each other jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, extent that (A) after giving effect failure to the financing hereunder and each Loan do so could not reasonably be expected to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIhave a Material Adverse Effect;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viiix) a favorable opinion of Sidley Austin ▇▇▇▇▇▇▇▇ Chance US LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders Administrative Agent may reasonably requestrequest and (y) a favorable opinion of Luxembourg counsel, addressed to the Administrative Agent and each Lender, as to such matters as the Administrative Agent may reasonably request with respect to Pledge Agreements that are governed by Luxembourg law;
(ixvii) a certificate of a Responsible Officer of Holdings or the Borrower, on behalf of itself and each Loan Party, either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(viii) a certificate signed by a Responsible Officer of the Borrower (x) certifying that (A1) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B2) that since the date of the Historical Financial Statements, there has been no event or circumstance since the date of the Audited Financial Statements that has had or could reasonably be reasonably expected toto have, either individually or in the aggregate, have a Material Adverse Effect, Effect and (C3) that there is no action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowerany Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority that would (A) relates to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or thereby, or (B) could reasonably be expected expected, either individually or in the aggregate, to have a Material Adverse Effect and (Dy) that no consents, licenses or approvals are required in connection with the consummation by the Borrower attaching copies of the transaction contemplated hereby and Organization Documents of each Person whose Equity Interests are included in the executionCollateral, delivery and performance by which Organization Documents shall (1) in the Borrower and the validity against the Borrower reasonable opinion of the Loan Documents to which it is a party;
(x) Administrative Agent, permit the Administrative Agent shall have received to realize on such Collateral upon the results occurrence and during the continuance of a Lien search an Event of Default and (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), 2) otherwise be in form and substance reasonably satisfactory theretoto the Administrative Agent;
(ix) a duly completed compliance certificate as of the last day of the fiscal quarter of Holdings ended on December 31, made against 2016, signed by a Responsible Officer of Holdings, giving pro forma effect to the transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date) and including in reasonable detail the calculations required to establish compliance with the covenants set forth in Section 7.11 (such compliance certificate, the “Pro Forma Closing Date Compliance Certificate”);
(x) a Solvency Certificate from the Borrower under certifying that, after giving effect to the Uniform Commercial Code transactions to occur on the Closing Date (or applicable judicial docketincluding, without limitation, all Credit Extensions to occur on the Closing Date), the Loan Parties and their Subsidiaries, taken as a whole and on a consolidated basis, are Solvent;
(xi) an Approved Appraisal for each Property that is included in the calculation of Consolidated Total Asset Value as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the BorrowerClosing Date;
(xii) the financial statements referenced in Section 5.05(a) and consolidated forecasted balance sheet and statements of income and cash flows of Holdings and its Subsidiaries on a quarterly basis for the fiscal year ending December 31, indicating among 2017 and on an annual basis for the succeeding two fiscal years;
(xiii) all documentation and other things information that the assets of each Administrative Agent or any Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Act; and
(xixiv) substantially concurrent payoff in full of all outstanding obligations under such other certificates, consents and other documents, as the Existing Credit Agreement with Administrative Agent, the proceeds of L/C Issuer, the initial Loans funded hereunder and Swing Line Lender or the termination of all commitments thereunder;Required Lenders reasonably may require.
(b) All Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) at least two Business Day Days prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the first date (such date being referred to as the “Amendment No. 6 Effective Date”, on or before September 18which date is March 17, 2018, all 2016) when each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent shall have received counterparts of this Amendment, duly executed and delivered by (i) the Borrower, (ii) Holdings, (iii) the MLP, (iv) Consenting Lenders constituting the Required Lenders and (v) the Administrative Agent's receipt .
(b) The Administrative Agent shall have received, on behalf of itself and the Lenders, an opinion from ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, special New York counsel to the Credit Parties, dated as of the following, Amendment No. 6 Effective Date and addressed to the Administrative Agent and each of which shall be originalsthe Lenders, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent.
(c) The Administrative Agent and each of the Lenders:
shall have received (i) executed counterparts certificates of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
good standing (ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in such concept exists) from the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence applicable secretary of state of the completion state of all other actionsorganization of each Credit Party, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Credit Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement Amendment and the other Loan Documents to which the Borrower is a party or is to be a party;
(vii) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to dated as of the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Amendment No. 6 Effective Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that Borrower, confirming satisfaction of the conditions specified set forth in Sections 4.02(a2(e) and (bg) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)Amendment.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from the Borrower a consent fee payable for the account of each Consenting Lender, in an amount equal to 0.25% of the aggregate principal amount of Term Loans held by such Consenting Lender prior to as of the proposed Closing Date specifying its objection thereto.Amendment No. 6
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all The effectiveness of this Amendment (the “Amendment No. 1 Effective Date”) is subject to the satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's receipt Agent shall have received counterparts of (i) this Amendment duly executed by the Borrowers, the Required Lenders, each Revolving Lender increasing its Revolving Commitment pursuant to this Amendment, each 2015 Term Lender (as defined in the Amended Credit Agreement), each New Lender, the Issuing Bank, the Swingline Lender and the Administrative Agent and (ii) the Consent and Reaffirmation attached hereto duly executed by the Subsidiary Guarantors.
(b) The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Amendment No. 1 Effective Date) of (i) Fried, Frank, Harris, ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP, counsel for the Loan Parties, and (ii) the General Counsel of the followingCompany, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution its counsel and covering such matters relating to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amendedLoan Parties, the "Pledge Agreement")Loan Documents, duly executed by this Amendment or the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower Transactions as the Administrative Agent may shall reasonably require evidencing request. The Company hereby requests such counsels to deliver such opinions.
(c) The Administrative Agent shall have received (i) a certificate signed by the identityChief Executive Officer, authority and capacity a Vice President or a Financial Officer of each Responsible Officer thereof authorized the Company certifying that, after giving effect to act as a Responsible Officer this Amendment, the Company is in connection compliance with this the covenants contained in Section 6.07 of the Credit Agreement and the (ii) such other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to documents and certificates as the Administrative Agent a certificateor its counsel may reasonably request relating to the organization, existence and good standing of the Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.
(d) The Administrative Agent shall have received, for the account of each applicable Lender party hereto that delivers its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect an upfront fee in an amount equal to the financing hereunder and each Loan amount previously disclosed to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;Lenders.
(vie) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results payment of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all ’s and its affiliates’ fees and reasonable and documented out-of-pocket fees, charges expenses (including reasonable out-of-pocket fees and disbursements expenses of one primary counsel to the Administrative Agent (directly to such counsel if requested by counsels for the Administrative Agent) to in connection with this Amendment and the extent invoiced other Loan Documents, and for which invoices have been presented at least one (1) Business Day prior to the Closing Amendment No. 1 Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(df) The Borrower Administrative Agent shall have delivered administered such reallocations, sales, assignments, transfers (or other relevant actions in respect) of each Lender’s Applicable Percentage of the relevant Class of Credit Exposure under the Credit Agreement (including the New Lenders) as are necessary in order that each relevant Class of Credit Exposure with respect to such Lender reflects such Lender’s Applicable Percentage of such Class of Credit Exposure under the Administrative AgentCredit Agreement as amended hereby. The Company hereby agrees to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any Lender requesting Eurocurrency Loans and the same, a Beneficial Ownership Certificationreallocation described in this clause (f), in each case at least five (5) Business Days prior to on the Closing Date. Without limiting terms and in the generality manner set forth in Section 2.16 of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoCredit Agreement.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent's receipt of the followingAgent shall have received, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, counterparts of this Amendment executed by each Lender of the Loan Parties, the Lenders collectively comprising at least the Required Lenders and the Borrower;Administrative Agent.
(iib) a Revolving Credit Note The Administrative Agent shall have received, in form and a Term Note for each requesting Lender executed by substance satisfactory to the Borrower;
(iii) a pledge agreementAdministrative Agent, counterparts of an amendment to the Intercreditor Agreement in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly A attached hereto executed by each of the Borrower and any applicable Subsidiary, together with:parties party thereto.
(Ac) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the The Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificatereceived, in form and substance reasonably satisfactory to the Administrative Agent, an amendment to each of the JPM Credit Agreement, the Existing KeyBank Credit Agreement, the ▇▇▇▇▇ Fargo Credit Agreement and certified the PNC Bank Credit Agreement, it being understood that, in each case, any such amendment that is in substantially the same form as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 this Amendment or otherwise substantially consistent with the covenants contained in Article VIII;
(vi) certificates as summary of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice amendment terms previously approved by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;shall be deemed satisfactory.
(ixd) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results a certificate of a Lien search Secretary or an Assistant Secretary of the Company certifying (including a search i) as to judgmentsthe resolutions authorizing the transactions contemplated by this Amendment, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against (ii) that there have been no amendments to the formation documents of the Borrower under since June 30, 2020, or, if there have been any amendments, attaching copies of such amendments, and (iii) that there have been no changes to the Uniform Commercial Code (or applicable judicial docket) incumbency of officers authorized to execute this Amendment since June 30, 2020, or, if there have been any changes, certifying as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidsuch changes.
(ce) Unless waived by the Administrative Agent, the The Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements consummated (or shall substantially simultaneously consummate) an issuance of one primary counsel to the Administrative Agent Qualifying Senior Secured Notes.
(directly to such counsel if requested by the Administrative Agentf) to To the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent).
(d) The Borrower due and payable on the Amendment Effective Date shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, been paid in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretofull.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective ifas of the date when, on or before September 18and only when, 2018, all of the following conditions precedent have been met:satisfied or waived (the “Amendment Effective Date”):
(a) The Administrative Receipt by the Agent (or by the Agent's receipt ’s counsel on its behalf) of counterparts of this Agreement, duly executed by the Company, the Existing Brazilian Term Borrower, the New Brazilian Term Borrower, the Agent, each Brazilian Term A Lender and Lenders constituting the Required Lenders under the Credit Agreement.
(b) Receipt by the Agent (or by the Agent’s counsel on its behalf) of the following, each of which shall be originals, "pdfs" originals or telecopies scanned versions (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each Officer of the LendersNew Brazilian Term Borrower:
(i) executed counterparts a favorable opinion, dated as of this Agreement, sufficient in number for distribution the Amendment Effective Date and addressed to the Administrative Agent, Agent and each Brazilian Term A Lender and from special Brazilian counsel for the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificateBrazilian Companies, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viiiii) a favorable opinion of Sidley Austin LLP, counsel as to the Borrowerenforceability of this Agreement (and of the Credit Agreement, as amended hereby), dated as of the Amendment Effective Date and addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower Lenders from special New York counsel for the Company and the Loan Documents as New Brazilian Term Borrower, in form and substance reasonably satisfactory to the Required Lenders may reasonably requestAgent;
(ixiii) a certificate signed by of a Responsible Officer secretary or assistant secretary (or equivalent position) of the Borrower certifying New Brazilian Term Borrower, together with appropriate attachments which shall include the following items: (A) that a true, complete and correct copy of the conditions specified in Sections 4.02(a) and (b) have been satisfiedarticles of incorporation, certificate of limited partnership, certificate of formation or organization or other constitutive document of the New Brazilian Term Borrower, to the extent applicable, certified by an appropriate Governmental Authority, (B) that there has been no event or circumstance since the date a true, complete and correct copy of the Audited Financial Statements that has had by-laws, partnership agreement or could be reasonably expected to, either individually limited liability company or in operating agreement (or other applicable organizational document) of the aggregate, have a Material Adverse EffectNew Brazilian Term Borrower, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge a certified copy of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower resolutions of the transaction contemplated hereby and board of directors, board of managers or other appropriate entity of the New Brazilian Term Borrower authorizing the execution, delivery and performance by the New Brazilian Term Borrower of this Agreement and the validity against transactions contemplated hereby, and (D) certificates of legal existence and good standing, to the Borrower extent available, of the Loan Documents to which it is a party;New Brazilian Term Borrower issued by an appropriate Governmental Authority; and
(xiv) a certificate from a Responsible Officer of the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion)Company, in form and substance reasonably satisfactory theretoto the Agent and dated as of the Amendment Effective Date, made against certifying that (A) no Default or Event of Default has occurred and is continuing, and (y) the Borrower under representations and warranties set forth in the Uniform Commercial Code (or applicable judicial docket) as Credit Agreement and each other Loan Document are true and correct in effect in each jurisdiction all material respects, except to the extent that such representations and warranties specifically refer to an earlier date, in which filings or recordations under the Uniform Commercial Code should case they shall be made to evidence or perfect security interests true and correct in all assets material respects as of such earlier date and except to the extent that such representations and warranties are already qualified as to materiality, in which case such qualified representations and warranties shall be true and correct; provided that any representations and warranties with respect to the Collateral Documents and related matters specified on Schedule 5.01(m) to the Credit Agreement shall only be required to be true and correct as of the Borrower, indicating among other things that the assets time period specified for execution and effectiveness of each the Borrower are not such Collateral Documents and related matters (and subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff applicable extensions of such time periods which may have been granted in full of all outstanding obligations under the Existing Credit Agreement accordance with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidterms thereof).
(c) Unless waived As at the Amendment Effective Date, there are no outstanding Loans payable by the Administrative AgentExisting Brazilian Term Borrower, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested or other amounts payable by the Administrative Agent) Existing Brazilian Term Borrower on account of any Loans made to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)it.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all and the obligation of the L/C Issuer and each Lender to make the initial Credit Extensions hereunder is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originalsoriginal, "pdfs" or e-mail (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender Agreement and the BorrowerGuaranty Agreement;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note prior to the Closing Date;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiaryeach Loan Party, together with:
(A) to certificates or instruments, if any, representing the extent not already Certificated Securities (as defined in the Pledge Agreement), if any, accompanied by all endorsements and/or powers required by the Pledge Agreement,
(B) proper financing statements, to be filed under the Uniform Commercial Code of all jurisdictions that the Administrative Agent's possessionAgent may deem necessary or desirable in order to perfect the Liens created under the Pledge Agreement, certificates representing covering the pledged equity Collateral described in the Pledge Agreement,
(C) completed requests for information listing all effective financing statements filed in the jurisdictions referred to therein accompanied in clause (B) above that name any Loan Party as debtor, together with copies of such other financing statements,
(D) a Perfection Certificate, in substantially the form of Exhibit I-1, duly executed by undated stock powers executed in blankeach of the Loan Parties; and
(BE) such evidence of the completion of that all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Pledge Agreement have been taken (including receipt of duly executed payoff letters and UCC-3 terminations, if any);
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIexpected to have a Material Adverse Effect;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders Administrative Agent may reasonably request;
(vii) a favorable opinion of in-house counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
(viii) a favorable opinion of ▇▇▇▇▇▇▇ LLP, local counsel to the Loan Parties in Maryland, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
(ix) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(x) a certificate signed by a Responsible Officer of the Borrower (x) certifying that (A1) that the conditions specified in Sections 4.02(athis Section 4.01 have been satisfied (other than those conditions contingent upon the satisfaction of the Administrative Agent and/or the Lenders with respect to certain items received by them under this Section 4.01) and (b2) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowerany Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority related to the credit facility being provided under this Agreement or that would could reasonably be expected to have a Material Adverse Effect and (Dy) that no consents, licenses or approvals are required in connection with the consummation by the Borrower attaching copies of the transaction contemplated hereby and operating agreements, partnership agreements or other applicable organizational documents of each Person whose Equity Interests are included in the executionCollateral, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent organizational documents shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), be in form and substance reasonably satisfactory thereto, made against to the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); andAdministrative Agent;
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds a Borrowing Base Certificate duly certified by a Responsible Officer of the initial Loans funded hereunder and the termination of all commitments thereunderBorrower;
(xii) a Solvency Certificate from the Loan Parties certifying that, after giving effect to the transactions to occur on the Closing Date (including, without limitation, any Credit Extension to occur on the Closing Date), the REIT and its Consolidated Subsidiaries, on a consolidated basis, are Solvent;
(xiii) evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect (and the amount, types and terms and conditions of all such insurance shall be satisfactory to the Lenders), together with the certificates of insurance and endorsements, naming, with respect to each policy of liability insurance maintained by any Loan Party, the Administrative Agent, on behalf of the Creditor Parties, as an additional insured;
(xiv) the financial statements referenced in Sections 5.05(a) and (b).
(xv) such other assurances, certificates, documents, consents or opinions as the Administrative Agent or any Arranger reasonably may require.
(i) All fees required to be paid to the Administrative Agent and the Arrangers on or before the Closing Date shall have been paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all of the date on which the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Required Lenders:
(i) by the Lenders and the Administrative Agent, executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note by such Lender;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower Lenders and any applicable Subsidiarythe Administrative Agent, executed counterparts of the Collateral Documents and the Guaranty, together with:
(A) to by the extent not already in Lenders and the Administrative Agent's possession, certificates representing if any of the pledged equity referred Pledged Equity Interests (other than in respect of the Equity Interests of Lux Holdco) shall be uncertificated securities (as defined in Article 8 of the UCC), confirmation and evidence satisfactory to therein accompanied by undated stock powers executed the Required Lenders that the security interest in blank; andsuch uncertificated securities has been transferred to and perfected for the Administrative Agent for the benefit of the Secured Parties in accordance with Section 9-106 of the Uniform Commercial Code;
(B) such evidence of by the completion Lenders and the Administrative Agent, proper financing statements in form appropriate for filing under the Uniform Commercial Code of all other actions, recordings and filings of or with respect to the Pledge Agreement jurisdictions that the Administrative Agent Required Lenders may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Security Agreement, covering the Collateral described therein;
(C) by the Lenders, copies of any other Uniform Commercial Code, judgment, tax lien, Intellectual Property, or other searches reasonably requested by the Required Lenders with respect to the Collateral, together with copies of the financing statements (or similar documents) disclosed by such searches, and accompanied by evidence that any Liens indicated in any such financing statement that are not permitted by Section 7.01 have been or contemporaneously will be released or terminated (or otherwise provided for in a manner reasonably acceptable to the Required Lenders); and
(D) by the Lenders, evidence that all other actions, recordings and filings that the Required Lenders may deem necessary or desirable in order to perfect the Liens created under the Collateral Documents have been taken or made (including receipt of duly executed payoff letters, UCC-3 termination statements and consent agreements, if applicable) or arrangements therefor satisfactory to the Required Lenders shall have been made;
(iv) the 2019 Mortgage, covering each of the Specified Barge Rigs listed on Schedule 5.07(A), duly executed by the appropriate Loan Party, together with:
(A) evidence that the 2019 Mortgage has been duly executed, acknowledged and delivered and is in form suitable for filing or recording with the United States Coast Guard and all other filing or recording offices that the Required Lenders may deem necessary or desirable in order to create a valid second and subsisting Lien on the Specified Barge Rigs described therein in favor of the Administrative Agent as trustee for the benefit of the Secured Parties and that all filing, documentary, stamp, intangible and recording taxes and fees have been paid (or arrangements for such payment satisfactory to the Required Lenders shall have been made); and
(B) to the Lenders, evidence that all other actions that the Required Lenders may deem necessary or desirable in order to create valid second and subsisting Liens on the property described in the Mortgages has been taken, including delivery of an abstract of title evidencing that the 2019 Mortgage has been recorded with the National Vessel Documentation Center, and such other documentation as the Lenders and the Administrative Agent may require, including a certificate of ownership, copy of certificate of documentation, and copy of certificate of financial responsibility (for each jurisdiction where applicable) with respect to each Specified Barge Rig;
(v) to the Lenders and the Administrative Agent, such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party (other than Lux Holdco), as the Administrative Agent Required Lenders may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vvi) Borrower shall have delivered to the Administrative Agent a certificate, in form Lenders and substance reasonably satisfactory to the Administrative Agent, such documents, agreements and certified certifications as accurate by the chief financial officer Required Lenders may reasonably require to evidence that each Loan Party (other than Lux Holdco), is duly organized or formed, and that each of Borrower, that the Loan Parties is validly existing and in good standing (A) after giving effect to the financing hereunder and each Loan to be advanced on extent that such latter concept is applicable in the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (Brelevant jurisdiction) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicableorganization;
(vii) written notice by Borrower designating a deposit account acceptable to the Lenders and the Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) Agent, a favorable opinion of Sidley Austin ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇ LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to covering such customary matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(viii) to the Lenders and the Administrative Agent, favorable opinions of local counsel to the Loan Parties in Delaware, Louisiana, Nevada and Oklahoma, addressed to the Administrative Agent and each Lender, covering such customary matters concerning the Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(ix) a favorable opinion of local counsel to the Loan Parties in Luxembourg, addressed to the Administrative Agent and each Lender, covering such customary matters concerning Lux Holdco as the Required Lenders may reasonably request;
(x) a favorable opinion of local counsel to the Administrative Agent in Luxembourg, addressed to the Administrative Agent and each Lender, covering such customary matters concerning the validity, perfection and enforceability of the Loan Documents governed by Luxembourg law as the Required Lenders may reasonably request;
(xi) to the Lenders, a certificate of a Responsible Officer of the Borrower either (1) attaching copies of all consents (including, without limitation, from any Governmental Authority, shareholder or other third-party), licenses and approvals required in connection with the execution, delivery and performance by any Loan Party and the validity against any Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect (except that the following consents do not need to be attached to such certificate to the extent delivered as attachments to any other certificate delivered on the Closing Date: (A) any consents of a member or partner of a Loan Party that are required with respect to the pledge of equity under such Loan Party’s Organization Documents and (B) any resolutions by each Loan Party’s governing body authorizing and approving the Loan Documents), or (2) stating that no such consents, licenses or approvals are so required;
(xii) to the Lenders and the Administrative Agent, executed counterparts of the Senior Lien Intercreditor Agreement;
(xiii) to the Lenders and the Administrative Agent, executed copies of the ABL Credit Agreement and the other ABL Loan Documents;
(xiv) to the Lenders and the Administrative Agent, a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections Section 4.02(a) and (bSection 4.02(b) have been satisfied;
(xv) to the Lenders, a reasonably satisfactory opening balance sheet of the Borrower and its consolidated Subsidiaries giving pro forma effect to the transactions occurring on the effective date of the Plan of Reorganization and a customary funds flow memorandum;
(Bxvi) that there has been no event or circumstance since to the date Lenders, copies of the Audited Financial Statements that has had or could be reasonably expected toand unaudited interim consolidated financial statements of the Borrower and its consolidated Subsidiaries for each fiscal quarterly period ended subsequent to December 31, either individually or 2018 as to which such financial statements are available, accompanied by a certificate of a Responsible Officer of the Borrower;
(xvii) to the Lenders, a Solvency Certificate in the aggregateform attached hereto as Exhibit F, executed by a Responsible Officer of Borrower;
(xviii) to the Lenders and the Administrative Agent, all documentation and other information with respect to the Loan Parties required by regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including without limitation the USA Patriot Act and the Beneficial Ownership Regulation at least five (5) Business Days prior to the Closing Date to the extent the same have been requested at least ten (10) Business Days prior to the Closing Date;
(xix) to the Lenders, evidence and documentation in form and substance reasonably satisfactory to the Required Lenders that, prior to or substantially concurrently with the Closing Date, Borrower has received cash proceeds of not less than $95,000,000 from the Rights Offering (as defined in the RSA), as such amount may be reduced to provide for netting of fees and expenses
(xx) to the Lenders, projections of the consolidated balance sheets, results of operations, cash flow and unused Commitments for the Borrower and its consolidated Subsidiaries covering the period from January 1, 2019 through the Maturity Date, prepared on a Material Adverse Effectquarterly basis for the fiscal year ending on December 31, 2019 and an annual basis for each fiscal year ending December 31, 2020, December 31, 2021 and December 31, 2022 (the “Initial Projections”), prepared by a Responsible Officer of the Borrower having responsibility over financial matters, all in form and substance reasonably satisfactory to the Required Lenders;
(xxi) to the Lenders, such other assurances, certificates (including a perfection certificate, if requested), documents, reports (including any environmental reports), consents or opinions as any Lender reasonably may require; and
(xxii) to the Lenders, with regard to Lux Holdco:
(A) an up-to-date copy of the constitutional documents of Lux Holdco;
(B) an excerpt delivered by the RCS pertaining to Lux Holdco dated no earlier than one (1) Business Day prior to the date of this Agreement;
(C) that there is a non-registration certificate (certificat de non-inscription d’une decision judiciaire) from the RCS pertaining to Lux Holdco and dated no action, suit, investigation or proceeding pending or, earlier than one (1) Business Day prior to the knowledge date of this Agreement, stating that no judicial decision has been registered with the RCS by application of article 13, items 2 to 11bis and article 14 of the BorrowerLuxembourg law dated 19 December 2002 relating to the register of commerce and companies as well as the accounting and the annual accounts of companies, threatened as amended (the “RCS Law”), according to which Lux Holdco would be subject to one of the judicial proceedings referred to in writing these provisions of the RCS Law including in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect particular, bankruptcy (faillite), controlled management (gestion contrôlée), suspension of payments (sursis de paiement), arrangement with creditors (concordat préventif de la faillite) and judicial liquidation (liquidation judiciaire) proceedings.
(D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower a copy of a resolution of the transaction contemplated hereby board of directors of Lux Holdco:
(1) approving the terms of, and the executiontransactions contemplated by, delivery and performance by the Borrower this Agreement and the validity against the Borrower of Loan Documents to which it is a party and resolving that it execute, deliver and perform this Agreement and the Loan Documents to which it is a party;
(x2) authorizing a specified person or persons to execute this Agreement and the Administrative Agent shall have received the results of Loan Documents to which it is a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in party on its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)behalf; and
(xi3) substantially concurrent payoff authorizing a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or dispatched by it under or in connection with this Agreement and the Loan Documents to which it is a party.
(E) a specimen of the signature of each person authorized by the resolution referred to in paragraph (D) above;
(F) a certificate of a Responsible Officer of Lux Holdco confirming that:
(1) it is not subject to bankruptcy (faillite), pre-bankruptcy, insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), reprieve from payment (sursis de paiement), controlled management (gestion contrôlée);
(2) it is not, on the date of the Agreement, in a state of cessation of payments (cessation de paiement) and has not lost its commercial creditworthiness;
(3) no application has been made by it or, as far as it is aware, by any other person for the appointment of a commissaire, juge-commissaire, liquidateur, curateur or similar officer pursuant to any insolvency or similar proceedings;
(4) no application has been made by it for a voluntary or judicial winding-up or liquidation; and
(5) borrowing or guaranteeing or securing, as appropriate, the Obligations would not cause any borrowing, guarantee, security or similar limit binding Lux Holdco to be exceeded.
(G) a certificate of an authorized signatory of Lux Holdco certifying that each copy document relating to it specified in this Section 4.01(a) is correct, complete and in full force and effect as at a date no earlier than the date of all outstanding obligations this Agreement.
(H) a copy of the shareholders’ register of the Lux Holdco (prior to the registration of the pledge created under the Existing Credit Agreement with the proceeds Lux Share Pledge Agreement) evidencing that ▇▇▇▇▇▇ North America Operations, LLC owns 100% of the initial Loans funded hereunder outstanding Equity Interests of Lux Holdco.
(I) evidence reasonably satisfactory to the Required Lenders that Lux Holdco and one or more other Loan Parties shall, in the termination aggregate, have acquired and directly own 100% of all commitments thereunder;the outstanding Equity Interests of ▇▇▇▇▇▇ Drilling Arctic Operating, LLC, Quail Tools, L.P., ▇▇▇▇▇▇ Drilling Offshore USA L.L.C. and Quail USA, LLC.
(b) All The Administrative Agent and Lenders shall have received all fees required to be paid and other amounts due and payable on or prior to the Administrative Agent on or before Closing Date, including, without limitation, all filing and recording fees and Taxes and, to the extent invoiced at least two Business Days prior to the Closing Date shall have been paid and Date, reimbursement or payment of all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder (including all such reasonable fees, charges and disbursements of one primary counsel to the Administrative Agent (Agent, paid directly to such counsel if requested by the Administrative Agent).
(c) The Loan Parties’ capital structure and financing plan shall be satisfactory to the extent invoiced one Required Lenders (1) Business Day prior it being agreed and understood that the capital structure and financing plan as set forth in the RSA as in effect on the “RSA Effective Date” as defined in the RSA, and as amended by any amendments consented to in writing by the Required Lenders, shall be deemed satisfactory to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative AgentRequired Lenders).
(d) The Borrower Bankruptcy Court shall have delivered entered the Confirmation Order, in form and substance reasonably satisfactory to the Administrative AgentRequired Lenders, such order shall have become a Final Order and any Lender requesting all conditions to the same, a Beneficial Ownership Certification, effectiveness of the Plan of Reorganization shall have been satisfied or waived in each case at least five accordance therewith.
(5e) Business Days prior Prior to or substantially concurrently with the Closing Date. Without limiting , DIP Credit Agreement (as defined in the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent ABL Credit Agreement) shall have received notice from such Lender prior been terminated and all Obligations (as defined in the DIP Credit Agreement) shall have been paid in full in cash (other than (i) indemnification obligations and other contingent obligations not then due and payable and as to which no claim has been made and (ii) any letters of credit issued thereunder that constitute Existing Letters of Credit (as defined in the proposed Closing Date specifying its objection theretoABL Credit Agreement)).
Appears in 1 contract
Sources: Term Loan Credit Agreement (Parker Drilling Co /De/)
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all upon the satisfaction of the following conditions precedent have been metset forth in this Section 3:
(a) The Administrative Agent (or its counsel) shall have received from each Borrower and from each other party hereto (including the Administrative Agent's receipt of the following, each Lender and each Voting Participant) an executed signature page counterpart of which this Agreement. CHAR1\1715384v6
(b) The Administrative Agent shall be originalshave received written opinions of counsel for the Borrowers (including any local counsel, "pdfs" or telecopies (followed promptly by originals) unless otherwise specifiedif applicable), each properly executed by a Responsible Officer, each dated the Closing Date (or, in date hereof and as to the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance matters reasonably satisfactory to the Administrative Agent and the Lenders.
(c) The Administrative Agent shall have received each of the Lendersfollowing documents, each of which shall be reasonably satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance:
(i) executed counterparts such documents and certificates as the Administrative Agent or its counsel may reasonably request, certified as of this Agreementthe Second Amendment Effective Date as complete and correct copies thereof by the Secretary or an Assistant Secretary of each Borrower relating to (A) the organization, sufficient in number for distribution existence and good standing of such Borrower, (B) the authorization of the execution, delivery and performance by such Borrower of the applicable Loan Documents delivered by it on the Second Amendment Effective Date and of the borrowings thereunder by such Borrower, (C) certificates as to the Administrative Agentincumbency and signature of each individual signing this Agreement and/or any other Loan Document or other agreement or document contemplated hereby and delivered in connection herewith on behalf of the applicable Borrower, each Lender and (D) the absence of any pending proceeding for the dissolution or liquidation of such Borrower or threatening the existence of such Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate certificate signed by the chief executive officer, chief financial officer or a senior vice president of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since December 31, 2019 that, individually or in the date of the Audited Financial Statements that aggregate, has had or could would be reasonably expected toto have, either individually or in the aggregate, have a Material Adverse Effect, ;
(Ciii) a certificate from a Responsible Officer certifying that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, any Responsible Officer threatened in writing in writing, litigation, action or proceeding, including, without limitation, any court Environmental Action, affecting such Borrower or any of its Subsidiaries before any court, governmental agency or arbitrator or Governmental Authority that would could be reasonably be expected likely to have a Material Adverse Effect Effect, excluding for the purposes of this clause (iii) any litigation, actions and proceedings disclosed (Dand solely to the extent disclosed) in writing to the Administrative Agent and the Lenders at least ten (10) days prior to the Second Amendment Effective Date; and
(iv) an officer’s certificate from a financial officer of Rayonier to the effect that no consents, licenses or all material governmental and third-party approvals are required necessary in connection with the consummation transactions contemplated by this Agreement have been received and shall be in full force and effect.
(d) The Lenders shall have received (i) audited consolidated financial statements of Rayonier for the fiscal years ended December 31, 2017, 2018 and 2019 and (ii) financial statement projections through and including the fiscal year ending 2022, together with such additional financial information as the Administrative Agent may reasonably request (including, without limitation, if requested, a detailed description of the assumptions used in preparing such projections). CHAR1\1715384v6
(e) The Administrative Agent shall have received, at least two (2) Business Days prior to the Second Amendment Effective Date, (i) all documentation and other information required by authorities under applicable “Know Your Customer” and Anti-Terrorism and Anti-Corruption Laws and regulations, including, without limitation, the USA PATRIOT Act and (ii) if any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Borrower, in each case, to the extent requested in writing by the Borrower of Administrative Agent at least three (3) Business Days prior to the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;Second Amendment Effective Date.
(xf) the The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid received on the Second Amendment Effective Date separately agreed to between the Administrative Agent on or before the Closing Date and Rayonier and shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agentreceived, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced in reasonable detail at least one (1) Business Day prior to the Closing Datedate hereof, plus such additional amounts reimbursement or payment of such all reasonable out of pocket expenses (including reasonable fees, charges and disbursements of ▇▇▇▇▇ & ▇▇▇ ▇▇▇▇▇ PLLC) required to be reimbursed or paid by the Borrowers pursuant to Section 8.04 of the Amended Credit Agreement in connection with the preparation, negotiation, execution and delivery of this Agreement.
(g) Each of the representations and warranties made by each Borrower in or pursuant to the Loan Documents shall be true and correct in all material respects on and as shall constitute its reasonable estimate of the Second Amendment Effective Date as if made on and as of such feesdate (except to the extent applicable to an earlier date, charges in which case such representations and disbursements incurred or warranties shall be true and correct in all material respects as of such earlier date and except to the extent such representations and warranties are qualified by materiality, in which case such representations and warranties shall be incurred by it through true and correct as of the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative AgentSecond Amendment Effective Date).
(dh) The Borrower No Default or Event of Default shall have delivered to occurred and be continuing on the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Second Amendment Effective Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Credit Agreement (Rayonier Inc)
Conditions of Effectiveness. This Agreement The Commitments of each Lender hereunder shall become be effective if, on or before September 18, 2018, all upon satisfaction of the following conditions precedent have been met:
precedent: Unless waived by all the Lenders (aor by the Arranger and the Administrative Agent with respect to matters or items specified in clause (v) The or (vi) below with respect to which the Borrower has given assurances satisfactory to the Arranger and the Administrative Agent that such items shall be delivered promptly following the Closing Date), the Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" originals or telecopies facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Arranger, the Administrative Agent and each of the Lenders:
(i) : except as otherwise specified in Section 6.15, executed counterparts of this Agreement, the Pledge Agreement, the Guaranty, the Interco Subordination Agreement and the Intercreditor Agreement, in each case, sufficient in number for distribution to the Arranger, the Administrative Agent, each Lender Agent and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly ; Notes executed by the Borrower and any applicable Subsidiaryin favor of each Lender requesting such a Note, together with:
(A) each in a principal amount equal to such Lender's Commitment; [Reserved]; except as otherwise specified in Section 6.15, evidence satisfactory to the extent not already Administrative Agent that the Lien granted to the Collateral Agent for the benefit of the Lenders in the Administrative Agent's possession, certificates representing collateral described in the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
Pledge Agreement is a perfected security interest (B) such evidence of the completion of all other actions, recordings and filings of or except that with respect to the Pledge Agreement pledge of any Capital Stock of First Tier Foreign Subsidiaries, perfected to the extent that the Administrative Agent may deem reasonably necessary or reasonably desirable Uniform Commercial Code in order the relevant jurisdiction is applicable) in each case subject to perfect nonconsensual Permitted Liens; and no Lien (other than nonconsensual Permitted Liens) exists on any such collateral described above other than the Liens Lien created thereby;
(iv) in favor of the Collateral Agent, for the benefit of the Lenders, pursuant to the Loan Documents and the Lenders under the 364-Day Credit Agreement; such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing to establish the identity, identities of and verify the authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(v) Borrower shall have delivered to ; such evidence as the Administrative Agent a certificatemay reasonably require to verify the due organization or formation, in form good standing and substance reasonably satisfactory qualification to do business with respect to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIother Loan Party;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Credit Agreement (Solectron Corp)
Conditions of Effectiveness. This Agreement Amendment shall become not be effective ifunless and until all corporate actions of Borrower and the Significant Subsidiaries taken in connection herewith and the transactions contemplated hereby shall be satisfactory in form and substance to Administrative Agent and Lenders, on or before September 18, 2018, all and each of the following conditions precedent shall have been metsatisfied:
(a) The All reasonable out-of-pocket fees and expenses in connection with the Loan Documents, including this Amendment, including legal and other professional fees and expenses incurred on or prior to the date of this Amendment by Administrative Agent's receipt Agent or any Lender, including, without limitation, the fees and expenses of Winstead Sechrest & Minick P.C. and KPMG LLP, shall have been ▇▇▇▇.
(b) ▇▇▇▇▇▇strative Agent shall have received each of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts a certificate of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, Required Lenders and certified as accurate by the chief financial officer of BorrowerAdministrative Agent's counsel, that certifying (A) as to the accuracy in all material respects, after giving effect to this Amendment, of the financing hereunder representations and each warranties set forth in the Credit Agreement, this Amendment and the other Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each SolventDocuments, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been exists no event Default or circumstance since the date Event of the Audited Financial Statements that has had or could be reasonably expected toDefault, either individually or in the aggregateafter giving effect to this Amendment, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is this Amendment will not cause a partyDefault or Event of Default;
(xii) payment of the Amendment Fee;
(iii) such other documents, certificates and instruments as the Administrative Agent shall require prior to the date hereof.
(c) The Administrative Agent shall have received the results a Priority Advance Asset Coverage Report dated as of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid date proximate to the Administrative Agent on or before the Closing Date shall have been paid and all fees Thirteenth Amendment Effective Date, together with such supporting information with respect thereto as may be reasonably required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all of when the following conditions precedent have been metsatisfied or waived in accordance with Section 10.01:
(a) The Administrative Agent's receipt Agent shall have received all of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the LendersAgent:
(i) executed counterparts of (A) this Agreement executed by the Borrower, the Administrative Agent and the Lenders listed on the signature pages to this Agreement, sufficient in number for distribution to and (B) the Collateral Agency Joinder Agreement executed by the Borrower and the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note reasonably in advance of the Closing Date;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly Agreement Amendment executed by the Borrower parties thereto and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all UCC financing statements and other actions, recordings and filings of documents or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably instruments necessary or reasonably desirable in order advisable to perfect the Liens security interests created therebyby the Pledge Agreement;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Restricted Person as the Administrative Agent may reasonably require require, in form and substance reasonably satisfactory to the Administrative Agent, evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Restricted Person is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent may reasonably require to evidence that each Restricted Person is duly organized or formed, and that each Restricted Person is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a certificateMaterial Adverse Effect;
(vi) a favorable opinion of each of (A) ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, counsel to the Restricted Persons and (B) the General Counsel or Associate General Counsel of ETP, LLC, in each case in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning ; and the Borrower and the Loan Documents as the Required Lenders may reasonably requesthereby requests such counsel to deliver such opinion;
(ixvii) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified set forth in Sections 4.02(aSection 4.01(b), (c) and (bd) have been satisfied, shall be true and correct;
(Bviii) that there has been no event or circumstance since the date of Solvency Certificate executed by the Audited Chief Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge Officer of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and ;
(Dix) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a partyInitial Financial Statements;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax customary payoff letters and intellectual property matters withdrawal letters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets respect of the Borrower, indicating among other things that Collateral Agency Agreement in connection with the assets repayment of each indebtedness as described in the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)definition of Refinancing herein; and
(xi) substantially concurrent payoff a Loan Notice in full of all outstanding obligations under the Existing Credit Agreement accordance with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;Section 2.03.
(b) All fees required After giving effect to be paid this Agreement, the Transactions to the Administrative Agent occur on or before the Closing Date and the other transactions contemplated hereby, the Borrower shall not have been paid and all fees required to be paid any Indebtedness for borrowed money or preferred Equity Interests other than (i) the Obligations, (ii) the Senior Note Obligations, (iii) the obligations pursuant to the Lenders Term Loan Credit Agreement, (iv) Indebtedness incurred under agreements and instruments set forth on or before the Closing Date shall have been paidmost recent applicable periodic filing made by the Borrower with the Securities and Exchange Commission and (v) Indebtedness permitted under Section 7.01.
(c) As of the Closing Date, each of the representations and warranties made by any Restricted Person in or pursuant to the Loan Documents shall be true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by “materiality,” “Material Adverse Effect” or similar qualifier, in which case, it shall be true and correct in all respects), as if made on and as of such date, except for any representations and warranties made as of a specified date, which shall be true and correct in all material respects (or in all respects, as applicable) as of such specified date.
(d) At the time of and immediately after giving effect to the Closing Date, no Default or Event of Default shall have occurred and be continuing.
(e) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one at least two (12) Business Day days prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(df) The Borrower Lenders shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case received at least five three (53) Business Days prior to the Closing Date, to the extent requested at least five (5) days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. Without limiting the generality of the provisions of the last paragraph of Section 10.039.04, for purposes of determining compliance with the conditions specified in this Section 4.01Section, each Lender that has signed executed and delivered this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the first date (such date being referred to as the “Amendment No. 3 Effective Date”, on or before September 18which date is October 13, 2018, all 2015) when each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent shall have received counterparts of this Amendment duly executed and delivered by (A) the Borrower, (B) the MLP, (C) the Consenting Lender and (D) the Administrative Agent's receipt .
(b) The Administrative Agent shall have received, on behalf of itself and the Lenders, an opinion from ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, special New York counsel to the Credit Parties, dated as of the followingAmendment No. 3 Effective Date and addressed to the Administrative Agent and the Consenting Lender, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent.
(c) The Administrative Agent and each of the Lenders:
shall have received (i) executed counterparts certificates of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
good standing (ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in such concept exists) from the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence applicable secretary of state of the completion state of all other actionsorganization of each Credit Party, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Credit Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement Amendment and the other Loan Documents to which the Borrower is a party or is to be a party;
(vii) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to dated as of the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Amendment No. 3 Effective Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that Borrower, confirming satisfaction of the conditions specified set forth in Sections 4.02(a3(e) and (bf) have been satisfied, of this Amendment.
(Bd) that there has been no event or circumstance since the date Payment of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, all reasonable fees and expenses due to the knowledge of Administrative Agent and ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated (the “Arranger”) (as agreed to in writing between the Administrative Agent and/or the Arranger and the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect ).
(e) The representations and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower warranties of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower each other Credit Party contained in Section 8 of the Loan Documents Credit Agreement or any other Credit Document shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Amendment No. 3 Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which it case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is a party;already qualified by materiality) as of such earlier date.
(xf) After giving effect to this Amendment, no Default or Event of Default exists, or would result from the effectiveness of this Amendment.
(g) The Administrative Agent shall have received from the results Borrower a consent fee payable for the account of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion)the Consenting Lender, in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made an amount equal to evidence or perfect security interests in all assets 0.25% of the Borrower, indicating among other things that aggregate principal amount of Commitments held by the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds Consenting Lender as of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing DateAmendment No. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.3
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent have been met:(the date of such satisfaction, the “Amendment Effective Date”):
(a) The the Administrative Agent's receipt of the following, each of which Agent (or its counsel) shall be originals, "pdfs" have received counterparts (or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance written evidence reasonably satisfactory to the Administrative Agent and each of the Lenders:
(ithat such party has signed a counterpart) executed counterparts of this AgreementAmendment duly executed by (A) each Loan Party, sufficient in number for distribution to (B) the Administrative Agent, each Lender and (C) the BorrowerLenders constituting at least the Required Lenders;
(b) the Administrative Agent shall have received (or provisions reasonably satisfactory to the Administrative Agent shall have been made for the payment of) a non-refundable fee for the account of each Lender party hereto, equal to the product of 0.25% and the sum of (i) such ▇▇▇▇▇▇’s Revolving Commitment and (ii) a Revolving Credit Note and a the principal amount of its outstanding Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewithLoans, in each case as amended, immediately after giving effect to this Amendment on the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:Amendment Effective Date;
(Ac) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) shall have received such collateral and security documents, legal opinions and documents and certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent or its counsel may reasonably require evidencing the identityrequest relating, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, all in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(xd) the Administrative Agent shall have received made such reallocations of each Lender’s Applicable Percentage of the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower Revolving Credit Exposure under the Uniform Commercial Code (or applicable judicial docket) Amended Credit Agreement as are necessary in effect in each jurisdiction in which filings or recordations order that the Revolving Credit Exposure as of the Amendment Effective Date with respect to such Lender reflects such ▇▇▇▇▇▇’s Applicable Percentage of the Revolving Credit Exposure under the Uniform Commercial Code should Amended Credit Agreement (it being understood and agreed that the Company will not be made obligated to evidence or perfect security interests compensate any Lender for any losses, costs and expenses incurred by such Lender in all assets connection with the sale and assignment of any Loans and the reallocation described in this clause (d) pursuant to Section 2.16 of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Amended Credit Agreement); and
(xie) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless unless otherwise waived by the Administrative Agent, the Borrower Administrative Agent shall have paid all received (or provisions reasonably satisfactory to the Administrative Agent shall have been made for the reimbursement of) the Administrative Agent’s and its Affiliates’ reasonable and documented out-of-pocket feesfees and expenses (including, charges and disbursements of one primary counsel to the Administrative Agent (directly to such extent invoiced in advance of the Amendment Effective Date, reasonable fees and expenses of counsel if requested by for the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)in connection with this Amendment.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This (a) The effectiveness of this Agreement shall become effective if, on is subject to the satisfaction (or before September 18, 2018, all waiver) of the following conditions precedent have been metprecedent:
(ai) The Administrative Agent's receipt of Agent shall have received the following, each of which shall be originals, "pdfs" originals or telecopies facsimiles (followed promptly by originals) unless otherwise specified), each properly executed by a Responsible OfficerOfficer of the Borrower (unless otherwise specified), each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersits legal counsel:
(i1) this Agreement executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, by each Lender and the Borrowerparty hereto;
(ii2) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence favor of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyeach Lender requesting a Note;
(iv3) such certificates of or resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents Documents;
(4) such documents and certifications as the Administrative Agent may reasonably require to which evidence that the Borrower is a party duly organized or formed, and that the Borrower is validly existing, in good standing and qualified to be a party;engage in business in the state of its organization; and
(v5) Borrower shall have delivered to the Administrative Agent a certificate, in form favorable opinions of ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower’s General Counsel, addressed to the Administrative Agent and each Lender, as to customary the matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;set forth in Exhibit E.
(ix6) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance evidence reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in it that any and all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder fees and the termination of all commitments thereunder;
(b) All fees expenses required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid pursuant to the Lenders on or before Commitment Letter and the Closing Date shall Fee Letter have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d7) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior evidence reasonably satisfactory to it that all principal of and interest on any loans outstanding under, and of accrued fees and all other amounts payable under, the Existing Credit Agreement have been, or will be simultaneously, paid in full.
(8) The representations and warranties of the Borrower contained in Article V shall be true and correct in all material respects on and as of the Closing Date, except to the proposed extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.
(9) No Default shall exist.
(b) Upon the satisfaction of all of the conditions to effectiveness (or waiver thereof) set forth in Section 4.01(a), the Administrative Agent shall promptly notify the Borrower and the Lenders of the effectiveness of this Agreement, and such notice shall be binding on all parties hereto.
(c) The Lenders that are parties to the Existing Credit Agreement, comprising the “Required Lenders” as defined in the Existing Credit Agreement, and the Borrower agree that the commitments under the Existing Credit Agreement shall terminate in their entirety simultaneously with and subject to the effectiveness of this Agreement. The Lenders, the L/C Issuer and the Borrower agree that any letters of credit issued under the Existing Credit Agreement and outstanding on the Closing Date specifying its objection theretoshall (i) for purposes of the Existing Credit Agreement, be deemed to have expired undrawn on the Closing Date, with all participations therein pursuant to the Existing Credit Agreement thereby terminated and (ii) be deemed to be Letters of Credit issued hereunder on the Closing Date, in which the Lenders participate in proportion to their Pro Rata Shares in accordance with Section 2.13 hereof.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the date first above written when, on or before September 18and only when, 2018, all of the following conditions precedent have been metsatisfied:
(a) The Administrative Agent's receipt the conditions precedent to the effectiveness of the following, each of which shall be originals, "pdfs" or telecopies Acquisition B Commitments (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, as defined in the case Second Amended and Restated Credit Agreement) contained in Section 3.05 of certificates of governmental officialsthe Second Amended and Restated Credit Agreement have been satisfied;
(b) on or before 5:00 p.m. (New York City time) on June 30, a recent 1997 or such later date before the Closing Date) and each in form and substance reasonably satisfactory to as the Administrative Agent and each of the Lenders:
Borrower shall agree (ibut in any event, on or before July 31, 1997) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge AgreementClosing Date"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results counterparts of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docketi) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of this Amendment executed by the Borrower, indicating among other things that the assets of each Required Lenders and the Borrower are not subject Acquisition B Lenders or, as to any Liens of the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment and (except for Liens permitted under this Agreementii) the Consent attached hereto executed by each Loan Party (other than the Borrower); and
(xii) substantially concurrent payoff in full the amendment fee of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to 5 basis points shall have been received by the Administrative Agent for the account of the Lenders executing this Amendment on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts (ii) the underwriting fee set forth in the fee letter dated as of such feesMay 21, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts 1997 between the Borrower and the Administrative Agent).
(d) The Borrower Agents shall have delivered been received by the Administrative Agent for the account of the Acquisition B Lenders on or prior to the Administrative AgentClosing Date, and any Lender requesting (iii) the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days fees and expenses of counsel to the Agents previously accrued and invoiced has been received by counsel to the Agents on or prior to the Closing Date. Without limiting The effectiveness of Section I of this Amendment is conditioned upon the generality accuracy of the factual matters described herein. This Amendment is subject to the provisions of Section 8.01 of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoAmended and Restated Credit Agreement.
Appears in 1 contract
Sources: Credit Agreement (Amf Group Inc)
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all (the "Effective Date") as of the following conditions precedent have been metdate first above written when, and only when:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received counterparts of this Amendment executed by the results of a Lien search (including a search Borrower and the Required Lenders or, as to judgmentsany of such Lenders, bankruptcyadvice satisfactory to the Administrative Agent that such Lender has executed this Amendment.
(b) the Administrative Agent shall have additionally received all of the following documents, tax each such document (unless otherwise specified) dated the date of receipt thereof by the Administrative Agent (unless otherwise specified) and intellectual property matters in its discretion)sufficient copies for each Lender, in form and substance reasonably satisfactory thereto, made against to the Administrative Agent (unless otherwise specified) and in sufficient copies for each Lender:
(i) A certificate of the Secretary or an Assistant Secretary of the Borrower under certifying the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets names and true signatures of the Borrower, indicating among other things that the assets officers of each the Borrower are not subject authorized to any Liens (except for Liens permitted under sign this Agreement)Amendment and the other documents to be delivered hereunder and thereunder; and
(xiii) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds A certificate signed by a duly authorized officer of the initial Loans funded hereunder and the termination of all commitments thereunder;Borrower stating that:
(bA) All fees required The representations and warranties contained in the Loan Documents and in Section 3 hereof are correct on and as of the date of such certificate as though made on and as of such date, except where such representation and warranty is expressly made as of a specific earlier date, in which case such representation and warranty shall be true as of such earlier date; and
(B) No event has occurred and is continuing that constitutes a Default or Event of Default as of the Effective Date and after giving effect to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidthis Amendment.
(c) Unless waived by All of the Administrative Agent, the Borrower shall have paid all reasonable accrued fees and documented out-of-pocket fees, charges and disbursements expenses of one primary counsel to the Administrative Agent and the Lenders (directly to such including the accrued fees and expenses of counsel if requested by for the Administrative Agent) to the extent invoiced one (1) Business Day prior to Agent in connection with this Amendment and for other work since the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, been paid in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretofull.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent's receipt , counterparts of this Amendment executed by each of the followingLoan Parties, the Lenders collectively comprising at least the Required Lenders (in their capacities as Lenders and, if applicable, as Swap Counterparties) and the Administrative Agent.
(b) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, a Joinder Agreement to the Subsidiary Guaranty executed by each Loan Party identified as a New Guarantor on Schedule 1 attached hereto.
(c) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, counterparts of the Intercreditor Agreement executed by each of the parties party thereto.
(d) The Borrower and certain of its Subsidiaries shall have (i) executed and delivered the Pledge Agreement, (ii) made all filings necessary or desirable in order to perfect and protect the first priority liens and security interests created in the Collateral (as defined in the Pledge Agreement) and (iii) delivered to the Collateral Agent certificated securities of each applicable Issuer (as defined in the Pledge Agreement), if any, together with any applicable share powers delivered in blank.
(e) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, an amendment to each of the KeyBank 2015 Credit Agreement, the KeyBank 2017 Credit Agreement, the ▇▇▇▇▇ Fargo Credit Agreement and the PNC Bank Credit Agreement, it being understood that, in each case, any such amendment that is in substantially the same form as this Amendment or otherwise substantially consistent with the summary of amendment terms previously approved by the Administrative Agent shall be deemed satisfactory.
(f) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective Date) of ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, counsel for the Borrower and the other Loan Parties and ▇▇▇▇▇▇▇ LLP, special Maryland counsel to the Company, in each case, in form and substance reasonably acceptable to the Administrative Agent and covering such other matters relating to the Loan Parties and this Amendment as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.
(g) The Administrative Agent shall have received the following items from the Borrower:
(i) Certificates of good standing for each Loan Party from the states of organization of such Loan Party, certified by the appropriate governmental officer and dated not more than thirty (30) days prior to the Amendment Effective Date;
(ii) Copies of the formation documents of each Loan Party certified by an officer of such Loan Party, together with all amendments thereto;
(iii) Incumbency certificates, executed by officers of each Loan Party, which shall be originals, "pdfs" or telecopies identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents on behalf of such Loan Party (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated and to make borrowings and request other extensions of credit hereunder on behalf of the Closing Date (orBorrower, in the case of certificates of governmental officialsthe Borrower), a recent date before the Closing Date) and each in form and substance reasonably satisfactory to upon which certificate the Administrative Agent and each the Lenders shall be entitled to rely until informed of the Lenders:
(i) executed counterparts of this Agreement, sufficient any change in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed writing by the Borrower;
(iiiiv) Copies, certified by a pledge agreementSecretary or an Assistant Secretary of each Loan Party of the resolutions (and resolutions of other bodies, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed if any are reasonably deemed necessary by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in counsel for the Administrative Agent's possession) authorizing the transactions contemplated by this Amendment, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) be executed and delivered by the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Loan Parties; and
(xiv) substantially concurrent payoff in full UCC financing statement, judgment, and tax lien searches with respect to each Loan Party from its state of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;organization.
(bi) All The fees required to be paid to provided for in Section 5, (ii) any fees separately agreed by the Administrative Agent on or before and the Closing Date shall have been paid Borrower, and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agentiii) to the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent)) due and payable on the Amendment Effective Date shall have been paid in full.
(di) The Borrower Administrative Agent and each Lender shall have delivered to received all documentation and other information about the Loan Parties as shall have been reasonably requested by the Administrative Agent, and any Agent or such Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting Amendment Effective Date that it shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the generality of Patriot Act to the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved extent requested by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender at least five (5) Business Days prior to the proposed Closing Date specifying its objection theretoAmendment Effective Date.
Appears in 1 contract
Sources: Revolving Credit Agreement (Xenia Hotels & Resorts, Inc.)
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originalsoriginal, "pdfs" or e-mail (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement and the Guaranty Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the BorrowerBorrowers;
(ii) a Revolving Credit Note, a Term A Note and a Term Note for B Note, in each requesting Lender case executed by the BorrowerBorrowers and made to the order of the Administrative Agent;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiaryeach Loan Party, together with:
(A) certificates or instruments, if any, representing the Certificated Securities (as defined in the Pledge Agreement), if any, accompanied by all endorsements and/or powers required by the Pledge Agreement,
(B) proper financing statements, to be filed under the Uniform Commercial Code of all jurisdictions that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created under the Pledge Agreement, covering the Collateral described in the Pledge Agreement,
(C) completed requests for information listing all effective financing statements filed in the jurisdictions referred to in clause (B) above that name any Loan Party as debtor, together with copies of such other financing statements,
(D) a Perfection Certificate, in substantially the form of Exhibit M-1, duly executed by each of the Loan Parties;
(iv) the Assigned Empire State Mortgage, duly executed by each Loan Party party thereto, together with:
(A) all documents, instruments and agreements evidencing, securing or relating to the extent Existing Empire State Mortgage Debt, including, without limitation, (1) a copy of all promissory notes and loan agreements evidencing the Existing Empire State Mortgage Debt and (2) a copy of the Existing Empire State Mortgage, showing all recording information thereon, in each case certified as true, correct and complete by an Authorized Officer of the Parent;
(B) a copy of an environmental assessment report on the Empire State Building;
(C) a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination confirming that the Empire State Building is not already located in an area identified by the Administrative Agent's possession, certificates representing Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the pledged equity referred to therein accompanied by undated stock powers executed National Flood Insurance Act of 1968 (as now or hereafter in blankeffect or successor act thereto); and
(BD) such other documents, agreements and instruments as the Administrative Agent may reasonably request relating to the Empire State Building, the Existing Empire State Mortgage Debt or the Existing Empire State Mortgage.
(v) evidence of the completion of that all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Pledge Agreement have been taken (including receipt of duly executed payoff letters and UCC-3 terminations, if any);
(ivvi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vvii) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing DateParty is validly existing, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of Borrower and each Subsidiary whose equity securities are subject properties or the conduct of its business requires such qualification, except to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating extent that failure to do so could not reasonably be expected to have a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursedMaterial Adverse Effect;
(viii) a favorable opinion of Sidley Austin Fried, Frank, Harris, ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇ LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders Administrative Agent may reasonably request;
(ix) a favorable opinion of ▇▇▇▇▇▇▇ LLP, local counsel to the Loan Parties in Maryland, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
(x) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(xi) a certificate signed by a Responsible Officer of the each Borrower (x) certifying that (A1) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowerany Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority that would (A) challenges the validity or enforceability of this Agreement, any other Loan Document or any of the transactions contemplated hereby or thereby, or otherwise purports to restrict or prohibit the performance of all or any portion of this Agreement, any other Loan Document or any of the transactions contemplated hereby or thereby or (B) could reasonably be expected to have a Material Adverse Effect and (D2) that no consents, licenses or approvals are required in connection with since the consummation by the Borrower date of the transaction contemplated hereby Audited Financial Statements, there has not occurred any event or condition that has had or could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect and (y) attaching copies of the executionoperating agreements, delivery partnership agreements or other applicable organizational documents of each Person whose Equity Interests are included in the Collateral, which organizational documents shall, in the reasonable opinion of the Administrative Agent, permit the Administrative Agent to realize on such Collateral upon the occurrence and performance during the continuance of an Event of Default;
(xii) an Availability Certificate duly certified by a Responsible Officer of each Borrower;
(xiii) a Solvency Certificate from the Borrower Parent certifying that, after giving effect to the transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date), the Parent and the validity against the Borrower of its Subsidiaries on a consolidated basis are Solvent;
(xiv) evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect (and the amount, types and terms and conditions of all such insurance shall be satisfactory to which it is a partythe Administrative Agent), together with the certificates of insurance and endorsements, naming the Administrative Agent, on behalf of the Secured Parties, as an additional insured under each policy of liability insurance maintained with respect to each Initial Borrowing Base Property;
(xxv) the financial statements referenced in Sections 5.05(a) and (b);
(xvi) a certificate executed by a Responsible Officer of the Parent calculating the ratio of Total Indebtedness to Total Asset Value as of the Closing Date (giving pro forma effect to the transactions to occur on the Closing Date, including, without limitation, all Credit Extensions to occur on the Closing Date)(such certificate, the “Pro Forma Closing Date Leverage Certificate”);
(b) An Initial Public Offering by the Parent shall have consummated with Net Cash Proceeds received by the Parent in respect thereof in an amount not less than $600,000,000, and at least three (3) Business Days prior to the consummation of such Initial Public Offering, the Administrative and the Lenders shall have received written notice from the Parent (A) setting forth the date on which such Initial Public Offering will be consummated (the “IPO Effective Date”) and (B) requesting that the Term Lenders fund their Term Commitments on the IPO Effective Date in accordance with, and for the purposes set forth in, Section 2.01(a).
(c) The total outstanding principal amount of the Existing Empire State Mortgage Debt (and all accrued and unpaid interest thereof) shall not exceed the aggregate amount of the Term A Commitments of all Term A Lenders as of the Closing Date and the Administrative Agent shall have received each of the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion)following documents, in form and substance reasonably satisfactory thereto, made against to the Borrower under the Uniform Commercial Code Administrative Agent:2
(or applicable judicial docketA) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets an assignment of the BorrowerExisting Empire State Mortgage Debt, indicating among other things that duly executed and delivered by the assets Existing Empire State Mortgage Lender;
(B) the originals of each outstanding promissory note evidencing the Borrower are not subject Existing Empire State Mortgage Debt, duly endorsed to any Liens (except for Liens permitted under this Agreement)the Administrative Agent; and
(xiC) substantially concurrent payoff in full an assignment of all outstanding obligations under the Existing Credit Agreement with Empire State Mortgage, duly executed by the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;Existing Empire State Mortgage Lender.
(bd) (i) All fees required to be paid to the Administrative Agent and the Arrangers on or before the Closing Date shall have been paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(ce) Unless waived by the Administrative Agent, the Borrower Borrowers shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1which invoice may be in summary form) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower Borrowers and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This (a) The effectiveness of the Lenders’ Commitments under this Agreement shall become effective if, on are subject to the satisfaction (or before September 18, 2018, all waiver) of the following conditions precedent have been metprecedent:
(ai) The Administrative Agent's receipt of Agent shall have received the following, each of which shall be originals, "pdfs" originals or telecopies facsimiles or electronic image scans thereof (followed promptly by originals) unless otherwise specified), each properly executed by a Responsible OfficerOfficer of the Borrower (unless otherwise specified), each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersits legal counsel:
(i1) this Agreement executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, by each Lender and the Borrowerparty hereto;
(ii2) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence favor of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyeach Lender requesting a Note;
(iv3) such certificates of or resolutions or other action, action or incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which and resolutions of the Board of Directors of the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form approving and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that authorizing (A) after giving effect to the financing hereunder execution, delivery and each performance of this Agreement and the other Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, Documents and (B) attached thereto are calculations evidencing compliance the entry into the Accelerated Share Repurchase Program and the execution, delivery and performance of any agreement governing such program, certified as of June 30, 2018 with the covenants contained Closing Date by its secretary or an assistant secretary as being in Article VIIIfull force and effect without modification or amendment;
(vi4) certificates such documents and certifications as of a recent date of the Administrative Agent may reasonably require to evidence that the Borrower is duly organized or formed, and that the Borrower is validly existing, in good standing of Borrower and each Subsidiary whose equity securities are subject qualified to engage in business in the Pledge Agreement under the laws state of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;organization; and
(vii5) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds favorable opinions of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to ▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇ LLP and the Borrower’s General Counsel, addressed to the Administrative Agent and each Lender, in form substantially as set forth in Exhibits E-1 and E-2.
(ii) Any and all costs and expenses incurred by the Administrative Agent prior to customary matters concerning or on the Closing Date and required to be paid or reimbursed by the Borrower pursuant to the terms hereof, including the fees and expenses of Cravath, Swaine & ▇▇▇▇▇ LLP, counsel to the Loan Documents as the Required Lenders may reasonably request;Administrative Agent, shall have been so paid or reimbursed.
(ixiii) The representations and warranties of the Borrower contained in Article V shall be true and correct in all material respects on and as of the Closing Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.
(iv) On and as of the Closing Date, no Default shall exist.
(v) The Administrative Agent shall have received a certificate certificate, dated the Closing Date and signed by a Responsible Officer of the Borrower certifying (A) that Borrower, confirming compliance with the conditions specified set forth in Sections 4.02(aparagraphs (iii) and (iv) of this Section 4.01(a).
(b) have been satisfied, (B) that there has been no event or circumstance since Upon the date satisfaction of all of the Audited Financial Statements that has had conditions to effectiveness (or could be reasonably expected towaiver thereof) set forth in Section 4.01(a), either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by Administrative Agent shall promptly notify the Borrower and the validity against the Borrower Lenders of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results effectiveness of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement such notice shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretobinding on all parties hereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the date (the “Fourth Amendment Effective Date”) when, on or before September 18and only when, 2018, all each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent's receipt Agent shall have received, dated as of the followingFourth Amendment Effective Date, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly an executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and counterpart hereof from each of the Borrowers and the Required Lenders:.
(ib) The Administrative Agent shall have received, dated as of the Fourth Amendment Effective Date, an executed counterparts counterpart of this the Consent, Reaffirmation, and Agreement of Guarantor from each Guarantor.
(c) The Administrative Agent shall have received, dated as of the Fourth Amendment Effective Date, an executed counterpart of the Amendment to Security Agreement, sufficient in number for distribution to the Administrative Agent, each Lender duly completed and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;Credit Parties.
(iiid) The Administrative Agent shall have received a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence certificate of the completion secretary or an assistant secretary of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers each Credit Party executing any Credit Documents as of the Borrower as Fourth Amendment Effective Date, dated the Administrative Agent may reasonably require evidencing the identity, authority Fourth Amendment Effective Date and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (Ai) that the conditions specified in Sections 4.02(aorganizational documents of such Credit Party have not been amended, amended and restated, or otherwise modified since the Third Amendment Effective Date (and if such organizational documents have been amended, amended and restated, or otherwise modified, attaching copies thereof) and (b) have been satisfied, (Bii) that there has been no event or circumstance since the date attached thereto is a true and complete copy of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation resolutions adopted by the Borrower board of the transaction contemplated hereby and directors (or similar governing body) of such Credit Party, authorizing the execution, delivery and performance by the Borrower of this Agreement and the validity against the Borrower of the Loan other Credit Documents to which it is a party;, and as to the incumbency and genuineness of the signature of each officer of such Credit Party executing this Agreement or any of such other Credit Documents, and attaching all such copies of the documents described above, as applicable.
(xe) The Borrowers shall have paid to the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion)Agent, in form and substance reasonably satisfactory theretoimmediately available funds, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees $25,000,000 amount required to be paid to the Administrative Agent on or before April 30, 2010 pursuant to Section 2.6(a) of the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidCredit Agreement.
(cf) Unless waived by The Borrower shall have paid to the Administrative Agent, in immediately available funds, no less than $65,000,000, which amount shall be applied by the Borrower Administrative Agent to non-permanently reduce the Revolving Loans.
(g) The Borrowers shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent Agent, for the pro-rata benefit of each Lender who approves this Amendment, a nonrefundable fee in the amount of $1,000,000, which fee shall be deemed fully earned as of the Fourth Amendment Effective Date.
(directly to such counsel if requested by the Administrative Agenth) to To the extent invoiced at least one (1) Business Day prior to the Closing Fourth Amendment Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower Borrowers shall have delivered to the Administrative Agent, paid all reasonable out-of-pocket costs and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality expenses of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to in connection with the proposed Closing Date specifying its objection preparation, negotiation, execution and delivery of this Amendment (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto).
Appears in 1 contract
Conditions of Effectiveness. This The amendment and restatement of the Existing Credit Agreement pursuant to Section 1 of this Agreement shall become effective if, as of the first date (the “Restatement Effective Date”) on or before September 18, 2018, all which each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent's receipt of Agent (or its counsel) shall have received from the followingBorrower, the Required Lenders, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified2020 Dollar Tranche Lender, each properly executed by 2020 Multicurrency Tranche Lender, the Swingline Lender, the Issuing Bank and the Administrative Agent either a Responsible Officer, each counterpart of this Agreement signed on behalf of such party or written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.
(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders under the Restated Credit Agreement and dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Restatement Effective Date) and each of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇, P.C., counsel for the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent and each its counsel and covering such matters relating to the Loan Parties, the Loan Documents, this Agreement or the Transactions as the Administrative Agent shall have reasonably requested. The Borrower hereby requests such counsel to deliver such opinion.
(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel have reasonably requested relating to the organization, existence and good standing of the Lenders:initial Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit E to the Restated Credit Agreement.
(d) The Administrative Agent shall have received evidence reasonably satisfactory to it that the Borrower has repaid in full in Dollars all outstanding Term Loans, together with accrued interest to the extent required by Section 2.13 of the Existing Credit Agreement, break funding payments (if any) pursuant to Section 2.16 of the Existing Credit Agreement and all other outstanding Obligations owing in respect of the Term Loans.
(e) The Administrative Agent shall have received (i) for the account of each 2020 Revolving Lender party hereto that delivers its executed counterparts of signature page to this Agreement, sufficient in number for distribution to Agreement by no later than the date and time specified by the Administrative Agent, each Lender an upfront fee in an amount equal to the amount previously disclosed to the Lenders and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form payment of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
’s and its affiliates’ fees and reasonable out-of-pocket expenses (B) such evidence including reasonable out-of-pocket fees and expenses of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that counsel for the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(ivAgent) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Documents. The Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in waive any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are prior written notice required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with or the proceeds Restated Credit Agreement in respect of (x) the prepayment of the initial Term Loans funded hereunder contemplated by Section 3(d) above and (y) any prepayment of the termination Revolving Loans being effected on the Restatement Effective Date. Upon the occurrence of all commitments thereunder;
(b) All fees required to be paid to the Restatement Effective Date, the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between notify the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to Lenders of the Administrative AgentRestatement Effective Date, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement such notice shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoconclusive and binding.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the date first above written (the “A&R Amendment No. 1 Effective Date”) when, on or before September 18and only when, 2018, all of the following conditions precedent have been metsatisfied:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received counterparts of this Amendment executed by each Loan Party and the results of a Lien search (including a search Required Lenders or, as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets any of the BorrowerLenders, indicating among other things advice satisfactory to the Agent that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under such Lender has executed this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;Amendment,
(b) All the Administrative Agent shall have received a certificate signed by a duly authorized officer of the Borrower stating that: (x) the representations and warranties contained in Article IV of the Credit Agreement are true and correct in all material respects on and as of the date of such certificate as though made on and as of such date other than any such representations or warranties that, by their terms, refer to a date other than the date of such certificate; and (y) no event has occurred and is continuing that constitutes a Default,
(c) the Administrative Agent shall have received a favorable opinion of J▇▇▇▇ Day as to the enforceability of the Credit Agreement as amended, and internal counsel to the Loan Parties as to such other matters as the Administrative Agent and the Initial Lenders may reasonably request,
(d) the Bankruptcy Court shall have entered an order in substantially the form of Exhibit A hereto (with such changes as may be agreed to by the Administrative Agent), approving this Amendment and the other transactions contemplated herein, and
(e) all fees required to be paid and expenses of the Administrative Agent (including all reasonable fees and expenses of counsel to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid Agent), to the Lenders on or before extent invoiced prior to the Closing Date date hereof, shall have been paid.
(cf) Unless waived by the Administrative Agenteach Revolving Credit Lender that executes a counterpart to this Amendment on or before January 18, the Borrower 2007 at 5:00 p.m. eastern shall have been paid an amendment fee (the “Amendment Fee”) in an amount equal to 0.125% in respect of its Revolving Credit Commitment, which fee shall be earned upon the A&R Amendment No. 1 Effective Date and become due and payable upon the funding of all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality portion of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoIncremental Term Facility.
Appears in 1 contract
Sources: Senior Secured Superpriority Debtor in Possession Credit Agreement (Dana Corp)
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent's receipt Except as otherwise set forth in the letter agreement dated as of the followingdate hereof among the Borrowers and the Administrative Agent (the “Amendment Post-Closing Letter Agreement”), the Administrative Agent shall have received on or before the date hereof, each of which shall be originals, "pdfs" or telecopies dated such day (followed promptly by originals) unless otherwise specified), each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent (unless otherwise specified) and (except for the items specified in clauses (iii) and (iv) below) in sufficient copies for each of the LendersLender:
(i) executed counterparts Counterparts of this AgreementAmendment executed by the Borrowers and each Lender or, sufficient in number for distribution as to any of the Lenders, advice satisfactory to the Administrative Agent, each Agent that such Lender and the Borrower;has executed this Amendment.
(ii) a Revolving Credit Note and a Term Note for each requesting Lender The consent attached hereto (the “Consent”) executed by each of the Borrower;Guarantors.
(iii) A Note payable to each Lender requesting the same in a pledge agreementprincipal amount equal to such Lender’s respective Commitment as of the Amendment Effective Date.
(iv) Completed requests for information, dated on or before the date hereof, listing all effective financing statements (or equivalent filings) filed in substantially the form of Exhibit E (jurisdictions that the Administrative Agent may deem necessary or desirable that name any Loan Party as debtor, together with each copies of such other pledge agreement supplement delivered in connection therewithfinancing statements, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of that all other actions, recordings and filings of or with respect to the Pledge Agreement actions that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
have been taken (iv) such certificates including, without limitation, receipt of resolutions duly executed payoff letters and UCC termination statements (or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;equivalent filings)).
(v) Borrower shall have delivered Certified copies of the resolutions of the Board of Directors (or equivalent body), general partner or managing member, as applicable, of each Loan Party and of each general partner or managing member (if any) of each Loan Party approving the transactions contemplated by this Amendment, and of all documents evidencing other necessary corporate action and governmental and other third party approvals and consents, if any, with respect to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;transactions under this Amendment.
(vi) certificates as A copy of a recent date certificate of the good standing Secretary of Borrower and each Subsidiary whose equity securities are subject to State (or equivalent authority (if any)) of the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation of each Loan Party and of each general partner or managing member (if any) of each Loan Party, dated reasonably near the Closing Date, certifying, if and to the extent such certification is generally available for entities of the type of such Loan Party, (A) as to a true and complete copy of the charter, certificate of limited partnership, limited liability company agreement or equivalent)other organizational document of such Loan Party, general partner or managing member, as the case may be, and each amendment thereto on file in such Secretary’s office and (B) that (1) such amendments are the only amendments to the charter, certificate of limited partnership, limited liability company agreement or other organizational document, as applicable;, of such Loan Party, general partner or managing member, as the case may be, on file in such Secretary’s office and (2) to the extent available, such Loan Party, general partner or managing member, as the case may be, has paid all franchise taxes to the date of such certificate and (C) such Loan Party, general partner or managing member, as the case may be, is duly incorporated, organized or formed and in good standing (if a concept of good standing exists under the laws of the jurisdiction of the incorporation, organization or formation of such Loan Party) or presently subsisting under the laws of the jurisdiction of its incorporation, organization or formation.
(vii) written notice by Borrower designating A copy of a deposit account acceptable to Administrative Agent into certificate of the Secretary of State (or equivalent authority (if any)) of each jurisdiction in which any Loan Party or any general partner or managing member of a Loan Party owns or leases property or in which the proceeds conduct of Loans are its business requires it to qualify or be disbursed;
(viii) licensed as a favorable opinion of Sidley Austin LLP, counsel foreign corporation except where the failure to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event so qualify or circumstance since the date of the Audited Financial Statements that has had or could be licensed would not be reasonably expected to, either individually or in the aggregate, likely to have a Material Adverse Effect, dated reasonably near (but prior to) the Amendment Effective Date, stating, with respect to each such Loan Party, general partner or managing member, that such Loan Party, general partner or managing member, as the case may be, is duly qualified and in good standing (if a concept of good standing exists under the laws of the jurisdiction of the incorporation, organization or formation of such Loan Party) as a foreign corporation, limited partnership or limited liability company in such State and has filed all annual reports required to be filed to the date of such certificate.
(viii) A certificate of each Loan Party and of each general partner or managing member (if any) of each Loan Party, signed on behalf of such Loan Party, general partner or managing member, as applicable, by its President, a Vice President and its Secretary or any Assistant Secretary or, with respect to Loan Parties that are Foreign Subsidiaries, any authorized signatory (or those of its general partner or managing member, if applicable), dated the Amendment Effective Date (the statements made in which certificate shall be true on and as of the date hereof), certifying as to (A) the absence of any amendments to the constitutive documents of such Loan Party, general partner or managing member, as applicable, since the date of the certificate referred to in Section 4(a)(vi), (B) a true and complete copy of the bylaws, memorandum and articles of association, operating agreement, partnership agreement or other governing document of such Loan Party, general partner or managing member, as applicable, as in effect on the date on which the resolutions referred to in Section 4(a)(v) were adopted and on the date hereof, (C) the due incorporation, organization or formation and good standing (if a concept of good standing exists under the laws of the jurisdiction of the incorporation, organization or formation of such Loan Party) or valid existence of such Loan Party, general partner or managing member, as applicable, as a corporation, limited liability company or partnership organized under the laws of the jurisdiction of its incorporation, organization or formation and the absence of any proceeding for the dissolution or liquidation of such Loan Party, general partner or managing member, as applicable, (D) the accuracy in all material respects of the representations and warranties contained in the Loan Documents as though made on and as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which such representations and warranties shall be true and correct in all material respects on or as of such earlier date) and (E) the absence of any event occurring and continuing, or resulting from the Borrowings, if any, as of the date hereof, that constitutes a Default.
(ix) A certificate of the Secretary or an Assistant Secretary of each Loan Party or, with respect to Loan Parties that are Foreign Subsidiaries, any authorized signatory (or Responsible Officer of the general partner or managing member of any Loan Party) and of each general partner or managing member (if any) of each Loan Party certifying the names and true signatures of the officers or other authorized signatories of such Loan Party, or of the general partner or managing member of such Loan Party, authorized to sign each Loan Document to which it is or is to be a party and the other documents to be delivered hereunder and thereunder.
(x) The audited Consolidated annual financial statements for the year ending December 31, 2012 of the Parent Guarantor and interim financial statements dated the end of the most recent fiscal quarter for which financial statements are available (or, in the event the Lenders’ due diligence review reveals material changes since such financial statements, as of a later date within 45 days of the day hereof).
(xi) An opinion of ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, counsel for the Loan Parties, in form and substance satisfactory to the Administrative Agent.
(xii) An opinion of ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, counsel for the Loan Parties, relating to the Initial French Borrower, in form and substance satisfactory to the Administrative Agent.
(xiii) An opinion of ▇▇▇▇▇▇▇ LLP, Maryland counsel for the Loan Parties, in form and substance satisfactory to the Administrative Agent.
(xiv) An opinion of TSMP Law Corporation, Singapore counsel for the Loan Parties, in form and substance satisfactory to the Administrative Agent.
(xv) An opinion of ▇▇▇▇▇▇▇ ▇▇▇, Solicitors, Ireland counsel for the Loan Parties, in form and substance satisfactory to the Administrative Agent.
(xvi) An opinion of Loyens & Loeff, Avocats à la Cour, Luxembourg and Dutch counsel for the Loan Parties, in form and substance satisfactory to the Administrative Agent.
(xvii) An opinion of Shearman & Sterling LLP, counsel for the Administrative Agent, in form and substance satisfactory to the Administrative Agent.
(xviii) One or more Notices of Borrowing, each dated not later than the applicable Notice of Borrowing Deadline and specifying the date hereof as the date of the proposed Borrowing or Borrowings.
(xix) An Unencumbered Assets Certificate prepared on a pro forma basis to account for any acquisitions, dispositions or reclassifications of Assets, and the incurrence or repayment of any Debt for Borrowed Money relating to such Assets, that have occurred since June 30, 2013.
(xx) The Amendment Post-Closing Letter Agreement executed by the Borrowers, in form and substance satisfactory to the Administrative Agent.
(xxi) A letter from the Initial Process Agent addressed to the Administrative Agent confirming its agreement to act as the Initial Process Agent for the purposes of Section 9.12(c) of the Existing Term Loan Agreement.
(b) The Lenders shall be satisfied with any change to the corporate and legal structure of any Loan Party or any Subsidiary thereof occurring after December 31, 2012, including any changes to the terms and conditions of the charter and bylaws, memorandum and articles of association, operating agreement, partnership agreement or other governing document of any Loan Party occurring after December 31, 2012.
(c) Before and after giving effect to the transactions contemplated by this Amendment, there is shall have occurred no material adverse change in the business or financial condition of the Parent Guarantor and its Subsidiaries taken as a whole since December 31, 2012.
(d) There shall exist no action, suit, investigation investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries pending or, to the knowledge of the Borrower, or threatened in writing in any court or before any court, governmental agency or arbitrator or Governmental Authority that (i) would be reasonably be expected likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby and hereby.
(De) that no consents, licenses or All material governmental and third party consents and approvals are required necessary in connection with the consummation transactions contemplated by this Amendment shall have been obtained (without the Borrower imposition of any conditions that are not acceptable to the Lenders) and shall remain in effect, and no law or regulation shall be applicable in the reasonable judgment of the transaction Lenders that restrains, prevents or imposes materially adverse conditions upon the transactions contemplated hereby by this Amendment or the other Loan Documents.
(f) The representations and the execution, delivery and performance by the Borrower and the validity against the Borrower warranties set forth in each of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax be true and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests correct in all assets material respects on and as of the BorrowerAmendment Effective Date, indicating among other things that the assets before and after giving effect to this Amendment, as though made on and as of each the Borrower are not subject to any Liens such date (except for Liens permitted under this Agreementany such representation and warranty that, by its terms, refers to a specific date other than the Amendment Effective Date, in which case as of such specific date); and.
(xig) substantially concurrent payoff in full No event shall have occurred and be continuing, or shall result from the effectiveness of all outstanding obligations under the Existing Credit Agreement with the proceeds this Amendment, that constitutes a Default or an Event of the initial Loans funded hereunder and the termination of all commitments thereunder;Default.
(bh) All fees required to be The Borrowers shall have paid to the Administrative Agent Agent, for the ratable account of those Lenders under the Existing Term Loan Agreement as in effect prior to the date hereof which consent to this Amendment on or before prior to the Closing Amendment Effective Date, an amendment fee in an amount equal to 0.15% of such consenting Lender’s Commitment outstanding (including, for the avoidance of doubt, any funded Commitment) immediately prior to the Amendment Effective Date.
(i) All of the accrued fees of the Administrative Agent and the Lenders and all reasonable expenses of the Administrative Agent (including the reasonable fees and expenses of counsel for the Administrative Agent) due and payable on the Amendment Effective Date shall have been paid and all fees required in full. The effectiveness of this Amendment is conditioned upon the accuracy of the factual matters described herein. This Amendment is subject to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of Section 9.01 of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoExisting Term Loan Agreement.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent's receipt , counterparts of this Amendment executed by each of the followingLoan Parties, the Lenders collectively comprising at least the Required Lenders (in their capacities as Lenders and, if applicable, as Swap Counterparties) and the Administrative Agent.
(b) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, a Joinder Agreement to the Subsidiary Guaranty executed by each Loan Party identified as a New Guarantor on Schedule 1 attached hereto.
(c) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, counterparts of the Intercreditor Agreement executed by each of the parties party thereto.
(d) The Borrower and certain of its Subsidiaries shall have (i) executed and delivered the Pledge Agreement, (ii) made all filings necessary or desirable in order to perfect and protect the first priority liens and security interests created in the Collateral (as defined in the Pledge Agreement) and (iii) delivered to the Collateral Agent certificated securities of each applicable Issuer (as defined in the Pledge Agreement), if any, together with any applicable share powers delivered in blank.
(e) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, an amendment to each of the JPM Credit Agreement, the Existing KeyBank Credit Agreement, the ▇▇▇▇▇ Fargo Credit Agreement and the PNC Bank Credit Agreement, it being understood that, in each case, any such amendment that is in substantially the same form as this Amendment or otherwise substantially consistent with the summary of amendment terms previously approved by the Administrative Agent shall be deemed satisfactory.
(f) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective Date) of ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, counsel for the Borrower and the other Loan Parties and ▇▇▇▇▇▇▇ LLP, special Maryland counsel to the Company, in each case, in form and substance reasonably acceptable to the Administrative Agent and covering such other matters relating to the Loan Parties and this Amendment as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.
(g) The Administrative Agent shall have received the following items from the Borrower:
(i) Certificates of good standing for each Loan Party from the states of organization of such Loan Party, certified by the appropriate governmental officer and dated not more than thirty (30) days prior to the Amendment Effective Date;
(ii) Copies of the formation documents of each Loan Party certified by an officer of such Loan Party, together with all amendments thereto;
(iii) Incumbency certificates, executed by officers of each Loan Party, which shall be originals, "pdfs" or telecopies identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents on behalf of such Loan Party (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated and to make borrowings and request other extensions of credit hereunder on behalf of the Closing Date (orBorrower, in the case of certificates of governmental officialsthe Borrower), a recent date before the Closing Date) and each in form and substance reasonably satisfactory to upon which certificate the Administrative Agent and each the Lenders shall be entitled to rely until informed of the Lenders:
(i) executed counterparts of this Agreement, sufficient any change in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed writing by the Borrower;
(iiiiv) Copies, certified by a pledge agreementSecretary or an Assistant Secretary of each Loan Party of the resolutions (and resolutions of other bodies, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed if any are reasonably deemed necessary by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in counsel for the Administrative Agent's possession) authorizing the transactions contemplated by this Amendment, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) be executed and delivered by the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Loan Parties; and
(xiv) substantially concurrent payoff in full UCC financing statement, judgment, and tax lien searches with respect to each Loan Party from its state of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;organization.
(bi) All The fees required to be paid to provided for in Section 5, (ii) any fees separately agreed by the Administrative Agent on or before and the Closing Date shall have been paid Borrower, and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agentiii) to the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent)) due and payable on the Amendment Effective Date shall have been paid in full.
(di) The Borrower Administrative Agent and each Lender shall have delivered to received all documentation and other information about the Loan Parties as shall have been reasonably requested by the Administrative Agent, and any Agent or such Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting Amendment Effective Date that it shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the generality of Patriot Act to the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved extent requested by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender at least five (5) Business Days prior to the proposed Closing Date specifying its objection theretoAmendment Effective Date.
Appears in 1 contract
Conditions of Effectiveness. This Amendment is subject to the provisions of Section 14.11 of the 2005 Credit Agreement. Section 1 of this Agreement shall become effective ifas of the date first above written (the “Amendment Effective Date”) when and only when, on or before September 18January 9, 20182009, all of the following conditions precedent Administrative Agent shall have been metreceived:
(a) The Notice from the administrative agent under the 2004 Credit Agreement that all commitments thereunder have been terminated and that all amounts payable or accrued under such credit agreement have been paid in full.
(b) A security agreement in substantially the form of Annex B hereto (the “Security Agreement”), duly executed by each Credit Party and each Subsidiary listed on Schedule I hereto (collectively with the Credit Parties, the “Granting Parties”), together with:
(i) acknowledgment copies or stamped receipt copies of financing statements, duly filed on or before the Amendment Effective Date under the Uniform Commercial Code of all jurisdictions that the Administrative Agent's receipt Agent may reasonably request in order to perfect and protect the liens and security interests created under the Security Agreement, covering the Collateral described in the Security Agreement,
(ii) the results of a search of the following, each of which shall be originals, "pdfs" Uniform Commercial Code (or telecopies (followed promptly by originalsequivalent) unless otherwise specified, each properly executed by a Responsible Officer, each dated filings made with respect to the Closing Date (or, Collateral Grantors in the case jurisdictions contemplated by clause (i) above and copies of certificates of governmental officials, a recent date before the Closing Datefinancing statements (or similar documents) and each disclosed by such search.
(c) A Canadian security agreement in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary▇▇▇▇▇ Apparel Group Canada, LP, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such with evidence of such filings and other actions required under the completion laws of all other actions, recordings and filings of or with respect to the Pledge Agreement applicable jurisdiction that the Administrative Agent may deem reasonably necessary or reasonably desirable request in order to perfect the Liens liens and security interests created thereby;thereunder.
(ivd) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as A certificate from a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificateOfficer, in form and substance reasonably satisfactory to the Administrative Agent, to the effect that all representations and certified warranties of the Borrower contained in the 2005 Credit Agreement are true, correct and complete in all material respects with the same effect as accurate by if made on and as of the chief financial officer Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of Borrowersuch earlier date); that the Borrower is not in violation of any of the covenants contained in the 2005 Credit Agreement, that (A) as amended hereby; that, after giving effect to the financing hereunder transactions contemplated by this Amendment, no Default or Event of Default has occurred and is continuing; and that each of the conditions to the effectiveness of this Amendment has been satisfied or waived (assuming satisfaction of the Administrative Agent where not advised otherwise).
(e) A certificate of the secretary, assistant secretary or general counsel of the Borrower, each Additional Obligor and each other Grantor (as defined in the Security Agreement) certifying as to the incumbency and genuineness of the signature of each officer of such Person executing this Amendment or each other Loan Document to which it is a party and certifying that attached thereto is a true, correct and complete copy of resolutions duly adopted by the Board of Directors of such Person authorizing, in the case of the Borrower, the borrowings contemplated under the 2005 Credit Agreement, as amended hereby, and in the case of each such Person, the execution, delivery and performance of this Amendment or the Loan Documents to which it is to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;a party.
(vif) certificates as Favorable opinions of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject ▇▇▇ ▇. ▇▇▇▇▇▇, General Counsel to the Pledge Agreement under the laws of its jurisdiction of incorporationBorrower, organization or formation (or equivalent)Cravath, as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin Swaine & ▇▇▇▇▇ LLP, special counsel to the Borrower, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇ LLP, Pennsylvania counsel to the Borrower, and Drinker ▇▇▇▇▇▇ & ▇▇▇▇▇ LLP, New Jersey counsel to the Borrower, ▇▇▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, Canadian counsel to the Borrower, and such other opinions as may be agreed, addressed to the Administrative Agent and each Lenderthe Lenders with respect to the Borrower, as to customary matters concerning the Borrower and the Loan Documents and such other matters as the Required Lenders may shall reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(cg) Unless waived by the Administrative Agent, the The Borrower shall have paid all reasonable accrued fees and documented out-of-pocket fees, charges expenses of the Joint Lead Arrangers and disbursements of one primary counsel to Joint Bookrunners and the Administrative Agent (directly to such including the accrued fees and expenses of counsel if requested by the Administrative Agent) to the extent invoiced one (1Joint Lead Arrangers and Joint Bookrunners) Business Day prior and the amendment fees payable to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)Lenders for which invoices have been received.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Five Year Credit Agreement (Jones Apparel Group Inc)
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all is subject to satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" originals or e-mails (in a .pdf format) or telecopies (in each case, followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party (to the extent a Loan Party is a party thereto), each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this AgreementAgreement executed by each of the parties to this Agreement on the Closing Date, and counterparts of Subsidiary Guaranties executed by (A) each Domestic Subsidiary and (B) each Foreign Subsidiary, if any, that is liable with respect to any Unsecured Indebtedness (other than (1) the Obligations or (2) obligations in respect of the SEB Portfolio-Preferred to the extent such obligations constitute Unsecured Indebtedness), in each case 64054670 76 whether as borrower, guarantor or otherwise, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable SubsidiaryGrantor(s), together with:
(A) to the extent not already in the Administrative Agent's possessioncertificates or instruments, certificates if any, representing the Collateral pledged equity referred to therein thereunder accompanied by undated stock all endorsements and/or powers executed in blank; andrequired by the applicable Pledge Agreement,
(B) such evidence of that (1) all proper financing statements have been or contemporaneously therewith will be duly filed under the completion Uniform Commercial Code of all other actions, recordings applicable jurisdictions and filings of or with respect to the Pledge Agreement (2) all applicable perfection requirements that the Administrative Agent reasonably may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Pledge Agreement, covering the Collateral described in the Pledge Agreement,
(C) completed requests for information listing all effective financing statements or other perfection requirements filed in the jurisdictions referred to in clause (B) above that name any Domestic Subsidiary as debtor, together with (x) copies of such other financing statements and (y) if any such financing statement covers Collateral, termination statements (or similar documents) for filing in all applicable jurisdictions as may be necessary to terminate any such effective financing statements (or equivalent filings), and
(D) a Perfection Certificate duly executed by each Grantor;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and is validly existing, in form good standing (if applicable) and substance reasonably satisfactory qualified to engage in business in its jurisdiction of organization and each other jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, extent that (A) after giving effect failure to the financing hereunder and each Loan do so could not reasonably be expected to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIhave a Material Adverse Effect;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viiix) a favorable opinion of Sidley Austin ▇▇▇▇▇▇▇▇ Chance US LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders Administrative Agent may reasonably requestrequest and (y) a favorable opinion of Luxembourg counsel, addressed to the Administrative Agent and each 64054670 77 Lender, as to such matters as the Administrative Agent may reasonably request with respect to Pledge Agreements that are governed by Luxembourg law;
(ixvii) a certificate of a Responsible Officer of Holdings or the Borrower, on behalf of itself and each Loan Party, either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(viii) a certificate signed by a Responsible Officer of the Borrower (x) certifying that (A1) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B2) that since the date of the Historical Financial Statements, there has been no event or circumstance since the date of the Audited Financial Statements that has had or could reasonably be reasonably expected toto have, either individually or in the aggregate, have a Material Adverse Effect, Effect and (C3) that there is no action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowerany Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority that would (A) relates to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or thereby, or (B) could reasonably be expected expected, either individually or in the aggregate, to have a Material Adverse Effect and (Dy) that no consents, licenses or approvals are required in connection with the consummation by the Borrower attaching copies of the transaction contemplated hereby and Organization Documents of each Person whose Equity Interests are included in the executionCollateral, delivery and performance by which Organization Documents shall (1) in the Borrower and the validity against the Borrower reasonable opinion of the Loan Documents to which it is a party;
(x) Administrative Agent, permit the Administrative Agent shall have received to realize on such Collateral upon the results occurrence and during the continuance of a Lien search an Event of Default and (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), 2) otherwise be in form and substance reasonably satisfactory theretoto the Administrative Agent;
(ix) a duly completed compliance certificate as of the last day of the fiscal quarter of Holdings ended on December 31, made against 2016, signed by a Responsible Officer of Holdings, giving pro forma effect to the transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date) and including in reasonable detail the calculations required to establish compliance with the covenants set forth in Section 7.11 (such compliance certificate, the “Pro Forma Closing Date Compliance Certificate”);
(x) a Solvency Certificate from the Borrower under certifying that, after giving effect to the Uniform Commercial Code transactions to occur on the Closing Date (or applicable judicial docketincluding, without limitation, all Credit Extensions to occur on the Closing Date), the Loan Parties and their Subsidiaries, taken as a whole and on a consolidated basis, are Solvent;
(xi) an Approved Appraisal for each Property that is included in the calculation of Consolidated Total Asset Value as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the BorrowerClosing Date;
(xii) the financial statements referenced in Section 5.05(a) and consolidated forecasted balance sheet and statements of income and cash flows of Holdings and its Subsidiaries on a quarterly basis for the fiscal year ending December 31, indicating among 2017 and on an annual basis for the succeeding two fiscal years; 64054670 78
(xiii) all documentation and other things information that the assets of each Administrative Agent or any Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Act; and
(xixiv) substantially concurrent payoff in full of all outstanding obligations under such other certificates, consents and other documents, as the Existing Credit Agreement with Administrative Agent, the proceeds of L/C Issuer, the initial Loans funded hereunder and Swing Line Lender or the termination of all commitments thereunder;Required Lenders reasonably may require.
(b) All Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) at least two Business Day Days prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent's receipt of the followingAgent shall have received, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, counterparts of this Amendment executed by each Lender of the Loan Parties, the Lenders collectively comprising at least the Required Lenders and the Borrower;Administrative Agent.
(iib) a Revolving Credit Note The Administrative Agent shall have received, in form and a Term Note for each requesting Lender executed by substance satisfactory to the Borrower;
(iii) a pledge agreementAdministrative Agent, counterparts of an amendment to the Intercreditor Agreement in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly A attached hereto executed by each of the Borrower and any applicable Subsidiary, together with:parties party thereto.
(Ac) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the The Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificatereceived, in form and substance reasonably satisfactory to the Administrative Agent, an amendment to each of the KeyBank 2015 Credit Agreement, the KeyBank 2017 Credit Agreement, the ▇▇▇▇▇ Fargo Credit Agreement and certified the PNC Bank Credit Agreement, it being understood that, in each case, any such amendment that is in substantially the same form as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 this Amendment or otherwise substantially consistent with the covenants contained in Article VIII;
(vi) certificates as summary of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice amendment terms previously approved by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;shall be deemed satisfactory.
(ixd) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results a certificate of a Lien search Secretary or an Assistant Secretary of the Company certifying (including a search i) as to judgmentsthe resolutions authorizing the transactions contemplated by this Amendment, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against (ii) that there have been no amendments to the formation documents of the Borrower under since June 30, 2020, or, if there have been any amendments, attaching copies of such amendments, and (iii) that there have been no changes to the Uniform Commercial Code (or applicable judicial docket) incumbency of officers authorized to execute this Amendment since June 30, 2020, or, if there have been any changes, certifying as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidsuch changes.
(ce) Unless waived by the Administrative Agent, the The Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements consummated (or shall substantially simultaneously consummate) an issuance of one primary counsel to the Administrative Agent Qualifying Senior Secured Notes.
(directly to such counsel if requested by the Administrative Agentf) to To the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent).
(d) The Borrower due and payable on the Amendment Effective Date shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, been paid in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretofull.
Appears in 1 contract
Sources: Revolving Credit Agreement (Xenia Hotels & Resorts, Inc.)
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's receipt Agent (or its counsel) shall have received either (i) counterparts of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly this Amendment duly executed by a Responsible Officerthe Company, each dated the Closing Date Term Lenders, the Required Lenders under the Existing Credit Agreement and the Administrative Agent or (or, in the case of certificates of governmental officials, a recent date before the Closing Dateii) and each in form and substance reasonably written evidence satisfactory to the Administrative Agent and each (which may include facsimile or electronic transmission of the Lenders:
(ian executed signature page of this Amendment) that such parties have executed counterparts of this Agreement, sufficient in number for distribution Amendment.
(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent, each Lender Agent and the Borrower;
(iiLenders and dated the Amendment No. 1 Effective Date) a Revolving Credit Note and a Term Note of ▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, counsel for each requesting Lender executed by the Borrower;
(iii) a pledge agreementCompany, in substantially covering such matters relating to the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amendedCompany, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amended Credit Agreement and the other Loan Documents and the transactions contemplated hereby as the Administrative Agent shall reasonably request. The Company hereby requests such counsel to which the Borrower is a party or is to be a party;deliver such opinion.
(vc) Borrower The Administrative Agent shall have delivered received from the Company a certificate, executed by an authorized officer of the Company, certifying that, immediately before and upon giving effect to the terms of this Amendment and the transactions contemplated hereby, (i) no Default or Event of Default exists or would result therefrom, (ii) the representations and warranties contained in Article V of the Amended Credit Agreement are (x) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of the date hereof, except in the case of any such representation and warranty that expressly relates to an earlier date, in which case such representation and warranty was true and correct in all material respects as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date, and (iii) the Company is in compliance (on a pro forma basis reasonably acceptable to the Administrative Agent a certificateAgent) with the covenants contained in Section 6.18 of the Amended Credit Agreement, which certificate shall be in form and substance reasonably satisfactory to the Administrative Agent.
(d) The Administrative Agent shall have received a Certificate of the Secretary or an Assistant Secretary of the Company (i) certifying (w) that there have been no changes in the charter document of the Company, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance and as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates certified as of a recent date by the Secretary of State (or analogous governmental entity) of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws jurisdiction of its jurisdiction of incorporationorganization, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effectcertification thereof by such governmental entity, (Cx) that there is no actionthe Operating Agreement or other organizational document, suitas attached thereto, investigation or proceeding pending or, to the knowledge of the BorrowerCompany as in effect on the date of such certification, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (Dy) that no consents, licenses or approvals are required in connection with the consummation by the Borrower resolutions of the transaction contemplated hereby and Board of Directors or other governing body of the Company authorizing the execution, delivery and performance by of each Loan Document to which it is a party, and (z) the Borrower names and true signatures of the validity against incumbent officers of the Borrower of Company authorized to sign the Loan Documents to which it is a party;, and authorized to request an Advance or the issuance of a Facility LC under the Amended Credit Agreement, and (ii) attaching the Good Standing Certificate (or analogous documentation if applicable) for the Company from the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, to the extent generally available in such jurisdiction.
(xe) To the extent requested 10 days prior to the Amendment No. 1 Effective Date, the Administrative Agent shall have received received, at least five days prior to the results of a Lien search Amendment No. 1 Effective Date, all documentation and other information regarding the Company and the Guarantors requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.
(including a search as f) To the extent requested 10 days prior to judgmentsthe Amendment No. 1 Effective Date, bankruptcythe Administrative Agent and each requesting Lender shall have received, tax and intellectual property matters in its discretion)at least five days prior to the Amendment No. 1 Effective Date, in connection with applicable “beneficial ownership” rules and regulations, a customary certification regarding beneficial ownership or control of the Company in a form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before and each requesting Lender (it being understood that, upon the Closing Date execution and delivery by any Lender of its signature page to this Amendment, the condition set forth in this clause (f) shall have been paid and all fees required be deemed to be paid satisfied as to the Lenders on or before the Closing Date shall have been paidsuch Lender).
(cg) Unless waived by the The Administrative Agent, the Borrower Agent shall have paid received all reasonable fees and documented out-of-pocket fees, charges other amounts due and disbursements payable on or prior to the Amendment No. 1 Effective for the account of one primary counsel to each Term Lender and the Administrative Agent (directly to such counsel if requested by the Administrative Agent) and its affiliates, including, to the extent invoiced at least one (1) Business Day prior to the Closing Amendment No. 1 Effective Date, plus such additional amounts reimbursement or payment of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or all out-of-pocket expenses required to be incurred reimbursed or paid by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between Company under the Borrower and the Administrative Agent).
(d) Amended Credit Agreement. The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notify the Company and the Lenders of the Amendment No. 1 Effective Date, and such notice from such Lender prior to the proposed Closing Date specifying its objection theretoshall be conclusive and binding.
Appears in 1 contract
Sources: Credit Agreement (Plexus Corp)
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the first date (such date being referred to as the “Amendment No. 5 Effective Date”, on or before September 18which date is March 17, 2018, all 2016) when each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent shall have received counterparts of this Amendment duly executed and delivered by (A) the Borrower, (B) the MLP, (C) the Consenting Lender and (D) the Administrative Agent's receipt .
(b) The Administrative Agent shall have received, on behalf of itself and the Lenders, an opinion from ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, special New York counsel to the Credit Parties, dated as of the followingAmendment No. 5 Effective Date and addressed to the Administrative Agent and the Consenting Lender, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent.
(c) The Administrative Agent and each of the Lenders:
shall have received (i) executed counterparts certificates of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
good standing (ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in such concept exists) from the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence applicable secretary of state of the completion state of all other actionsorganization of each Credit Party, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Credit Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement Amendment and the other Loan Documents to which the Borrower is a party or is to be a party;
(vii) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to dated as of the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Amendment No. 5 Effective Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that Borrower, confirming satisfaction of the conditions specified set forth in Sections 4.02(a2(e) and (bf) have been satisfied, of this Amendment.
(Bd) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation Payment by the Borrower of the transaction contemplated hereby all reasonable fees and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid expenses due to the Administrative Agent on or before and ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated (the Closing Date shall have been paid and all fees required to be paid “Arranger”), including, to the Lenders on extent invoiced, reimbursement or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid payment of all reasonable and documented out-of-pocket feesexpenses (including the legal fees and expenses of ▇▇▇▇▇▇ ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(de) The representations and warranties of the Borrower and each other Credit Party contained in Section 8 of the Credit Agreement (as amended hereby) or any other Credit Document shall have delivered be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Amendment No. 5 Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date.
(f) After giving effect to this Amendment, no Default or Event of Default exists, or would result from the effectiveness of this Amendment.
(g) With respect to any parcel of improved Mortgaged Property, a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each applicable Credit Party) together with a copy of, or certificate as to coverage under, and a declaration page relating to, the insurance policies required by Section 9.03 of the Credit Agreement (including, without limitation, flood insurance policies) and the applicable provisions of the Security Documents, each of which (i) shall be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payee or mortgagee endorsement (as applicable), (ii) shall name the Collateral Agent, on behalf of the Guaranteed Creditors, as additional insured, (iii) in the case of flood insurance, shall (a) identify the address of each property located in a special flood hazard zone, (b) indicate the applicable flood zone designation, the flood insurance coverage for buildings and contents and the deductible relating thereto and (c) provide that the insurer will give the Collateral Agent 45 days’ written notice of cancellation or non-renewal if permitted by applicable law and (iv) shall be otherwise in form and substance satisfactory to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent's receipt of the followingAgent shall have received, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(ix) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender Amendment executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order and those Lenders comprising Required Lenders or, as to perfect the Liens created thereby;
(iv) any of such certificates of resolutions or other actionLenders, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered advice satisfactory to the Administrative Agent a certificatethat such Lender has executed this Amendment, and (y) the consent attached hereto (the “Consent”) executed by each of the Guarantors.
(b) The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer counterparts of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject an amendment to the Pledge Agreement under executed by each of the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;parties thereto.
(viic) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion)received, in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly a) a certificate of each Loan Party and of each general partner or managing member thereof certifying as to such counsel if requested the matters required by the Administrative Agentcertificate described in Section 3.01(a)(viii) of the Existing Credit Agreement, in each case as of the Amendment Effective Date, (b) a certificate of the Secretary or an Assistant Secretary of each Loan Party (or Responsible Officer of the general partner or managing member of any Loan Party) and of each general partner or managing member (if any) of each Loan Party certifying the names and true signatures of the officers of such Loan Party, or of the general partner or managing member of such Loan Party, authorized to sign this Amendment and each Loan Document to which it is or is to be a party and the other documents to be delivered hereunder and thereunder and (c) certified copies of the resolutions of the Board of Directors of the Parent Guarantor on its behalf and on behalf of each Loan Party for which it is the ultimate signatory approving the transactions contemplated by this Amendment and each Loan Document contemplated hereby to which it or such Loan Party is or is to be a party, and of all documents evidencing other necessary corporate action and governmental and other third party approvals and consents, if any, with respect to the extent invoiced one (1) Business Day prior transactions under the Loan Documents and each Loan Document to the Closing Date, plus which it or such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred Loan Party is or is to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)party.
(d) The Borrower Administrative Agent shall have delivered received, in form and substance satisfactory to the Administrative Agent, (i) an amendment of the Revolving Credit Agreement and any Lender requesting (ii) an amendment to the same, a Beneficial Ownership Certification5 Year Term Loan Agreement, in each case at least five modifying the underlying agreement to account for the terms herein and making certain other corresponding modifications.
(5e) Business Days prior to (i) the Closing Date. Without limiting the generality fees provided for in Section 10 and (ii) all of the provisions reasonable out-of-pocket expenses of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent (including the reasonable fees and expenses of counsel for the Administrative Agent) due and payable on the Amendment Effective Date shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretobeen paid in full.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the date hereof if, on or before September 18and only if, 2018, all of the following conditions precedent Agent shall have been metreceived:
(a) The Administrative Agent's receipt executed copies of this Amendment from the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent Borrower and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(iib) executed copies of any Notes requested by a Revolving Lender pursuant to Section 2.13 of the Credit Note and a Term Note for Agreement in connection with this Amendment payable to the order of each such requesting Lender executed by the BorrowerLender;
(iiic) a pledge agreement, executed copies of the Reaffirmation attached hereto in substantially the form of Exhibit E A (the “Reaffirmation”) from each existing Guarantor and Pledgor;
(d) copies of the articles or certificate of incorporation (or comparable constituent document) of each Loan Party, together with all amendments, and a certificate of good standing, each other pledge agreement supplement delivered certified by the appropriate governmental officer in connection therewithits jurisdiction of incorporation or organization;
(e) copies, in certified by the Secretary or Assistant Secretary of each case Loan Party, of its by-laws (or comparable governing document) and resolutions of its board of directors (or comparable governing body) authorizing the execution of this Amendment or the Reaffirmation, as amendedapplicable;
(f) an incumbency certificate, the "Pledge Agreement"), duly executed by the Borrower Secretary or Assistant Secretary of each Loan Party, which shall identify by name and any applicable Subsidiarytitle and bear the signatures of the officers of such Loan Party authorized to sign this Amendment or the Reaffirmation, together with:as applicable;
(Ag) a written opinion of the Loan Parties’ counsel, addressed to the extent not already in Lenders and the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory acceptable to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vih) certificates such documentation as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject Agent shall have reasonably requested to reaffirm the liens granted under the German-law pledge agreement executed by Engineered Solutions L.P. with respect to the Pledge Agreement under the laws capital stock of its jurisdiction of incorporation, organization or formation (or equivalent), as applicableEnerpac GmbH;
(viii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are all fees (if any) agreed to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning paid by the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Amendment; and
(xij) substantially concurrent payoff in full of all outstanding obligations under such other instruments and documents as the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoreasonably requested in connection with this Amendment.
Appears in 1 contract
Sources: Credit Agreement (Actuant Corp)
Conditions of Effectiveness. This Agreement shall become effective ifThird Amendment and the amendments and consent provided herein, on or before September 18, 2018, all are subject to the satisfaction of the following conditions precedent have been metprecedent:
(a) The Administrative Agent's receipt of Agent shall have received the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each as of the LendersThird Amendment Effective Date and in sufficient executed originals for each Lender:
(i1) executed counterparts of this AgreementThird Amendment, sufficient in number for distribution to the Administrative Agent, each Lender duly completed and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower, each Guarantor, the Agent and each Required Lender;
(iii2) a pledge agreement, the PXRE Bermuda Credit Enhancement Policy in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement")A attached hereto, duly completed and executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyPXRE Bermuda;
(iv3) the Group Guarantee in the form of Exhibit B attached hereto, duly completed and executed by PXRE Group;
(4) the favorable opinion of Conyers Dill & Pearman, counsel to PXRE Group and P▇▇▇ ▇▇▇m▇▇▇, in ▇▇▇▇ ▇easonably satisfactory to the Agent and substantially covering such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower opinion matters as the Administrative Agent may reasonably require evidencing request.
(b) The Agent shall have received a certificate, signed by the identity, authority and capacity president or chief financial officer of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificateCredit Party, in form and substance reasonably satisfactory to the Administrative Agent, certifying that (i) all representations and warranties of such Credit Party contained in this Third Amendment, the Existing Credit Agreement (subject to the updating of the representations and warranties therein pursuant to this Third Amendment) and the other Credit Documents are true and correct as of the Third Amendment Effective Date, both immediately before and after giving effect to the consummation of the transactions contemplated hereby, (ii) no Default or Event of Default has occurred and is continuing, both immediately before and after giving effect to the consummation of the transactions contemplated hereby, (iii) both immediately before and after giving effect to the consummation of the transactions contemplated hereby, no Material Adverse Change has occurred since December 31, 2001, and there exists no event, condition or state of facts that could reasonably be expected to result in a Material Adverse Change, (iv) that the articles or certificate of incorporation of such Credit Party, as the case may be, have not been amended, revised or restated since the date of the Second Amendment, and (v) that the bylaws, operating agreement or memorandum and articles of association, as applicable, of such Credit Party, as the case may be, have not been amended, revised or restated since the date of the Second Amendment.
(c) The Agent shall have received certificates of the secretary, clerk or director, as applicable, or an assistant secretary, clerk or director, as applicable, of each Credit Party, in form and substance satisfactory to the Agent and dated as of the Third Amendment Effective Date, certifying (i) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or duly authorized committee thereof) of such Credit Party authorizing the execution, delivery and performance of this Third Amendment, and (ii) as to the incumbency and genuineness of the signature of each officer of such Credit Party executing this Third Amendment.
(d) The Agent shall have received a certificate of the secretary, clerk or director, as applicable, or an assistant secretary, clerk or director, as applicable, of PXRE Bermuda, in form and substance satisfactory to the Agent and dated no earlier than thirty (30) days prior to the Third Amendment Effective Date, certifying (i) that attached thereto is a true and complete copy of the articles or certificate of incorporation and all amendments thereto of PXRE Bermuda, certified, to the extent applicable, as of a recent date by the Secretary of State (or comparable Governmental Authority) of its jurisdiction or organization, and that the same has not been amended since the date of such certification, (ii) that attached thereto is a true and complete copy of the bylaws, operating agreement or memorandum and articles of association, as applicable, of PXRE Bermuda, as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (iii) below were adopted to and including the date of such certificate, (iii) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or duly authorized committee thereof) of PXRE Bermuda authorizing the execution, delivery and performance of the PXRE Bermuda Credit Enhancement Policy, and (iv) as to the incumbency and genuineness of the signature of each officer of PXRE Bermuda executing the PXRE Bermuda Credit Enhancement Policy.
(e) PXRE Bermuda shall have duly complied with and performed all of its agreements and conditions set forth in the PXRE Bermuda Credit Enhancement Policy required to be complied with or performed by it on or prior to the Third Amendment Effective Date and the Agent shall have received evidence satisfactory to it that premium due thereunder shall have been paid in full by PXRE Group.
(f) The Agent shall have received a Covenant Compliance Worksheet, duly completed and certified as accurate by the chief financial officer or treasurer of PXRE Group and the Borrower and in form and substance satisfactory to the Agent, demonstrating PXRE Group's and Borrower's compliance with the financial covenants set forth in Sections 6.1 through 6.4, that (A) determined on a pro forma basis as of September 30, 2002, after giving effect to the financing hereunder and each Loan to be advanced on consummation of the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;transaction contemplated hereby.
(vig) certificates The Lenders shall have received a certificate as of a recent date of the good standing or existence of Borrower PXRE Bermuda under the law of its state or country of organization.
(h) All approvals, permits and each Subsidiary whose equity securities consents of any Governmental Authorities or other Person required in connection with the execution and delivery of this Third Amendment, the PXRE Credit Enhancement Policy and the consummation of the transactions contemplated hereby shall have been obtained (without the imposition of conditions that are subject not reasonably acceptable to the Pledge Agreement under Agent and the laws of its jurisdiction of incorporation, organization or formation (or equivalentRequired Lenders), and all related filings, if any, shall have been made, and all such approvals, permits, consents and filings shall be in full force and effect and the Agent shall have received such copies thereof as applicable;
(vii) written notice it shall have requested; all applicable waiting periods shall have expired without any adverse action being taken by Borrower designating a deposit account acceptable any Governmental Authority having jurisdiction; and no action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before, and no order, injunction or decree shall have been entered by, any court or other Governmental Authority, in each case to Administrative Agent into which enjoin, restrain or prohibit, to obtain substantial damages in respect of, or that is otherwise related to or arises out of, this Third Amendment, the proceeds PXRE Credit Enhancement Policy or the consummation of Loans are to be disbursed;
(viii) a favorable the transactions contemplated hereby, or that, in the opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfiedLenders, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could would otherwise be reasonably expected to, either individually or in the aggregate, likely to have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(di) The Borrower shall have delivered paid the fee that is due and payable under that certain letter between the Agent and Borrower dated October 2, 2002 (the "Third Amendment Fee Letter"), together with all other fees and expenses of the Agent and the Lenders required hereunder or thereunder or under any other Credit Document to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days be paid on or prior to the Closing Date. Without limiting Third Amendment Effective Date (including the generality reasonable fees and expenses of U.S. and Bermuda counsel to the Agent) in connection with this Third Amendment and the transactions contemplated hereby.
(j) Each of the provisions representations and warranties contained in the Existing Credit Agreement, this Third Amendment and the other Credit Documents shall be true and correct on and as of the last paragraph of Section 10.03, for purposes of determining compliance Third Amendment Effective Date with the conditions specified same effect as if made on and as of such date, both immediately before and after giving effect to the consummation of the transactions contemplated hereby, except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in this Section 4.01which case such representation or warranty shall be true and correct as of such date.
(k) No Default or Event of Default shall have occurred and be continuing, both immediately before and after giving effect to the consummation of the transactions contemplated hereby.
(l) The Agent and each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to other documents, certificates, opinions and instruments in connection with the proposed Closing Date specifying its objection theretoPXRE Bermuda Credit Enhancement Policy, the Group Guarantee and this Third Amendment as it shall have reasonably requested.
Appears in 1 contract
Sources: Credit Agreement (Pxre Group LTD)
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all as of the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agentfirst above written when, and certified as accurate by the chief financial officer of Borroweronly when, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received counterparts of this Amendment executed by Holdings and the results Required Lenders or, as to any of a Lien search the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment; and Section 1 of this Amendment shall become effective when and only when the Administrative Agent shall have received (a) the fees specified in Section 2 hereof, and payment of all other accrued fees and expenses of the Administrative Agent (including a search as the reasonable accrued fees and expenses of counsel to judgmentsthe Administrative Agent invoiced on or prior to the date hereof) and (b) all of the following documents, bankruptcy, tax and intellectual property matters in its discretioneach such document dated the date of receipt thereof by the Administrative Agent (unless otherwise specified), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent:
(i) Counterparts of the Consent appended hereto (the "Consent"), executed by each of the Loan Parties (other than Holdings);
(ii) Certified copies of (A) the resolutions of the Board of Directors of (1) Holdings approving this Amendment and the matters contemplated hereby and (2) each other Loan Party evidencing approval of the Consent and (B) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment, the Consent and all other matters contemplated hereby;
(iii) A certificate signed by a duly authorized officer of Holdings stating that: (A) the representations and warranties contained in Section 5 hereof and in the Loan Documents are true and correct on and as of the date of such certificate as though made on and as of such date other than any such representations or warranties that, by their terms, refer to a date other than the date of such certificate, and any Lender requesting the same, (B) no event has occurred and is continuing that constitutes a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretoDefault.
Appears in 1 contract
Sources: Credit Agreement (Alpharma Inc)
Conditions of Effectiveness. This Agreement Amendment shall become effective and be deemed effective as of the date hereof (the "Amendment Effective Date") if, on or before September 18and only if, 2018, all each of the following conditions precedent shall have been metsatisfied:
(a) SECTION 3.1. The Administrative Agent's receipt of the following, each of which Agent shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
have received (i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), Amendment duly executed by the Borrower and any applicable Subsidiarythe Lenders, together with:
(ii) each of the other documents listed on the List of Closing Documents attached hereto as Exhibit A) to , in each case in form and substance satisfactory the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
and (Biii) such evidence other documents as the Agent or any Lender may reasonably request.
SECTION 3.2. The Agent shall have received from the Borrower (i) an amendment fee equal to 0.25% of the completion Aggregate Commitment under the Credit Agreement as amended hereby for the ratable account of the Lenders in accordance with their respective Commitments under the Credit Agreement as amended hereby, (ii) all other actions, recordings and filings of or accrued Facility Fee under the Credit Agreement to but not including the Amendment Effective Date with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers Commitments of the Borrower as lenders under the Administrative Agent may reasonably require evidencing Credit Agreement, other than the identityLenders party hereto, authority and capacity (iii) all other fees and other amounts due and payable on or prior to the Amendment Effective Date, including, to the extent invoiced, payment or reimbursement of each Responsible Officer thereof authorized all expenses required to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which be paid or reimbursed by the Borrower is a party under the Credit Agreement, either before or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidAmendment.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent's receipt of the followingAgent shall have received, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(ix) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender Amendment executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order and those Lenders comprising Required Lenders or, as to perfect the Liens created thereby;
(iv) any of such certificates of resolutions or other actionLenders, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered advice satisfactory to the Administrative Agent a certificatethat such Lender has executed this Amendment, and (y) the consent attached hereto (the “Consent”) executed by each of the Guarantors.
(b) The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer counterparts of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject an amendment to the Pledge Agreement under executed by each of the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;parties thereto.
(viic) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion)received, in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly a) a certificate of each Loan Party and of each general partner or managing member thereof certifying as to such counsel if requested the matters required by the Administrative Agentcertificate described in Section 3.01(a)(viii) of the Existing Credit Agreement, in each case as of the Amendment Effective Date, (b) a certificate of the Secretary or an Assistant Secretary of each Loan Party (or Responsible Officer of the general partner or managing member of any Loan Party) and of each general partner or managing member (if any) of each Loan Party certifying the names and true signatures of the officers of such Loan Party, or of the general partner or managing member of such Loan Party, authorized to sign this Amendment and each Loan Document to which it is or is to be a party and the other documents to be delivered hereunder and thereunder and (c) certified copies of the resolutions of the Board of Directors of the Parent Guarantor on its behalf and on behalf of each Loan Party for which it is the ultimate signatory approving the transactions contemplated by this Amendment and each Loan Document contemplated hereby to which it or such Loan Party is or is to be a party, and of all documents evidencing other necessary corporate action and governmental and other third party approvals and consents, if any, with respect to the extent invoiced one (1) Business Day prior transactions under the Loan Documents and each Loan Document to the Closing Date, plus which it or such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred Loan Party is or is to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)party.
(d) The Borrower Administrative Agent shall have delivered received, in form and substance satisfactory to the Administrative Agent, (i) an amendment of the Revolving Credit Agreement and any Lender requesting (ii) an amendment to the same, a Beneficial Ownership Certification7 Year Term Loan Agreement, in each case at least five modifying the underlying agreement to account for the terms herein and making certain other corresponding modifications.
(5e) Business Days prior to (i) the Closing Date. Without limiting the generality fees provided for in Section 10 and (ii) all of the provisions reasonable out-of-pocket expenses of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent (including the reasonable fees and expenses of counsel for the Administrative Agent) due and payable on the Amendment Effective Date shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretobeen paid in full.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on The effectiveness of this Amendment is subject to satisfaction (or before September 18, 2018, all waiver in accordance with Section 11.01 of the Credit Agreement) of the following conditions precedent have been met:on or before June 6, 2018 (the “Amendment Effective Date”):
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Amendment Effective Date (or, in the case of certificates of governmental officials, a recent date before the Closing Amendment Effective Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative AgentAmendment executed by each Borrower, each Lender and the BorrowerAdministrative Agent;
(ii) Notes, if requested by a Revolving Credit Note and a Term Note for each requesting Lender at least three Business Days prior to the Amendment Effective Date, executed by the Borrowereach Borrower in favor of such Lender;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement Amendment and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(viv) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each of the Loan Parties is validly existing, in form good standing and substance reasonably satisfactory qualified to engage in business in the Administrative Agent, and certified as accurate by the chief financial officer jurisdiction of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIits organization;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viiiv) a favorable opinion of Sidley Austin (A) Ropes & ▇▇▇▇ LLP, New York counsel to the BorrowerLoan Parties, (B) ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ LLP, special Canadian counsel to the Company, ▇▇▇▇ and LCHI and (C) ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, LLP, special Nevada counsel to LUSA, each addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(ixvi) a certificate signed by a Responsible Officer of the Borrower Company certifying that (A) that the conditions specified representations and warranties of (i) each Borrower contained in Sections 4.02(aArticle V of the Credit Agreement (as amended hereby) and (bii) have been satisfiedeach Loan Party contained in each other Loan Document are true and correct in all material respects on and as of the Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date (provided that any representation or warranty qualified by materiality or material adverse effect shall be true and correct in all respects), (B) that no Default exists and (C) there has been no event or circumstance since the date of the Audited Financial Statements January 31, 2018 that has had or could be reasonably expected toto have, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xivii) substantially concurrent payoff such other information as has been reasonably requested in full of all outstanding obligations writing at least 10 days prior to the Amendment Effective Date by the Administrative Agent or the Lenders that they reasonably determine is required by regulatory authorities under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder applicable “know your customer” and the termination of all commitments thereunder;anti-money laundering rules and regulations.
(b) All fees required to be paid At least three days prior to the Administrative Agent on or before Amendment Effective Date, any Loan Party that qualifies as a “legal entity customer” under the Closing Date Beneficial Ownership Regulation shall have been paid and all fees required deliver, to be paid each Lender that so requests, a Beneficial Ownership Certification in relation to the Lenders on or before the Closing Date shall have been paidsuch Loan Party.
(c) Unless The Company shall have paid all fees and, unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket expenses (including the reasonable and documented fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent)) to the extent earned, due and owing or otherwise payable or reimbursable pursuant to Section 11.04(a) of the Credit Agreement in connection with the preparation, negotiation, execution and delivery of this Amendment that are invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) three Business Days prior to or on the Closing Amendment Effective Date. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03 of the Credit Agreement, for purposes of determining compliance with the conditions specified in this Section 4.012, each Lender that has signed this Agreement Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or reasonably satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Amendment Effective Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become be effective ifas of the Seventh Amendment Effective Date when, and only when,
(a) a Borrower shall have paid, on or before September 18July 15, 20182008, all to the Administrative Agent for the ratable account and benefit of each Lender executing this Amendment on or before 5:00 p.m. Eastern time on July 15, 2008, a fee equal to 0.25% of the following conditions precedent have been met:Total Exposure Amount of each such Lender;
(ab) The the Administrative Agent's receipt of Agent shall have received, on or before July 15, 2008, the followingfollowing documents, each of which shall be originals, "pdfs" or telecopies such document (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each ) dated the Closing Date date of receipt thereof by the Administrative Agent (or, in the case of certificates of governmental officials, a recent date before the Closing Dateunless otherwise specified) and in sufficient copies for each Lender, in form and substance satisfactory to the Administrative Agent:
(i) Counterparts of this Amendment executed by each Borrower and the Required Lenders or, as to any of the Required Lenders, advice satisfactory to the Administrative Agent that such Required Lender has executed this Amendment;
(ii) Counterparts of the Consent and Confirmation attached hereto executed by each Subsidiary Guarantor;
(iii) Evidence reasonably satisfactory to the Administrative Agent that any and each all expenses of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution all counsel to the Administrative AgentAgent for services rendered since the date of their last invoice, each Lender and or since they commenced work, as well as all expenses in connection with this Amendment shall have been paid in full in accordance with Section 10.3 of the BorrowerCredit Agreement;
(iiiv) A certificate signed by a Revolving Credit Note and a Term Note for duly authorized officer of each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together withstating that:
(A) to the extent not already All representations and warranties made by such Borrower in Section 3 hereof and in the Administrative Agent's possessionCredit Agreement (as amended hereby) and the other Loan Documents are true and correct in all material respects as of the date hereof as if made on the date hereof (unless stated to relate solely to an earlier date, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blankwhich case such representations and warranties shall be true and correct in all material respects as of such earlier date); and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder amendments contemplated by Section 1 above, no Default shall have occurred and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIcontinuing;
(vic) certificates the Pension Trustees shall have passed a resolution to revise the Recovery Plan, or such revised Recovery Plan shall have been executed by the parties thereto, in either case as of a recent date of reasonably determined by the good standing of Borrower and each Subsidiary whose equity securities are subject to Administrative Agent, such that the Pledge Agreement under revised Recovery Plan is in substantially the laws of its jurisdiction of incorporation, organization or formation (or equivalent), same form as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed recovery plan heretofore provided to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;Agent; and
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(xd) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax all reports and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets other data of the Borrower, indicating among other things that U.S. Borrower and its Subsidiaries setting forth the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds current liquidity situation of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the U.S. Borrower and the Administrative Agent)its Subsidiaries.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all of the date on which the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Required Lenders:
(i) by the Lenders and the Administrative Agent, executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note by such ▇▇▇▇▇▇;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower Lenders and any applicable Subsidiarythe Administrative Agent, executed counterparts of the Collateral Documents and the Guaranty, together with:
(A) to by the extent not already in Lenders and the Administrative Agent's possession, certificates representing if any of the pledged equity referred Pledged Equity Interests (other than in respect of the Equity Interests of Lux Holdco) shall be uncertificated securities (as defined in Article 8 of the UCC), confirmation and evidence satisfactory to therein accompanied by undated stock powers executed the Required Lenders that the security interest in blank; andsuch uncertificated securities has been transferred to and perfected for the Administrative Agent for the benefit of the Secured Parties in accordance with Section 9-106 of the Uniform Commercial Code;
(B) such evidence of by the completion Lenders and the Administrative Agent, proper financing statements in form appropriate for filing under the Uniform Commercial Code of all other actions, recordings and filings of or with respect to the Pledge Agreement jurisdictions that the Administrative Agent Required Lenders may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Security Agreement, covering the Collateral described therein;
(C) by the Lenders, copies of any other Uniform Commercial Code, judgment, tax lien, Intellectual Property, or other searches reasonably requested by the Required Lenders with respect to the Collateral, together with copies of the financing statements (or similar documents) disclosed by such searches, and accompanied by evidence that any Liens indicated in any such financing statement that are not permitted by Section 7.01 have been or contemporaneously will be released or terminated (or otherwise provided for in a manner reasonably acceptable to the Required Lenders); and
(D) by the Lenders, evidence that all other actions, recordings and filings that the Required Lenders may deem necessary or desirable in order to perfect the Liens created under the Collateral Documents have been taken or made (including receipt of duly executed payoff letters, UCC-3 termination statements and consent agreements, if applicable) or arrangements therefor satisfactory to the Required Lenders shall have been made;
(iv) the 2019 Mortgage, covering each of the Specified Barge Rigs listed on Schedule 5.07(A), duly executed by the appropriate Loan Party, together with:
(A) evidence that the 2019 Mortgage has been duly executed, acknowledged and delivered and is in form suitable for filing or recording with the United States Coast Guard and all other filing or recording offices that the Required Lenders may deem necessary or desirable in order to create a valid second and subsisting Lien on the Specified Barge Rigs described therein in favor of the Administrative Agent as trustee for the benefit of the Secured Parties and that all filing, documentary, stamp, intangible and recording taxes and fees have been paid (or arrangements for such payment satisfactory to the Required Lenders shall have been made); and
(B) to the Lenders, evidence that all other actions that the Required Lenders may deem necessary or desirable in order to create valid second and subsisting Liens on the property described in the Mortgages has been taken, including delivery of an abstract of title evidencing that the 2019 Mortgage has been recorded with the National Vessel Documentation Center, and such other documentation as the Lenders and the Administrative Agent may require, including a certificate of ownership, copy of certificate of documentation, and copy of certificate of financial responsibility (for each jurisdiction where applicable) with respect to each Specified Barge Rig;
(v) to the Lenders and the Administrative Agent, such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party (other than Lux Holdco), as the Administrative Agent Required Lenders may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vvi) Borrower shall have delivered to the Administrative Agent a certificate, in form Lenders and substance reasonably satisfactory to the Administrative Agent, such documents, agreements and certified certifications as accurate by the chief financial officer Required Lenders may reasonably require to evidence that each Loan Party (other than Lux Holdco), is duly organized or formed, and that each of Borrower, that the Loan Parties is validly existing and in good standing (A) after giving effect to the financing hereunder and each Loan to be advanced on extent that such latter concept is applicable in the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (Brelevant jurisdiction) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicableorganization;
(vii) written notice by Borrower designating a deposit account acceptable to the Lenders and the Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) Agent, a favorable opinion of Sidley Austin ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇ LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to covering such customary matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(viii) to the Lenders and the Administrative Agent, favorable opinions of local counsel to the Loan Parties in Delaware, Louisiana, Nevada and Oklahoma, addressed to the Administrative Agent and each Lender, covering such customary matters concerning the Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(ix) a favorable opinion of local counsel to the Loan Parties in Luxembourg, addressed to the Administrative Agent and each Lender, covering such customary matters concerning Lux Holdco as the Required Lenders may reasonably request;
(x) a favorable opinion of local counsel to the Administrative Agent in Luxembourg, addressed to the Administrative Agent and each Lender, covering such customary matters concerning the validity, perfection and enforceability of the Loan Documents governed by Luxembourg law as the Required Lenders may reasonably request;
(xi) to the Lenders, a certificate of a Responsible Officer of the Borrower either (1) attaching copies of all consents (including, without limitation, from any Governmental Authority, shareholder or other third-party), licenses and approvals required in connection with the execution, delivery and performance by any Loan Party and the validity against any Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect (except that the following consents do not need to be attached to such certificate to the extent delivered as attachments to any other certificate delivered on the Closing Date: (A) any consents of a member or partner of a Loan Party that are required with respect to the pledge of equity under such Loan Party’s Organization Documents and (B) any resolutions by each Loan Party’s governing body authorizing and approving the Loan Documents), or (2) stating that no such consents, licenses or approvals are so required;
(xii) to the Lenders and the Administrative Agent, executed counterparts of the Senior Lien Intercreditor Agreement;
(xiii) to the Lenders and the Administrative Agent, executed copies of the ABL Credit Agreement and the other ABL Loan Documents;
(xiv) to the Lenders and the Administrative Agent, a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections Section 4.02(a) and (bSection 4.02(b) have been satisfied;
(xv) to the Lenders, a reasonably satisfactory opening balance sheet of the Borrower and its consolidated Subsidiaries giving pro forma effect to the transactions occurring on the effective date of the Plan of Reorganization and a customary funds flow memorandum;
(Bxvi) that there has been no event or circumstance since to the date Lenders, copies of the Audited Financial Statements that has had or could be reasonably expected toand unaudited interim consolidated financial statements of the Borrower and its consolidated Subsidiaries for each fiscal quarterly period ended subsequent to December 31, either individually or 2018 as to which such financial statements are available, accompanied by a certificate of a Responsible Officer of the Borrower;
(xvii) to the Lenders, a Solvency Certificate in the aggregateform attached hereto as Exhibit F, executed by a Responsible Officer of Borrower;
(xviii) to the Lenders and the Administrative Agent, all documentation and other information with respect to the Loan Parties required by regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including without limitation the USA Patriot Act and the Beneficial Ownership Regulation at least five (5) Business Days prior to the Closing Date to the extent the same have been requested at least ten (10) Business Days prior to the Closing Date;
(xix) to the Lenders, evidence and documentation in form and substance reasonably satisfactory to the Required Lenders that, prior to or substantially concurrently with the Closing Date, Borrower has received cash proceeds of not less than $95,000,000 from the Rights Offering (as defined in the RSA), as such amount may be reduced to provide for netting of fees and expenses
(xx) to the Lenders, projections of the consolidated balance sheets, results of operations, cash flow and unused Commitments for the Borrower and its consolidated Subsidiaries covering the period from January 1, 2019 through the Maturity Date, prepared on a Material Adverse Effectquarterly basis for the fiscal year ending on December 31, 2019 and an annual basis for each fiscal year ending December 31, 2020, December 31, 2021 and December 31, 2022 (the “Initial Projections”), prepared by a Responsible Officer of the Borrower having responsibility over financial matters, all in form and substance reasonably satisfactory to the Required Lenders;
(xxi) to the Lenders, such other assurances, certificates (including a perfection certificate, if requested), documents, reports (including any environmental reports), consents or opinions as any Lender reasonably may require; and
(xxii) to the Lenders, with regard to Lux Holdco:
(A) an up-to-date copy of the constitutional documents of ▇▇▇ ▇▇▇▇▇▇;
(B) an excerpt delivered by the RCS pertaining to Lux Holdco dated no earlier than one (1) Business Day prior to the date of this Agreement;
(C) that there is a non-registration certificate (certificat de non-inscription d’une decision judiciaire) from the RCS pertaining to Lux Holdco and dated no action, suit, investigation or proceeding pending or, earlier than one (1) Business Day prior to the knowledge date of this Agreement, stating that no judicial decision has been registered with the RCS by application of article 13, items 2 to 11bis and article 14 of the BorrowerLuxembourg law dated 19 December 2002 relating to the register of commerce and companies as well as the accounting and the annual accounts of companies, threatened as amended (the “RCS Law”), according to which ▇▇▇ ▇▇▇▇▇▇ would be subject to one of the judicial proceedings referred to in writing these provisions of the RCS Law including in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect particular, bankruptcy (faillite), controlled management (gestion contrôlée), suspension of payments (sursis de paiement), arrangement with creditors (concordat préventif de la faillite) and judicial liquidation (liquidation judiciaire) proceedings.
(D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower a copy of a resolution of the transaction contemplated hereby board of directors of ▇▇▇ ▇▇▇▇▇▇:
(1) approving the terms of, and the executiontransactions contemplated by, delivery and performance by the Borrower this Agreement and the validity against the Borrower of Loan Documents to which it is a party and resolving that it execute, deliver and perform this Agreement and the Loan Documents to which it is a party;
(x2) authorizing a specified person or persons to execute this Agreement and the Administrative Agent shall have received the results of Loan Documents to which it is a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in party on its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)behalf; and
(xi3) substantially concurrent payoff authorizing a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or dispatched by it under or in connection with this Agreement and the Loan Documents to which it is a party.
(E) a specimen of the signature of each person authorized by the resolution referred to in paragraph (D) above;
(F) a certificate of a Responsible Officer of ▇▇▇ ▇▇▇▇▇▇ confirming that:
(1) it is not subject to bankruptcy (faillite), pre- bankruptcy, insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), reprieve from payment (sursis de paiement), controlled management (gestion contrôlée);
(2) it is not, on the date of the Agreement, in a state of cessation of payments (cessation de paiement) and has not lost its commercial creditworthiness;
(3) no application has been made by it or, as far as it is aware, by any other person for the appointment of a commissaire, juge-commissaire, liquidateur, curateur or similar officer pursuant to any insolvency or similar proceedings;
(4) no application has been made by it for a voluntary or judicial winding-up or liquidation; and
(5) borrowing or guaranteeing or securing, as appropriate, the Obligations would not cause any borrowing, guarantee, security or similar limit binding Lux Holdco to be exceeded.
(G) a certificate of an authorized signatory of Lux Holdco certifying that each copy document relating to it specified in this Section 4.01(a) is correct, complete and in full force and effect as at a date no earlier than the date of all outstanding obligations this Agreement.
(H) a copy of the shareholders’ register of the Lux Holdco (prior to the registration of the pledge created under the Existing Credit Agreement with the proceeds Lux Share Pledge Agreement) evidencing that ▇▇▇▇▇▇ North America Operations, LLC owns 100% of the initial Loans funded hereunder outstanding Equity Interests of Lux Holdco.
(I) evidence reasonably satisfactory to the Required Lenders that Lux Holdco and one or more other Loan Parties shall, in the termination aggregate, have acquired and directly own 100% of all commitments thereunder;the outstanding Equity Interests of ▇▇▇▇▇▇ Drilling Arctic Operating, LLC, Quail Tools, L.P., ▇▇▇▇▇▇ Drilling Offshore USA L.L.C. and Quail USA, LLC.
(b) All The Administrative Agent and Lenders shall have received all fees required to be paid and other amounts due and payable on or prior to the Administrative Agent on or before Closing Date, including, without limitation, all filing and recording fees and Taxes and, to the extent invoiced at least two Business Days prior to the Closing Date shall have been paid and Date, reimbursement or payment of all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder (including all such reasonable fees, charges and disbursements of one primary counsel to the Administrative Agent (Agent, paid directly to such counsel if requested by the Administrative Agent).
(c) The Loan Parties’ capital structure and financing plan shall be satisfactory to the extent invoiced one Required Lenders (1) Business Day prior it being agreed and understood that the capital structure and financing plan as set forth in the RSA as in effect on the “RSA Effective Date” as defined in the RSA, and as amended by any amendments consented to in writing by the Required Lenders, shall be deemed satisfactory to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative AgentRequired Lenders).
(d) The Borrower Bankruptcy Court shall have delivered entered the Confirmation Order, in form and substance reasonably satisfactory to the Administrative AgentRequired Lenders, such order shall have become a Final Order and any Lender requesting all conditions to the same, a Beneficial Ownership Certification, effectiveness of the Plan of Reorganization shall have been satisfied or waived in each case at least five accordance therewith.
(5e) Business Days prior Prior to or substantially concurrently with the Closing Date, DIP Credit Agreement (as defined in the ABL Credit Agreement) shall have been terminated and all Obligations (as defined in the DIP Credit Agreement) shall have been paid in full in cash (other than (i) indemnification obligations and other contingent obligations not then due and payable and as to which no claim has been made and (ii) any letters of credit issued thereunder that constitute Existing Letters of Credit (as defined in the ABL Credit Agreement)). Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, 4.01 and Section 4.02 each Lender that has signed this Agreement and each Lender Claimant shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.satisfact
Appears in 1 contract
Sources: Second Lien Term Loan Credit Agreement (Nabors Industries LTD)
Conditions of Effectiveness. This Agreement Amendment shall become effective ifon January 12, on or before September 18, 2018, all 2000 (the "Effective Date") upon satisfaction of the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersprecedent:
(i) executed counterparts Agent shall have received four (4) copies of this AgreementAmendment executed by Lenders, sufficient in number for distribution Borrower and consented and agreed to the Administrative Agent, each Lender and the Borrower;by ▇▇▇▇▇▇ ▇▇▇▇▇▇ as guarantor,
(ii) a Revolving Credit Note Agent shall have received amended and a Term Note for restated Notes in favor of each requesting Lender duly executed and delivered by the an authorized officer of Borrower;
(iii) a pledge agreementEach document (including, without limitation, any Uniform Commercial Code financing statement) required by this Amendment, any related agreement or under law or reasonably requested by the Agent to be filed, registered or recorded in order to create, in substantially favor of Agent, a perfected security interest in or lien upon the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewithCollateral shall have been properly filed, registered or recorded in each case as amendedjurisdiction in which the filing, the "Pledge Agreement")registration or recordation thereof is so required or requested, duly executed by the Borrower and any applicable SubsidiaryAgent shall have received an acknowledgment copy, together with:
(A) or other evidence satisfactory to the extent not already in the Administrative Agent's possessionit, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) of each such filing, registration or recordation and satisfactory evidence of the completion payment of all other actionsany necessary fee, recordings and filings of tax or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyexpense relating thereto;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers Agent shall have received a copy of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificateresolutions, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing Board of Directors of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation authorizing (or equivalent), as applicable;
(viii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance of this Amendment certified by the Secretary or an Assistant Secretary of Borrower as of the Effective Date; and, such certificate shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded as of the date of such certificate;
(v) Agent shall have received a certificate of the Secretary or an Assistant Secretary of Borrower, dated the Effective Date, as to the incumbency and signature of the officers of Borrower executing this Agreement, any certificate or other documents to be delivered by it pursuant hereto, together with evidence of the incumbency of such Secretary or Assistant Secretary;
(vi) Agent shall have received executed copies of the Commitment Transfer Supplement, the Assumption Agreement and all the other documents set forth on Exhibit C hereto (the "Other Documents"), each in form and substance satisfactory to Agent.
(vii) Agent shall have received, in form and substance satisfactory to Agent, loss payable endorsements on Agent's standard form of loss payee endorsement naming Agent as loss payee on each insurance policy of Borrower, and together with endorsements naming Agent as a co-insured on each such policy;
(viii) Agent shall have received any and all Consents necessary to permit the effectuation of the transactions contemplated by this Agreement, the Commitment Transfer Supplement, the Assumption Agreement and the validity against Other Documents; and, Agent shall have received such Consents and waivers of such third parties as might assert claims with respect to the Borrower Collateral, as Agent and its counsel shall deem necessary;
(ix) Agent shall have received a fully executed copy of the Loan Documents opinion of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Esq., which shall be in form and substance satisfactory to which it is a partyAgent;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as landlord, mortgagee or warehouseman agreements satisfactory to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Agent with respect to all premises leased by Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in at which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)Inventory is located; and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior other certificates, instruments, documents, agreements and opinions of counsel as may be required by Agent or its counsel, each of which shall be in form and substance satisfactory to the proposed Closing Date specifying Agent and its objection theretocounsel.
Appears in 1 contract
Sources: Revolving Credit Loan and Security Agreement (Fonda Group Inc)
Conditions of Effectiveness. This Amended and Restated Credit Agreement shall become effective if, on or before September 18, 2018, and as of the first date (the “Restatement Effective Date”) on which all of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" e-mail copies (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Restatement Effective Date (or, in the case of certificates of governmental officials, a recent date before the Closing DateRestatement Effective Date or such later date as may be agreed to by the Administrative Agent) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this AgreementAgreement and the Affirmation of Guaranty, sufficient in number for distribution to the Administrative Agent, each Lender and the BorrowerREIT;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender duly executed by the BorrowerBorrowers in favor of each Lender requesting a Note;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge and Security Agreement"), duly executed by the Borrower and any applicable Subsidiaryeach Loan Party, together with:
(A) to certificates or instruments representing the extent not already Certificated Securities (as defined in the Administrative Agent's possession, certificates representing the pledged equity referred to therein Pledge and Security Agreement) accompanied by undated stock all endorsements and/or powers executed in blank; andrequired by the Pledge and Security Agreement,
(B) acknowledgment copies or stamped receipt copies of proper financing statements, duly filed under the Uniform Commercial Code of all jurisdictions that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created under the Pledge and Security Agreement, covering the Collateral described in the Pledge and Security Agreement,
(C) completed requests for information listing all effective financing statements filed in the jurisdictions referred to in clause (B) above that name any Loan Party as debtor, together with copies of such other financing statements,
(D) evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge and Security Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby,
(E) Control Agreements with respect to each Distribution Account of a Loan Party, duly executed by each of the parties thereto,
(F) evidence that all other action that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created under the Pledge and Security Agreement have been taken; and
(G) a Perfection Certificate, in substantially the form of Exhibit H-1, duly executed by the REIT;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form good standing and substance reasonably satisfactory qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, extent that (A) after giving effect failure to the financing hereunder and each Loan do so could not reasonably be expected to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIhave a Material Adverse Effect;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ LLP, counsel to the BorrowerLoan Parties, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders Administrative Agent may reasonably request;
(ixvii) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(viii) a certificate signed by a Responsible Officer of the Borrower (x) certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, satisfied and (B) that there has been no event not occurred a material adverse change in (1) the business, assets or circumstance since financial condition of (a) the date REIT or (b) the REIT, its Subsidiaries and any of the Audited Financial Statements that has had entities in which they have invested directly or could be reasonably expected toindirectly, either individually taken as a whole or (2) the facts and information, taken as a whole, regarding any such entities as heretofore disclosed to the Administrative Agent and the Lenders and (y) attaching copies of the operating agreements, partnership agreements or other applicable organizational documents of (A) each Affiliated Investor in the aggregatewhich all or a portion of its Equity Interests are owned directly by a Loan Party, have a Material Adverse Effect, (B) Colony Funds Sants and (C) Coral Partners;
(ix) evidence that there all insurance required to be maintained pursuant to the Loan Documents has been obtained and is no in effect;
(x) completion of all due diligence with respect to the Borrowers, Guarantors, Affiliated Investors, Investment Assets and Collateral in scope and determination satisfactory to the Administrative Agent and Lenders in their sole discretion, including a sampling review of the credit and legal files of the Borrowers, the Guarantors and the Affiliated Investors, review of financial statements and projections, review of governance provisions and review of each Borrower’s underwriting criteria and closing processes as well as its on-going valuation and monitoring methodologies, and other items that Administrative Agent may request;
(xi) the absence of any action, suit, investigation or proceeding proceeding, pending oror threatened, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority governmental authority that would reasonably be expected purports to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower materially affect any of the Loan Documents to which it is Parties, any of their respective Subsidiaries, any Affiliated Investor that owns an Investment Asset or whose Equity Interests are owned (in whole or in part) directly by a party;
Loan Party, or any transaction contemplated hereby, or that could have a material adverse effect on (w) the REIT, (x) the Administrative Agent REIT, its Subsidiaries or any of the entities in which they have invested directly or indirectly, taken as a whole, (y) any transaction contemplated hereby or (z) the ability of any Loan Party to perform its obligations under the Loan Documents;
(xii) a Solvency Certificate from the Loan Parties demonstrating that each Loan Party is Solvent;
(xiii) a Compliance Certificate executed by a Responsible Officer of the REIT, giving pro forma effect to the effectiveness of this Agreement;
(xiv) confirmation that the REIT has delivered a written notice to each Departing Lender terminating, as of the date that the other conditions specified in this Section 4.01 are satisfied, all commitments of the Departing Lenders under the Original Credit Agreement, and that all amounts owing (whether or not due) under the Original Credit Agreement and related documents through and including such termination date to each Departing Lender shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters been paid in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)full; and
(xixv) substantially concurrent payoff in full of all outstanding obligations under such other assurances, certificates, documents, consents or opinions as the Existing Credit Agreement with Administrative Agent or the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;Required Lenders reasonably may require.
(b) All Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Restatement Effective Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower Borrowers shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent and MLPF&S (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Restatement Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower Borrowers and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Restatement Effective Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all of the following conditions precedent have been metfirst date (the “Amendment No. 1 Effective Date”) on which:
(a) The the Administrative Agent's receipt Agent shall have received counterparts of this Amendment executed by the Company, each Designated Borrower and the Required Lenders or, as to any of the followingLenders, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably evidence satisfactory to the Administrative Agent and each of the Lenders:that such Lender has executed this Amendment;
(ib) the Administrative Agent shall have received, for the ratable account of each Lender that has executed counterparts of this Agreement, sufficient in number for distribution and delivered a counterpart hereof to the Administrative AgentAgent on or prior to the Amendment No. 1 Effective Date, each Lender and a consent fee in an amount equal to 0.10% of the Borrower;Aggregate Commitments of such Lender; NYDOCS02/1231838
(iic) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
shall have received (ivi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of a Responsible Officers Officer, a secretary or assistant secretary of the Borrower as the Administrative Agent may reasonably require Company evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement Amendment and the other Loan Documents to which the Borrower Company is a party or is to be a party;
and (vii) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that the Company is duly organized or formed, and that the Company is validly existing, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject qualified to the Pledge Agreement under the laws of engage in business in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(viid) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) shall have received a certificate signed by of a Responsible Officer of the Borrower certifying Company either (Ai) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date attaching copies of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no all consents, licenses or and approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower Company and the validity against the Borrower Company of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (ii) stating that no such consents, licenses or approvals are so required;
(xe) the Administrative Agent shall have received a certificate of the results Company dated as of the date hereof signed on behalf of the Company by a Lien search Responsible Officer of the Company, certifying on behalf of the Company that:
(including a search i) immediately before and after giving effect to this Amendment and the transactions contemplated hereby, the representations and warranties set forth in Article V of the Credit Agreement and each other Loan Document are true and correct in all material respects on and as of the Amendment No. 1 Effective Date, except to judgments, bankruptcy, tax the extent such representations and intellectual property matters in its discretion)warranties specifically relate to an earlier date, in form which case such representations and substance reasonably satisfactory theretowarranties shall be true and correct in all material respects on and as of such earlier date; provided that, made against the Borrower under the Uniform Commercial Code (in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or applicable judicial docket) as in modified by materiality or Material Adverse effect in each jurisdiction the text thereof, in which filings or recordations under the Uniform Commercial Code should case such qualified representations and warranties shall be made to evidence or perfect security interests true and correct in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement)respects; and
(xiii) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds on and as of the initial Loans funded hereunder Amendment No. 1 Effective Date, no Default has occurred and the termination of all commitments thereunder;is continuing; and
(bf) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless unless waived by the Administrative Agent, the Borrower Company shall have paid (or substantially concurrently with the satisfaction of the other conditions set forth herein, on the Amendment No. 1 Effective Date, shall pay) all reasonable and documented out-of-pocket fees, charges costs and disbursements expenses of one primary counsel to the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment (directly including the reasonable and documented fees, disbursements and other charges of Shearman & Sterling LLP as special New York counsel to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Effective Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.NYDOCS02/1231838
Appears in 1 contract
Sources: Credit Agreement (Tiffany & Co)
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, all the date that the Signature Pages (as defined in the Escrow Agreement) are released from escrow in accordance with the terms of the following conditions precedent have been metEscrow Agreement:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" email (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise specified, each properly executed (if applicable) by a Responsible OfficerOfficer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note;
(iii) in each case, solely with respect to Collateral required to be granted on the Closing Date (and for the avoidance of doubt and notwithstanding anything to the contrary herein, excluding as Collateral the Equity Interest of the Operating Partnership and any direct or indirect owner thereof) a pledge agreement, in substantially the form of Exhibit E agreement (together with each other pledge agreement supplement delivered in connection therewithpursuant to Section 2.18(a), in each case as amended, the "“Pledge Agreement"”), duly executed by the Borrower and any applicable SubsidiaryGrantors, together with:
(A) to the extent not already in the Administrative Agent's possessioncertificates or instruments, certificates if any, representing the Collateral pledged equity referred to therein thereunder accompanied by undated stock all endorsements and/or powers executed in blank; andrequired by the Pledge Agreement,
(B) evidence that (x) all proper financing statements have been or contemporaneously therewith will be duly filed under the Uniform Commercial Code of all applicable jurisdictions and (y) all applicable perfection requirements that the Administrative Agent reasonably may deem necessary or desirable in order to perfect the Liens created under the Pledge Agreement, covering the Collateral described in the Pledge Agreement,
(C) completed requests for information listing all effective financing statements filed in the jurisdictions referred to in clause (B) above that name any Grantor as debtor, together with (x) copies of such other financing statements and (y) if any such financing statement covers Collateral, termination statements (or similar documents) for filing in all applicable jurisdictions as may be necessary to terminate any such effective financing statements (or equivalent filings), and
(D) a Perfection Certificate duly executed by each Grantor;
(E) evidence of the completion of that all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyunder the Pledge Agreement have been taken;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form good standing and substance reasonably satisfactory qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the Administrative Agentextent that failure to do so would not, and certified as accurate by individually or in the chief financial officer of Borroweraggregate, that (A) after giving effect reasonably be expected to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIIIhave a Material Adverse Effect;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin ▇▇▇▇▇▇▇▇ Chance US LLP, counsel to the Loan Parties, and ▇▇▇▇▇▇▇ LLP, special Maryland counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(ixvii) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(viii) a certificate signed by a Responsible Officer of the Borrower (x) certifying that (A1) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B2) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could would reasonably be reasonably expected toto have, either individually or in the aggregate, have a Material Adverse Effect, (C3) that there the Borrower is not subject to any present or contingent Environmental Claim which, if adversely determined, would reasonably be expected to have a Material Adverse Effect on the Borrower, and (4) no action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowerany Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority that (A) relates to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or thereby, or (B) would reasonably be expected expected, either individually or in the aggregate, to have a Material Adverse Effect and (Dy) that no consents, licenses or approvals are required in connection with the consummation by the Borrower attaching copies of the transaction contemplated hereby and Organization Documents of each Person whose Equity Interests are included in the executionCollateral, delivery and performance by if any, which Organization Documents shall (1) in the Borrower and the validity against the Borrower reasonable opinion of the Loan Documents to which it is a party;
(x) Administrative Agent, permit the Administrative Agent shall have received to realize on such Collateral upon the results occurrence and during the continuance of a Lien search an Event of Default and (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), 2) otherwise be in form and substance reasonably satisfactory thereto, made against to the Administrative Agent;
(ix) a fully completed Compliance Certificate as of the last day of the fiscal quarter of the Borrower under the Uniform Commercial Code (or applicable judicial docket) most recently ended as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets Closing Date ended for which financial statements of each the Borrower are not subject available, giving pro forma effect to any Liens the transactions to occur on the Closing Date (except for Liens permitted under this Agreementincluding, without limitation, all Credit Extensions to occur on the Closing Date) and including in reasonable detail the calculations required to establish compliance with the covenants set forth in Section 7.11 and setting forth a calculation of the covenants described in the definition of Springing Mortgage Covenant Event;
(x) evidence of a successful initial public offering and concurrent private placement by the Borrower (the “IPO”), with minimum Net Proceeds of $250,000,000 therefrom after giving effect to concurrent payment of transaction expenses incurred in connection with the Loan Documents, the IPO and related transactions; andprovided that at least $200,000,000 of such Net Proceeds shall be from the IPO;
(xi) substantially concurrent payoff in full evidence of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;and undertakings made by Bank of America and JPMorgan Chase Bank, N.A. with respect to the proposed senior secured $170,000,000 term loan facility under or in connection with the Term Loan Agreement deposited into escrow with ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP pursuant to the escrow agreement between Bank of America and iStar Inc., dated as of November 16, 2016, as same was amended and supplemented by separate letter agreements dated December 30, 2016 and February 28, 2017 among Bank of America, JPMorgan Chase Bank, N.A. and iStar Inc.; and
(xii) such other assurances, certificates, documents and consents as the Administrative Agent, any L/C Issuer or the Required Lenders reasonably may require.
(b) All Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.039.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement is subject to the provisions of Section 10.01 of the Credit Agreement, and shall become effective ifwhen, on or before September 18and only when, 2018, all each of the following conditions precedent shall have been metsatisfied:
(a) The the Administrative Agent's receipt Agent shall have received all of the followingfollowing documents (in sufficient copies for each Lender), each of which shall be originals, "pdfs" or telecopies such document (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each ) dated the Closing Date (or, in date of receipt thereof by the case of certificates of governmental officials, a recent date before the Closing Date) Administrative Agent and each in form and substance reasonably satisfactory to the Administrative Agent:
(i) counterparts of this Agreement executed by (A) the Borrower, (B) the Required Lenders, (C) all the Lenders identified on Schedule 2.01-A to this Agreement, (D) all the Additional Lenders, (E) the Swing Line Lender, and (F) the L/C Issuer, or, as to any such Lender or Additional Lender, advice satisfactory to the Administrative Agent and each of the Lenders:
(i) that such Lender or Additional Lender has executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) one or more Notes in the form of Exhibit C-3 or Exhibit C-4 to this Agreement, as applicable, payable to each Lender or Additional Lender requesting such a Revolving Credit Note and a Term Note for each requesting Lender Note, duly executed by the Borrower, evidencing the Replacement Term Loans or Replacement Revolving Loans of such Lender or Additional Lender, as applicable;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly Certificate executed by a Responsible Officer of the Borrower and any applicable SubsidiaryBorrower, together with:
dated the Agreement Effective Date, (A) attaching true and correct copies of resolutions of the Borrower as to the extent not already in the Administrative Agent's possessionexecution and delivery of this Agreement and any such Note, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) confirming the matters provided in subsection (c) below, and (C) as to such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower matters as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;request; and
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viiiiv) a favorable opinion of Sidley Austin Debevoise & ▇▇▇▇▇▇▇▇ LLP, special counsel to the Borrower, addressed to the Administrative Agent Agent, each Lender and each Additional Lender, as to customary such matters concerning with respect to the Borrower Borrower, this Agreement, the Credit Agreement, as amended by this Agreement, and the Loan Documents such Notes as the Required Lenders Administrative Agent may reasonably request;.
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets payment of the Borrower, indicating among other things that following: (i) for the assets account of each Lender, accrued and unpaid interest on the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full Loans of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid such Lender to the Administrative Agent on or before Agreement Effective Date; (ii) for the Closing Date shall have been paid account of each Revolving Lender, accrued and all unpaid facility fees required and Letter of Credit Fees due to be paid such Lender to the Lenders on or before Agreement Effective Date; (iii) for the Closing Date shall have been paid.
(c) Unless waived by account of the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements amount of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or any expenses required to be incurred by it through reimbursed on or before the closing proceedings Agreement Effective Date pursuant to Section 5.03 hereof; and (provided that such estimate iv) for the account of any lead arranger in connection with the transactions contemplated hereby, any amounts as may have been separately agreed with the Borrower;
(c) the representations and warranties of the Loan Parties contained in Section 5.04 hereof shall not thereafter preclude a final settling of accounts between the Borrower be true and the Administrative Agent).correct in all material respects; and
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender evidence that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or arrangements satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior been made for the application of the proceeds of the Replacement Revolving Loans made by the Additional Replacement Revolving Lenders and the Replacement Term Loans made by the Additional Replacement Term Lenders to the proposed Closing Date specifying its objection theretorepayment of all Loans which have not been designated for conversion pursuant to Section 4.01.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18December 15, 20182014, all of the following conditions precedent have been met:
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the tothe Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower (provided that each Term Note with respect to the Term Loan may be delivered on the first Term Loan Draw Date if such date is not also the Closing Date);
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank, provided that those certificates containing restrictive legends unacceptable to the Administrative Agent as of the Closing Date shall be replaced and re-issued by each Subsidiary without such restrictive legends and delivered to Administrative Agent accompanied by undated stock powers executed in blank within 30 days of the Closing Date or such later date consented to by Administrative Agent (and such certificates replaced will be returned to the Borrower by Administrative Agent or its counsel); and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June September 30, 2018 2014 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, and, to the extent requested by the Administrative Agent, each other jurisdiction where such Person is qualified to do business;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the BorrowerBorrower and its Subsidiaries, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a4.03(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, (x) have a Material Adverse EffectEffect or (y) result in a material adverse change in or have a material adverse effect upon the prospects of the Borrower or the Borrower and its Subsidiaries taken as a whole, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect Effect, (D) a calculation of the financial covenants in Section 7.11 as of the last day of the fiscal quarter of the Borrower most recently ended prior to the Closing Date and (DE) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement and the delivery by Bank of America, N.A., to Borrower (with a copy provide to Administrative Agent) of a reasonably satisfactory payoff letter concerning the proceeds same and termination of the initial Loans funded hereunder and the termination of all commitments thereunderExisting Credit Agreement;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Amendment Agreement shall become effective ifas of the date (the “Third Amendment Effective Date”) when, on or before September 18and only when, 2018, all each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent's receipt Agent shall have received an executed counterpart hereof from each of the Borrowers and the Required Lenders.
(b) The Administrative Agent shall have received the following, each dated as of which shall be originals, "pdfs" or telecopies the Third Amendment Effective Date (followed promptly by originals) unless otherwise specified), each properly executed by a Responsible Officer, each dated the Closing Date (or, and in the case such number of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to copies as the Administrative Agent and each of the Lendersshall have requested:
(i) executed counterparts to the extent requested by any Lender in accordance with Section 2.4(d) of this the Amended Credit Agreement, sufficient in number a Note or Notes for distribution to the Administrative Agent, each Lender and the Borrowersuch Lender;
(ii) a Revolving Credit Note an executed counterpart of the Consent, Reaffirmation, and a Term Note for Agreement of Guarantor from each requesting Lender executed by the BorrowerGuarantor;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Security Agreement"), duly completed and executed by the Borrower and any applicable SubsidiaryCredit Parties, together with:
(A) to with any certificates evidencing the extent not already in Capital Stock being pledged thereunder as of the Administrative Agent's possessionThird Amendment Effective Date and undated assignments separate from certificate for any such certificate, certificates representing the pledged equity referred to therein accompanied by undated stock powers duly executed in blank; and
(Biv) such evidence Assignments and Grants of Security Interests for the federally registered Intellectual Property referred to in Annexes D, E and F of the completion Security Agreement, in substantially the form of all other actions, recordings Exhibits B and filings of or with respect C (as applicable) to the Pledge Agreement that the Security Agreement, in each case duly completed and executed by each applicable Credit Party.
(c) The Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers shall have received a certificate of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity secretary or an assistant secretary of each Responsible Officer thereof authorized to act Credit Party executing any Credit Documents as a Responsible Officer in connection with this Agreement of the Third Amendment Effective Date, dated the Third Amendment Effective Date and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, certifying (i) that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as is a true and complete copy of June 30the articles or certificate of incorporation, 2018 with the covenants contained in Article VIII;
(vi) certificates certificate of formation or other organizational document and all amendments thereto of such Credit Party, certified as of a recent date by the Secretary of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws State (or comparable Governmental Authority) of its jurisdiction of incorporationorganization, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have same has not been satisfied, (B) that there has been no event or circumstance amended since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effectsuch certification, (Cii) that there attached thereto is no action, suit, investigation or proceeding pending or, to the knowledge a true and complete copy of the Borrowerbylaws, threatened operating agreement or similar governing document of such Credit Party, as then in writing effect and as in any court or before any arbitrator or Governmental Authority that would reasonably be expected effect at all times from the date on which the resolutions referred to have a Material Adverse Effect in clause (iii) below were adopted to and including the date of such certificate, and (Diii) that no consents, licenses or approvals are required in connection with the consummation attached thereto is a true and complete copy of resolutions adopted by the Borrower board of the transaction contemplated hereby and directors (or similar governing body) of such Credit Party, authorizing the execution, delivery and performance by the Borrower of this Agreement and the validity against the Borrower of the Loan other Credit Documents to which it is a party;, and as to the incumbency and genuineness of the signature of each officer of such Credit Party executing this Agreement or any of such other Credit Documents, and attaching all such copies of the documents described above.
(xd) The favorable opinions of (A) Skadden , Arps, Slate, ▇▇▇▇▇▇▇ & ▇▇▇▇ LLP, special counsel to the Credit Parties, and (B) local counsel to the Credit Parties in such jurisdictions as may be reasonably requested by the Administrative Agent shall have received the results of a Lien search (including a search as to judgmentsAgent, bankruptcy, tax and intellectual property matters in its discretion), all in form and substance reasonably satisfactory thereto, made against to the Borrower under the Administrative Agent.
(e) The Administrative Agent shall have received certified reports from an independent search service satisfactory to it listing any tax lien filing or Uniform Commercial Code financing statement that names any Credit Party as debtor in the state of incorporation or formation of such Credit Party, and the results thereof shall be reasonably satisfactory to the Administrative Agent.
(or applicable judicial docketf) as The Administrative Agent shall have received evidence in effect form and substance satisfactory to it that all filings, recordings, registrations and other actions (including, without limitation, the filing of duly completed UCC-1 financing statements in each jurisdiction in which filings listed on Annex A to the Security Agreement) necessary to perfect the Liens created by the Security Documents shall have been completed, or recordations under arrangements satisfactory to the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of Administrative Agent for the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); andcompletion thereof shall have been made.
(xig) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be The Borrowers shall have paid to the Administrative Agent on or before Agent, for the Closing Date benefit of each Lender who approves this Amendment a nonrefundable amendment fee in the amount of 0.50% of the sum of each such approving Lender’s final allocated Term Loan and Revolving Credit Commitment, which fee shall be deemed fully earned as of the Third Amendment Effective Date.
(h) The Borrowers shall have been paid and all fees required to be paid to the Lenders on or before Arranger and Wachovia the Closing Date shall have been paidother fees required under the engagement letter from the Arranger and Wachovia to the Borrowers, dated as of April 14, 2009.
(ci) Unless waived by the Administrative Agent, the Borrower The Borrowers shall have paid all reasonable and documented out-of-pocket fees, charges costs and disbursements expenses of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance connection with the conditions specified in preparation, negotiation, execution and delivery of this Section 4.01Amendment Agreement (including, each Lender that has signed this Agreement shall be deemed to have consented towithout limitation, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the reasonable and documented fees and out-of-pocket expenses of counsel for the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection with respect thereto).
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become be effective ifas of the date first above written when, and only when, (a) the U.S. Borrower shall have paid, on or before September 18March 5, 20182008, all to the Administrative Agent for the ratable account and benefit of each Lender executing this Amendment on or before 5:00 p.m. Eastern time on March 5, 2008, a fee equal to 0.25% of the Total Exposure Amount of each such Lender and (b) the Administrative Agent shall have received, on or before March 5, 2008, the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the followingdocuments, each of which shall be originals, "pdfs" or telecopies such document (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each ) dated the Closing Date date of receipt thereof by the Administrative Agent (or, in the case of certificates of governmental officials, a recent date before the Closing Dateunless otherwise specified) and in sufficient copies for each Lender, in form and substance satisfactory to the Administrative Agent:
(i) Counterparts of this Amendment executed by each Borrower, each Subsidiary Guarantor and the Required Lenders or, as to any of the Required Lenders, advice satisfactory to the Administrative Agent that such Required Lender has executed this Amendment;
(ii) Counterparts of the Consent and Confirmation attached hereto executed by each Subsidiary Guarantor;
(iii) Evidence reasonably satisfactory to the Administrative Agent that any and each all expenses of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution counsel to the Administrative Agent, each Lender and Agent outstanding since the Borrower;date of its last invoice as well as all expenses in connection with this Amendment shall have been paid in full in accordance with Section 10.3 of the Credit Agreement; and
(iiiv) A certificate signed by a Revolving Credit Note and a Term Note for duly authorized officer of each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together withstating that:
(A) to the extent not already All representations and warranties made by such Borrower in Section 3 hereof and in the Administrative Agent's possessionCredit Agreement (as amended hereby) and the other Loan Documents are true and correct in all material respects as of the date hereof as if made on the date hereof (unless stated to relate solely to an earlier date, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blankwhich case such representations and warranties shall be true and correct in all material respects as of such earlier date); and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Dateamendments contemplated by Section 1 above, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent Default shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax occurred and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidcontinuing.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become be effective if, on or before September 18, 2018, all of to amend and restate the Existing Credit Agreement when the following conditions precedent have been metsatisfied:
(a) The Administrative Agent's receipt Agent shall have received all of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the LendersAgent:
(i) executed counterparts of this AgreementAgreement executed by the Borrower, sufficient in number for distribution to the Administrative Agent, each the LC Issuer, the Swingline Lender and each Term Lender listed on Schedule 1 and by Lenders constituting Majority Lenders under the Borrower;Existing Credit Agreement.
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerBorrower in favor of each Lender requesting a Note;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "First Amendment to Pledge Agreement"), duly and Security Agreement executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created therebyparties thereto;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require require, in form and substance satisfactory to the Administrative Agent, evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to such documents and certifications as the Administrative Agent may reasonably require to evidence that each Restricted Person is duly organized or formed, and that each of the Borrower and each Restricted Person is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a certificateMaterial Adverse Effect;
(vi) a favorable opinion of ▇▇▇▇▇▇ & ▇▇▇▇▇▇ LLP, counsel to the Restricted Persons in each case in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender;
(vii) a certificate of a Responsible Officer of each Restricted Person either (A) attaching copies of all consents, as to customary matters concerning licenses and approvals required in connection with the Borrower execution, delivery and performance by such Restricted Person and the validity against such Restricted Person of the Loan Documents as the Required Lenders may reasonably requestto which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(ixviii) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a4.03(a) and (b) have been satisfied, and (B) that there has been no event or circumstance since the date of the Audited Initial Financial Statements that has had or could be reasonably expected toto have, either individually or in the aggregate, have a Material Adverse Effect, ;
(Cix) that there is no action, suit, investigation or proceeding pending or, a duly completed pro forma Compliance Certificate as of the last day of the Fiscal Quarter of the Borrower most recently ended prior to the knowledge Closing Date, signed by a Responsible Officer of the Borrower, threatened in writing in any court reflecting, among other matters, compliance by the Borrower, on a pro forma basis after giving effect to the Credit Extension on the Closing Date or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required otherwise in connection with the consummation by Permitted Unit Purchase, with the Borrower provisions of Section 7.12; provided, however, such determination, to the extent applying paragraph (a) of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower definition of Consolidate EBITDA of the Loan Documents to which it is a party;Borrower, shall be made based on the distribution declared by ETP in respect of the Fiscal Quarter ended May 31, 2006, even though the date for the payment of such distribution will occur after the Closing Date, the announced date for the payment of such distribution being July 14, 2006; and
(x) such other assurances, certificates, documents, consents or opinions as the Administrative Agent shall have received Agent, the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance LC Issuer or the Majority Lenders reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;may require.
(b) All The Borrower shall be concurrently closing the Permitted Unit Purchase.
(c) Any fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(cd) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been metsatisfied:
(a) The Administrative Agent's receipt of the followingAgent shall have received, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(ix) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender Amendment executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order and those Lenders comprising Required Lenders or, as to perfect the Liens created thereby;
(iv) any of such certificates of resolutions or other actionLenders, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered advice satisfactory to the Administrative Agent a certificatethat such Lender has executed this Amendment, and (y) the consent attached hereto (the “Consent”) executed by each of the Guarantors.
(b) The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer counterparts of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject an amendment to the Pledge Agreement under executed by each of the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;parties thereto.
(viic) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion)received, in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly a) a certificate of each Loan Party and of each general partner or managing member thereof certifying as to such counsel if requested the matters required by the Administrative Agentcertificate described in Section 3.01(a)(viii) of the Existing Credit Agreement, in each case as of the Amendment Effective Date, (b) a certificate of the Secretary or an Assistant Secretary of each Loan Party (or Responsible Officer of the general partner or managing member of any Loan Party) and of each general partner or managing member (if any) of each Loan Party certifying the names and true signatures of the officers of such Loan Party, or of the general partner or managing member of such Loan Party, authorized to sign this Amendment and each Loan Document to which it is or is to be a party and the other documents to be delivered hereunder and thereunder and (c) certified copies of the resolutions of the Board of Directors of the Parent Guarantor on its behalf and on behalf of each Loan Party for which it is the ultimate signatory approving the transactions contemplated by this Amendment and each Loan Document contemplated hereby to which it or such Loan Party is or is to be a party, and of all documents evidencing other necessary corporate action and governmental and other third party approvals and consents, if any, with respect to the extent invoiced one (1) Business Day prior transactions under the Loan Documents and each Loan Document to the Closing Date, plus which it or such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred Loan Party is or is to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)party.
(d) The Borrower Administrative Agent shall have delivered received, in form and substance satisfactory to the Administrative Agent, (i) an amendment of the 7 Year Term Loan Agreement and any Lender requesting (ii) an amendment to the same, a Beneficial Ownership Certification5 Year Term Loan Agreement, in each case at least five modifying the underlying agreement to account for the terms herein and making certain other corresponding modifications.
(5e) Business Days prior to (i) the Closing Date. Without limiting the generality fees provided for in Section 10 and (ii) all of the provisions reasonable out-of-pocket expenses of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent (including the reasonable fees and expenses of counsel for the Administrative Agent) due and payable on the Amendment Effective Date shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretobeen paid in full.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificatereceived, in form and substance reasonably satisfactory to the Administrative Agent, counterparts of this Amendment executed by each of the Loan Parties, Lenders that constitute the Required Lenders and certified as accurate the Administrative Agent.
(b) All loans and other obligations owing by the chief financial officer Borrower under the PNC Bank Credit Agreement and all outstanding Loans (in the case of Borrowerthe Loans, that without a corresponding permanent reduction of the Revolving Commitments) shall have been, or substantially concurrently with the Amendment Effective Date shall be, paid in full.
(Ac) after giving effect The Administrative Agent shall have received, in form and substance satisfactory to the financing hereunder and Administrative Agent, an amendment to the KeyBank 2017 Credit Agreement, it being understood that, in each Loan to case, any such amendment that is in substantially the same form as this Amendment or otherwise substantially consistent with the summary of amendment terms previously approved by the Administrative Agent shall be advanced deemed satisfactory.
(d) Since May 3, 2021, there shall not have been any Asset Disposition of an Unencumbered Property or any incurrence of Indebtedness secured by a Lien on any Unencumbered Property.
(e) The Administrative Agent shall have received the Closing Date, following items from the Borrower:
(i) Certificates of good standing for the Borrower and each Subsidiary thereof is each Solventthe Company from the states of organization of such Person, certified by the appropriate governmental officer and dated not more than thirty (B30) attached thereto are calculations evidencing compliance as of June 30, 2018 with days prior to the covenants contained in Article VIIIAmendment Effective Date;
(viii) certificates as of a recent date Copies of the good standing formation documents of the Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws Company certified by an officer of its jurisdiction of incorporationsuch Person, organization or formation (or equivalent), as applicabletogether with all amendments thereto;
(viiiii) written notice Incumbency certificates, executed by officers of the Borrower designating a deposit account acceptable and the Company, which shall identify by name and title and bear the signature of the Persons authorized to Administrative Agent into sign the Loan Documents on behalf of such Person, upon which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to certificate the Administrative Agent and each Lenderthe Lenders shall be entitled to rely until informed of any change in writing by the Borrower; and
(iv) Copies, as to customary matters concerning certified by a Secretary or an Assistant Secretary of the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer Company of the Borrower certifying resolutions (Aand resolutions of other bodies, if any are reasonably deemed necessary by counsel for the Administrative Agent) that authorizing the conditions specified in Sections 4.02(a) and (b) have been satisfiedtransactions contemplated by this Amendment, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;be executed and delivered by such Persons.
(xi) The fees separately agreed by the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens and (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agentii) to the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent).
(d) The Borrower due and payable on the Amendment Effective Date shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, been paid in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretofull.
Appears in 1 contract
Sources: Revolving Credit Agreement (Xenia Hotels & Resorts, Inc.)
Conditions of Effectiveness. This The effectiveness of this Agreement shall become effective if, on or before September 18, 2018, all is subject to the satisfaction of the following conditions precedent have been met:(the date of such effectiveness, the “Restatement Date”):
(a) The Administrative Agent's receipt Each Purchaser shall have received original counterparts or, if satisfactory to such Purchaser, certified or other copies of this Agreement and all of the following, each of which shall be originalsduly executed and delivered by the party or parties thereto, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to such Purchaser dated the Administrative Agent Restatement Date unless otherwise indicated, and, on the Restatement Date, in full force and each of effect with no event having occurred and being then continuing that would constitute a default thereunder or constitute or provide the Lendersbasis for the termination thereof:
(i) executed counterparts (1) a Guaranty Agreement in favor of this the holders of the Notes in the form of Exhibit E-1 hereto (including any joinder thereto and as the same may be amended, modified or supplemented from time to time in accordance with the provisions thereof, collectively called the “Guaranty Agreement”), sufficient in number for distribution made by each Person which is, on the Restatement Date, a co-borrower or a co-obligor with the Company under, or is obligated under a Guaranty with respect to, any Indebtedness of the Company under the Primary Working Capital Facility and is not then a party to the Administrative AgentGuaranty Agreement; and (2) an Officer’s Certificate certifying as to any Person which is then a co-borrower or co-obligor with the Company under, each Lender and or obligated under a Guaranty with respect to, any Indebtedness of the BorrowerCompany under the Primary Working Capital Facility;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the BorrowerIntercreditor Agreement;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Intercompany Subordination Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) the Security Agreement;
(v) the Pledge Agreement;
(vi) all chattel paper, instruments and documents of title in which the Collateral Agent has been granted a security interest and are then required under the Collateral Documents to be delivered to the Collateral Agent, together with the related transfer documents executed in blank, in each case received by the Collateral Agent, all Uniform Commercial Code financing statements perfecting the security interests and liens granted to the Collateral Agent, duly filed in all offices necessary to perfect such certificates of resolutions security interests and liens or deemed by such Purchaser to be advisable, and all such other actioncertificates, incumbency certificates and/or other certificates of Responsible Officers documents, agreements, recording and filings necessary to establish a valid and perfected first priority lien and security interest (subject only to Permitted Liens) in favor of the Borrower Collateral Agent in all of the Collateral or deemed by such Purchaser to be advisable;
(vii) a Secretary’s Certificate signed by the Secretary or an Assistant Secretary and one other officer of the Company and each Guarantor certifying, among other things, (1) as to the names, titles and true signatures of the officers of the Company or such Guarantor, as the Administrative Agent case may reasonably require evidencing the identitybe, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer sign the documents to be delivered in connection with this Agreement and the other Loan Transaction Documents to which the Borrower Company or such Guarantor, as the case may be, is a party party, (2) that attached thereto is a true, accurate and complete copy of the certificate of incorporation or is to be a party;
(v) Borrower shall have delivered to other formation document of the Administrative Agent a certificateCompany or such Guarantor, in form and substance reasonably satisfactory to as the Administrative Agentcase may be, and certified as accurate by the chief financial officer Secretary of BorrowerState of the state of organization of the Company or such Guarantor, that (A) after giving effect to as the financing hereunder and each Loan to be advanced on the Closing Datecase may be, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date date, (3) that attached thereto is a true, accurate and complete copy of the good standing by-laws, operating agreement or other organizational document of Borrower the Company or such Guarantor, as the case may be, which were duly adopted and each Subsidiary whose equity securities are subject in effect as of the Restatement Date and have been in effect immediately prior to and at all times since the adoption of the resolutions referred to in clause (4), below, (4) that attached thereto is a true, accurate and complete copy of the resolutions of the board of directors or other managing body of the Company or such Guarantor, as the case may be, duly adopted at a meeting or by unanimous written consent of such board of directors or other managing body, authorizing the execution, delivery and performance of the Transaction Documents to which the Company or such Guarantor, as the case may be, is a party, being delivered on the Restatement Date and the other documents to be delivered in connection with this Agreement and such other Transaction Documents to which the Company or such Guarantor, as the case may be, is a party, and that such resolutions have not been amended, modified, revoked or rescinded, and are in full force and effect and are the only resolutions of the shareholders, partners or members of the Company or such Guarantor, as the case may be, or of such board of directors or other managing body or any committee thereof relating to the Pledge subject matter thereof, (5) the Transaction Documents being delivered on the Restatement Date and the other documents to be delivered in connection with this Agreement under executed and delivered to such Purchaser by the laws Company or such Guarantor, as the case may be, are in the form approved by its board of its jurisdiction of incorporation, organization directors or formation other managing body in the resolutions referred to in clause (or equivalent4), above and (6) that no dissolution or liquidation proceedings as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans Company or any Subsidiary have been commenced or are to be disbursedcontemplated;
(viii) a favorable opinion certificate of Sidley Austin LLP, counsel corporate or other type of entity and tax good standing for each Transaction Party from the Secretary of State dated as of or as of a date reasonably prior to the BorrowerRestatement Date (1) of the state of organization of such Transaction Party and (2) of each state in which such Transaction Party is required to be qualified to transact business as a foreign organization and where the failure to be so qualified or licensed could reasonably likely have a Material Adverse effect, addressed to the Administrative Agent and in each Lender, case dated as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably requestof a recent date;
(ix) certified copies of Requests for Information or Copies (Form UCC-11) or equivalent reports in each case dated as of a certificate signed by a Responsible Officer date reasonably prior to the Restatement Date listing all effective financing statements which name any Transaction Party (under its present name and previous names used) as debtor and which are filed in the office of the Borrower certifying Secretary of State (Aor such other office which is, under the Uniform Commercial Code as in effect in the applicable jurisdiction, the proper office in which to file a financing statement under Section 9-501(a)(2) that of such Uniform Commercial Code) of the conditions specified location (as determined under the Uniform Commercial Code) of such Transaction Party together with, to the extent requested by Prudential, copies of such financing statements, and lien and judgment search reports from the county recorder of any county in Sections 4.02(awhich such Transaction Party maintains an office or in which any assets of such Transaction Party are located; and
(x) such other certificates, documents and agreements as such Purchaser may reasonably request.
(b) Each Purchaser shall have received from ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Vice President and Corporate Counsel of Prudential, or such other counsel who is acting as special counsel for such Purchaser in connection with this Agreement, a favorable opinion satisfactory to such Purchaser as to such matters incident to the matters herein contemplated as it may reasonably request.
(c) Each Purchaser shall have received from Squire ▇▇▇▇▇▇ ▇▇▇▇▇ (US) LLP, special counsel for the Company and the Guarantors (or such other counsel designated by the Company and acceptable to such Purchaser), a favorable opinion satisfactory to such Purchaser, dated the Restatement Date, and substantially in the form of Exhibit F attached hereto and as to such other matters as such Purchaser may reasonably request. The Company, by its execution hereof, hereby requests and authorizes such special counsel to render such opinion and to allow such Purchaser to rely on such opinions and understands and agrees that each Purchaser receiving such an opinion will be relying on and is hereby authorized to rely on such opinion.
(d) The representations and warranties contained in paragraph 8 and in the Guaranty Agreement shall be true on and as of the Restatement Date, both before and immediately after giving effect to the consummation of the transactions contemplated hereby; there shall exist on the Restatement Date no Event of Default or Default, both before and immediately after giving effect to the consummation of the transactions contemplated hereby; the Company and each Guarantor shall have performed all agreements and satisfied all conditions required under this Agreement or the Guaranty Agreement to be performed or satisfied on or before the Restatement Date; and the Company and each Guarantor shall have delivered to such Purchaser an Officer’s Certificate, dated the Restatement Date, to each such effect.
(e) The Company shall have paid to each Purchaser in immediately available funds any fees due it pursuant to or in connection with this Agreement, including the Structuring Fee and the Amendment Fee due pursuant to paragraph 2A(8)(i).
(f) The Company shall have delivered from insurance carriers acceptable to each Purchaser certificates and/or other evidence of insurance in such forms and amounts acceptable to such purchaser evidencing insurance required to be maintained under paragraph 5F hereof or under any of the Collateral Documents under insurance policies with loss payable clauses in favor of the Collateral Agent and acceptable to such Purchaser.
(g) The Credit Agreement, providing for a $550,000,000 revolving credit facility to the Company (which may be increased (or potential term loans may be added) to an aggregate amount not to exceed $700,000,000) and having other terms and conditions satisfactory to such Purchaser, shall have been satisfiedduly executed and delivered by the Company, (B) that there has been no event or circumstance since the date Bank Agent and the Banks, and shall be in full force and effect. All conditions precedent to the making of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in initial revolving loans under the aggregate, Credit Agreement shall have a Material Adverse Effect, been satisfied except to the extent waived with the consent of such Purchaser (C) that there is no action, suit, investigation or proceeding pending orand, to the knowledge extent any part of any such condition requires that any matter be satisfactory to the Bank Agent, the Banks or any portion of the BorrowerBanks, threatened in writing in such matter shall be satisfactory to such Purchaser) and prior to, or concurrently with, the effectiveness of this Agreement, the Company shall have received the proceeds of the initial revolving loans thereunder. All necessary authorizations, consents, approvals, exceptions or other actions by or notices to or filings with any court or before any arbitrator administrative or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses governmental body or approvals are other Person required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and or performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) Credit Agreement or the Administrative Agent consummation of the transactions contemplated thereby shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax be final and intellectual property matters in its discretion), full force and effect and shall be in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets such Purchaser. Each Purchaser shall have received a copy of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with and all instruments, documents and agreements delivered at the proceeds closing of making of the initial Loans funded hereunder revolving loans thereunder, certified by an Officer’s Certificate, dated the Restatement Date, as correct and complete, and such Officer’s Certificate shall confirm that the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on Mexicana Credit Agreement has not been amended, restated, supplemented or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidotherwise modified since March 15, 2017.
(ch) Unless waived Each Purchaser shall have received a duly completed certificate signed by an Authorized Officer of the Administrative AgentCompany demonstrating pro forma covenant compliance, after giving effect to the Transaction, with the financial covenants set forth in paragraphs 6A(1) and 6A(2) as of the last day of the fiscal quarter of the Company most recently ended prior to the Restatement Date.
(i) Each Purchaser shall have received a financial forecast model for the Company and its Subsidiaries in form and substance satisfactory to such Purchaser.
(j) Without limiting the provisions of paragraph 11B hereof, the Borrower Company shall have paid all the reasonable and documented out-of-pocket fees, charges and disbursements of one primary any special counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, Purchasers in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance connection with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretotransactions contemplated hereby.
Appears in 1 contract
Sources: Private Shelf Agreement (Advanced Drainage Systems, Inc.)
Conditions of Effectiveness. This (a) The Agreement shall become effective if, on or before September 18, 2018, as of the Effective Date of this Agreement upon the satisfaction of all of the following conditions precedent have been met:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersconditions:
(i) Borrowers shall have delivered to Administrative Agent an original (or executed counterparts faxed or electronic copy) of this Agreement, sufficient in number for distribution to duly executed by each of the Administrative Agent, each Lender and the BorrowerLoan Parties;
(ii) a Revolving Credit Note Borrowers shall have delivered to Administrative Agent fully executed copies of any Investor Notes executed in connection with the increase in Parent Subordinated Debt contemplated hereunder and a Term Note for each requesting Lender executed by the Borrowersame shall be in full force and effect, and shall be satisfactory in all respects to Administrative Agent;
(iii) a pledge agreement, in substantially Administrative Agent shall have received evidence that the form full proceeds of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case the additional Parent Subordinated Debt contemplated hereunder received by Parent shall have been contributed as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) equity to the extent not already capital of Danimer Holdings in the form and substance satisfactory to Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers each of the Borrower representations and warranties contained in Section 6 of this Agreement shall be true, correct and accurate as of the date of this Agreement; and
(v) the receipt by Administrative Agent may reasonably require evidencing of the identitypayment, authority in immediately available funds, of all reasonable out-of-pocket fees, costs, charges and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer expenses incurred by Administrative Agent in connection with the preparation, execution and delivery of this Agreement or any of the transactions arising hereunder or otherwise related hereto or referred to herein, including any actual out-of-pocket costs, expenses, charges or expenses of Administrative Agent and the reasonable fees, charges and disbursements of counsel for Administrative Agent.
(b) The parties hereto specifically acknowledge and agree that: (i) the execution and delivery of this Agreement shall not be deemed to create a course of dealing or otherwise obligate Administrative Agent or Lenders to execute similar agreements under the same, similar or different circumstances in the future; and (ii) neither Administrative Agent nor any Lender has any obligation to further amend provisions of, or waive compliance with or consent to a departure from the requirements of, the Existing Loan Agreement or any of the other Loan Documents. Except as expressly amended pursuant hereto, the Existing Loan Agreement and each of the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, remain unchanged and in form full force and substance reasonably satisfactory to the Administrative Agenteffect and are hereby ratified and confirmed in all respects, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained Collateral described in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as shall continue to secure the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer Obligations. Each of the Borrower certifying Guarantors party hereto: (Ai) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, specifically consents to the knowledge terms of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect this Agreement; (ii) reaffirms its obligations under its Guaranty and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the under all other Loan Documents to which it is a party;
; (xiii) reaffirms the Administrative Agent shall have received waivers of each and every one of the results defenses to such obligations as set forth in such Guaranty and each such other Loan Document; and (iv) reaffirms that its obligations under such Guaranty and each such other Loan Document are separate and distinct from the obligations of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower any other party under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidLoan Documents.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Loan and Security Agreement (Live Oak Acquisition Corp)
Conditions of Effectiveness. 1. This Agreement Amendment shall become effective ifeffective, on or before September 18and shall be dated, 2018, all as of the following conditions precedent date that the Agent shall have been met:
received (ai) The Administrative Agent's receipt counterparts of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly this Amendment executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this AgreementBorrower, sufficient in number for distribution to the Administrative Guarantors, the Required Lenders and the Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form an opinion of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by counsel to the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificateGuarantors, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (Aiii) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable fees and documented out-of-pocket fees, charges and disbursements of one primary counsel expenses owed to the Administrative Agent, the Lenders and Special Counsel which have been accrued and/or incurred up to and including the date hereof.
2. The Consents granted under Paragraph 1 of Article III hereof shall become effective as of the dates (each, a "Consent Effective Date") that the Agent (directly to such counsel if requested by the Administrative Agent) shall have received, in form and substance satisfactory to the extent invoiced one (1Agent, the items required pursuant to Sections 8.3(f) Business Day prior and 8.12 of the Credit Agreement in respect of the Pending Acquisitions. Notwithstanding anything to the Closing Datecontrary in the foregoing sentence, plus such additional amounts it is agreed that the pledge and delivery of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or any Capital Stock required pursuant to said sections may be incurred by it through made to the Agent within fifteen (15) days after the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions related Acquisition. To the extent that the Acquisition of LSDHL consists of foreign assets or creates a foreign Subsidiary, the documentation executed with respect to a security interest therein and/or a guaranty therefrom, as required by Sections 8.3(f) and 8.12(c) of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Credit Agreement shall be deemed such that the rights and obligations of the various parties created thereunder are substantially equivalent to have consented tothose which would be created by execution of the Supplements to the Guaranty and the Security Agreement with respect to a domestic Subsidiary or domestic assets, approved or accepted with such changes as may be required by the Agent or to comply with laws governing such foreign transactions. The requirements of Sections 8.3(f) and 8.12(c) of the Credit Agreement will be satisfied with, each document or other matter required thereunder to be consented to or approved deemed met by or acceptable or the delivery of such documentation in form and substance satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying and its objection theretocounsel.
Appears in 1 contract
Conditions of Effectiveness. This Agreement shall become effective if, on or before September 18, 2018, as of the first date (the “Second Amendment Effective Date”) that all of the following conditions precedent shall have been metsatisfied:
(a) 3.1 The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" e-mails (in a .pdf format) or telecopies (in each case, followed promptly by originalsoriginals to the extent set forth below or otherwise requested by the Administrative Agent) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) specified and each in form and substance reasonably satisfactory to the Administrative Agent and each of the LendersAgent:
(ia) executed counterparts of this Agreement, sufficient in such number for distribution to as requested by the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable SubsidiaryBorrower, together with:
(A) to the extent not already in Parent, the Administrative Agent's possessionGuarantors, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;and Lenders constituting Required Lenders.
(ivb) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower such Loan Party is a party or is to be a party;
(vc) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in form good standing and substance reasonably satisfactory qualified to the Administrative Agent, and certified as accurate by the chief financial officer engage in business in its jurisdiction of Borrower, that organization;
(d) favorable opinions of (A) after giving effect Kleinberg, Kaplan, W▇▇▇▇ & C▇▇▇▇, P.C., special New York counsel to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, Parties and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin B▇▇▇▇▇ ▇▇▇▇▇▇ LLP, Delaware counsel to the BorrowerLoan Parties, each addressed to the Administrative Agent and each Lender, as to customary such matters concerning the Borrower Loan Parties, this Agreement and the other Loan Documents as the Required Lenders Administrative Agent may reasonably request;; and
(ixe) a certificate signed by of a Responsible Officer of the Borrower certifying to the effect that (Ai) that the conditions specified in Sections 4.02(a) 3.2 and 3.3 have been satisfied and (bii) no event has occurred and is continuing which constitutes a Default.
3.2 After giving effect to this Agreement, the representations and warranties contained in Section 4 are correct on and as of the Second Amendment Effective Date, as though made on and as of such date other than any such representations or warranties that, by their terms, refer to another date, in which case such representations and warranties shall have been satisfiedcorrect as of such other date.
3.3 Since August 31, (B) that 2019, there has been no Material Adverse Change (excluding any event or circumstance since resulting from the date COVID-19 pandemic to the extent such event or circumstance has been publicly disclosed by the Borrower in its securities filings or disclosed in writing by the Borrower to the Administrative Agent and the Lenders prior to the Second Amendment Effective Date, and the scope of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there such adverse effect is no actiongreater than that which has been disclosed).
3.4 The Administrative Agent and each Lender shall have received all documentation and other information that the Administrative Agent or such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, suitincluding the U.S. Patriot Act, investigation or proceeding pending orand the Beneficial Ownership Regulation, in each case, to the knowledge of extent requested at least five Business Days prior to the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;Second Amendment Effective Date.
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject 3.5 Any fees owed to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees Lender or Arranger required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Second Amendment Effective Date shall have been paid.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective ifas of the date first above written when, on or before September 18and only when, 2018the Agent shall have received counterparts of this Amendment executed by the Borrower and all of the Lenders or, as to any of the Lenders, advice satisfactory to the Agent that such Lender has executed this Amendment, and the consent, as attached hereto, of each of the Subsidiary Guarantors (the “Consent”). This Amendment is subject to the provisions of Section 8.01 of the Credit Agreement, and Section 1 hereof shall become effective when, and only when, the Agent shall have additionally received all of the following conditions precedent have been metdocuments, each such document (unless otherwise specified) dated the date of receipt thereof by the Agent (unless otherwise specified) and in sufficient copies for each Lender, in form and substance satisfactory to the Agent (unless otherwise specified) and in sufficient copies for each Lender:
(a) The Administrative Agent's receipt Copies of the following(A) resolutions of the Board of Directors and/or Shareholders of each Loan Party approving this Amendment, (B) the current by-laws (estatutos sociales) of each Loan Party as in effect on the date the resolutions specified in clause (A) were adopted, (C) a power of which shall attorney authorizing the relevant officers of each Loan Party to execute this Amendment and any other document pertaining to the same and (D) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment and the Consent and a certificate of the Secretary or an Assistant Secretary of each Loan Party certifying the absence of any change or amendment to the by-laws (estatutos sociales) of each Loan Party since the date the resolutions specified in clause (A) were adopted.
(b) A certificate of the Secretary or an Assistant Secretary of each Loan Party certifying the names and true signatures of the officers of such Loan Party authorized to sign this Amendment and the other documents to be originals, "pdfs" delivered hereunder.
(c) Evidence that all fees and expenses of the Agent (including the fees and expenses of counsel to the Agent) in connection with the execution of this Amendment have been or telecopies will be promptly paid by the Borrower.
(followed promptly by originalsd) unless otherwise specified, each properly executed A certificate signed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each duly authorized officer of the LendersBorrower stating that:
(i) executed counterparts The representations and warranties contained in Section 4 below are correct on and as of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender date of such certificate as though made on and the Borrower;as of such date; and
(ii) No event has occurred and is continuing that constitutes a Revolving Credit Note and a Term Note for each requesting Lender executed by the Borrower;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidDefault.
(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: Credit Agreement (Nii Holdings Inc)
Conditions of Effectiveness. This Agreement Amendment shall become effective if, on or before September 18, 2018, all and as of the first Business Day when the following conditions precedent have been met:satisfied or waived in writing (the “Effective Date”):
(a) The Administrative Agent's ’s receipt of the following, each of which shall be originals, "pdfs" or telecopies electronic transmissions (followed promptly by originals) unless otherwise specifiedspecified in writing by the Administrative Agent to the Borrower, each properly executed by a Responsible OfficerOfficer of the applicable signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lendersits legal counsel:
(i) executed counterparts of this AgreementAmendment duly executed by Parent, sufficient in number for distribution to Borrower and the Administrative Agent, each Lender and the Borrower;
(ii) a Revolving Credit Note and a Term Note for each requesting Lender counterparts of this Amendment duly executed by Lenders constituting no less than the BorrowerRequired Lenders;
(iii) a pledge agreement, in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:
(A) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower Loan Parties as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;Amendment; and
(viv) Borrower shall have delivered to such documents and certifications as the Administrative Agent a certificatemay reasonably require to evidence that each of the Loan Parties is duly organized or formed, and that each of the Loan Parties is validly existing and in form good standing.
(b) The representations and substance reasonably satisfactory warranties of the Borrower and each other Loan Party contained in Article III of the Credit Agreement or any other Loan Document shall be true and correct in all material respects on and as of the Effective Date; provided that, to the Administrative Agentextent that such representations and warranties specifically refer to an earlier date, they shall be true and certified correct in all material respects as accurate by the chief financial officer of Borrowersuch earlier date; provided, further, that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (Bany qualification therein) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the Administrative Agent shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent respects on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidsuch respective dates.
(c) Unless waived by the Administrative AgentNo Default or Event of Default shall exist, or would result from, the Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements consummation of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)Amendment.
(d) The Borrower shall have delivered Administrative Agent’s receipt of reasonably satisfactory evidence that all fees, including the Consent Fee, and expenses required to be paid hereunder and/or pursuant to the Administrative Agent, and any Lender requesting Credit Agreement have been paid in full in cash or will be paid in full in cash on the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Effective Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Sources: First Lien Credit Agreement (El Pollo Loco Holdings, Inc.)
Conditions of Effectiveness. This Agreement First Amendment shall become be effective if, on or before September 18, 2018, all as of the following conditions precedent have been metdate first above written, subject to the following:
(a) The Administrative Agent's receipt of the following, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed Lender shall have received counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, First Amendment executed by each Lender and the BorrowerLender;
(iib) a Revolving Credit Note and a Term Note for each requesting the Administrative Lender shall have received counterparts of this First Amendment executed by the Borrower;
(iiic) the Administrative Lender shall have received the Subsidiary Guaranty duly executed by each Guarantor;
(d) the Administrative Lender shall have received a pledge subordination agreement, in substantially form and substance satisfactory to the form of Exhibit E Administrative Lender (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Subordination Agreement"), duly executed by the Borrower and any applicable Subsidiary, together with:each Guarantor;
(Ae) to the extent not already in the Administrative AgentLender shall have received an officer's possessioncertificate for each Guarantor, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence including a certificate of the completion of all other actions, recordings and filings of or incumbency with respect to each officer of such Guarantor signing the Pledge Agreement that Subsidiary Guaranty and the Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
Subordination Agreement, and including (ivi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers a copy of the Borrower certificate of incorporation or limited partnership of such Guarantor, as appropriate, certified to be true, complete and correct by the Administrative Agent may reasonably require evidencing secretary of state of organization, (ii) a copy of the identity, authority and capacity by-laws or partnership agreement of each Responsible Officer thereof authorized to act Guarantor, as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is appropriate, certified to be true, complete and correct, (iii) a party;
(v) Borrower shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 with the covenants contained in Article VIII;
(vi) certificates as of a recent date copy of the good standing resolutions of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;
(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and such Guarantor authorizing the execution, delivery and performance by of the Borrower Subsidiary Guaranty and the validity against the Borrower Subordination Agreement; and (iv) a copy of the Loan Documents to certificates of existence and good standing of such Guarantor for its state of organization and each state in which it is a party;qualified to do business; and
(xf) the Administrative Agent Lender shall have received the results of a Lien search (including a search as to judgments, bankruptcy, tax and intellectual property matters in its discretion)received, in form and substance reasonably satisfactory thereto, made against the Borrower under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid Lender and all fees required to be paid to the Lenders on or before the Closing Date shall have been paid.
(c) Unless waived by its counsel, such other documents, certificates and instruments as the Administrative Agent, the Borrower Lender shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced one (1) Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent)require.
(d) The Borrower shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent's receipt of the followingAgent shall have received, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, counterparts of this Amendment executed by each Lender of the Loan Parties, the Lenders collectively comprising at least the Required Lenders and the Borrower;Administrative Agent.
(iib) a Revolving Credit Note The Administrative Agent shall have received, in form and a Term Note for each requesting Lender executed by substance satisfactory to the Borrower;
(iii) a pledge agreementAdministrative Agent, counterparts of an amendment to the Intercreditor Agreement in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly A attached hereto executed by each of the Borrower and any applicable Subsidiary, together with:parties party thereto.
(Ac) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the The Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificatereceived, in form and substance reasonably satisfactory to the Administrative Agent, an amendment to each of the JPM Credit Agreement, the KeyBank 2017 Credit Agreement, the ▇▇▇▇▇ Fargo Credit Agreement and certified the PNC Bank Credit Agreement, it being understood that, in each case, any such amendment that is in substantially the same form as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 this Amendment or otherwise substantially consistent with the covenants contained in Article VIII;
(vi) certificates as summary of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice amendment terms previously approved by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;shall be deemed satisfactory.
(ixd) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results a certificate of a Lien search Secretary or an Assistant Secretary of the Company certifying (including a search i) as to judgmentsthe resolutions authorizing the transactions contemplated by this Amendment, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against (ii) that there have been no amendments to the formation documents of the Borrower under since June 30, 2020, or, if there have been any amendments, attaching copies of such amendments, and (iii) that there have been no changes to the Uniform Commercial Code (or applicable judicial docket) incumbency of officers authorized to execute this Amendment since June 30, 2020, or, if there have been any changes, certifying as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidsuch changes.
(ce) Unless waived by the Administrative Agent, the The Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements consummated (or shall substantially simultaneously consummate) an issuance of one primary counsel to the Administrative Agent Qualifying Senior Secured Notes.
(directly to such counsel if requested by the Administrative Agentf) to To the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent).
(d) The Borrower due and payable on the Amendment Effective Date shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, been paid in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretofull.
Appears in 1 contract
Conditions of Effectiveness. This Agreement Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which, and only if, on or before September 18, 2018, all each of the following conditions precedent shall have been met:satisfied (or waived by the Required Lenders):
(a) The Administrative Agent's receipt of the followingAgent shall have received, each of which shall be originals, "pdfs" or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:
(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, counterparts of this Amendment executed by each Lender of the Loan Parties, the Lenders collectively comprising at least the Required Lenders and the Borrower;Administrative Agent.
(iib) a Revolving Credit Note The Administrative Agent shall have received, in form and a Term Note for each requesting Lender executed by substance satisfactory to the Borrower;
(iii) a pledge agreementAdministrative Agent, counterparts of an amendment to the Intercreditor Agreement in substantially the form of Exhibit E (together with each other pledge agreement supplement delivered in connection therewith, in each case as amended, the "Pledge Agreement"), duly A attached hereto executed by each of the Borrower and any applicable Subsidiary, together with:parties party thereto.
(Ac) to the extent not already in the Administrative Agent's possession, certificates representing the pledged equity referred to therein accompanied by undated stock powers executed in blank; and
(B) such evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge Agreement that the The Administrative Agent may deem reasonably necessary or reasonably desirable in order to perfect the Liens created thereby;
(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party or is to be a party;
(v) Borrower shall have delivered to the Administrative Agent a certificatereceived, in form and substance reasonably satisfactory to the Administrative Agent, an amendment to each of the KeyBank 2015 Credit Agreement, the KeyBank 2017 Credit Agreement, the JPM Credit Agreement and certified the PNC Bank Credit Agreement, it being understood that, in each case, any such amendment that is in substantially the same form as accurate by the chief financial officer of Borrower, that (A) after giving effect to the financing hereunder and each Loan to be advanced on the Closing Date, Borrower and each Subsidiary thereof is each Solvent, and (B) attached thereto are calculations evidencing compliance as of June 30, 2018 this Amendment or otherwise substantially consistent with the covenants contained in Article VIII;
(vi) certificates as summary of a recent date of the good standing of Borrower and each Subsidiary whose equity securities are subject to the Pledge Agreement under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable;
(vii) written notice amendment terms previously approved by Borrower designating a deposit account acceptable to Administrative Agent into which the proceeds of Loans are to be disbursed;
(viii) a favorable opinion of Sidley Austin LLP, counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to customary matters concerning the Borrower and the Loan Documents as the Required Lenders may reasonably request;shall be deemed satisfactory.
(ixd) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to, either individually or in the aggregate, have a Material Adverse Effect, (C) that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect and (D) that no consents, licenses or approvals are required in connection with the consummation by the Borrower of the transaction contemplated hereby and the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents to which it is a party;
(x) the The Administrative Agent shall have received the results a certificate of a Lien search Secretary or an Assistant Secretary of the Company certifying (including a search i) as to judgmentsthe resolutions authorizing the transactions contemplated by this Amendment, bankruptcy, tax and intellectual property matters in its discretion), in form and substance reasonably satisfactory thereto, made against (ii) that there have been no amendments to the formation documents of the Borrower under since June 30, 2020, or, if there have been any amendments, attaching copies of such amendments, and (iii) that there have been no changes to the Uniform Commercial Code (or applicable judicial docket) incumbency of officers authorized to execute this Amendment since June 30, 2020, or, if there have been any changes, certifying as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that the assets of each the Borrower are not subject to any Liens (except for Liens permitted under this Agreement); and
(xi) substantially concurrent payoff in full of all outstanding obligations under the Existing Credit Agreement with the proceeds of the initial Loans funded hereunder and the termination of all commitments thereunder;
(b) All fees required to be paid to the Administrative Agent on or before the Closing Date shall have been paid and all fees required to be paid to the Lenders on or before the Closing Date shall have been paidsuch changes.
(ce) Unless waived by the Administrative Agent, the The Borrower shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements consummated (or shall substantially simultaneously consummate) an issuance of one primary counsel to the Administrative Agent Qualifying Senior Secured Notes.
(directly to such counsel if requested by the Administrative Agentf) to To the extent invoiced to the Borrower at least one (1) Business Day prior to the Closing Amendment Effective Date, plus such additional amounts all of such fees, charges the reasonable out-of-pocket expenses of the Administrative Agent (including the reasonable fees and disbursements as shall constitute its reasonable estimate expenses of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling one firm of accounts between the Borrower and counsel for the Administrative Agent).
(d) The Borrower due and payable on the Amendment Effective Date shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification, been paid in each case at least five (5) Business Days prior to the Closing Date. Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection theretofull.
Appears in 1 contract