Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent. (b) Parent has delivered to the Company true, complete and correct copies of (i) (1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein. (c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Icahn Enterprises Holdings L.P.), Merger Agreement (American Railcar Industries, Inc.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company Stockholder true, correct and complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof hereof, among Parent and AIF VII Euro Holdings, L.P. (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Equity Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedAIF VII Euro Holdings, on L.P. has committed, subject to the terms and subject conditions thereof, to invest the conditions cash amounts set forth therein in the manner set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds and of which are Stockholder is a third-party beneficiary and entitled to be used to fund specific performance of the Transactions and fees in connection with such debt financing terms thereof (the “OpCo Debt Equity Financing”), ) and (2ii) the fully executed warehouse facility commitment letterletter(s), dated as of the date hereof hereof, among Merger Sub and each of Bank of America, N.A. and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, Inc. (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party counterparties thereto have agreedcommitted, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt financing in lend to Merger Sub the amounts set forth therein, the proceeds of which are no less than $50,000,000 of commitments will be made available to be used to fund the Transactions Merger Sub under a revolving credit facility (the “AssetCo Credit Facility”), (the “Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”). The amounts to be provided pursuant to the Equity Financing, and (3) if funded in accordance with the fully executed fee letters relating to each terms of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provideswill be sufficient for Parent, and shall continue when required, to providecontribute sufficient cash to Merger Sub such that Merger Sub will have, that the Company is a third party beneficiary thereto with respect immediately prior to the provisions specified therein.
(c) As of the date hereofClosing, each of the Financing Commitment Letters is in full force and without giving effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) andDebt Financing, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (cash in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent amounts set forth in the Financing Equity Commitment Letters andLetter. At the Closing, as assuming the consummation of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Debt Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained Merger Sub shall have cash in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate pay the Closing upon Payment (without regard to any Estimated Working Capital Adjustment) and the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Pre-Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersDividend.
Appears in 2 contracts
Sources: Merger Agreement (EVERTEC, Inc.), Merger Agreement (Popular Inc)
Financing. (a) Parent understands and acknowledges that the obligations As of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation date of any financing arrangementthis Agreement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, a true and complete and correct copies copy of (i)
(1) the fully an executed equity commitment letteragreement, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Equity Commitment LetterAgreement”), among Credit Suisse AGParent, Credit Suisse Loan Funding LLC Sub and ParentGuarantor, pursuant to which the Parent Financing Sources party thereto have Guarantor has agreed, on according to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in fund an amount sufficient to satisfy the amounts set forth therein, Financing Uses no later than immediately prior to the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing Closing (the “OpCo Debt Equity Financing”), (2ii) the fully executed warehouse facility commitment letter, dated as of the date hereof Limited Guarantee and (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; iii) the Debt Financing Commitment Letters together with (the Equity Commitment LetterAgreement and the Debt Financing Commitment Letters, collectively, the “Financing Commitment Letters”)) (and corresponding fee letters relating to the Debt Financing Commitment Letters redacted only in respect of specific fee amounts and specific “flex” terms, between Credit Suisse AGnone of which affect the conditionality, Cayman Islands Branch and availability or amount of the ParentDebt Financing available on the Closing Date or remedies available with respect thereto) from the Debt Financing Sources, pursuant to which the Parent Debt Financing Sources party thereto have agreedagreed to provide, on severally and not jointly, subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions Debt Financing (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the such Debt Financing, together with the Equity Financing, collectively referred to as the “FinancingFinancings”). The Company is an express third-party beneficiary with respect to, and (3) the fully executed fee letters relating is entitled to each of the Debt Commitment Letters; provided that the fee amountsspecifically enforce, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment LetterAgreement.
(b) On the Closing Date, which providesassuming receipt of the proceeds of the Financings in accordance with the terms of the Financing Letters, Parent will have sufficient available funds to pay the Aggregate Merger Consideration and any other cash amounts payable pursuant to, or in connection with the Transaction, including any obligations of the Surviving Corporation or its Subsidiaries that become due or payable by the Surviving Corporation and the Company Subsidiaries in connection with, or as a result of, the Transactions, and shall continue to provide, that the Company is a third party beneficiary thereto with respect payment of all fees and expenses related to the provisions specified thereinforegoing (collectively, the “Financing Uses”).
(c) As The Financing Letters and Limited Guarantee have not been terminated or otherwise amended, supplemented or modified in any respect as of the date hereofof this Agreement. The Equity Commitment Agreement and the Limited Guarantee are legal, valid and binding obligations of each of the parties thereto (other than the Company), enforceable against such parties in accordance with their terms, subject to the Bankruptcy and Equity Exception. The Debt Financing Commitment Letters is in full force and effect and is a legal, represent valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) and, to the Knowledge knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of thereto, to provide the Debt Commitment Letters only)Financing, each of the Financing Commitment Letters is enforceable against the parties thereto such party in accordance with its terms, subject to the Enforceability ExceptionsBankruptcy and Equity Exception. As of the date hereofof this Agreement, none of there are no side letters or other Contracts or arrangements relating to the Financings other than as expressly contained in the Financing Commitment Letters have been amended, supplemented or modified in any respect, and delivered to the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, Company prior to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall would affect the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount availabiltiy of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in make the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))materially less likely to occur. As of the date hereofof this Agreement, no event has occurred which, with or without notice, lapse of time or both, could constitute a default or breach on the part of Parent, Sub or Guarantor under any term of, or a failure of any condition under, the Financing Letters or otherwise result in any portion of the Financings contemplated thereby to be unavailable on the Closing Date. There are no conditions precedent or other contingencies to the availability of the Financings, other than the conditions set forth in this Agreement (with respect to the Equity Financing) and those explicitly set forth in the Debt Financing Commitment Letters (the “Financing Conditions”) with respect to the Debt Financing. No event has occurred which, with or without notice, lapse of time or both, would constitute a breach or default or material breach on the part of Parent or, to the Knowledge knowledge of the Parent, any other party thereto under any the Financing Commitment LetterLetters or the Limited Guarantee or would result in the failure of a Financing Condition. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties Each of Parent in and Sub has no reason to believe that it or any other party to the Financing Commitment Letter inaccurate in Letters will be unable to satisfy on a timely basis any material respectterm thereof. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) Financings other than the conditions precedent as expressly set forth in the Financing Commitment Letters andLetters.
(d) Neither Parent nor Sub has, as of the date hereofdirectly or indirectly, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financingentered into an exclusivity, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters lock-up or other Contractssimilar agreement, arrangements arrangement or understandings (written binding understanding with any bank or oral) directly investment bank or indirectly related other potential provider of debt or equity financing that prohibits such provider from providing or seeking to the Financing (except for customary fee lettersprovide services, engagement letters including debt or equity financing, to any third person in connection with a transaction relating to the Debt Financing and non-disclosure agreements, none of which impact Company or the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions Company Subsidiaries (including after giving effect to in connection with the making of any pricing flex that results Competing Proposal) in OID, if exercised), the aggregate proceeds of the Financing, together connection with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (West Marine Inc)
Financing. (a) Parent understands and acknowledges that At the obligations Closing, assuming the funding of the Debt Financing in accordance with the Debt Commitment Letter and after giving effect to any “flex” provision in the Debt Commitment Letter or the related fee letters (including with respect to fees and original issue discount), Parent and Merger Sub will have immediately available funds in an amount as is necessary to consummate the Transactions are not in any way contingent upon or otherwise subject to Transactions, including the payment by Parent’s consummation of any financing arrangement, Merger Sub and the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as Surviving Corporation of the date hereof aggregate amount of the Merger Consideration, other amounts payable pursuant to Article II (including all exhibitsamounts payable in respect of Company Stock Options, annexesCompany Restricted Shares and Company RSUs under this Agreement), schedules any fees and term sheets attached theretoexpenses of or payable by Parent, Merger Sub or the Surviving Corporation and any other amounts, including Indebtedness of the Company and its Subsidiaries, required to be paid in connection with, or as a result of, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds consummation of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “FinancingRequired Amount”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, ▇▇▇▇▇▇ has delivered to the Company (a) a correct and complete fully executed copy of the debt commitment letter, dated as of even date herewith, including all exhibits, schedules, annexes and amendments to such letter in effect as of the date of this Agreement (as may be amended or modified in accordance with the terms hereof, the “Debt Commitment Letter”) and (b) a copy of any fee letters related to the Debt Commitment Letter (the “Fee Letters” and, together with the Debt Commitment Letter, the “Financing Letters”) (which may be redacted to remove the fee amounts, economic terms and the terms of any “flex” provisions that are customarily redacted in transactions of this type, none of which redactions covers terms that reduce the amount of the Debt Financing below the Required Amount or adversely affect the conditionality, enforceability, termination or availability of the Debt Financing). Pursuant to, and subject to the terms and conditions of, the Debt Commitment Letters have Letter, the lender thereunder has committed to lend the amounts set forth therein for the purposes set forth in such Debt Commitment Letter (the “Debt Financing”). As of the date hereof, neither the Debt Commitment Letter nor any Fee Letter has been amended, supplemented restated or otherwise modified in any respector waived prior to the execution and delivery of this Agreement, no amendment, restatement or other modification is contemplated and the respective commitments contained therein in the Debt Commitment Letter have not been withdrawn, terminatedrescinded, rescinded amended, restated or otherwise modified in any respectrespect prior to the execution and delivery of this Agreement (in each case, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, financial institutions, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed in a Debt Commitment Letter as of the date hereof, in each case, as manner contemplated by and in accordance with such the Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofof this Agreement, the Debt Commitment Letter is in full force and effect and constitutes the legal, valid and binding obligation of Parent and, to the Knowledge of Parent, each of the other parties thereto, enforceable in accordance with its terms against Parent and, to the Knowledge of Parent, each of the other parties thereto, subject to the Bankruptcy and Equity Exception. There are no conditions precedent to the obligation to make the Debt Financing available to Parent pursuant to the Debt Commitment Letter, other than as expressly set forth in the Debt Commitment Letter. Assuming the satisfaction of the conditions set forth in Section 6.01 and 6.02, the net proceeds of the Debt Financing will, in the aggregate and together with any cash or other funds available to Parent and Merger Sub, be sufficient (after netting out any fees, original issue discount, expenses and similar premiums and charges payable pursuant to the Financing Letters, including after giving effect to the maximum amount of any “flex” provisions) for the payment of the Required Amount. As of the date of this Agreement, (i) no event has occurred which, with or without notice, lapse of time or both, would reasonably be expected to constitute a default or material breach or result in a failure to satisfy a condition precedent, in each case, on the part of Parent or, to the Knowledge of the Parent, any other party parties thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing the Debt Commitment Letter, and (ii) assuming the satisfaction or waiver of the Financing conditions set forth in Section 6.01 and Section 6.02 and taking into account the Marketing Period, Parent does not have any reason to believe that is required to be satisfied as a condition any of the Financing, or that conditions to the full amount of the Debt Financing will not be made satisfied or that the Debt Financing or any other funds necessary to pay the Required Amount will not be available to Parent on the Closing Date. Other than Parent has fully paid (or caused to be paid) all commitment fees or other fees to the extent required to be paid on or prior to the date of this Agreement in connection with the Debt Financing. Except for the Fee Letters and customary engagement letters with respect to the Debt Financing Commitment Letters(none of which reduces the amount of the Debt Financing below the Required Amount or adversely affects the conditionality, enforceability, termination or availability of the Debt Financing), as of the date hereof, there are no side letters or other Contractsagreements, contracts or arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters of any kind relating to the Debt Financing and non-disclosure agreements, none of Commitment Letter to which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or any of its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, than as expressly set forth in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Regal Rexnord Corp), Merger Agreement (Altra Industrial Motion Corp.)
Financing. (a) Parent understands Purchaser is a party to and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the accepted a fully executed commitment letter, dated as of August 12, 2021 (together with all exhibits and schedules thereto, the (“Debt Commitment Letter”) from the lenders party thereto (collectively, the “Lenders”) pursuant to which the Lenders have agreed, subject to the terms and conditions thereof, to provide debt financing in the amounts set forth therein. The debt financing committed pursuant to the Debt Commitment Letter is collectively referred to as the “Debt Financing.”
(b) Purchaser is a party to and has accepted a fully executed equity commitment letter, dated as of the date hereof of this Agreement (including together with all exhibits, annexes, exhibits and schedules and term sheets attached thereto, the “OpCo Debt Equity Commitment Letter”), among Credit Suisse AGby and between ArcLight Energy Partners Fund VII, Credit Suisse Loan Funding LLC L.P. (the “Equity Investor”) and ParentPurchaser, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, the Equity Investors have agreed to provide Parent with debt financing invest in Purchaser the amounts amount set forth therein. The equity financing committed pursuant to the Equity Commitment Letter is referred to as the “Equity Financing.” The Equity Financing and the Debt Financing are collectively referred to as the “Financing.”
(c) Purchaser has delivered to Seller true, complete and correct copies of the proceeds executed Equity Commitment Letter and executed Debt Commitment Letter and any fee letters related thereto, subject, in the case of which such fee letters, to redaction solely of fee and other economic provisions that are to be used to fund the Transactions and fees customarily redacted in connection with such debt financing (transactions of this type and that could not in any event affect the “OpCo conditionality, enforceability, availability or amount of the Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as . The Equity Commitment Letter provides that Seller is an express third party beneficiary of the date hereof (including all exhibitsEquity Commitment Letter to the extent provided therein, annexesand is entitled to enforce directly, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions extent provided herein and therein.
(d) Except as expressly set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), Commitment Letter and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that Letter, there are no conditions precedent to the fee amounts, flex provisions obligations of the Lenders and other economic terms (other than the Equity Investors to provide the Equity Financing or the Debt Financing or any such term contingencies that would (x) permit the Lenders or the Equity Investors to reduce the aggregate total amount of the Debt Financing or (y) impose the Equity Financing, including any additional conditions condition or other contingencies (contingency relating to the amount or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may Financing or the Equity Financing pursuant to any “flex” provision. Purchaser does not have any reason to believe that it shall be redacted unable to satisfy on a timely basis all terms and conditions to be satisfied by it in a customary manner; and (ii) the Equity Commitment LetterLetter or the Debt Commitment Letter on or prior to the Closing Date, which providesnor does Purchaser have knowledge that any Lender or Equity Investor shall not perform its obligations thereunder. There are no side letters, understandings or other agreements, contracts or arrangements of any kind relating to the Equity Commitment Letter or the Debt Commitment Letter that could affect the availability, conditionality, enforceability, termination or amount of the Equity Financing or the Debt Financing.
(e) The Financing, when funded in accordance with the Equity Commitment Letter and shall continue the Debt Commitment Letter and giving effect to provide, that any “flex” provision in or related to the Company is a third party beneficiary thereto Debt Commitment Letter (including with respect to fees and original issue discount), shall provide Purchaser with cash proceeds on the provisions specified thereinClosing Date sufficient for the satisfaction of all of Purchaser’s obligations under this Agreement, the Ancillary Agreements, the Equity Commitment Letter and the Debt Commitment Letter, including the payment of the Closing Purchase Price, and any fees and expenses of or payable by Purchaser, Purchaser’s Affiliates or the Transferred Entities, and for any repayment or refinancing of any outstanding indebtedness of Purchaser and/or the Transferred Entities contemplated by, or required in connection with the transactions described in, this Agreement, the Ancillary Agreements, the Equity Commitment Letter or the Debt Commitment Letter (the “Financing Amounts”).
(cf) As of The Equity Commitment Letter and the date hereof, each of Debt Commitment Letter constitute the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) Purchaser and, to the Knowledge of ParentPurchaser, all the other parties thereto, thereto and are in each case subject to the Enforceability Exceptions. Assuming due full force and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))effect. As of the date hereof, no event has occurred which, which (with or without notice, lapse of time or both, would ) could constitute a default default, breach or material breach on the part of Parent or, failure to the Knowledge of the Parent, satisfy a condition by Purchaser or any other party thereto under any Financing the terms and conditions of the Equity Commitment Letter or the Debt Commitment Letter, and Purchaser does not have any reason to believe that any of the conditions to the Debt Financing will not be satisfied on a timely basis or that the Financing will not be available in full on the date of the Closing. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing Purchaser has paid (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, ) in full any and all commitment fees and any and all or other fees and expenses, in each case as are required to be paid on or before the date hereof of this Agreement pursuant to the terms of the Financing Debt Commitment LettersLetter or any related fee letter and shall pay in full on or before the Closing Date any such amounts due on or before the Closing Date. The Equity Commitment Letter and the Debt Commitment Letter have not been modified, amended or altered and none of the respective commitments thereunder has been terminated, reduced, withdrawn or rescinded in any respect, and, to the Knowledge of Purchaser, no termination, reduction, withdrawal, modification, amendment, alteration or rescission thereof is contemplated.
(g) In no event shall the receipt or availability of any funds or financing (including, for the avoidance of doubt, the Financing) by Purchaser or any of its Affiliates or any other financing or other transactions be a condition to any of Purchaser’s obligations under this Agreement.
Appears in 2 contracts
Sources: Equity Purchase Agreement (Pseg Power LLC), Equity Purchase Agreement (Pseg Power LLC)
Financing. (a) Parent understands At the Acceptance Time and acknowledges that at the obligations of Effective Time, Purchaser will have available all the Parent and Merger Sub funds necessary to consummate the Transactions are not Offer and the Merger in any way contingent upon or otherwise subject accordance with this Agreement, and to the Parent’s consummation make all other necessary payments of any financing arrangementfees and expenses required to be paid by Parent and Purchaser relating to such transactions, including, without limitation, the Parent’s obtaining funds necessary to accept for payment and pay for all Shares tendered in the Offer and the aggregate Merger Consideration and any other repayment or refinancing of debt contemplated by the Commitment Letters and to pay all fees and expenses to be paid by the Surviving Corporation or any financing or of its Affiliates at Closing (the availability, grant, provision or extension of any financing to the Parent“Required Amounts”).
(b) Parent has delivered to the Company true, complete and correct copies of Company: (i) a true and complete copy of the executed commitment letter by ▇▇▇▇▇ Fargo Trade Capital, LLC (“▇▇▇▇▇ Fargo”), dated February 12, 2009 (the “▇▇▇▇▇ Fargo Commitment Letter”) pursuant to which ▇▇▇▇▇ Fargo has committed to lend up to $30,000,000 and to serve as administrative agent for the $40,000,000 senior factoring and revolving credit facility (the “▇▇▇▇▇ Facility”) necessary for the parties to this Agreement to consummate the transactions contemplated by this Agreement and (ii) a true and complete copy of the executed commitment letter by Glenhill Special Opportunities Master Fund LLC (“Glenhill”), dated February 13, 2009 (the “Glenhill Commitment Letter”) pursuant to which Glenhill has committed to lend up to $10,000,000 towards the ▇▇▇▇▇ Facility (the financing contemplated by the ▇▇▇▇▇ Fargo Commitment Letter and the Glenhill Commitment Letter collectively, the “▇▇▇▇▇ Financing”)
(1c) Parent has delivered to the fully Company a true and complete copy of the executed commitment letter by KEBA LLC (“KEBA”, and together with Glenhill and ▇▇▇▇▇ Fargo, the “Lenders”), dated February 23, 2009, (such commitment letter, dated as of the date hereof (including all exhibits“Debt Financing Commitment Letter” and together with the ▇▇▇▇▇ Fargo Commitment Letter, annexes, schedules and term sheets attached theretothe Glenhill Commitment Letter, the “OpCo Debt Commitment LetterLetters”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which ) providing for the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules ” and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt ▇▇▇▇▇ Financing, the “Debt FinancingFinancings”; ) necessary for the Debt Financing, together with parties to this Agreement to consummate the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified thereintransactions contemplated by this Agreement.
(cd) As of the date hereof, each of the Financing Commitment Letters is are in full force and effect (assuming the due authorization, execution and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, delivery thereof by the other parties thereto) and have not been replaced, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented amended or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, withdrawn or rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) Financings contemplated by the Commitment Letters, other than the conditions precedent as set forth in the Financing or contemplated by each Commitment Letters and, as Letter. As of the date hereofof this Agreement, to the Knowledge of Parent, no event has occurred that (with or without notice, lapse of time, or both) would constitute a breach or default under any of the Commitment Letters by Parent or Purchaser. Parent has no reason Knowledge of any facts or circumstances that are reasonably likely to believe that it will not be able to satisfy result in (i) any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2the Commitment Letters not being satisfied, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon (ii) the funding of contemplated in the Financing in accordance with and subject Commitment Letters not being made available to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, a timely basis in an amount sufficient order to (i) consummate the Closing upon the terms transactions contemplated by this Agreement.
(e) Parent has delivered to the Company a true and complete copy of the executed Buying Agency Agreement (the “Buying Agency Agreement”), dated as of December 17, 2008, between NAF Holding, LLC, parent of Parent, and Li & ▇▇▇▇ (iiTrading) pay all other amounts payable by Parent or its Affiliates Limited (“Li & ▇▇▇▇”), pursuant to the other Ancillary Agreements which Li & ▇▇▇▇ is obligated to which any such Person is a party, (iii) pay all related fees assume responsibility for and expenses of Parent and its Affiliates and Representativescause to be issued, and shall cause to be issued guarantees, letters of credit, surety bonds or similar instruments (ivcollectively, “LCs”) from a Qualified Institution in replacement of, or as security for, each letter of credit issued in respect of the Company’s business immediately prior to the extent Acceptance Time. The Buying Agency Agreement is in full force and effect and has not been replaced, amended or modified, and the obligations contained therein have not been withdrawn or rescinded in any other amounts respect.
(f) Subject to the satisfaction of those conditions set forth in Annex I, Parent acknowledges that its obligations hereunder are required to be paid not in any respect, directly or indirectly, conditioned upon the receipt of any funds contemplated by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Naf Holdings Ii, LLC), Merger Agreement (Hampshire Group LTD)
Financing. (a) Parent understands has received and acknowledges that the obligations of the Parent accepted, and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of of, (i)
(1) the fully executed commitment letterletter and redacted fee letter (of which only the fee amounts, price caps and economic “flex” terms have been redacted; provided that such redacted terms do not affect the conditionality of or the amount of cash proceeds available to Parent and Merger Subsidiary), each dated as of October 21, 2015 (the date hereof “Debt Commitment Letters”), from ▇▇▇▇▇▇▇ ▇▇▇▇▇ Bank USA (including all exhibitscollectively with any other agents, annexesarrangers, schedules managers, lenders and term sheets attached theretoother entities from time to time party thereto and such Persons’ Affiliates, successors and assigns, the “OpCo Debt Commitment LetterFinancing Sources”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, ) confirming their respective commitments to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund connection with the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), ) and (2ii) the fully executed warehouse facility commitment letter, dated as of the date hereof letters (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Equity Commitment LetterLetters,” and, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”)) from each of the parties listed on Annex I hereto (the “Equity Financing Sources” and together with the Debt Financing Sources, between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which “Financing Sources”) confirming the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, respective counterparties’ commitments to provide Parent with debt equity financing in an amount up to the amounts aggregate amount set forth therein, the proceeds of which are to be used to fund therein in connection with the Transactions (the “AssetCo Debt Equity Financing,” and, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided . Assuming that the fee amountsFinancing contemplated by the Financing Commitment Letters is fully funded on the terms set forth therein, flex provisions Parent and other economic Merger Subsidiary will have at and after the Closing funds sufficient to consummate the Merger upon the terms (other than any such term that would (x) reduce the aggregate amount contemplated by this Agreement and pay all related fees and expenses of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amendParent, modify or expand any conditions or other contingencies in a manner adverse Merger Subsidiary and their respective Representatives pursuant to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified thereinthis Agreement.
(cb) As Each of the date hereof, each of the Financing Equity Commitment Letters is in full force and effect as of the Agreement Date and is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) and Merger Subsidiary and, to the Knowledge knowledge of Parent, the other parties thereto, in each case subject to . The Company is a third-party beneficiary of the Enforceability ExceptionsEquity Commitment Letters on the terms set forth therein. Assuming due and valid execution by each other party thereto (in the case Each of the Debt Commitment Letters only)is in full force and effect as of the Agreement Date and is a valid and binding obligation of Parent and Merger Subsidiary and, each to the knowledge of Parent, the other parties thereto. Parent or Merger Subsidiary has fully paid, or caused to be fully paid, any and all commitment or other fees in connection with the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject that are payable on or prior to the Enforceability ExceptionsAgreement Date. As of the date hereofAgreement Date, none of the Financing Commitment Letters have been amended, supplemented amended or modified in any respect, no such amendment or modification is contemplated (other than with respect to any “market flex” terms contained in the Debt Commitment Letter, to the extent such “market flex” terms may be deemed an amendment or modification) and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofAgreement Date, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent or Merger Subsidiary or, to the Knowledge knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters Letters, and, as of the date hereofAgreement Date, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financingwill not be satisfied, or that the full amount of the Financing will not be made available to Parent on the Closing Datedate of the Closing. Other than the Financing Commitment Letters, there There are no side letters or other Contracts, arrangements Contracts to which Parent or understandings any of its Affiliates is a party (written or orali) directly or indirectly related to the Financing (except for customary fee lettersfunding or investing, engagement letters relating to as applicable, of the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or full amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained other than as expressly set forth in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent awarding any Person any financial advisory role on an exclusive basis or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) prohibiting or seeking to prohibit any Person from providing or seeking to provide financing to any Person in connection with a transaction relating to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersCompany.
Appears in 2 contracts
Sources: Merger Agreement (SolarWinds, Inc.), Merger Agreement (SolarWinds, Inc.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent Parent’s and Merger Sub Sub’s obligations under this Agreement are not subject to a condition regarding Parent’s or Merger Sub’s obtaining of funds to consummate the Transactions are not in any way contingent upon Merger and the other transactions contemplated hereby. On or otherwise subject prior to the Parent’s consummation date of any financing arrangementthis Agreement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, correct and complete and correct fully executed copies of (i)
(1a) the fully executed equity commitment letterletter (the “Equity Commitment Letter”) to Parent from an Affiliate of the Parent Parties, pursuant to which such Affiliate has committed to provide Parent with equity financing in the amount and on the terms and conditions set forth therein (the “Equity Financing”), (b) the commitment letters, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”)hereof, among Credit Suisse AG, Credit Suisse Loan Funding LLC Parent and Parent, pursuant to which the Parent Financing Sources applicable financing sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt FinancingCommitment Letters”), ) and (2c) the fully executed warehouse facility commitment letterfee letters, dated as of the date hereof hereof, among Parent and the financing sources party thereto (redacted to remove only the fee amounts, fee percentages, price caps and certain other economic terms (including any economic market “flex” provisions) in a customary manner (none of which could reasonably be expected to adversely affect the conditionality, availability or termination provisions of the Debt Commitment Letters or reduce the aggregate amount available under the Debt Financing), in each case, including all exhibits, annexesschedules, schedules annexes and term sheets attached thereto, amendments to such letters in effect as of the “AssetCo Debt Commitment Letter” and, date of this Agreement (together with the OpCo Debt Commitment LetterLetters, the “Debt Commitment Letters”; ” and the Debt Commitment Letters Letters, together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and . Pursuant to the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms Debt Commitment Letters and subject to the terms and conditions set forth thereinthereof, each of the applicable parties thereto (other than Parent and Merger Sub) have severally committed to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are therein to be used to fund the Transactions Parent or Merger Sub (the “AssetCo Debt Financing” and, together with the OpCo Debt Financingprovision of such funds as set forth therein, the “Debt Financing”; ) for the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the purposes set forth in such Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount . As of the Debt date of this Agreement, (i) the Financing or (y) impose any additional conditions or other contingencies (Commitment Letters have not been amended, restated or otherwise amendmodified or waived in any respect (and no amendment, modify restatement, modification or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and waiver is contemplated), (ii) the respective commitments contained in the Equity Commitment LetterLetter and, which providesto the Knowledge of Parent, the commitments contained in the Debt Commitment Letters have not been withdrawn, rescinded, amended, restated or otherwise modified in any respect and shall continue to provide, that the Company is a third party beneficiary thereto (iii) with respect to the provisions specified therein.
(c) commitments contained in the Equity Commitment Letter and, to the Knowledge of Parent, the commitments contained in the Debt Letters, no such withdrawal, rescission, amendment, restatement or modification is contemplated. As of the date hereofof this Agreement, each of the Financing Commitment Letters is are in full force and effect and is a constitute the legal, valid, enforceable and binding obligations of each of Parent, and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, subject in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereofof this Agreement, none there are no conditions precedent or other contractual contingencies related to the funding of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate full amount of the Debt Financing pursuant to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, other than as expressly set forth in each case, the amount of Debt Commitment Letters) and the Equity Financing has been increased by a corresponding amountpursuant to the Equity Commitment Letter. Assuming the satisfaction of the conditions precedent set forth in Section 8.1 and Section 8.2, the net proceeds contemplated from the Debt Financing and the Equity Financing, together with Parent’s available unrestricted cash, will, in the aggregate, be sufficient for the satisfaction of all of Parent’s and Merger Sub’s obligations under this Agreement, including the payment of the Merger Consideration, any payments in respect of equity compensation obligations to be made in connection with the Merger, any repayment or refinancing of any outstanding indebtedness of Parent, the Company has given its prior written consent thereto)and their respective Subsidiaries required in connection with the Merger and all fees and expenses reasonably expected to be incurred in connection with the Merger and the other transactions contemplated by this Agreement (the “Merger Amounts”). As of the date hereofof this Agreement, assuming the satisfaction of the conditions to the Merger set forth in Section 8.1 and Section 8.2, to the Knowledge of Parent, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a breach or default or material breach on the part of Parent or, to or Merger Sub under the Knowledge of the Parent, Financing Commitment Letters or any other party thereto under any to the Financing Commitment LetterLetters. As of the date hereofof this Agreement, Parent is not aware of any fact, event there are no side letters or other occurrence agreements, Contracts or arrangements that makes any relate to the conditionality, availability, termination or amount of the representations and warranties of Parent in any Debt Financing, the Equity Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount all or any part of the Debt Financing (including any flex provisions) or the Equity Financing. Parent has fully paid all commitment fees or other than fees required to be paid on or prior to the date of this Agreement in connection with the Debt Financing and satisfied all of the other terms and conditions required to be satisfied by Parent on or prior to the date hereof. As of the date of this Agreement, assuming the satisfaction of the conditions precedent to the Merger set forth in the Financing Commitment Letters and, as of the date hereofSection 8.1 and Section 8.2, Parent has no reason to believe that it any of the conditions to the Debt Financing or the Equity Financing will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financingsatisfied, or nor does Parent have Knowledge that the full amount of the Debt Financing and the Equity Financing will not be made available to Parent as of the time the Closing is required to occur pursuant to Section 2.2 in accordance with the terms of the Debt Letters. Notwithstanding anything to the contrary contained herein, the Company agrees that a breach of this representation and warranty shall not result in the failure of a condition precedent to the Company’s obligations under this Agreement if (notwithstanding such breach) Parent and Merger Sub are willing and able to consummate the Merger on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Domtar CORP), Merger Agreement (Resolute Forest Products Inc.)
Financing. (a) The aggregate amount of funds contemplated to be provided pursuant to the Financing Letters (as defined below), together with the cash on hand of Parent understands and acknowledges that its Subsidiaries, is sufficient, if funded, to (i) pay the aggregate Per Share Price and any other repayment or refinancing of Indebtedness contemplated by the Financing Letters; (ii) pay any and all fees and expenses required to be paid by Parent, Merger Sub and the Surviving Corporation in connection with the Merger and the Financing; and (iii) satisfy all of the other payment obligations of the Parent and Parent, Merger Sub to consummate and the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the ParentSurviving Corporation contemplated hereunder.
(b) Parent has and Merger Sub have delivered to the Company a true, correct and complete and correct copies copy of (i)
(1) the fully executed commitment letter (the “Equity Financing Letter”), dated as of the date hereof, among Parent, Merger Sub and the other parties thereto (collectively, the “Equity Financing Sources”), pursuant to which the Equity Financing Sources have committed, subject to the terms thereof, to invest the cash amounts set forth therein (the “Equity Financing”) and (ii) the executed commitment letter, dated as of the date hereof (including all exhibitshereof, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among from Credit Suisse AGSecurities (USA) LLC, Credit Suisse Loan Funding LLC ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, Inc., Royal Bank of Canada, RBC Capital Markets, SunTrust Bank, SunTrust ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Inc., and ParentThe Bank of Tokyo-Mitsubishi-UFJ, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing Ltd. (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Financing Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources lenders party thereto have agreedcommitted, on the terms and subject to the conditions set forth thereinterms thereof, to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; ” (which term shall include, if applicable, high-yield bonds issued in lieu of certain of the debt facilities as contemplated under the Debt FinancingCommitment Letter) and, together with the Equity Financing, the “Financing”). Parent has also delivered to the Company a true, complete and (3) the fully executed correct copy of any fee letters relating to each of letter in connection with the Debt Commitment Letters; provided Letter (it being understood that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce fee letter provided to the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) Company may be redacted in to omit the numerical amounts provided therein) (any such fee letter, a customary manner; and (ii) the Equity Commitment “Fee Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.”)
(c) As of the date hereof, each the Financing Letters have not been amended or modified and none of the respective obligations and commitments contained in the Financing Commitment Letters is have been withdrawn or rescinded in any respect. The Financing Letters, in the form so delivered to the Company on the date hereof, are in full force and effect and is a as of the date hereof. The Financing Letters are (i) legal, valid, valid and binding and enforceable obligation obligations of Parent (to the extent party thereto) and Merger Sub, as applicable, and, to the Knowledge of Parent, each of the other parties thereto and (ii) enforceable in accordance with their respective terms against Parent and Merger Sub, as applicable, and, to the Knowledge of Parent, each of the other parties thereto, in each case subject except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting or relating to creditors’ rights generally. The Financing Letters and the Fee Letter contain all of the conditions precedent to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case obligations of the Debt Commitment Letters only), each parties thereunder to make the Financing available to Parent on the terms therein and there are no other conditions precedent or other contingencies related to the funding of the Financing Commitment Letters is enforceable against full amount of the parties thereto in accordance with its terms, subject to the Enforceability ExceptionsFinancing. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofthis Agreement, no event has occurred or circumstance exists which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent oror Merger Sub, as applicable, or to the Knowledge of the Parent, any other party thereto parties thereto, under the Financing Letters or that makes any of the assumptions or statements set forth in the Financing Commitment LetterLetters inaccurate in any material respect. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any and subject to the satisfaction of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in Article VI and the Financing Commitment Letters andperformance by the Company of its obligations under this Agreement, as of the date hereof, neither Parent nor Merger Sub has no any reason to believe that it any of the conditions to the Financing contemplated in the Financing Letters will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on and Merger Sub at or prior to the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates Merger Sub have fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees which are due and expenses, in each case as are required to be paid payable on or before prior to the date hereof pursuant to the terms of the Financing Commitment Letters. Other than the Fee Letter and as set forth in Schedule 3.10(c), there are no side letters or other Contracts to which Parent or any of its Affiliates is a party related to the funding or investing, as applicable, of the full amount of the Financing other than as expressly set forth in the Financing Letters.
(d) As of the date hereof, none of Parent, Merger Sub or any of their respective Affiliates is a party to any Contracts, or any commitment to enter into any Contracts, with any Person (including any Company Stockholder, director, officer or employee of the Company or its Subsidiaries) concerning any investments to be made in, or contributions to be made to, Parent or Merger Sub in connection with the Merger and/or any other transactions contemplated by this Agreement other than as set forth in the Financing Letters.
(e) As of the date hereof, neither Parent nor Merger Sub has (i) retained any financial advisor on a basis exclusive to Parent or Merger Sub other than advisors to which the Company Board (or any authorized committee thereof) has previously consented or (ii) entered into an exclusivity, lock-up or other similar agreement, arrangement or binding understanding with any bank or investment bank or other potential provider of debt or equity financing that explicitly prohibits such provider from providing or seeking to provide such financing or financial advisory services to any third party in connection with a transaction relating to the Company or its Subsidiaries (including in connection with the making of any Alternative Transaction Proposal), in the case of clauses (i) and (ii), in connection with the Merger or the other transactions contemplated by this Agreement. Neither Parent nor Merger Sub has caused or induced any Person to take any action that, if taken by Parent or Merger Sub, would be a breach of, or would cause to be untrue, any of the representations in this Section 3.10(e).
Appears in 2 contracts
Sources: Merger Agreement (Valley Telephone Co., LLC), Merger Agreement (Knology Inc)
Financing. (a) Parent understands The amount of funds contemplated to be provided to Purchaser at the Closing pursuant to the Equity Financing Commitments and acknowledges that the Debt Financing Commitments will be sufficient to (i) pay the Closing Purchase Price, (ii) pay any and all fees and expenses required to be paid by Purchaser in connection with the transactions contemplated by this Agreement (including the Purchaser Financing), and (iii) satisfy all of the other payment obligations of Purchaser hereunder required to be paid in connection with the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the ParentClosing.
(b) Parent Purchaser has delivered to the Company Seller a true, accurate and complete and correct copies copy of (i) an executed commitment letter dated as of the date hereof, by and between Purchaser Guarantor and Purchaser (the “Equity Financing Commitment”)
, pursuant to which Purchaser Guarantor has committed, subject to the terms thereof, to provide Purchaser the cash amount set forth therein (1the “Equity Financing”) and which expressly provides that Seller is a third party beneficiary thereto and is entitled to enforce the provisions thereof and (ii) the fully executed debt commitment letterletters, dated as of the date hereof hereof, among Purchaser and the Debt Financing Sources and all related fee letters associated therewith (such commitment letters and fee letters, including all exhibits, annexesschedules, schedules annexes and term sheets attached amendments thereto, collectively, the “OpCo Debt Commitment LetterFinancing Commitments” and such Debt Financing Commitments, together with the Equity Financing Commitment, the “Financing Commitments”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources counterparties party thereto have agreedcommitted, on the terms and subject to the conditions set forth thereinterms thereof, to provide Parent with lend to Purchaser the debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Purchaser Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As The Financing Commitments are (i) legal, valid and binding obligations of Purchaser and Purchaser Guarantor, as applicable, and, to the date hereofknowledge of Purchaser, each of the Financing Commitment Letters is other parties thereto and (ii) enforceable in full force accordance with their respective terms against Purchaser and/or Purchaser Guarantor, as applicable, and effect and is a legal, valid, binding and enforceable obligation each of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties theretothereto except as such enforcement may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar Laws affecting creditors’ rights generally or by general principles of equity (regardless of whether enforcement is sought in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (a proceeding in the case of the Debt Commitment Letters onlyequity or at law), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters Commitments have been amended, supplemented amended or modified in any respectmodified, and as of the respective commitments contained therein have not date hereof no such amendment or modification has been withdrawn, terminated, rescinded or otherwise modified in proposed by any respect, nor, party to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (Financing Commitments other than to add lenders, lead additional arrangers, bookrunners, syndication agents lenders or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, commitment parties as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Section 5.16. As of the date hereof, the obligations and commitments contained in the Financing Commitments have not been withdrawn or rescinded in any respect by the Purchaser, or, to the knowledge of the Purchaser, the other parties thereto. As of the date hereof, the Financing Commitments are in full force and effect. As of the date hereof, assuming the representations and warranties in Article III are true and correct in a manner that satisfies the condition set forth in Section 6.2(b), no event has occurred or circumstance exists which, with or without notice, lapse of time or both, would or would reasonably be expected to (x) constitute a default or material breach under the Financing Commitments on the part of Parent Purchaser or Purchaser Guarantor, as applicable, or, to the Knowledge knowledge of the ParentPurchaser, any other party thereto under parties to the Financing Commitments or (y) result in all or any portion of the Purchaser Financing Commitment Letterbeing unavailable on the Closing Date. As of the date hereof, Parent is not aware assuming the conditions set forth in Section 6.2(a) and Section 6.2(b) of any factthis Agreement will be satisfied, event or other occurrence Purchaser has no reason to believe that makes any of the representations and warranties conditions to the Purchaser Financing contemplated in the Financing Commitments will not be satisfied or that the Purchaser Financing will not be made available to Purchaser on or prior to the Closing Date, and, to the knowledge of Parent Purchaser, Purchaser has no reason to believe that any of the Debt Financing Sources will not perform their respective funding obligations with respect to the Debt Financing under the Debt Financing Commitments. There are no side letters or other agreements, contracts or arrangements related to the funding or provision, as applicable, of the Purchaser Financing other than as expressly set forth in any the Financing Commitment Letter inaccurate in any material respectCommitments delivered to Seller prior to the date hereof. There are no conditions precedent or other contingencies directly or indirectly related to the funding or provision, as applicable, of the full amount of the Financing (including any flex provisions) Purchaser Financing, other than the conditions precedent as expressly set forth in the Financing Commitment Letters and, as of Commitments delivered to Seller prior to the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of hereof (the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date“Disclosed Conditions”). Other than the Financing Commitment LettersDisclosed Conditions, there are no side letters conditions precedent or other Contracts, arrangements or understandings (written or oral) directly or indirectly contingencies related to the Financing (except for customary fee lettersfunding or provision, engagement letters relating to the Debt Financing and non-disclosure agreementsas applicable, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Purchaser Financing not otherwise contained in the Financing Commitment Letters. There is no condition that would permit any party to the Financing Commitments to reduce the satisfaction of which would prevent aggregate amount available to be funded or provided, as applicable, under the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2Financing Commitments. Purchaser has fully paid, or 6.3 hereof caused to be fully paid, any and all commitment or other fees in connection with the satisfaction of Financing Commitments which would prevent the satisfaction of a condition are due and payable on or prior to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement)date hereof. As of the date hereof, Parent assuming the representations and warranties in Article III are true and correct in a manner that satisfies the condition set forth in Section 6.2(b), Purchaser is not aware of any fact or its Affiliates have fully paid, occurrence that makes any of the representations or caused to be paid, warranties of Purchaser in any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersCommitments inaccurate in any such respect. Purchaser affirms that it is not a condition to any of Purchaser’s obligations under this Agreement that Purchaser obtain the Purchaser Financing or any other financing for or related to any of the transactions contemplated hereby.
Appears in 2 contracts
Sources: Stock Purchase Agreement (TE Connectivity Ltd.), Stock Purchase Agreement
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated on or prior to the date hereof, between Merger Sub and the Debt Financing Sources party thereto (including all exhibits, schedules, and annexes thereto, and the executed fee letter associated therewith and referenced therein (except that the fee letter is subject to redactions of commercially sensitive information), as may be amended, supplemented or modified in accordance with the terms hereof, collectively, the “Debt Financing Commitments”), pursuant to which the Debt Financing Sources party thereto have committed, subject to the terms and conditions set forth therein, to lend the amounts set forth therein (the “Debt Financing”) for the purposes of funding the transactions contemplated by this Agreement, and related fees, costs and expenses, (ii) the executed commitment letters, dated as of the date hereof hereof, between Parent and each of Biomedical Treasure Limited, Biomedical Future Limited and CC China (2019B) L.P., respectively (including all exhibits, annexes, schedules and term sheets attached theretoannexes thereto (if any), as may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, collectively, the “OpCo Debt Equity Commitment LetterLetters”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedsuch Guarantor has committed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts invest each amount set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached theretocollectively, the “AssetCo Debt Commitment Letter” and, together with Cash Financing”) and (iii) the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters Support Agreement (together with the Equity Commitment LetterLetters, collectively, the “Equity Financing Commitments” and together with the Debt Financing Commitments, collectively, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds Rollover Securityholders have committed to contribute to Parent, immediately prior to the Effective Time, the number of which are Rollover Securities set forth therein and to be used to fund consummate the Transactions Merger and other transactions contemplated by this Agreement (the “AssetCo Debt Financing” and, together with the OpCo Debt Cash Financing, collectively, the “Debt Equity Financing”; ” and together with the Debt Financing, together with the Equity Financingcollectively, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt . Each Equity Financing Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, provides that the Company is a third party beneficiary thereto thereof and entitled to enforce such Equity Financing Commitment in accordance with respect to the provisions specified terms and conditions set forth therein.
(c) . As of the date hereof, each of the Financing Commitment Letters is Commitments are in full force and effect with respect to, and is a are the legal, valid, binding and enforceable obligation of Parent obligations of, Parent, Merger Sub (to the extent party theretoas applicable) and, to the Knowledge knowledge of Parent, each of the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termscase, subject to the Enforceability ExceptionsBankruptcy and Equity Exception.
(b) None of the Financing Commitments has been amended or modified prior to the date of this Agreement. As of the date hereofof this Agreement, none no such amendment or modification is contemplated save for any amendment, supplement or modification of the Debt Financing Commitment Letters have been amended, supplemented Commitments which is or modified will be made in any respectcompliance with Section 6.11, and the respective obligations and commitments contained therein in the Financing Commitments have not been withdrawn, terminated, terminated or rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any respect and no such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated is contemplated. Parent or Merger Sub has paid any and all fees that are due and payable on or prior to the subject date of discussions this Agreement pursuant to the terms and conditions of the Financing Commitments and will pay when due all other fees arising thereunder as and when they become due and payable pursuant to the terms and conditions of the Financing Commitments.
(other than to add lendersc) Except as expressly set forth in the Debt Financing Commitments (including any fee letter and customary engagement letters and non-disclosure agreements that do not impact the conditionality, lead arrangersavailability or amount of the Financing), bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent there are no side letters or other similar entity Contracts to which Parent or Merger Sub is a Qualified Bankparty that imposes conditions to, and (ii) in no event shall affects, or modifies, amends or expands the addition conditions to, the availability of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount funding of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). transactions contemplated hereby.
(d) As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent or Merger Sub or, to the Knowledge knowledge of the Parent, any other party thereto parties thereto, under any the Financing Commitment LetterCommitments that would prevent or delay Parent’s or Merger Sub’s ability to consummate the transactions contemplated hereunder. The Financing Commitments contain all of the conditions precedent to the obligations of the parties thereunder to make the applicable Financing available to Parent or Merger Sub on the terms and conditions therein. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has Merger Sub have no reason to believe that it any of the conditions to the Financing contemplated by the Financing Commitments will not be able to satisfy any term satisfied or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent or Merger Sub on the Closing Date. Other than the Financing Commitment Letters, there ; provided that Parent and Merger Sub are no side letters not making any representations or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of warranties regarding the conditions set forth in Sections 6.1clause (3) in this Section 4.7(d). Assuming (1) the conditions in Section 7.1, 6.2Section 7.2(a) and Section 7.2(b) are satisfied or waived, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of (2) the Financing is funded in accordance with the Financing Commitments and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), 3) the aggregate proceeds amount of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on Offshore Available Company Cash is at least US$480,000,000 as at the Closing Date, are, Parent and Merger Sub will be, in an amount have on the Closing Date funds sufficient to (i) consummate pay the Closing upon aggregate Per Share Merger Consideration and the terms contemplated by this Agreement, other payments under Article II and (ii) pay any and all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on Parent, Merger Sub and the Closing Date to consummate Surviving Company in connection with the TransactionsMerger, pay all such the other amounts (including refinancing or repayment of any debt transactions contemplated by this Agreement). As of Agreement and the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersFinancing.
Appears in 2 contracts
Sources: Merger Agreement (Centurium Capital Partners 2018, L.P.), Merger Agreement (China Biologic Products Holdings, Inc.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, correct and complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof hereof, among Parent, Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A., Barclays Bank PLC and Column Financial, Inc. (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party counterparties thereto have agreedcommitted, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt financing in lend the amounts set forth therein, therein (the proceeds of which are financing to be used provided pursuant to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, as may be amended, modified, supplemented, replaced or extended from time to time after the “Debt Commitment Letters”; the Debt Commitment Letters together date hereof in compliance with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt FinancingSection 6.12, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), .
(b) Parent expressly acknowledges and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided agrees that the fee amounts, flex provisions and other economic terms (other than consummation of all or any such term that would (x) reduce the aggregate amount portion of the Debt Financing is not a condition to its and/or Merger Sub’s and or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse Partnership Merger Sub’s obligations to Parent) or adversely affect effect the availability or timing Closing. Assuming the accuracy of the funding representations and warranties of the Company in this Agreement as of the Closing Date and the performance by the Company of its obligations hereunder, the amount of funds to be provided pursuant to the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which providesif funded in accordance with the terms therein, together with other financial resources of Parent, Merger Sub and Partnership Merger Sub available on or prior to the time of Closing, including cash on hand and marketable securities of Parent, Merger Sub, Partnership Merger Sub, the Company and the Company’s Subsidiaries on the Closing Date, will be sufficient to consummate the Mergers, the Transactions and to pay its and its affiliates’ respective monetary obligations that are due on or prior to the Closing Date under this Agreement, including payment of the Merger Consideration, and shall continue the payment or funding of all fees, costs, expenses and reserves incurred, payable or required to providebe funded by Parent, that Merger Sub, Partnership Merger Sub, any of their affiliates and, to the extent responsible hereunder, the Company is a third party beneficiary thereto with respect on or prior to the provisions specified thereinClosing Date in connection with this Agreement and the Transactions.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge none of Parent, the other parties theretoMerger Sub or Partnership Merger Sub, in each case subject or to the Enforceability Exceptions. Assuming due and valid execution by each knowledge of Parent, any other party counterparty thereto (is in the case breach of any of its covenants or other obligations set forth in, or is in default under, the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, norLetter, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each caseknowledge, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred whichor circumstances exist that, with or without notice, lapse of time or both, would or would reasonably be expected to (i) constitute or result in a breach or default or material breach on the part of Parent orParent, Merger Sub or Partnership Merger Sub, or to the Knowledge knowledge of the Parent, any other party thereto counterparty thereto, under the Debt Financing, (ii) constitute or result in a failure to satisfy a condition precedent set forth in the Debt Financing or (iii) otherwise result in any portion of the Debt Financing Commitment Letterbeing unavailable. As of the date hereof, Parent is not aware none of Parent, Merger Sub or Partnership Merger Sub has received any fact, event notice or other occurrence that makes communication from any party to the Debt Commitment Letter with respect to (1) any breach or default on the part of Parent, Merger Sub, Partnership Merger Sub or any other party to the Debt Commitment Letter or (2) any intention of such party to terminate the Debt Commitment Letter, to not provide all or any portion of the Debt Financing or to require any additional reserves not contemplated by the Debt Commitment Letter or for expenses to be paid by Parent or any of its affiliates on prior to or as a condition to the representations consummation of the Debt Financing at Closing other than as provided in the Debt Commitment Letter.
(d) As of the date hereof, the Debt Commitment Letter is a legal, valid, binding and warranties enforceable obligation of Parent and, to the knowledge of Parent, the other parties thereto, is in any Financing full force and effect, except as enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereafter in effect, relating to creditors’ rights generally and (ii) general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at Law).
(e) Other than as set forth in the Debt Commitment Letter inaccurate in and any material respect. There fee letter (a “Fee Letter” and, together with the Debt Commitment Letter, the “Debt Financing Letters”), a copy of which has been provided to the Company prior to the date hereof, there are no conditions precedent or other contingencies directly or indirectly related to the funding of the full net amount of the Debt Financing (including or any flex provisions) other than contingencies that would, or would reasonably be expected to, reduce the conditions precedent set forth in aggregate amount of the Financing Commitment Letters and, as Debt Financing. As of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, understandings or arrangements or understandings (in each case, whether written or oral) directly imposing conditions or indirectly related other contingencies to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions full amount (including after i.e., before giving effect to any pricing flex that results loan reduction provisions in OID, if exercised), the aggregate Debt Commitment Letter) of the proceeds of the Debt Financing or otherwise affect the availability of the Debt Financing, together with other unrestricted cash and cash equivalents on hand of Parent on than those set forth in the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant Debt Financing Letters delivered to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) Company prior to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement)date hereof. As of the date hereof, Parent or its Affiliates Parent, Merger Sub and Partnership Merger Sub have fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees which are due and expenses, in each case as are required to be paid payable on or before prior to the date hereof pursuant to the terms of the Debt Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Griffin-American Healthcare REIT II, Inc.), Merger Agreement (Northstar Realty Finance Corp.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent The Purchaser has delivered to the Company true, Seller true and complete and correct copies of executed commitment letters with the lenders and arrangers party thereto (collectively, the “Lenders”) (including (i) all exhibits, schedules, annexes and amendments to such letters in effect as of the date of this Agreement (other than any fee letters) and (ii) any fee or engagement letters with the Lenders associated therewith that contain any conditions to funding or “flex” provisions, but excluding provisions related solely to fees and economic terms (other than covenants) agreed to by the parties) (collectively, the “Debt Commitment Letters”)
, pursuant to which the Lenders have agreed, subject to the terms and conditions set forth therein, to lend the amounts set forth therein for the transactions contemplated by this Agreement (1) the fully “Debt Financing”). The Purchaser has also delivered to the Seller a true and complete copy of the executed equity commitment letterletter (including all exhibits, schedules, annexes and amendments to such letter in effect as of the date of this Agreement), dated as of the date hereof of this Agreement, between Parent and the Investor (including all exhibits, annexes, schedules the “Equity Commitment” and term sheets attached theretotogether with the Debt Commitment Letters, the “OpCo Debt Commitment LetterFinancing Commitments”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have Investor has agreed, subject to the terms and conditions set forth therein, to invest in Parent, directly or indirectly, the cash amounts set forth therein for the purpose of funding a portion of the funds required to pay the Closing Payment upon the Closing pursuant to this Agreement (the “Equity Financing” and, together with the Debt Financing, the “Acquisition Financing”). The Financing Commitments, together with any available cash of Parent and its Subsidiaries, will be sufficient for the Purchaser to consummate the transactions contemplated by this Agreement on the terms and subject to the conditions set forth therein, to provide herein. The Purchaser or Parent with debt financing in has fully paid any and all commitment fees or other fees required by the amounts set forth therein, the proceeds of which are Financing Commitments to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of paid on or before the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with of this Agreement. The Seller is an express third party beneficiary of the Equity Commitment Letterand is entitled to enforce such agreement, and the “Financing Commitment Letters”Investor has agreed, subject in all respects to Section 10.14(b), between Credit Suisse AGnot to oppose the granting of an injunction, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, specific performance or other equitable relief on the terms and subject to basis that Parent or the conditions set forth thereinSeller, to provide Parent with debt financing in the amounts set forth thereinas applicable, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified thereinhas an adequate remedy at law.
(cb) As of the date hereofof this Agreement, each of the Financing Commitment Letters is Commitments are in full force and effect and is a are the legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto Purchaser (in the case of the Debt Commitment Letters onlyLetters), each Parent (in the case of the Financing Commitment Letters is Equity Commitment) and, to the Purchaser’s Knowledge, the other parties thereto, enforceable against the such parties thereto in accordance with its their terms, subject to the Enforceability Exceptionsexcept as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally. As of the date hereofof this Agreement, none the obligations of the Financing Commitment Letters have been amended, supplemented or modified in any respect, Lenders and the respective commitments contained therein have not been withdrawnInvestor, terminated, rescinded or otherwise modified in any respect, noras applicable, to Parent’s Knowledge, is fund the commitments under the Financing Commitments are not subject to any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (conditions other than as expressly set forth in the Financing Commitments. Except as previously disclosed to add lendersthe Seller, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereofof this Agreement, in each casethere are no side letters, understandings or other agreements, arrangements or other Contracts relating to the funding or investing, as contemplated by and in accordance with such Debt Commitment Letter; providedapplicable, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall of the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate full amount of the Debt Acquisition Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated other than as expressly set forth in the Debt Commitment Letters (unless, in each case, Financing Commitments furnished to the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)Seller pursuant to Section 4.4(a). As of the date hereofof this Agreement, to the Purchaser’s Knowledge, no event has occurred which, that (with or without notice, lapse of time time, or both, ) would constitute a breach or default under the Financing Commitments by the Purchaser or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereofof this Agreement, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent assuming the satisfaction of the conditions set forth in Sections 6.1Section 7.1 and Section 7.2 of this Agreement, 6.2to the Purchaser’s Knowledge, and 6.3 hereof, and there is are no condition facts or circumstances that are reasonably likely to result in (i) any of the conditions set forth in Sections 6.1the Financing Commitments not being satisfied or (ii) the Acquisition Financing not being made available to the Purchaser on a timely basis in order to consummate the transactions contemplated by this Agreement. As of the date of this Agreement, 6.2(A) none of the Financing Commitments have been amended or modified and (B) the respective commitments contained in the Financing Commitments have not been withdrawn, modified or 6.3 hereof rescinded in any respect. Notwithstanding anything in this Agreement to the satisfaction contrary, the Purchaser acknowledges and agrees that the obtaining of which would prevent all or any part of the satisfaction of Acquisition Financing is not a condition to Closing or the Financing. Upon the funding consummation of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms transactions contemplated by this Agreement, (ii) and that, irrespective and independently of the availability of the Acquisition Financing, the Purchaser shall be obligated to pay the Purchase Price and meet all other amounts payable by Parent or its Affiliates pursuant financial obligations under this Agreement and the Ancillary Agreements, subject only to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing satisfaction or repayment of any debt contemplated by this Agreement). As waiver of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, conditions set forth in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersArticle VII.
Appears in 2 contracts
Sources: Equity and Asset Purchase Agreement (Liberty Tax, Inc.), Equity and Asset Purchase Agreement (Sears Hometown & Outlet Stores, Inc.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Investor has delivered to the Company true, complete and correct copies of of: (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibitsby and among UBS Loan Finance LLC, annexesUBS Securities LLC, schedules and term sheets attached theretoDeutsche Bank AG New York Branch, the “OpCo Debt Commitment Letter”)Deutsche Bank AG Cayman Islands Branch, among Deutsche Bank Securities Inc., Credit Suisse AG, Credit Suisse Loan Funding Securities (USA) LLC and ParentInvestor (the “Debt Financing Commitment”), pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, UBS Loan Finance LLC, UBS Securities LLC, Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., Credit Suisse AG, Credit Suisse Securities (USA) LLC have agreed to provide Parent with debt financing in lend the amounts set forth therein, therein to the proceeds Company for the purpose of which are to be used to fund funding the Transactions and fees in connection with such debt financing transactions contemplated by this Agreement (the “OpCo Debt Financing”), ; (2ii) the fully executed warehouse facility equity commitment letter, dated as of the date hereof among Investor and ▇▇▇▇▇▇▇, Dubilier & Rice Fund VIII, L.P. (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment LetterEquity Financing Commitment” and, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment LetterFinancing Commitment, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, ▇▇▇▇▇▇▇, Dubilier & Rice Fund VIII, L.P., has committed to provide Parent with debt financing invest the cash amount in the amounts Investor set forth therein, the proceeds of which are to be used to fund the Transactions in its Equity Financing Commitment (the “AssetCo Debt Equity Financing” and, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”); (iii) any and all fee letters in connection with the Debt Financing Commitment (collectively, the “Fee Letter”); and (3iv) the fully executed fee letters relating to each engagement letter(s) in connection with any offerings of high-yield bonds (the “Engagement Letter”). None of the Debt Commitment Letters; Financing Commitments, the Fee Letter or the Engagement Letter has been amended or modified prior to the date of this Agreement (provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount existence or exercise of the Debt Financing “flex” provisions contained in the Fee Letter shall not constitute an amendment or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing modification of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment LetterFinancing Commitments), which providesand, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As as of the date hereof, each the respective commitments contained in the Financing Commitments have not been withdrawn, terminated or rescinded in any respect. There are no other agreements, side letters or arrangements to which Investor is a party relating to any of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability ExceptionsCommitments. As of the date hereof, none the Financing Commitments are in full force and effect and constitute the legal, valid and binding obligations of Investor and, to the knowledge of Investor, the other parties thereto (subject in each case to the effect of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or similar Laws relating to or affecting creditors rights generally and by general equity principles, whether considered in Proceedings in equity or at law). Other than as expressly set forth in the Financing Commitments, and any related Fee Letter or Engagement Letter or as set forth in any such documents amended after the date hereof and not in violation of the provisions hereof, there are no conditions precedent related to the funding of the full net proceeds of the Financing Commitment Letters have been amended, supplemented (including any “flex” provisions) under any agreement relating to the Financing to which Investor or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity its Affiliates is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))party. As of the date hereof, no event has occurred which, which would constitute a breach or default (or with notice or without notice, lapse of time or both, both would constitute a default or material breach on default) by Investor under the part of Parent Financing Commitments, or, to the Knowledge knowledge of Investor, the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related parties to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment LettersCommitments. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be Investor has fully paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and fully paid all commitment fees and any and all or other fees and expenses, in each case as are required to be paid on or before prior to the date hereof pursuant to the terms Financing Commitments. Assuming the accuracy of the representations and warranties set forth in ARTICLE II and performance by Seller and the Company of their respective obligations hereunder, upon receipt of the proceeds contemplated by the Financing Commitment LettersCommitments, Investor and the Company will have access as of the Closing to sufficient cash funds to pay all amounts contemplated by this Agreement to be paid by them and to perform their respective obligations hereunder.
Appears in 2 contracts
Sources: Investment Agreement (Unistrut International Holdings, LLC), Investment Agreement (Tyco International LTD)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent The Buyer has delivered to the Company true, true and complete and correct copies of (i)
(1a) the a fully executed commitment letter, dated as of the date hereof letter (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”)) from JPMorgan Chase Bank, among Credit Suisse AGN.A., Credit Suisse Loan Funding LLC and ParentDeutsche Bank Trust Company Americas, pursuant to which the Parent Financing Sources party thereto have agreedL▇▇▇▇▇ Commercial Paper Inc. W▇▇▇▇ Fargo Foothill, on the terms and subject to the conditions set forth therein, Inc. to provide Parent the Buyer with debt financing (i) up to $475,000,000 in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing a senior secured first-lien term loan facility (the “OpCo First-Lien Term Facility”), (ii) up to $50,000,000 in a senior secured revolving credit facility (the “Revolving Facility”), and (iii) up to $250,000,000 in a senior secured second-lien credit facility (the “Second-Lien Facility”, and together with the First-Lien Term Facility and the Revolving Facility, the “Debt Financing”), and (2b) the a fully executed warehouse facility commitment letter, dated as of the date hereof letter (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Equity Commitment Letter” and”, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; ) from Golden Gate Private Equity, Inc. to provide equity financing to the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant Buyer in an amount up to which the Parent Financing Sources party thereto have agreed, $270,000,000 on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Equity Financing” and”, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the . The Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which providesin the form so delivered, and shall continue to provide, that the Company is a third party beneficiary thereto with respect legal, valid and binding obligation of the Buyer and, to the provisions specified therein.
(c) As knowledge of the Buyer as of the date hereof, each of the Financing other parties thereto. The Equity Commitment Letters Letter, in the form so delivered, is in full force and effect and is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would would, individually or in the aggregate, constitute a default or material breach on the part of Parent or, to the Knowledge Buyer under any term or condition of the Parent, any other party thereto under any Financing Debt Commitment Letter or the Equity Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent Buyer has no reason to believe that it will not be able unable to satisfy on a timely basis any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise it contained in the Financing Debt Commitment LettersLetter or the Equity Commitment Letter. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be The Buyer has fully paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all or other fees and expensesfees, in each case as are if any, required by the Debt Commitment Letter to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersthis Agreement.
Appears in 2 contracts
Sources: Merger Agreement (Concerto Software Inc), Merger Agreement (Aspect Communications Corp)
Financing. (a) Parent understands At the Closing, the Buyer and acknowledges that the obligations of Acquisition Sub will have available all the Parent and Merger Sub funds necessary to consummate purchase all the Transactions are not in any way contingent upon or otherwise subject Shares pursuant to the Parent’s consummation of any financing arrangement, Merger and to pay all fees and expenses payable by the Parent’s obtaining of any financing Buyer or the availability, grant, provision or extension of any financing Acquisition Sub related to the Parenttransactions contemplated by this Agreement.
(b) Parent has delivered to The Buyer and the Company trueAcquisition Sub have received a commitment letter dated February 11, complete and correct copies of 2007 (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”)) from ▇▇▇▇▇▇ Brothers Inc. and certain of its affiliates, among Credit Suisse AGtogether with certain other financial institutions (collectively, Credit Suisse Loan Funding LLC and Parent, pursuant the “Lenders”) relating to which the Parent Financing Sources party thereto have agreed, commitment of the Lenders to provide debt financing required to consummate the Merger on the terms and subject to the conditions set forth thereincontemplated by this Agreement, to provide Parent with debt refinance certain existing indebtedness of the Company and to pay related fees and expenses. The financing contemplated by the Debt Commitment Letter (or any replacement thereof permitted under Section 6.11(a)) is referred to in this Agreement as the amounts set forth therein“Debt Financing”.
(c) The Buyer has received an equity commitment letter dated February 11, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing 2007 (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Equity Commitment LetterLetters” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; ) from Comverse Technology, Inc. (“Equity Investor”) relating to the Debt Commitment Letters together with commitment of the Equity Investor to provide cash equity investments required to consummate the Merger on the terms contemplated by this Agreement and to pay related fees and expenses. The cash equity investments contemplated by the Equity Commitment Letter, Letter is referred to herein as the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Equity Financing”; the Debt Equity Financing, together with the Equity Debt Financing, is collectively referred to as the “Financing”. Complete and correct copies of the executed Commitment Letters have been provided to the Company.
(d) The proceeds of the Financing, when funded in accordance with the Commitment Letters (or any replacement thereof permitted under Section 6.11(a)) and taken together with available cash of the Company and the Buyer, will provide the Acquisition Sub with sufficient cash at the Effective Time sufficient to consummate the Merger on the terms contemplated by this Agreement, to refinance certain existing indebtedness of the Company and to pay related fees and expenses.
(e) The Commitment Letters are, as of the date of this Agreement, and (3subject to the Buyer’s rights under Section 6.11(a) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to amendments, modifications and/or replacement thereof) will be, at all times until replaced by the provisions specified therein.
(c) As of the date hereofdefinitive agreements contemplated thereby, each of the Financing Commitment Letters is valid, binding and in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to no event within the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case direct or indirect control of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated Buyer or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event Acquisition Sub has occurred which, with or without notice, lapse of time or both, would reasonably be expected to constitute an incurable failure to satisfy a default or material breach condition precedent on the part of Parent or, to the Knowledge of Buyer or the Parent, any other party thereto Acquisition Sub under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Witness Systems Inc), Merger Agreement (Verint Systems Inc)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, a true and complete and correct copies of (i)
(1) the fully executed copy of the commitment letter, dated as of the date hereof November 23, 2008, between Parent, Credit Suisse Securities (USA) LLC, Credit Suisse, Cayman Islands Branch, Wachovia Capital Markets, LLC and Wachovia Bank, National Association, including all exhibits, annexes, schedules and term sheets attached thereto, amendments to such letter in effect as of the date of this Agreement (the “OpCo Debt Commitment Letter”) (together with a true and complete copy of any “flex” provisions with respect to the financing contemplated by the Debt Commitment Letter), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the terms and conditions set forth therein, thereof each of the parties thereto (other than Parent) has agreed to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; ) for the purpose of funding the transactions contemplated by this Agreement. The Debt FinancingCommitment Letter has not been amended, together with restated or otherwise modified prior to the Equity Financing, the “Financing”)date of this Agreement, and (3) the fully executed fee letters relating to each of respective commitments contained in the Debt Commitment Letters; provided that the fee amountsLetter have not been withdrawn, flex provisions and other economic terms (other than modified or rescinded in any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect prior to the provisions specified therein.
(c) date of this Agreement. As of the date hereofof this Agreement, each of the Financing Debt Commitment Letters Letter in the form so delivered is in full force and effect and is a constitutes the legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge knowledge of ParentParent and Merger Sub, the other parties thereto, in each case subject . There are no conditions precedent (including pursuant to any “flex” provisions) related to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in funding of the case full amount of the Debt Financing, other than as expressly set forth in the Debt Commitment Letters only)Letter. Assuming that the Debt Financing is funded, each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termsParent and Merger Sub shall have sufficient cash available as and when needed, subject to the Enforceability Exceptionsterms hereof, to pay for the shares tendered pursuant to the Offer and the aggregate Merger Consideration, the aggregate Option Amount, the aggregate Stock Unit/Restricted Stock Amount, the aggregate Company Performance Unit Amount as well as make any and all other payments required in connection with the transactions contemplated by this Agreement. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofthis Agreement, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent under the Debt Commitment Letter or, to the Knowledge knowledge of the ParentParent or Merger Sub, any other party thereto under any Financing Commitment Letter. As of to the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Debt Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereofof this Agreement, neither Parent nor Merger Sub has no any reason to believe that it any of the conditions to the Debt Financing to be satisfied by Parent or Merger Sub will not be able to satisfy any term or condition of closing satisfied or, assuming the Company’s compliance with this Agreement and the satisfaction of the Financing that is required to be satisfied as a condition of the FinancingOffer Conditions, or that the full amount of the Debt Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related prior to the Financing (except such time as Merger Sub is required to accept for customary fee letters, engagement letters relating to the Debt Financing payment and non-disclosure agreements, none pay for shares of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing Company Common Stock validly tendered and not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates withdrawn pursuant to the Offer. Parent has fully paid all commitment fees or other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date prior to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof of this Agreement pursuant to the terms of the Financing Debt Commitment LettersLetter.
Appears in 2 contracts
Sources: Merger Agreement (King Pharmaceuticals Inc), Merger Agreement (Alpharma Inc)
Financing. The Company has received copies of (a) Parent understands a commitment letter dated March 20, 1998 from DLJ Merchant Banking Partners II, L.P., and acknowledges that the obligations certain of its affiliates pursuant to which each of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise foregoing has committed, subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds purchase securities of which are MergerSub for an aggregate amount equal to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”)$54,999,997.50, (2b) the fully executed warehouse facility commitment lettera letter dated March 20, dated as of the date hereof 1998 from DLJ Bridge Finance, Inc. (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, "DLJ Bridge Fund") pursuant to which the Parent Financing Sources party thereto have agreedDLJ Bridge Fund has committed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing purchase senior pay-in-kind increasing rate notes of the Company in the amounts amount of $110,000,000 and (c) a commitment letter dated March 20, 1998 from DLJ Capital Funding, Inc. ("DLJ Senior Debt Fund") pursuant to which DLJ Senior Debt Fund has committed, subject to the terms and conditions set forth therein, to enter into one or more credit agreements providing for loans to the proceeds corporation surviving the Reorganization Merger of which are up to $350,000,000. As used in this Agreement, the aforementioned entities shall hereinafter be referred to as the "Financing Entities". The aforementioned credit agreements and commitments to purchase equity securities of MergerSub shall be referred to as the "Financing Agreements" and the financing to be used provided thereunder shall be referred to fund as the Transactions (the “AssetCo Debt "Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the ." The aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each proceeds of the Financing Commitment Letters is are in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (an amount sufficient to pay the extent party thereto) andMerger Consideration, to repay the Knowledge Company's and its Subsidiaries' indebtedness (excluding for this purpose capital lease obligations) together with any interest, premium or penalties payable in connection therewith, to provide a reasonable amount of Parentworking capital financing and to pay related fees and expenses (collectively, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only"Required Amounts"), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement commitment letters relating to the Debt Financing Agreements referred to above has been withdrawn and non-disclosure agreements, none MergerSub does not know of which impact the conditionality, timing any facts or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions circumstances that may reasonably be expected to the timing or availability of the Financing not otherwise contained result in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction any of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition commitment letters relating to the FinancingFinancing Agreements not being satisfied. Upon MergerSub believes that the funding Financing will not create any liability to the directors and stockholders of the Financing in accordance with and subject to its terms and conditions (including after giving effect to Company under any pricing flex that results in OIDFederal or state fraudulent conveyance or transfer law. MergerSub further believes that, if exercised)upon the consummation of the transactions contemplated hereby, the aggregate proceeds of including, without limitation, the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to Surviving Corporation (i) consummate the Closing upon the terms contemplated by this Agreementwill not become insolvent, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a partywill not be left with unreasonably small capital, (iii) will not have incurred debts beyond its ability to pay all related fees and expenses of Parent and its Affiliates and Representativessuch debts as they mature, and (iv) to will not have its capital impaired. MergerSub knows of no reason why the extent any other amounts are required to Merger will not be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case recorded as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersa "recapitalization" for financial reporting purposes.
Appears in 2 contracts
Sources: Merger Agreement (Donaldson Lufkin & Jenrette Inc /Ny/), Agreement and Plan of Merger (Donaldson Lufkin & Jenrette Inc /Ny/)
Financing. Parent has delivered to the Company true and complete fully executed copies of (aA) the commitment letter, dated as of July 23, 2012, between Parent understands and acknowledges that Bank of America, N.A. and ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated (the obligations “Debt Financing Commitment”), pursuant to which and subject to the terms and conditions thereof each of the parties thereto (other than Parent) has agreed to lend the amounts set forth therein (the provision of such funds as set forth therein on the terms and conditions set forth therein, the “Debt Financing”) and (B) the investment agreement, dated as of July 23, 2012, between Parent and Carlyle Partners V, L.P. (the “Equity Financing Commitment”; and, together with the Debt Financing Commitment, the “Financing Commitments”), pursuant to which and subject to the terms and conditions thereof the party thereto (other than Parent) has agreed to invest the amounts set forth therein in the form of equity securities to be issued by Parent (the provision of such funds as set forth therein on the terms and conditions set forth therein, the “Equity Financing”; and, together with the Debt Financing, the “Financing”) for the purposes of permitting Parent and Merger Sub to consummate the Transactions are not in any way contingent upon Merger and the transactions contemplated hereby on a timely basis and to (i) effect, as required, the repayment or otherwise subject to the Parent’s consummation refinancing of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete outstanding Indebtedness that may become due and correct copies of (i)
(1) the fully executed commitment letter, dated payable as a result of the date hereof Merger, (including ii) pay any and all exhibits, annexes, schedules fees and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are expenses required to be used to fund the Transactions paid by Parent and fees Merger Sub in connection with such debt financing the Merger and the Financing and (the “OpCo Debt Financing”), (2iii) the fully executed warehouse facility commitment letter, dated as satisfy all of the date hereof (including all exhibits, annexes, schedules other payment obligations of Parent and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) Merger Sub contemplated hereunder. As of the date hereofof this Agreement, each of the Financing Commitment Letters is Commitments, in the form so delivered, are in full force and effect and is a are legal, valid, valid and binding and enforceable obligation obligations of Parent (to the extent party thereto) and, to the Knowledge and Merger Sub and each of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each None of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have Commitments has been amended, supplemented or otherwise modified in any respectprior to the date of this Agreement, and the respective commitments contained therein in the Financing Commitments have not not, prior to the date of this Agreement, been withdrawn, terminated, withdrawn or rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofof this Agreement, except for the payment of customary fees, there are no conditions precedent or other contingencies related to the funding of the full amounts of the Financing, other than as set forth in or contemplated by the Financing Commitments. Parent and Merger Sub have fully paid any and all commitment fees or other fees required by the Financing Commitments to be paid by them on or prior to the date of this Agreement. As of the date of this Agreement, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent oror Merger Sub, and to the Knowledge of the Parent, any other party thereto parties thereto, under any the Financing Commitment LetterCommitments. As of the date hereofof this Agreement, neither Parent is not aware of nor Merger Sub has any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it any of the conditions to the Financing contemplated by the Financing Commitments will not be able to satisfy satisfied or that any term or condition of closing portion of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing made thereunder will not otherwise be made available to Parent or Merger Sub on the Closing Date. Other than Parent will provide to the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related Company any amendments to the Financing Commitments, as promptly as possible (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount but in any event within 48 hours of the Financing) which could adversely impact the timing or availability effectiveness of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercisedsuch amendment), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Railamerica Inc /De), Merger Agreement (Genesee & Wyoming Inc)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, a true and complete and correct copies copy of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Equity Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, OTPP has committed to provide Parent with debt the financing in the amounts amount set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Equity Financing”), ) and (2ii) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, ▇▇▇▇▇ Fargo Bank, National Association has committed to provide Parent with debt financing up to the aggregate amount set forth therein for the purposes set forth in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions Debt Commitment Letter (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; ). Assuming the Debt Financing, together with accuracy of the Equity Financingrepresentations and warranties set forth in Article III and the performance by the Company of its obligations under this Agreement, the “Financing”), aggregate proceeds to be disbursed pursuant to the agreements contemplated by Equity Commitment Letter and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that Letter and together with available cash, cash equivalents and marketable securities of the fee amountsCompany, flex provisions and other economic terms in the aggregate, will be sufficient to (other than any such term that would (xi) reduce fund the payment of the aggregate amount Transaction Consideration in respect of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amendCommon Shares, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) pay any and all fees and expenses required to be paid by Parent and Acquisition Sub in connection with the Amalgamation and the Equity Commitment Letter, which provides, Financing and shall continue to provide, that (iii) satisfy all of the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) other payment obligations of Parent and Acquisition Sub contemplated hereunder. As of the date hereofof this Agreement, each of the Financing Equity Commitment Letters Letter and the Debt Commitment Letter is in full force and effect and, to the knowledge of Parent and Acquisition Sub, is a legal, valid, valid and binding and enforceable obligation of Parent (to each of the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject case, except as enforcement thereof may be limited by (A) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and any implied covenant of good faith and fair dealing, or remedies in general, as from time to time in effect, or (B) the Enforceability Exceptionsexercise by courts of equity powers. Assuming due and valid execution by each other party thereto (in Neither the case of Equity Commitment Letter nor the Debt Commitment Letters only)Letter has been amended, each supplemented or otherwise modified prior to the date of this Agreement, and the commitment contained in the Equity Commitment Letter or the Debt Commitment Letter, as applicable, has not, prior to the date of this Agreement, been withdrawn, terminated or rescinded in any respect. There are no other agreements, side letters or arrangements relating to the Equity Commitment Letter or the Debt Commitment Letter that could affect the availability or aggregate amount of the Equity Financing or the Debt Financing, as applicable. The Equity Commitment Letters is enforceable against Letter does not violate the parties thereto in accordance with fund documents of OTPP and OTPP has the ability to make capital calls sufficient to satisfy its terms, subject to obligations under the Enforceability ExceptionsEquity Commitment Letter. As of the date hereofof this Agreement, none there are no conditions precedent or other contingencies related to the funding of the full amount under the Equity Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (Debt Financing, other than to add lenders, lead arrangers, bookrunners, syndication agents as set forth in or other similar entities who had not executed a Debt contemplated by the Equity Commitment Letter as of or the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))as applicable. As of the date hereof, no No event has occurred which, with or without notice, lapse of time or both, would reasonably be expected to constitute a default or material breach on the part of Parent or, to or Acquisition Sub under the Knowledge of Equity Commitment Letter or the Parent, any other party thereto under any Financing Debt Commitment Letter. As Assuming the satisfaction of the date hereof, Parent is not aware conditions to Acquisition Sub’s obligation to consummate the Amalgamation and performance by the Company of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters andits obligations under this Agreement, as of the date hereofof this Agreement, neither Parent nor Acquisition Sub has no any reason to believe that it any of the conditions to the Equity Financing contemplated by the Equity Commitment Letter or the Debt Financing contemplated by the Debt Commitment Letter will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of Equity Financing or the Debt Financing will not otherwise be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent Acquisition Sub on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersextent necessary.
Appears in 2 contracts
Sources: Amalgamation Agreement, Agreement and Plan of Amalgamation (SeaCube Container Leasing Ltd.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully an executed equity commitment letter, dated letter in effect as of the date hereof (hereof, including all exhibits, annexesschedules, schedules annexes and term sheets attached thereto, amendments thereto (the “OpCo Debt Equity Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent) from the Guarantors, pursuant to which the Parent Financing Sources party thereto Guarantors have agreedcommitted to provide to Parent, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt equity financing in the amounts amount set forth thereintherein for the purposes of financing a portion of the aggregate Merger Consideration, Warrant Consideration and LTI Award Consideration payable at the Closing under this Agreement (the “Equity Financing”), which Equity Commitment Letter provides that the Company is a third party beneficiary thereof and is entitled to enforce such agreements, in each case to the extent expressly provided for in the enforcement provisions of the Equity Commitment Letter, and (ii) an executed debt financing commitment letter from the Lenders in effect as of the date hereof, including all exhibits, schedules, annexes and amendments thereto, and each fee letter associated therewith (collectively, the proceeds of which are to be used to fund the Transactions “Fee Letter,” and fees in connection together with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”) (it being understood that the Fee Letter may be customarily redacted; provided, however, that no provisions that, or that could reasonably be expected to, adversely affect the availability of or impose additional conditions on, the availability of the Debt Financing at the Effective Time may be redacted), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Lenders have committed to provide to Parent Financing Sources party thereto have agreedand/or Merger Sub, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee . There are no side letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (agreements, Contracts, understandings or otherwise amend, modify arrangements to which Parent or expand any conditions or other contingencies in Merger Sub is a manner adverse party that could reasonably be expected to Parent) or adversely affect the availability or timing of the funding Financing other than as expressly set forth in the Commitment Letters delivered to the Company pursuant to this Section 4.9(a) (it being understood and agreed that: (i) Parent or a subsidiary thereof may issue senior notes or other debt securities in lieu of all or a portion of the senior bridge facility referred to in the Debt Financing) may be redacted in a customary manner; and Commitment Letter, (ii) Parent or its affiliates may, in its or their sole and absolute discretion (but shall not be required to), issue preferred equity at the Closing (in lieu of the senior notes or other debt securities in lieu of a portion of the senior bridge facility) to Permitted Preferred Purchasers, and (iii) Permitted Co-Investors may be added to the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect Letter or deliver an equity commitment letter of their own in substantially similar form (except for amount) to the provisions specified thereinEquity Commitment Letter for a portion of the Equity Financing).
(cb) As of the date hereof, of this Agreement: (i) each of the Financing Commitment Letters Letter is in full force and effect and is a the legal, valid, binding and enforceable obligation of each of the Guarantors, Parent (and Merger Sub, as applicable, and to the extent party thereto) and, to the Knowledge knowledge of Parent, each of the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due case, except as enforcement may be limited by general principles of equity, whether applied in a court of Law or a court of equity, and valid execution by bankruptcy, insolvency, moratorium, reorganization or similar Laws affecting creditors’ rights and remedies generally; (ii) each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have Letter has not been amended, supplemented amended or modified in any respect, respect and the respective commitments contained therein have not been withdrawn, terminated, rescinded no such amendment or otherwise modified in any respect, nor, to Parent’s Knowledge, modification is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions pending (other than amendments or modifications to the Debt Commitment Letter solely (A) to add lenders, lead arrangers, bookrunners, syndication agents and similar entities, (B) in connection with the implementation of any “market flex” provisions or other similar entities who had not executed “securities demand” terms contained in the Debt Commitment Letter, (C) to implement a Replacement Commitment Facility (as defined in the Debt Commitment Letter entered into as of the date hereof) or issue preferred equity at the Closing (in lieu of the senior notes or other debt securities in lieu of a portion of the senior bridge facility) to Permitted Preferred Purchasers, and (D) amendments to the Equity Commitment Letter to add Permitted Co-Investors or to replace a portion of the Equity Financing with a substantially similar equity commitment letter of any Permitted Co-Investor); and (iii) the commitments contained in the Commitment Letters have not been withdrawn, terminated, reduced or rescinded in any respect (other than as permitted in the immediately preceding clause (ii)(D)). As of the date of this Agreement, Parent has paid (or caused to be paid) in full any and all fees (including commitment fees and other fees) required to be paid under the Debt Commitment Letter that are payable on or prior to the date of this Agreement.
(c) As of the date of this Agreement, there are no conditions precedent or other contractual contingencies (including pursuant to any “flex” provisions in the Fee Letter or otherwise) related to the funding of the full amount (or any portion) of the Financing except as expressly set forth in the Commitment Letters. As of the date of this Agreement, to the knowledge of the Parent, no event has occurred which (with or without notice, lapse of time or both) would reasonably be expected to constitute a failure to satisfy a condition precedent to be satisfied by any Guarantor, Parent or Merger Sub, as applicable, for the Guarantors’ and Lenders’ obligations to fund the Equity Financing and Debt Financing, respectively.
(d) Assuming the satisfaction of the conditions set forth in Section 6.1 and Section 6.2, completion of the Marketing Period and that the Financing is funded in accordance with the Commitment Letters, the net proceeds contemplated by the Commitment Letters, will, in the aggregate, constitute the funds necessary to satisfy Parent’s and Merger Sub’s payment obligations under this Agreement at the Effective Time, including payment in cash of the aggregate Merger Consideration, Warrant Consideration and LTI Award Consideration payable at the Effective Time, refinancing of the Company’s indebtedness outstanding under the Credit Agreement and the 2021 First Lien Notes (in each case, including all applicable interest, fees and premiums), and to pay all related fees and expenses required to be paid by Parent and Merger Sub in connection with the Merger, in each case, as contemplated by at the Effective Time (such amount, the “Required Financing Amount”).
(e) Parent has caused to be delivered to the Company a true, complete and correct copy of the duly executed Limited Guarantee. The Limited Guarantee is in accordance with such Debt Commitment Letter; providedfull force and effect, howeverhas not been amended, that (i) modified, withdrawn or rescinded in any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bankrespect, and (ii) in no event shall is the addition legal, valid, binding and enforceable obligation of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount each of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Guarantors. As of the date hereof, no event has occurred or circumstance exists which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to any Guarantor under the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersLimited Guarantee.
Appears in 2 contracts
Sources: Merger Agreement (Moneygram International Inc), Merger Agreement (Moneygram International Inc)
Financing. HTI Acquisition has delivered to Alleghany (ai) Parent understands true, correct and acknowledges that complete signed counterpart(s) of commitment letters (the obligations of "Equity Commitment Letters"), dated on or prior to the Parent and Merger Sub to consummate date hereof, whereby the Transactions are not in any way contingent upon or otherwise parties thereto (the "Equity Investors") have agreed, subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing make or cause to be made in HTI Holding equity investments in cash in the amounts set forth therein, the proceeds aggregate amount of which are to be used to fund the Transactions and fees in connection with such debt financing not less than $25,000,000 (the “OpCo Debt Financing”"Equity Commitment"); (ii) a true, correct and complete signed counterpart of a letter agreement by and between HTI Holding and HTI Acquisition, dated on or prior to the date hereof, whereby HTI Holding has agreed to contribute the entire Equity Commitment to HTI Acquisition (the "Contribution Letter"); and (iii) true, correct and complete signed counterpart(s) of commitment letter(s), (2) the fully executed warehouse facility commitment letter, dated as of on or prior to the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parenthereof, pursuant to which the Parent Financing Sources lenders party thereto have agreed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with provided or cause to be provided debt financing in connection with the amounts set forth therein, the proceeds of which are transactions provided for herein and revolving credit to be used to fund the Transactions HTI Acquisition (the “AssetCo Debt Financing” "Commitment Letters" and, together with the OpCo Debt FinancingEquity Commitment Letters and the Contribution Letter, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”"Commitments"), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies . The Commitments have not been amended in a manner adverse to Parent) or adversely affect that would be prohibited by the availability or timing last sentence of the funding of the Debt Financing) may be redacted in a customary manner; this Section 5.6 and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) andare, to the Knowledge of Parent, the other parties theretoHTI Acquisition, in each case full force and effect. The Commitments are subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented no contingencies or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (conditions other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent those set forth in the Financing Commitment Letters and, as copies of the date hereof, Parent has no reason Commitments delivered to believe that it will not be able Alleghany. Subject to satisfy any term or condition of closing the terms and conditions of the Financing that is required to be satisfied as a condition of the FinancingCommitments, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its the terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised)of this Agreement, the aggregate proceeds of Commitments would provide HTI Acquisition with acquisition financing at the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount Effective Time sufficient to (i) consummate the Closing Merger upon the terms contemplated by this AgreementAgreement (the "Acquisition Financing"). Nothing contained in this Agreement shall prohibit HTI Acquisition or the Equity Investors from entering into agreements relating to the financing or the operation of HTI Acquisition or the Surviving Equity, including adding other equity providers or operating partners; provided that (i) the aggregate amount of the Equity Commitment shall not be reduced in any way to less than $25,000,000 and (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates HTI Acquisition shall have fully paid, or caused to be paid, obtained any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms consents of the Financing lenders under the Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Alleghany Corp /De), Agreement and Plan of Merger (Alleghany Corp /De)
Financing. (a) Parent understands or certain of its controlled Affiliates is a party to and acknowledges that the obligations has accepted a fully executed (x) commitment letter dated as of the Parent date hereof (as amended, restated, amended and Merger Sub restated, supplemented or replaced from time to consummate time after the Transactions are not date hereof in any way contingent upon or otherwise accordance with Section 7.4(b) hereof, together with all exhibits and schedules thereto, the “Debt Commitment Letter”) from the Debt Financing Sources party thereto pursuant to which the Debt Financing Sources have agreed, subject to the Parent’s consummation terms and conditions thereof, to provide debt financing in the amounts set forth therein and (y) fee letters, dated of any financing arrangementas the date hereof (as amended, restated, amended and restated, supplemented or replaced from time to time after the date hereof in accordance with Section 7.4(b) hereof, the Parent’s obtaining of any “Debt Fee Letters”), executed in connection with the Debt Commitment Letter. The debt financing or the availability, grant, provision or extension of any financing committed pursuant to the ParentDebt Commitment Letter and the Debt Fee Letters is collectively referred to in this Agreement as the “Debt Financing.”
(b) Parent is a party to and has delivered to the Company true, complete and correct copies of (i)
(1) the accepted a fully executed equity commitment letter, dated as of the date hereof of this Agreement, from ▇▇▇▇▇ ▇▇▇▇▇ Fund XV, L.P., a Delaware limited partnership (including all exhibitsthe “Equity Investor”) and Parent (the “Equity Commitment Letter” and, annexes, schedules and term sheets attached theretotogether with the Debt Commitment Letter, the “OpCo Debt Commitment LetterLetters”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on the terms and subject to the conditions set forth therein, the Equity Investor has agreed to provide invest in Parent with debt financing in the amounts amount set forth therein, . The equity financing committed pursuant to the proceeds of which are Equity Commitment Letter is referred to be used to fund the Transactions and fees in connection with such debt financing (this Agreement as the “OpCo Equity Financing.” The Equity Financing and the Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated Financing are collectively referred to as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Financing.” The Equity Commitment Letter” and, together with Letter provides that the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with Company is an express third-party beneficiary of the Equity Commitment Letter, the “Financing Commitment Letters”)and, between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant subject to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, entitled to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) enforce the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each Parent has delivered to the Company a true, complete and correct copy of the executed Debt Commitment Letter, Debt Fee Letters and Equity Commitment Letter, and in the case of the Debt Fee Letters, subject to redaction solely of the fee amounts, pricing caps, original issue discount, “market flex” and other economic provisions that are customarily redacted in connection with transactions of this type, none of which redacted provisions would be reasonably expected to adversely affect the conditionality, enforceability, termination, aggregate principal amount or availability of the Debt Financing.
(d) Except as expressly set forth in the Commitment Letters, there are no conditions precedent to the obligations of the Debt Financing Sources and the Equity Investor, as applicable, to provide the Financing or any contingencies that would permit the Debt Financing Sources or the Equity Investor, as applicable, to reduce the aggregate principal amount of the Financing, including any condition or other contingency relating to the amount or availability of the Financing pursuant to any “flex” provision. As of the date hereof, Parent does not have any reason to believe that it will be unable to satisfy on a timely basis all terms and conditions to be satisfied by it in any of the Commitment Letters is on or prior to the Closing Date, nor does Parent have knowledge as of the date hereof that any Debt Financing Sources or Equity Investor will not perform its obligations thereunder. There are no side letters, understandings or other agreements, contracts or arrangements of any kind relating to the Commitment Letters that could affect the conditionality, enforceability, availability, termination or aggregate principal amount of the Financing.
(e) The Financing, if funded in full force accordance with the Commitment Letters and giving effect to any “flex” provision in or related to the Debt Commitment Letter (including with respect to fees and is a original issue discount), shall provide Parent with cash proceeds on the Closing Date sufficient for the satisfaction on the Closing Date of all of Parent’s obligations under this Agreement and the Commitment Letters to be funded on the Closing Date, including the payment of the Merger Consideration payable on the Closing Date, and any fees and expenses of or payable by Parent or Merger Sub or Parent’s other Affiliates, and for any repayment or refinancing of any outstanding indebtedness of the Company and/or its Subsidiaries contemplated by, or required in connection with the transactions described in, this Agreement or the Commitment Letters (such amounts, collectively, the “Financing Amounts”). From and after the Closing Date, Parent, together with the Surviving Corporation, will have sufficient cash on hand or other sources of immediately available funds to enable it to settle conversions or effect redemptions of the Convertible Notes pursuant to the terms of the Convertible Notes Indenture.
(f) As of the date hereof, the Commitment Letters constitute the legal, valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) and, to the Knowledge of Parent, all the other parties thereto, thereto and are in each case subject to the Enforceability Exceptions. Assuming due full force and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptionseffect. As of the date hereof, to the Knowledge of Parent no event has occurred which (with or without notice, lapse of time or both) would constitute a breach or failure to satisfy a condition by Parent under the terms and conditions of the Commitment Letters. Parent has paid in full any and all commitment fees or other fees required to be paid pursuant to the terms of the Commitment Letters on or before the date of this Agreement, and will pay in full any such amounts due to be paid by it on or before the Closing Date. As of the date hereof, the Commitment Letters have not been modified, amended or altered and none of the Financing Commitment Letters respective commitments thereunder have been amendedterminated, supplemented reduced, withdrawn or modified rescinded in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, norrespect and, to the Knowledge of Parent’s Knowledge, no termination, reduction, withdrawal or rescission thereof is contemplated (except as contemplated or as permitted as of the date hereof in the Debt Commitment Letter). Notwithstanding the foregoing, any such amendment, supplement, modification, withdrawal, termination supplement or rescission currently contemplated modification to effectuate any “market flex” terms contained in the Debt Fee Letters provided as of the date hereof or the subject of discussions (other than to add or replace any additional agents, lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a financial institutions thereto as provided for in the Debt Commitment Letter as shall be permitted and shall not require written consent of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that Company.
(ig) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in In no event shall the addition receipt or availability of any such lender, lead arranger, bookrunner, syndication agent funds or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date financing (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing by Parent or availability any of the Financing, including without limitation, by providing for additional its Affiliates or different conditions to the timing any other financing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of other transactions be a condition to the Financing. Upon the funding any of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by Parent’s obligations under this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Merger Agreement (Sailpoint Technologies Holdings, Inc.), Merger Agreement (Sailpoint Technologies Holdings, Inc.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, true and complete and correct copies of of: (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibitsAugust 4, annexes2011 between Parent, schedules and term sheets attached theretoBank of America, N.A., ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated, Barclays Bank PLC, Barclays Capital, the “OpCo Debt Commitment Letter”)investment banking division of Barclays Bank, among Citigroup Global Markets Inc., Credit Suisse AG, Credit Suisse Loan Funding Securities (USA) LLC, JPMorgan Chase Bank, N.A. and ▇.▇. ▇▇▇▇▇▇ Securities LLC (collectively, the “Debt Financing Sources”) and Parentexcerpts of those portions of the Fee Letter (as defined in the Merger Agreement) and any other executed fee letter and engagement letter associated therewith that contain any conditions to funding or “flex” provisions or other provisions (excluding provisions related solely to fees and economic terms (other than covenants) agreed to by the parties) regarding the terms and conditions of the financing to be provided by such commitment letter (such commitment letter, including all exhibits, schedules, annexes and amendments thereto and each such fee letter and engagement letter, collectively, (the “Debt Financing Commitment”), pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, the Debt Financing Sources have agreed to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), ) for the purpose of funding the Transactions; (2ii) the fully executed warehouse facility equity commitment letter, dated as of August 4, 2011 among Sophia Holding I (as defined in the date hereof Merger Agreement) and ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ Capital Partners VI, L.P. and the other parties thereto (including all exhibits, annexes, schedules and term sheets attached theretocollectively, the “AssetCo Debt Commitment LetterInvestors”) (the “Transaction Equity Financing Commitment” and, and together with the OpCo Debt Commitment LetterFinancing Commitment, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Transaction Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, each of the Investors has committed to provide Parent with debt financing in invest the amounts cash amount set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Transaction Equity Financing” and, and together with the OpCo Debt Financing, the “Debt Transaction Financing”); and (iii) the Debt Financingexecuted equity commitment letter, dated as of August 4, 2011 among Datatel and the Investors (the “Termination Fee Equity Financing Commitment” and together with the Transaction Financing Commitments, the “Financing Commitments”), pursuant to which, upon the terms and subject to the conditions set forth therein, each of the Investors has committed to invest the cash amount set forth therein (the “Termination Fee Equity Financing” and together with the Transaction Financing, the “Financing”), and (3) the fully executed fee letters relating to each . None of the Debt Commitment Letters; provided that Financing Commitments have been amended or modified prior to the fee amountsdate of this Agreement, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount and, as of the Debt date hereof, the respective commitments contained in the Financing Commitments have not been withdrawn, terminated or (y) impose rescinded in any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) respect. As of the date hereof, each there are no other agreements, side letters or arrangements to which Parent or Merger Sub is a party relating to any of the Financing Commitment Letters is Commitments that could affect the availability of the Financing. As of the date hereof, the Financing Commitments are in full force and effect and is a constitute the legal, valid, valid and binding and enforceable obligation obligations of each of Parent (to the extent party thereto) and, to the Knowledge knowledge of Parent, the other parties thereto, in each case subject . There are no conditions precedent related to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case funding of the Debt Commitment Letters only), each full net proceeds of the Financing Commitment Letters is enforceable against (including any “market flex” provisions) other than as expressly set forth in the parties thereto Financing Commitments. Assuming the satisfaction of the conditions set forth in accordance with its termsSection 8.3(a) and Section 8.3(b) or Section 8.3(a) and Section 8.3(b) of the Merger Agreement, subject as applicable, the aggregate proceeds to be disbursed pursuant to the Enforceability Exceptions. As agreements contemplated by the Transaction Financing Commitments, in the aggregate and together with the available cash, cash equivalents and marketable securities of Datatel and its Subsidiaries, will be sufficient for Parent and the Surviving Corporation (as defined in the Merger Agreement) to pay the Merger Consideration (as defined in the Merger Agreement), Purchaser Company to pay the Purchase Price, Datatel and each of its Subsidiaries to refinance their outstanding Indebtedness that is required by its terms to be refinanced in connection with the consummation of the date hereof, none Transactions and the Datatel Entities and their respective Subsidiaries to pay the fees and expenses of the Financing Commitment Letters have been amended, supplemented or modified in any respect, Datatel Entities and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, SunGard Entities (to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as extent reimbursable under Section 7.15 of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (iMerger Agreement) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall related to the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))foregoing. As of the date hereof, no event has occurred which, which would result in any breach or violation of or constitute a default (or an event which with notice or without notice, lapse of time or both, both would constitute become a default or material breach on the part of default) by Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations Financing Commitments, and warranties of Parent in neither Sophia Holding I nor Datatel has any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required conditions to be satisfied as a condition of the Financing, or that the full amount any of the Financing will not be made satisfied or that the Financing will not be available to Parent Sophia Holding I or Datatel, as applicable, on the Asset Closing Date. Other than Date or, in the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount case of the Financing) which could adversely impact the timing or availability of the Termination Fee Equity Financing, including without limitation, by providing for additional or different conditions to on the timing or availability of date the Financing not otherwise contained Parent Termination Fee (as defined in the Financing Commitment Letters. There Merger Agreement) is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing payable in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds Section 9.2(b) of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Merger Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates The Datatel Entities have fully paid, or caused to be paid, any and paid all commitment fees and any and all or other fees and expenses, in each case as are required to be paid on or before prior to the date hereof pursuant to the terms Financing Commitments. Except as otherwise contemplated by Section 9.4 of the Financing Commitment LettersMerger Agreement, the obligations of the Datatel Entities under this Agreement and the Merger Agreement are not subject to any conditions regarding their ability to obtain financing for the Transactions.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Sungard Capital Corp Ii), Asset Purchase Agreement (GL Trade Overseas, Inc.)
Financing. (a) Parent understands Attached hereto as Exhibit C is a true and acknowledges that the obligations complete copy, including all exhibits, schedules or amendments thereto, of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letterletter from Barclays Bank PLC, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which ) from the Parent Financing Sources lenders party thereto have agreed(collectively, on the terms “Lenders”) relating to the commitment of the Lenders to provide debt financing in the aggregate amount, and subject to the conditions terms and conditions, set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), and any fee letters related thereto (2) provided, that the fully executed warehouse facility commitment letteramount of fees, dated as of the date hereof (including all exhibits“market flex” provisions, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the pricing terms and subject to the conditions pricing caps set forth therein, to provide Parent with debt financing in the amounts set forth thereinfee letters, the proceeds none of which are would reasonably be expected to be used to fund adversely affect the Transactions (the “AssetCo Debt Financing” andconditionality, together with the OpCo Debt Financingenforceability, the “Debt Financing”; availability or termination of the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) or reduce the aggregate principal amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amendthereof, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Lettermanner from any such fee letters, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect including from any amendments thereto). Subject to the provisions specified conditions set forth in the Debt Commitment Letter and closing the financing set forth therein, Purchaser will have at the Closing, sufficient funds on hand to consummate the transactions contemplated by this Agreement, the Transaction Documents and deliver the Aggregate Purchase Price and all fees and expenses related to the transactions contemplated by this Agreement and the Transaction Documents at Closing.
(cb) As of the date hereof, each of the Financing The Debt Commitment Letters Letter is in full force and effect and is a legal, valid, binding valid and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, except (i) to the extent that enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other Laws affecting the enforcement of creditors’ rights generally and (ii) that the availability of equitable remedies, including specific performance, is subject to the Enforceability Exceptionsdiscretion of the court before which any proceeding thereof may be brought. The aggregate proceeds contemplated to be provided by the Debt Commitment Letter, together with any cash on hand of the Purchaser at Closing and the Stock Consideration, will be sufficient to consummate the transactions contemplated by this Agreement and to pay all of Purchaser’s related fees and expenses. The obligations of the Lenders to fund the commitments under the Debt Commitment Letter are not subject to any conditions other than as expressly set forth in the Debt Commitment Letter or any contingencies that would permit the Lenders to reduce the total amount of the Debt Financing. There are no side letters or other agreements, contracts or arrangements (except for customary fee letters and engagement letters) relating to the funding of the full amount of the Debt Financing other than as expressly set forth in or contemplated by the Debt Commitment Letter. Purchaser has fully paid any and all commitment fees or other fees required to be paid pursuant to the terms of the Debt Commitment Letter, to the extent the same are due and payable. As of the date hereofof this Agreement, none of (x) the Financing Debt Commitment Letters have Letter has not been amendedamended or modified, supplemented no such amendment or modified in any respectmodification is contemplated, and the respective commitments contained therein have not been withdrawn, terminated, withdrawn or rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, way and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, that (with or without notice, lapse of time or both, ) would constitute a breach or default or material breach on under the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Debt Commitment LetterLetter by Purchaser. As of the date hereof, Parent is not aware Purchaser has no knowledge of any fact, event facts or other occurrence circumstances that makes are reasonably likely to result in (A) any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, the Debt Commitment Letter not being satisfied or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon (ii) the funding of contemplated in the Financing Debt Commitment Letter not being made available to Purchaser on a timely basis in accordance with and subject order to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms transactions contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 2 contracts
Sources: Stock and Asset Purchase Agreement (Chemtura CORP), Stock and Asset Purchase Agreement (Platform Specialty Products Corp)
Financing. Buyer has obtained: (ai) Parent understands and acknowledges that a debt financing commitment letter (together with copies of any provisions relating to “market flex” or similar provisions affecting the obligations of the Parent and Merger Sub to consummate the Transactions are not in structure, pricing, maturity, amortization or any way contingent upon or otherwise subject other terms with respect to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any contemplated by such debt financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter), dated as of the date hereof hereof, by and among Jefferies Finance LLC (including all exhibits“Jefferies”), annexesBank of Montreal (“BMO”), schedules KeyBank National Association (“KeyBank”), CHS V and term sheets attached theretoBuyer, pursuant to which each of Jefferies, BMO and KeyBank has committed to provide or cause to be provided debt financing to Buyer (which includes up to $200,000,000 in bridge financing to be utilized in the event that the issuance and sale of senior secured second lien notes in a comparable amount is not consummated at or prior to the Closing) (the “OpCo Debt Bridge Loans”) in connection with the transaction contemplated hereby, a complete and accurate fully executed copy of which is attached hereto as Exhibit E (the “Bridge Loans Commitment Letter”); (ii) a debt financing commitment letter (together with copies of any provisions relating to “market flex” or similar provisions affecting the structure, among Credit Suisse AGpricing, Credit Suisse Loan Funding LLC and Parentmaturity, pursuant to which the Parent Financing Sources party thereto have agreed, on the amortization or any other terms and subject with respect to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with contemplated by such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter), dated as of the date hereof hereof, by and among General Electric Capital Corporation (including all exhibits“GE Capital”), annexesGE Canada Finance, schedules and term sheets attached theretoBuyer, BMO, Key Bank (together, the “AssetCo Debt Revolver Lenders”) and Buyer, pursuant to which the Revolver Lenders have committed to provide or cause to be provided debt financing to Buyer (which includes up to $40,000,000 in a senior secured credit facility of which up to Cdn $20,000,000 may be available to a Canadian borrower) (the “Revolver Loans”), a complete and accurate fully executed copy of which is attached hereto as Exhibit F (the “Revolver Commitment Letter” and, and together with the OpCo Debt Bridge Loans Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (iiiii) the Equity Commitment Letteran equity financing commitment letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter dated as of the date hereof, pursuant to which CHS V has, among other things, and subject to the terms and conditions thereof, committed to provide equity financing to Buyer in each caseconnection with the transactions contemplated hereby, a complete and accurate fully executed copy of which is attached hereto as Exhibit G (the “Equity Commitment Letter”). The Debt Commitment Letters and Equity Commitment Letter shall together be referred to herein as the “Commitment Letters”. Subject to the conditions expressly set forth therein, the aggregate proceeds to be disbursed pursuant to the agreements contemplated by the Commitment Letters provide all funds necessary (a) to consummate the transactions contemplated hereby, including the payment of the Purchase Price, the deposit of the Escrow Amount, the payoff of the Company Senior Debt Payoff Amount and Indebtedness identified on the Indebtedness Pay-Off Schedule and the payment of the unpaid Seller Transaction Expenses in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bankthe final invoices delivered pursuant to Section 2.02(i)(iv), and (iib) in no event shall to pay all fees and expenses of Buyer at the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount time of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Closing. The Debt Commitment Letters (unless, in each case, together with the amount ancillary documents referenced therein or delivered to the Company’s counsel) constitute all of the Equity Financing has been increased by a corresponding amountagreements entered into between Jefferies, or the Company has given BMO, KeyBank, GE Capital, GE Canada Finance and/or their respective Affiliates and Buyer and its prior written consent thereto)). As of the date hereof, no event has occurred which, Affiliates with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, respect to the Knowledge of the Parent, financing arrangements contemplated thereby. The Commitment Letters are not subject to any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware contingency or condition of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly kind whatsoever related to the funding of the full amount of the Financing financing contemplated by the Commitment Letters (including any flex provisions“market flex” provisions or similar provisions affecting the structure, pricing, maturity, amortization or any other terms) other than the conditions precedent as set forth in the Financing executed copies thereof (and in the copy of the “market flex” provision or similar provisions affecting the structure, pricing, maturity, amortization or any other terms excerpted from any related fee letter) attached hereto. The Commitment Letters are in full force and effect, constitute the legal, valid and binding obligations of Buyer and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee lettersknowledge of Buyer, engagement letters relating to the Debt Financing other parties thereto, and non-disclosure agreementshave not been modified or amended in any respect, none of which impact and the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise respective commitments contained in the Financing Commitment LettersLetters have not been withdrawn or rescinded. There Neither Buyer nor any of its Affiliates is no condition to the Financing the satisfaction in breach of which would prevent the satisfaction any of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, Commitment Letters nor do Buyer or 6.3 hereof the satisfaction any of which would prevent the satisfaction its Affiliates have knowledge of a condition to the Financing. Upon the funding any breach of the Financing in accordance with and subject to its terms and conditions (including after giving effect to Commitment Letters by any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement)parties thereto. As of the date hereof, Parent or its Affiliates have fully paidto the Buyer’s knowledge, or caused (x) neither Buyer nor any other party to any Commitment Letter will be unable to satisfy on a timely basis any of the conditions that are required to be paid, satisfied by it or such other party as a condition to the obligations under the Commitment Letters prior to the expiration thereof and (y) no portion of the financing contemplated by the Commitment Letters will not be made available to Buyer at the Closing. Buyer has paid in full any and all commitment fees and any and all and/or other fees and expenses, in each case as are required to be paid on or before prior to the date hereof pursuant to under the terms of the Financing Commitment LettersLetters and will pay all other commitment fees and/or other fees required to be paid under the terms of the Commitment Letters upon the Closing. Buyer will not use any portion of the Cdn $20,000,000 of the Revolver Loans to repay any of the Company Senior Debt.
Appears in 2 contracts
Sources: Stock Purchase Agreement, Stock Purchase Agreement (Thermon Holding Corp.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon On or otherwise subject prior to the Parent’s consummation of any financing arrangementdate hereof, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, accurate and complete and correct copies of (i)
(1) the fully executed debt commitment letter, dated as of the date hereof of this Agreement, by and among inter alia Parent and the Financing Parties specified therein (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Initial Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC ) and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2ii) the fully executed warehouse facility commitment letterfee letter(s), dated as of the date hereof of this Agreement, referenced therein, relating to fees and other terms with respect to the Debt Financing contemplated by such Initial Debt Commitment Letter (with only fee amounts and customary pricing and other economic terms (including “market flex” provisions) redacted, none of which redacted provisions would reasonably be expected to affect the conditionality, enforceability, availability, termination or aggregate principal amount of the Debt Financing) (such Initial Debt Commitment Letter, all exhibits, schedules, term sheets, annexes, schedules supplements, amendments and term sheets attached thereto, other modifications thereto that are permitted under Section 5.22 and any fee letter(s) with respect thereto of the “AssetCo Debt Commitment Letter” and, type described in this subclause (ii) (in each case together with the OpCo Debt Commitment Letterjoinders to add additional Financing Parties), the “Debt Commitment Letters”; ). Pursuant to the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, as in effect on the terms date hereof, and subject to the terms and conditions set forth thereinthereof, the Financing Parties party thereto have committed to provide lend Parent with debt financing in and/or its Subsidiaries party thereto the amounts set forth therein, in the proceeds of which are to be used to fund Debt Commitment Letters for the Transactions purposes set forth therein (the “AssetCo debt financing contemplated in the Debt Financing” andCommitment Letters, together with the OpCo Debt Financingany replacement debt financing permitted hereunder, including any bank financing or debt securities issued in lieu thereof, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(cb) As of the date hereofof this Agreement, each to the Knowledge of the Financing Parent the commitments under the Debt Commitment Letters is are in full force and effect and is a legalhave not been withdrawn, validrescinded, binding and enforceable obligation of Parent (to the extent party thereto) reduced or terminated, or otherwise amended or modified in any respect and, to the Knowledge of Parent, the other parties theretono termination, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modificationreduction, withdrawal, termination rescission, amendment or rescission currently modification is contemplated or the subject of discussions (other than as expressly set forth therein and to add additional lenders, lead arrangers, bookrunners, syndication agents or other and similar entities who had not executed a the Debt Commitment Letter Letters as of the date hereofof this Agreement), and the Debt Commitment Letters, in the form so delivered, constitute the legal, valid and binding obligations of, and are enforceable against, Parent, its Subsidiaries party thereto and, to the Knowledge of Parent, each of the other parties thereto, subject, in each case, as contemplated to the Enforceability Exceptions.
(c) Parent has fully paid (or caused to be paid) any and all commitment fees or other fees required by and in accordance with such the Debt Commitment Letter; providedLetters to be paid on or before the date of this Agreement, however, that (i) and will pay in full any such added lenderother amounts that are due and payable under the Debt Commitment Letters on or before the Closing Date as and when due and payable. Except as expressly set forth in the Debt Commitment Letters, lead arranger, bookrunner, syndication agent there are no conditions precedent to the obligations of the Financing Parties party thereto to provide the Debt Financing or other similar entity is a Qualified Bank, and (ii) in no event shall any contingencies that would permit the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity Financing Parties party thereto to reduce the aggregate principal amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Financing. As of the date hereofof this Agreement, other than the Debt Commitment Letters and a securities engagement letter (together with one or more fee and credit letters related thereto), there are no Contracts, agreements, “side letters” or other arrangements to which Parent or any of its Subsidiaries is a party relating to the Debt Commitment Letters or the Debt Financing.
(d) As of the date of this Agreement, no event has occurred which, with or without notice, lapse of time or both, constitutes, or would constitute reasonably be expected to constitute, a default or material breach on the part of or a failure to satisfy a condition precedent by Parent or its Subsidiaries or, to the Knowledge of the Parent, any other party thereto thereto, under any Financing Commitment Letter. As the terms and conditions of the date hereof, Parent is not aware of any fact, event Initial Debt Commitment Letter or other occurrence that makes would result in any of the representations and warranties of Parent conditions in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Debt Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be being satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent Assuming the satisfaction of the conditions set forth in Sections 6.1Section 6.3(a) and Section 6.3(b), 6.2the Debt Financing, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing when funded in accordance with the Initial Debt Commitment Letter and subject giving effect to its terms and conditions any “flex” provision in or related to the Initial Debt Commitment Letter (including with respect to fees, expenses and original issue discount and similar premiums or charges and after giving effect to any pricing the maximum amount of flex that results in OID, if exercised(including original issue discount flex) provided under the Initial Debt Commitment Letter), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of immediately available to Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate shall provide Parent with proceeds on the Closing upon Date sufficient for the terms satisfaction of all of Parent’s and its Affiliates’ obligations required to be satisfied on the Closing Date under this Agreement and the Initial Debt Commitment Letter (and the Definitive Agreements for the Debt Financing contemplated by this Agreementtherein), (ii) pay all including the payment of any fees, expenses and other amounts of or payable by Parent or its Merger Sub or Parent’s other Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate in connection with the Transactions, pay all such other amounts Merger (including refinancing or repayment of any debt as described in this Agreement) and the Debt Financing contemplated by this Agreementthe Initial Debt Commitment Letter and for any repayment or refinancing of the outstanding indebtedness of the Company, Parent and/or their respective Subsidiaries that is defined as the “Refinanced Indebtedness” in Exhibit A to the Initial Debt Commitment Letter (such amounts, collectively, the “Financing Amounts”). As of the date hereofof this Agreement, no Financing Party under the Debt Commitment Letters has notified Parent or any of Parent’s Affiliates of its Affiliates have fully paidtermination or repudiation (or intent to terminate or repudiate) any of the commitments under the Debt Commitment Letters or intent not to provide the Debt Financing.
(e) Parent and Merger Sub expressly acknowledge and agree that their obligations under this Agreement to consummate the Merger or any of the other transactions contemplated by this Agreement, are not subject to, or caused to be paidconditioned on, the receipt or availability of any and all commitment fees and any and all other fees and expensesfunds or financing (including, in each case as are required to be paid on or before for the date hereof pursuant to avoidance of doubt, the terms of the Financing Commitment LettersDebt Financing).
Appears in 2 contracts
Sources: Merger Agreement (Enerflex Ltd.), Merger Agreement (Exterran Corp)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, true and complete and correct copies of of: (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibitsAugust 4, annexes2011 between Parent, schedules and term sheets attached theretoBank of America, N.A., ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated, Barclays Bank PLC, Barclays Capital, the “OpCo Debt Commitment Letter”)investment banking division of Barclays Bank, among Citigroup Global Markets Inc., Credit Suisse AG, Credit Suisse Loan Funding Securities (USA) LLC, JPMorgan Chase Bank, N.A. and ▇.▇. ▇▇▇▇▇▇ Securities LLC (collectively, the “Debt Financing Sources”) and Parentexcerpts of those portions of the Fee Letter and any other executed fee letter and engagement letter associated therewith that contain any conditions to funding or “flex” provisions or other provisions (excluding provisions related solely to fees and economic terms (other than covenants) agreed to by the parties) regarding the terms and conditions of the financing to be provided by such commitment letter (such commitment letter, including all exhibits, schedules, annexes and amendments thereto and each such fee letter and engagement letter, collectively, (the “Debt Financing Commitment”), pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, the Debt Financing Sources have agreed to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), ) for the purpose of funding the Transactions; (2ii) the fully executed warehouse facility equity commitment letter, dated as of August 4, 2011 among Sophia Holding I and ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ Capital Partners VI, L.P. and the date hereof other parties thereto (including all exhibits, annexes, schedules and term sheets attached theretocollectively, the “AssetCo Debt Commitment LetterInvestors”) (the “Transaction Equity Financing Commitment” and, and together with the OpCo Debt Commitment LetterFinancing Commitment, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Transaction Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, each of the Investors has committed to provide Parent with debt financing in invest the amounts cash amount set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Transaction Equity Financing” and, and together with the OpCo Debt Financing, the “Debt Transaction Financing”); and (iii) the Debt Financingexecuted equity commitment letter, dated as of August 4, 2011 among Datatel and the Investors (the “Termination Fee Equity Financing Commitment” and together with the Transaction Financing Commitments, the “Financing Commitments”), pursuant to which, upon the terms and subject to the conditions set forth therein, each of the Investors has committed to invest the cash amount set forth therein (the “Termination Fee Equity Financing” and together with the Transaction Financing, the “Financing”), and (3) the fully executed fee letters relating to each . None of the Debt Commitment Letters; provided that Financing Commitments have been amended or modified prior to the fee amountsdate of this Agreement, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount and, as of the Debt date hereof, the respective commitments contained in the Financing Commitments have not been withdrawn, terminated or (y) impose rescinded in any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) respect. As of the date hereof, each there are no other agreements, side letters or arrangements to which Parent or Merger Sub is a party relating to any of the Financing Commitment Letters is Commitments that could affect the availability of the Financing. As of the date hereof, the Financing Commitments are in full force and effect and is a constitute the legal, valid, valid and binding and enforceable obligation obligations of each of Parent (to the extent party thereto) and, to the Knowledge knowledge of Parent, the other parties thereto, in each case subject . There are no conditions precedent related to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case funding of the Debt Commitment Letters only), each full net proceeds of the Financing Commitment Letters is enforceable against (including any “market flex” provisions) other than as expressly set forth in the parties thereto Financing Commitments. Assuming the satisfaction of the conditions set forth in accordance with its termsSection 8.3(a) and Section 8.3(b), subject or Section 8.3(a) and Section 8.3(b) of the Asset Purchase Agreement, as applicable, the aggregate proceeds to be disbursed pursuant to the Enforceability Exceptions. As agreements contemplated by the Transaction Financing Commitments, in the aggregate and together with the available cash, cash equivalents and marketable securities of Datatel and its Subsidiaries, will be sufficient for Parent and the Surviving Corporation to pay the Merger Consideration, Purchaser Company to pay the Purchase Price, Datatel and each of its Subsidiaries to refinance their outstanding Indebtedness that is required by its terms to be refinanced in connection with the consummation of the date hereof, none Transactions and the Datatel Entities and their respective Subsidiaries to pay the fees and expenses of the Financing Commitment Letters have been amended, supplemented or modified in any respect, Datatel Entities and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, SunGard Entities (to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than extent reimbursable under Section 7.15) related to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))foregoing. As of the date hereof, no event has occurred which, which would result in any breach or violation of or constitute a default (or an event which with notice or without notice, lapse of time or both, both would constitute become a default or material breach on the part of default) by Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations Financing Commitments, and warranties of Parent in neither Sophia Holding I nor Datatel has any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required conditions to be satisfied as a condition of the Financing, or that the full amount any of the Financing will not be made satisfied or that the Financing will not be available to Parent Sophia Holding I or Datatel, as applicable, on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount date of the Financing) which could adversely impact Applicable Closing or, in the timing or availability case of the Termination Fee Equity Financing, including without limitation, by providing for additional or different conditions to on the timing or availability of date the Financing not otherwise contained in the Financing Commitment Letters. There Parent Termination Fee is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing payable in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this AgreementSection 9.2(b). As of the date hereof, Parent or its Affiliates The Datatel Entities have fully paid, or caused to be paid, any and paid all commitment fees and any and all or other fees and expenses, in each case as are required to be paid on or before prior to the date hereof pursuant to the terms Financing Commitments. Except as otherwise contemplated by Section 9.4, the obligations of the Financing Commitment LettersDatatel Entities under this Agreement and the Asset Purchase Agreement are not subject to any conditions regarding their ability to obtain financing for the Transactions.
Appears in 2 contracts
Sources: Merger Agreement (Sungard Capital Corp Ii), Merger Agreement (GL Trade Overseas, Inc.)
Financing. (a) As and when needed, Parent understands and acknowledges that will have the obligations funds necessary to pay the aggregate Cash Consideration, the Company Equity Award Consideration, payment in respect of the Company Performance Cash Awards, any repayment or refinancing of debt contemplated by this Agreement or required in connection with the transactions contemplated hereby (including, for the avoidance of doubt, any offers to repurchase outstanding debt upon a change of control or fundamental change and conversions of the Company Convertible Notes) and any other amounts required to be paid in connection with the consummation of the transactions contemplated hereby and to pay all related fees and expenses of Parent and Merger Sub to consummate Sub, and there is no restriction on the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation use of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parentsuch cash for such purposes.
(b) Parent has delivered to the Company Company, prior to the date of this Agreement, a true, correct and complete and correct copies copy of (i)
(1) the fully an executed commitment letterletter among Parent and those financial institutions party to the Commitment Letter (together with their permitted assignees under the Commitment Letter, dated as of the date hereof (“Lenders”), including all exhibits, annexes, schedules and term sheets attached annexes thereto, and a customarily redacted Fee Letter none of which redacted terms would reasonably be expected to adversely affect the availability or aggregate principal amount of the debt financing contemplated by such commitment letter) regarding the terms of the debt financing to be provided thereby (collectively, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party parties thereto (other than Parent) have agreedcommitted to provide, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) . As of the date hereofof this Agreement, each of (i) the Financing Commitment Letters Letter is in full force and effect and is (A) a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, each of the other parties thereto, (B) enforceable in each case subject accordance with its terms against Parent and, to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case Knowledge of the Debt Commitment Letters only)Parent, each of the Financing other parties thereto, except in each case as enforcement may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally and by general principles of equity, and (C) in full force and effect, (ii) the Commitment Letters is enforceable against Letter has not been amended or modified, (iii) none of the parties thereto respective obligations and commitments contained in the Commitment Letter has been withdrawn, terminated or rescinded in any respect (other than any reduction or termination in each case in accordance with its terms, subject to the Enforceability Exceptions. As express terms of the Commitment Letter as in effect on the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect), and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any no such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as is contemplated by and in accordance with such Debt Commitment Letter; providedParent or, howeverto the Knowledge of Parent, by any other party thereto that (i) any such added lender, lead arranger, bookrunner, syndication agent would be reasonably likely to adversely affect the amount or other similar entity is a Qualified Bank, availability thereof and (iiiv) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, which (with or without notice, notice or lapse of time time, or both, ) would or would reasonably be expected to constitute a default or material breach or to the Knowledge of Parent, a failure to satisfy a condition precedent on the part of Parent or, to the Knowledge of the Parent, any other party parties thereto under any Financing the Commitment Letter. As of Parent has fully paid any and all commitment fees or other fees in connection with the Commitment Letter that are payable on or prior to the date hereof, and will pay in full any such amounts due on or before the Closing Date in accordance with the terms thereof. There are no agreements, side letters or arrangements to which Parent is not aware of any fact, event or other occurrence a party that makes any could affect the availability of the representations and warranties of Parent in any Financing debt financing contemplated by the Commitment Letter inaccurate in any material respecton the Closing Date. There are no conditions precedent or other contingencies directly or indirectly between Parent and any other party to the Commitment Letter related to the funding of the full amount of the Financing debt facilities contemplated by the Commitment Letter (including any flex provisions“flex” provisions in the Fee Letter) other than the conditions precedent expressly set forth in the Financing Commitment Letters and, as Letter. As of the date hereofof this Agreement, the Parent has no reason to believe that it will not be able unable to satisfy any term the conditions or condition of closing of the Financing that is required contingencies to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise funding contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersLetter.
Appears in 2 contracts
Sources: Merger Agreement (Community Health Systems Inc), Merger Agreement (Health Management Associates, Inc)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Purchaser has delivered to the Company true, Seller true and complete and correct copies of (i)
(1) the fully a duly executed commitment letter, dated as of the date hereof hereof, between Purchaser and GSO Capital Partners LP and (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2ii) the fully a duly executed warehouse facility commitment letter, dated as of the date hereof hereof, between Purchaser and Bank of America, N.A., and Fifth Third Bank (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Lettercollectively, the “Debt Commitment Letters”; ) (subject to redaction so long as such redaction does not cover terms that would adversely affect the conditionality or availability of the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”Financing), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party counterparties thereto have agreedcommitted, on subject to the terms and subject conditions thereof (including, to the conditions set forth thereinextent required in accordance therewith, the exercise of so-called “flex” provisions in the Fee Letter), to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”). Assuming the funding in full of the Debt Financing on the Closing Date, Purchaser on the Closing Date will have, together with cash on hand and available borrowing under existing credit facilities, sufficient funds in immediately available cash, to (A) pay an amount in cash equal to the amounts set forth in Section 3.02(a); (B) pay any and all fees and expenses required to be paid by Purchaser in connection with the transactions contemplated by this Agreement and the Debt Financing, together with the Equity Financing, the “Financing”), ; and (3C) satisfy all other payment obligations of Purchaser contemplated hereunder (including the fully executed payment at Closing of unpaid Transaction Expenses). Purchaser has also delivered to Seller a true and complete copy of any fee letters relating to each of letter in connection with the Debt Commitment Letters; provided that the Letters (any such fee amountsletter, flex provisions and other economic a “Fee Letter”) (subject to redaction so long as such redaction does not cover terms (other than any such term the actual amount of fees that are the subject of the Fee Letter) that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the conditionality or availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein).
(cb) As of the date hereof, each there are no side letters or other Contracts or arrangements related to the Debt Financing other than the Debt Commitment Letters and the Fee Letters or as otherwise expressly set forth therein. None of the Financing Debt Commitment Letters nor the Fee Letters has been amended or modified, no such amendment or modification is contemplated as of the date hereof, and the commitments set forth in the Debt Commitment Letter have not been withdrawn or rescinded in any respect; provided, that the exercise of any “flex” provisions in the Fee Letter shall not be considered an amendment, modification, withdrawal or rescission of the Fee Letter for the purposes of this Agreement.
(c) The Debt Commitment Letters are in full force and effect and is a legal, the valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) Purchaser and, to the Knowledge knowledge of ParentPurchaser, the other parties thereto, in each case except to the extent that its enforceability may be subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only)applicable bankruptcy, each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termsinsolvency, subject to the Enforceability Exceptions. As of the date hereofreorganization, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents moratorium or other similar entities who had not executed a Debt Commitment Letter as laws affecting the enforcement of creditors’ rights generally and to general equitable principles. There are no conditions precedent or other contingencies related to the funding of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate full amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated Financing, other than as set forth in the Debt Commitment Letters (unless, in each case, and any related Fee Letter. To the amount knowledge of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofPurchaser, no event has occurred occurred, or circumstance exists, which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent orPurchaser and, to the Knowledge knowledge of the ParentPurchaser, any other party thereto under any Financing to the Debt Commitment LetterLetters. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any and assuming the accuracy of the representations and warranties of Parent Seller contained in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding this Agreement and performance by Seller of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters andits obligations under this Agreement, as of the date hereof, Parent Purchaser has no reason to believe that it any of the conditions to the Debt Financing contemplated in the Debt Commitment Letters and any related Fee Letter will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financingsatisfied, or that the full amount of the Debt Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters at or other Contracts, arrangements or understandings (written or oral) directly or indirectly related prior to the Financing (except time contemplated hereunder for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment LettersClosing. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have Purchaser has fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees which are due and expenses, in each case as are required to be paid payable on or before prior to the date hereof pursuant to the terms of the Financing Debt Commitment LettersLetters and any related Fee Letter.
Appears in 2 contracts
Sources: Membership Interest Purchase Agreement (Gaiam, Inc), Membership Interest Purchase Agreement (Sequential Brands Group, Inc.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has have delivered to the Company true, correct and complete and correct copies of (i)
(1a) the fully executed debt commitment letter, dated as of October 1, 2020 among Parent, Merger Sub and the date hereof Debt Financing Sources party thereto (including all exhibits, annexes, schedules and term sheets attached annexes thereto, as amended from time to time after the date hereof to the extent not prohibited by this Agreement, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Debt Financing Sources party thereto have agreedcommitted, on subject only to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in lend the aggregate amounts set forth therein (such lending and funding, the “Debt Financing”) for the purposes set forth therein, (b) the proceeds of which are to be used to fund fee letter entered into by Parent, Merger Sub and the Transactions and fees Debt Financing Sources in connection with such debt financing the Debt Financing (the “OpCo Debt FinancingFee Letter”); provided that specific fee amounts and specific “market flex” terms, if any, none of which imposes, nor do they permit the imposition of, any new conditions (2or the modification or expansion of any existing conditions) may have been redacted, and (c) the fully executed warehouse facility equity commitment letter, dated as of October 1, 2020, among Parent, the date hereof Guarantors and the other parties thereto (including all exhibits, annexes, schedules and term sheets attached annexes thereto, as amended from time to time after the date hereof to the extent not prohibited by this Agreement, the “AssetCo Debt Equity Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto Guarantors have agreedcommitted, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing make a cash equity contribution in the amounts aggregate amount set forth thereintherein (such equity contribution, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Equity Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) for the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the purposes set forth therein. The Equity Commitment Letter, which provides, and shall continue to provide, Letter provides that the Company is a third third-party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptionsterms thereof. As of the date hereof, none of the Financing Commitment Letters have has been amended, supplemented or modified in any respectmodified, no such amendment, supplement or modification is contemplated or pending (other than amendments, supplements or modifications to the Debt Commitment Letter solely to add additional lenders, arrangers, bookrunners and similar entities), and the respective commitments contained therein in the Commitment Letters have not been withdrawn, terminated, terminated or rescinded or otherwise modified in any respect, norrespect and, to Parent’s Knowledgethe knowledge of Parent and Merger Sub, is any no such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated is contemplated. Except for the Fee Letter and the Commitment Letters, there are no side letters or Contracts to which Parent, Merger Sub or any Affiliate of either thereof is a party related to the terms, provision, lending, funding or investing, as applicable, of the Financing or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as transactions contemplated hereby. As of the date hereof, in each case, as contemplated by Parent and in accordance with such Debt Commitment Letter; provided, however, that Merger Sub have fully paid (ior caused to be paid) any such added lender, lead arranger, bookrunner, syndication agent and all commitment fees or other similar entity is a Qualified Bankfees that are required to be paid pursuant to the Commitment Letters on or prior to the date hereof. The Commitment Letters are in full force and effect and are the legal, valid, binding and (ii) in no event shall enforceable obligations of Parent, Merger Sub and, to the addition knowledge of any such lenderParent, lead arrangereach of the other parties thereto, bookrunner, syndication agent or other similar entity reduce to fund the aggregate full amount of the Debt Financing subject only to be funded on the Closing Date (including by increasing satisfaction or waiver of the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unlessFinancing Conditions, in each case, case subject to the Bankruptcy and Equity Exceptions. There are no conditions precedent to funding the full amount of the Equity Financing has been increased by a corresponding amount(including pursuant to any market flex provisions with respect to the Fee Letter delivered in connection with the Debt Financing), or other than as expressly set forth in the Commitment Letters delivered to the Company has given its prior written consent thereto)to the date hereof or as amended from time to time to the extent not prohibited by the terms of this Agreement (such conditions, the “Financing Conditions”). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to (i) constitute a default or material breach on the part of Parent or Merger Sub or any of their respective Affiliates or, to the Knowledge knowledge of the Parent, any other party thereto under any Financing of the Commitment LetterLetters, in each case that would reasonably be expected to prevent, delay or impede the Closing or (ii) result in any portion of the amounts to be provided, loaned, funded or invested in accordance with the Commitment Letters being unavailable on the Closing Date. As of the date hereof, Parent is not aware of any fact, event hereof and assuming satisfaction or other occurrence that makes any waiver of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereofArticle VII, Parent has no reason to believe that it any of the conditions precedent to the Financing contemplated by the Commitment Letters within the control of Parent and Merger Sub will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent and Merger Sub in full on the Closing Date. Other than Parent is not aware of the Financing Commitment Letters, there are no side letters existence of any fact or other Contracts, arrangements event that would or understandings (written or oral) directly or indirectly related would reasonably be expected to cause such conditions precedent to the Financing (except for customary fee letters, engagement letters relating contemplated by the Commitment Letters within the control of Parent and Merger Sub not to be satisfied or the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or full amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in to be made available to Parent on the Financing Commitment LettersClosing Date. There is no condition to As of the Financing the date hereof, and assuming satisfaction of which would prevent the satisfaction or waiver of the conditions set forth in Sections 6.1, 6.2, Article VII and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with the Commitment Letters, Parent and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent Merger Sub will have on the Closing Date, are, and will be, in an amount Date funds sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates Merger Sub pursuant to Article II on the other Ancillary Agreements Closing Date and to which pay any such Person is a party, (iii) pay and all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by Parent and Merger Sub in connection with the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt transactions contemplated by this AgreementAgreement and the Financing (collectively, the “Financing Uses”). As Notwithstanding anything herein to the contrary, each of Parent and Merger Sub acknowledges and agrees that neither the date hereof, receipt by Parent or its Affiliates have fully paid, Merger Sub nor the availability to Parent or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms Merger Sub of the Financing Commitment Lettersor any other financing shall be a condition to the obligations of Parent or Merger Sub to consummate any of the transactions contemplated hereby.
Appears in 2 contracts
Sources: Merger Agreement (American Renal Associates Holdings, Inc.), Merger Agreement (American Renal Associates Holdings, Inc.)
Financing. (a) Parent understands and acknowledges that the obligations Section 4.6 of the Parent Disclosure Letter sets forth true and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
) (1x) executed rollover commitment letters (the fully executed commitment letter, dated as “Rollover Letters”) from parties (the “Rollover Investors”) that collectively have sole voting and dispositive power with respect to 3,139,975 shares of the date hereof Company, which number of shares, when contributed to Parent under the Rollover Letters, will satisfy all minimum requirements for equity contributions to Parent under the Debt Financing (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”whether expressed in terms of minimum value or percentage of shares), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on the terms and subject to the terms and conditions of which, the Rollover Investors have committed to contribute to Parent the amount of shares of Common Stock set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt FinancingRollover Investment”), and (2y) a schedule setting forth each Rollover Investor, the fully executed warehouse facility commitment letter, dated as number of shares of the date hereof Company beneficially owned by and over which such Rollover Investor holds sole voting and dispositive power, and an indication of whether such shares of the Company are held directly or indirectly by such Rollover Investor, and (including all exhibits, annexes, schedules ii) executed debt commitment letters and related term sheets attached theretofrom ▇▇▇▇▇ Fargo Bank, National Association (the “AssetCo Debt ▇▇▇▇▇ Commitment Letter”) and Fortress Credit Advisors LLC (the “Fortress Commitment Letter” and, and together with the OpCo Debt ▇▇▇▇▇ Commitment Letter, the “Debt Commitment Letters” or the “Financing Commitments”; the Debt Commitment Letters together with the Equity Commitment Letter) (▇▇▇▇▇ Fargo Bank, National Association and Fortress Credit Advisors LLC, the “Financing Commitment LettersLenders”), between Credit Suisse AG, Cayman Islands Branch and the Parent, ) pursuant to which the Parent Financing Sources party thereto have agreedwhich, on the terms and subject to the terms and conditions set forth thereinof which, the Lenders have committed to provide Parent and/or Merger Sub with debt financing in the amounts set forth described therein, the proceeds of which are to may be used to fund consummate the Transactions Merger and the other transactions contemplated by this Agreement (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, ” or the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) . As of the date hereof, each of the Financing Commitment Commitments and the Rollover Letters is in full force and effect and is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) or Merger Sub and, to the Knowledge of the Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, each of the Financing Commitments and the Rollover Letters is in full force and effect, and none of the Financing Commitment Commitments or the Rollover Letters have has been amendedwithdrawn, supplemented rescinded or terminated or otherwise amended or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, to the Knowledge of the Parent, neither Parent nor Merger Sub is in breach of any of the material terms or conditions set forth in any of the Financing Commitments or the Rollover Letters. As of the date hereof, to the Knowledge of Parent with respect to the Company and its Subsidiaries, there is no event has occurred whichfact or occurrence existing on the date hereof that, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, reasonably be expected to the Knowledge (A) make any of the Parentassumptions or any of the statements set forth in the Financing Commitments or the Rollover Letters inaccurate, (B) result in any other party thereto under of the conditions in the Financing Commitments or the Rollover Letters not being satisfied, (C) cause any of the Financing Commitment LetterCommitments or the Rollover Letters to be ineffective or (D) otherwise result in the Financing not being available, or the Rollover Investment not being made, in each case, on a timely basis in order to consummate the transactions contemplated by this Agreement. As of the date hereof, neither the Rollover Investors nor any Lender has notified Parent is or Merger Sub of its intention to terminate any Financing Commitment or not aware to provide the Financing, and none of the Rollover Investors has notified Parent or Merger Sub of its intention to terminate any factRollover Letter or not to make the Rollover Investment. Parent has not, event without the prior written consent of the Company, amended, modified, supplemented or other occurrence that makes waived any of the representations and warranties of Parent conditions or contingencies to funding contained in any Financing Commitment Letter inaccurate (including definitive agreements related thereto) or to the Rollover Investment contained in any material respectRollover Letter, or any other provision of, or remedies under, any Financing Commitment (including definitive agreements related thereto) or any Rollover Letter (except for any increases in the amount of funds available thereunder or the addition of Financing Sources in accordance with the terms thereof, or other relevant entities who did not execute a Financing Commitment or a Rollover Letter as of the date of this Agreement or as otherwise expressly permitted by Section 5.12(a)). Assuming (1) the Financing is funded in accordance with its terms and conditions, (2) the Rollover Investment is made in accordance with the terms and conditions of the Rollover Letters and (3) the satisfaction of the conditions to the Company’s obligation to consummate the Merger set forth in Section 6.3(a), the net proceeds from the Financing will, together with the Rollover Investment and other funds available to Parent, be sufficient to consummate the Merger and the other transactions contemplated by this Agreement, including the payment by Parent and Merger Sub of the Merger Consideration, any fees and expenses of or payable by Parent, Merger Sub or the Surviving Corporation, and any related repayment or refinancing of any indebtedness of the Company or any of its Subsidiaries, and any other amounts required to be paid in connection with the consummation of the transactions contemplated by this Agreement. Parent or Merger Sub has paid in full any and all commitment or other fees required by any Financing Commitment that are due as of the date hereof, and will pay, after the date hereof, all such commitments and fees as they become due. There are no side letters, understandings or other agreements or arrangements relating to the Financing (except for customary fee letters and engagement letters which do not contain any additional conditions to closing or other agreements relating to the availability of the full amount of the Financing, and a complete copy of the fee letter has been made available to the Company with customary redactions of fee amounts, pricing caps, “market flex”, other economic terms and certain other terms, none of which redacted provisions would adversely affect the conditionality or aggregate principal amount of the Financing) or the Rollover Investment to which Parent, Merger Sub or any of their respective Affiliates are a party that relate to the amount, availability or conditions of the Financing or the Rollover Investment, other than the Financing Commitments and the Rollover Letters. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) Financing, other than the conditions precedent as explicitly set forth in the Financing Commitment Letters andCommitments, as and there are no conditions precedent related to the contribution of the date hereoffull amount of the Rollover Investment, other than as explicitly set forth in the Rollover Letters. Assuming the satisfaction of the conditions to the Company’s obligation to consummate the Merger set forth in Section 6.3(a), neither Parent nor Merger Sub has no any reason to believe that it will not be able unable to satisfy on a timely basis any term or condition conditions to the funding of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing or the contribution of the full amount of the Rollover Investment, or that the Financing will not be made available to to, or that the Rollover Investment will not be contributed to, Parent or Merger Sub on the Closing Date. Other than For the Financing Commitment Lettersavoidance of doubt, there are no side letters it is not a condition to Closing under this Agreement, nor to the consummation of the Merger, for Parent or Merger Sub to obtain the Financing, the Rollover Investment or any alternative financing.
(b) Neither Parent, Merger Sub nor any of their Affiliates has (i) retained any financial advisor on a basis exclusive to Parent and/or Merger Sub and/or any such Affiliate or (ii) entered into an exclusivity, lock-up or other Contractssimilar agreement, arrangements arrangement or understandings (written understanding with any bank or oral) directly investment bank or indirectly related other potential provider of debt or equity financing that would prevent or hinder such provider from providing or seeking to the Financing (except for customary fee letters, engagement letters provide such financing to any third party in connection with a transaction relating to the Debt Financing and non-disclosure agreementsCompany or its Subsidiaries (including in connection with the making of any Takeover Proposal), none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction case of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to clauses (i) consummate and (ii), in connection with the Closing upon Merger or the terms other transactions contemplated by this Agreement. Neither Parent, (ii) pay all other amounts payable Merger Sub nor any of their Affiliates has caused or induced any Person to take any action that, if taken by Parent and/or Merger Sub, would be a breach of, or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required would cause to be paid by the Parent on the Closing Date to consummate the Transactionsuntrue, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, representations in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersthis Section 4.6(b).
Appears in 2 contracts
Sources: Merger Agreement (Feldenkreis George), Merger Agreement (Perry Ellis International, Inc)
Financing. (a) Parent understands Purchaser has received and acknowledges that accepted executed and binding commitment letters dated February 3, 2015 (the obligations “Debt Commitment Letters”) from UBS Securities LLC, UBS AG, Stamford Branch, Credit Suisse AG, Credit Suisse Securities (USA) LLC, Royal Bank of Canada and RBC Capital Markets (collectively, the “Lenders”), relating to the commitment of the Parent and Merger Sub Lenders to consummate the Transactions are not in any way contingent upon or otherwise provide, subject to the Parent’s consummation of any financing arrangementterms and conditions thereof, the Parent’s obtaining full amount of any the debt financing or stated therein (the availability, grant, provision or extension of any financing to the Parent“Debt Financing”).
(b) Parent Purchaser has delivered to the Company Seller true, complete and correct copies of the executed Debt Commitment Letters, attached hereto as Exhibit F (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached theretoincluding, the “OpCo Debt Commitment Letter”exhibits and annexes thereto), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing any fee letters (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Fee Letters”; the Debt Commitment Letters together ) related thereto (with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the only fee amounts, flex provisions dates and certain other economic terms (other than any such term that would (x) reduce the aggregate amount terms, including in respect of the Debt Financing or “market flex” and “securities demand” provisions, redacted) (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or none of which would adversely affect the amount or availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein).
(c) As Except as set forth in the Debt Commitment Letters, there are no conditions precedent to the obligations of the date hereof, each Lenders to provide the Debt Financing or any contingencies that would permit the Lenders to reduce the total amount of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability ExceptionsDebt Financing. Assuming due and valid execution by each other party thereto (in the case of Other than the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Fee Letters, there are no side letters or other Contractsagreements, contracts or arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee engagement letters, engagement letters ) relating to the Debt Financing and non-disclosure agreementsfunding or investing, none as applicable, of which impact the conditionality, timing or full amount of the Debt Financing.
(d) which could adversely impact The Debt Financing, when funded in accordance with the timing or availability Debt Commitment Letters, together with available cash on hand (taking into account any restrictions on use and costs of repatriation), will provide Purchaser with cash proceeds on the Closing Date in an amount sufficient to consummate the transactions contemplated by this Agreement on the terms contemplated hereby, including the payment of the FinancingPurchase Price, including without limitation, by providing for additional or different conditions and to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent pay related fees and expenses.
(e) Assuming the satisfaction of the conditions set forth in Sections 6.18.1 and 8.2, 6.2to the Knowledge of Purchaser, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, fact or 6.3 occurrence as of the date hereof that would cause the satisfaction of which would prevent the satisfaction of a condition conditions to the Financing. Upon the funding of the Debt Financing not to be satisfied at or before the Closing, and Purchaser has no reason to believe that it will be unable to satisfy on a timely basis any term or condition of the Closing to be satisfied by it contained in the Debt Commitment Letters.
(f) The Debt Commitment Letters are valid, binding and enforceable in accordance with and their respective terms (subject to its applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity), and are in full force and effect, and no event has occurred that, with or without notice, lapse of time, or both, would reasonably be expected to constitute a default or breach or a failure to satisfy a condition precedent on the part of Purchaser under the terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement)Debt Commitment Letters. As of the date hereofof this Agreement, Parent no Debt Commitment Letter or its Affiliates Fee Letter has been amended, restated or otherwise modified or waived, and the respective commitments contained in the Debt Commitment Letters have fully paidnot been withdrawn, modified or caused to be paid, rescinded. Purchaser has paid in full any and all commitment fees and any and all or other fees and expenses, in each case as are or expenses required to be paid on or before the date hereof pursuant to the terms of the Financing Debt Commitment LettersLetters on or before the date of this Agreement.
(g) In no event shall the receipt or availability of any funds or financing by Purchaser or any of its Affiliates or any other financing or other transactions be a condition to any of Purchaser’s obligations hereunder.
Appears in 2 contracts
Sources: Stock and Asset Purchase Agreement (Tronox LTD), Stock and Asset Purchase Agreement (FMC Corp)
Financing. (ai) Parent understands Sun Treasury (or one of its Affiliates) and acknowledges that certain financing institutions have entered into a binding commitment letter (the “Debt Commitment Letter”) entitling Sun Treasury to borrow funds in an aggregate amount which, when combined with other funds available to ListCo, Sun or any of its applicable Affiliates to be used to part finance the Cash Consideration, will be sufficient to satisfy ListCo, Merger Sub and/or Sun’s obligations under this Agreement, including the payment of the Parent Cash Consideration, and Merger Sub to consummate any fees and expenses of or payable by any of them hereunder, and for any repayment or refinancing of any existing indebtedness of Willow, Sun or any of their respective Subsidiaries contemplated by, or required in connection with the Transactions are not in any way contingent upon transactions described in, this Agreement or otherwise subject the Debt Commitment Letter (such amounts, the “Financing Amounts”). The debt financing committed pursuant to the Parent’s consummation of any financing arrangement, Debt Commitment Letter is collectively referred to in this Agreement as the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent“Debt Financing”.
(bii) Parent Sun has delivered to the Company Willow a true, complete and correct copies copy of the Debt Commitment Letter and any fee letter related thereto (i)
(1) the fully executed commitment “Fee Letter”, subject, in the case of such fee letter, dated as to redaction solely of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which provisions that are to be used to fund the Transactions and fees customarily redacted in connection with such debt transactions of this type and that would not reasonably be expected to affect the conditionality, enforceability, availability or (other than in connection with the fees and “flex” provisions) amount of the Debt Financing. ▇▇▇ expressly acknowledges and agrees that the obligations of Sun under this Agreement are not conditioned in any manner upon Sun obtaining any financing (the “OpCo Debt Financing”including term loans, bridge financing and bonds), .
(2iii) the fully executed warehouse facility commitment letter, dated Except as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; expressly set forth in the Debt Commitment Letters together with the Equity Commitment Letter and Fee Letter, there are no conditions precedent to the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and obligations of the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, Debt Financing or any contingencies that would permit the proceeds Financing Sources to reduce the total amount of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with impose any additional conditions precedent to the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount availability of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse that would reasonably be expected to Parent) or adversely affect the availability or timing of the funding availability of or termination of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect including any condition or other contingency relating to the provisions specified therein.
(c) As of the date hereof, each amount or availability of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (pursuant to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptionsany “flex” provision. Assuming due and valid execution by each other party thereto (in the case of Other than the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, Letter and the respective commitments contained therein have not been withdrawnFee Letter, terminatedthere are no side letters, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents understandings or other similar entities who had not executed a Debt Commitment Letter as agreements, contracts or arrangements of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that any kind (iwritten or oral) to which Sun or any such added lender, lead arranger, bookrunner, syndication agent or other similar entity of its Affiliates is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amountparty, or the Company of which Sun has given its prior written consent thereto)). As of the date hereofknowledge, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related relating to the funding of the full amount of the Debt Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that would reasonably be expected affect the full amount availability or conditionality of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact or the conditionality, timing or amount enforceability of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained Debt Commitment Letter. Sun has paid in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, full any and all commitment fees and any and all or other fees due and expenses, in each case as are required to be paid on or before the date hereof payable pursuant to the terms of the Financing Debt Commitment LettersLetter on or before the date of this Agreement, and will pay in full any such amounts due on or before the Merger Effective Date.
Appears in 2 contracts
Sources: Transaction Agreement, Transaction Agreement (WestRock Co)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent The Buyer has delivered to the Company Seller a true, complete and correct copies copy of (i) one or more executed commitment letters from the Sponsors dated as of the date of this Agreement (including all exhibits, schedules and annexes thereto, collectively, the “Equity Commitment Letter”, and the commitments under the Equity Commitment Letter, the “Equity Financing Commitments”)
, pursuant to which the Sponsors have committed and agreed to provide equity financing in the amount set forth therein for the purposes set forth therein (1the “Equity Financing”), (ii) the fully an executed debt commitment letter, dated as of the date hereof of this Agreement (including all exhibits, annexes, schedules and term sheets attached annexes thereto, and as amended from time to time after the date hereof solely as permitted by Section 6.08, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Equity Commitment Letter, the “Commitment Letters”, and the commitments under the Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters Financing Commitments” and, together with the Equity Commitment LetterFinancing Commitments, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and from the ParentDebt Financing Sources, pursuant to which the Parent Debt Financing Sources party thereto have agreedcommitted, on subject to the terms and subject to the conditions set forth therein, to provide Parent with to the Buyer debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; provided, that for purposes of this Agreement, the Debt Financing shall also include, after the date hereof, to the extent Alternative Financing from any other Person is obtained in accordance with this Agreement, such Alternative Financing, the Debt Financing, together with the Equity Financing, is collectively referred to as the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) . As of the date hereof, each (i) the Financing Commitments have not been amended, modified, restated, replaced, terminated, waived or withdrawn, (ii) other than amendments or modifications solely to add lenders, lead arrangers, bookrunners and similar entities who have not executed the Debt Financing Commitment as of the date hereof, no such amendment, modification, restatement, replacement, termination, waiver or withdrawal of the Financing Commitment Letters Commitments is contemplated and (iii) the Financing Commitments are in full force and effect and is a constitute the legal, valid, valid and binding and enforceable obligation obligations of Parent (to the extent party thereto) Buyer and, to the Knowledge of Parentthe Buyer, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termscase, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting generally the Enforceability Exceptionsenforcement of creditors’ rights and subject to general principles of equity. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing is subject to no conditions precedent other than those set forth in the amount Financing Commitments. As of fees the date hereof, the Buyer is not aware of any fact or occurrence that would result in any additional conditions or contingencies to the availability of the Financing to be paid or original issue discount) from that contemplated in funded on the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Closing Date. As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would reasonably be expected to constitute a default or material breach on by the part of Parent or, to the Knowledge of the Parent, any other party thereto Buyer under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters Commitments and, as of the date hereof, Parent assuming the conditions set forth in Section 2.02 have been satisfied, the Buyer has no reason to believe that it will not be able unable to satisfy any term or condition of closing the conditions to the funding of the Financing that is required to be satisfied as a condition of contemplated on the Financing, Closing Date or that the full amount of the Financing will not be made available to Parent the Buyer on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent none of the Sponsors nor the Debt Financing Sources have notified the Buyer of its intention to terminate or its Affiliates have fully paidwithdraw the Financing Commitments, as applicable, or the commitments thereunder. The Buyer has paid (or caused to be paid, ) in full any and all commitment fees and any and all or other fees and expenses, in each case as are expenses required by the terms of the Financing Commitments to be paid on or before prior to the date hereof and has otherwise satisfied all of the other conditions required to be satisfied pursuant to the terms of the Financing Commitment LettersCommitments, if any, prior to the date of this Agreement. For the avoidance of doubt, Buyer acknowledges that its ability to obtain any financing (including without limitation, the Financing) it is not a condition to its obligation to consummate the Closing and the other transactions under this Agreement.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Buyer has delivered to the Company true, Seller true and complete and correct copies of (i)
(1) the fully executed equity commitment letter, dated as of the date hereof of this Agreement, from Kinderhook Capital Fund IV, L.P. and Kinderhook Capital Fund IV-B, L.P. (including all exhibitscollectively, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment LetterSponsor Fund”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parenta copy of which is attached as Annex I hereto (the “Equity Financing Commitment”), pursuant to which the Parent Financing Sources party thereto have agreedSponsor Fund has committed, on the terms and subject to the conditions set forth thereinterms thereof, to provide Parent with debt equity financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing Buyer (the “OpCo Debt Equity Financing”), (2) the fully executed warehouse facility commitment letter, dated as of . Prior to the date hereof (including all exhibits, annexes, schedules and term sheets attached theretoof this Agreement, the “AssetCo Debt Equity Financing Commitment Letter” andhas not been amended or modified, together with and the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with respective commitments contained in the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing not been withdrawn or rescinded in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the any respect. The Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) Buyer and, to the Knowledge knowledge of ParentBuyer, the other parties thereto. Subject to the immediately preceding and succeeding sentences, the Equity Financing Commitment, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledgeform so delivered, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter in full force and effect as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each casethis Agreement. Assuming, the Purchase Price equals $58,000,000, without giving effect to any adjustments pursuant to Sections 2.01 or 2.02, the Equity Financing Commitment is in an amount sufficient to fund the entire Purchase Price and provides that Seller is an intended third party beneficiary of the Equity Financing Commitment, and entitled to enforce the Equity Financing Commitment in accordance with the terms and conditions thereof. The obligations to make the Equity Financing available to Buyer pursuant to the terms of the Equity Financing Commitment are not subject to any conditions other than the conditions set forth in the Equity Financing Commitment. No person has been increased by a corresponding amountany right to impose (and the Buyer has no obligation to accept) any condition to the Equity Financing other than as set forth in the Equity Financing Commitment, nor any reduction to the aggregate amount available under the Equity Financing Commitment (nor any term or condition which would have the Company has given its prior written consent thereto)effect of reducing the aggregate amount available under the Equity Financing Commitment). As of the date hereofof this Agreement, there are no side letters, understandings or other agreements or arrangements relating to the Equity Financing. As of the date of this Agreement, (i) the Equity Financing Commitment has not been supplemented, modified or amended in any respect, (ii) no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to Buyer under the Knowledge of the Parent, any other party thereto under any Equity Financing Commitment Letterand (iii) the commitments contained in the Equity Financing Commitment have not been withdrawn, terminated or rescinded. As of the date hereofof this Agreement, Parent Buyer (x) is not aware of any fact, event fact or other occurrence that makes any of the assumptions, or the representations and or warranties of Parent Buyer, in any the Equity Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing , (including any flex provisionsy) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it Buyer will not be able unable to satisfy on a timely basis any term or condition of closing of the Financing that is required to be satisfied as a condition by it or its Affiliates contained in the Equity Financing Commitment and (z) has no reason to believe that any portion of the Financing, or that Equity Financing required to consummate the full amount of the Financing transactions contemplated hereby will not be made available to Parent Buyer on the Closing Date. Other than As of the Financing Commitment Lettersdate of this Agreement, there are no side letters letters, understandings or other Contracts, agreements or arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount Equity Financing. As of the Financing) which could adversely impact the timing or availability date of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (i) the Equity Financing Commitment has not been supplemented, modified or amended in any respect, (ii) no event has occurred which, with or without notice, lapse of time or both, would constitute a breach on the part of Buyer under the Equity Financing Commitment and (iii) the commitments contained in the Equity Financing Commitment have not been withdrawn, terminated or rescinded. Buyer has fully paid (or caused to be paid) any and all commitment fees or other fees required by the Equity Financing Commitment to be paid by it on or prior to the date of this Agreement and shall in the future pay all other amounts payable by Parent or its Affiliates any such fees as they become due pursuant to the Equity Financing Commitment. The Equity Financing Commitment, when funded, will provide Buyer with financing at Closing sufficient to satisfy all of Buyer’s obligations under this Agreement, including the consummation of the purchase and sale of the Shares and the other Ancillary Agreements to which any such Person is a partytransactions contemplated by this Agreement and the other Transaction Documents upon the terms set forth herein and therein, (iii) pay including the payment in full of the Closing Date Amount and all related fees and expenses of Parent and associated with the foregoing. Buyer acknowledges that its Affiliates and Representatives, and (iv) obligations under this Agreement are not conditioned upon or subject to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As its receipt of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before proceeds made available under the date hereof pursuant to the terms of the Equity Financing Commitment Lettersor any alternative financing.
Appears in 1 contract
Financing. Purchaser has furnished to the Company a true and complete copy of (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully an executed equity commitment letter, dated as of June 27, 2016, by and between Purchaser and the date hereof Sponsor (including together with all exhibits, schedules, annexes, schedules supplements and term sheets attached amendments thereto, the “OpCo Debt Equity Commitment Letter”) pursuant to which the Sponsor has committed to invest, directly or indirectly, in Purchaser the cash amounts set forth therein (the “Equity Financing”), subject to the terms and conditions set forth in the Equity Commitment Letter, and (b) an executed Third Amendment to Credit Agreement (the “Incremental Amendment”), dated June 27, 2016, among the Sponsor, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, Inc., BNP Paribas, Credit Agricole Corporate and Investment Bank, SunTrust Bank, Credit Suisse AG, Credit Suisse Loan Funding LLC Cayman Islands Branch, as the administrative agent, and Parent, pursuant to which the Parent Financing Sources party other parties thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent (together with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, schedules, annexes, schedules supplements and term sheets attached amendments thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, ) pursuant to which the Parent Financing Sources party thereto such lending parties named therein have agreed, on the terms and subject to the conditions set forth therein, committed to provide Parent the Sponsor with at least $1,850.0 million in debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), subject to the terms and (3) the fully executed fee letters relating to each of conditions set forth in the Debt Commitment Letters; provided that Letter. Purchaser will have, upon receipt by the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount Sponsor or a controlled subsidiary of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing Sponsor of the funding funds at Closing in accordance with the Commitment Letters, sufficient available funds on hand to consummate the purchase of the Debt FinancingShares as contemplated herein, including to (i) may be redacted pay the Purchase Price in a customary manner; and accordance with ARTICLE III, (ii) make the Equity other payments, and assume the other obligations, required for Closing pursuant to Section 4.2(b) and (iii) pay any fees and expenses allocated to Purchaser pursuant to this Agreement. Each Commitment Letter, which provides, and shall continue to provide, that in the Company is a third party beneficiary thereto with respect form so furnished to the provisions specified therein.
(c) As of the date hereofCompany, each of the Financing Commitment Letters is valid, binding and in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred whichthat, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent orPurchaser or the Sponsor, as applicable, under any term or condition thereof. The Commitment Letters have not been amended or modified in any respect prior to the Knowledge date of this Agreement (other than as attached thereto) and as of the Parentdate of this Agreement, (i) no such amendment or modification is contemplated by the Purchaser (other than, with respect to the Debt Commitment Letter, any amendments or modifications to the extent such amendments or modifications could not reasonably be expected to in any way materially delay or adversely affect the Closing or the transactions contemplated by this Agreement) and (ii) the commitments contained in the Commitment Letters have not been withdrawn, rescinded or terminated. Except for the PIPE SPA, the Interim Sponsors Agreement, any engagement letters related to the Financing, as of the date hereof, there are no side letters or other agreements, arrangements or understandings (including fee or side letters, but excluding customary structuring or advisor fees) to which Purchaser or any of its Affiliates is a party thereto under any related to the funding or investing, as applicable, of the full amount of the Financing or that could reasonably be expected to adversely affect the timing of Closing. There are no conditions precedent or other contingencies relating to the funding of the full amount of the Equity Financing or the Debt Financing by the Financing Sources, other than as specifically set forth the in the respective Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence assuming that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in Section 9.1 are satisfied at or prior to the Financing Commitment Letters andClosing Date, as of the date hereof, Parent has no Purchaser does not have any reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required conditions to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent satisfied on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letterstimely basis.
Appears in 1 contract
Financing. (a) Parent understands Buyer has sufficient cash to pay when (and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not if) due, in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangementaccordance with this Agreement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the ParentBuyer Termination Fee.
(b) Parent Assuming the Debt Financing contemplated by the Debt Commitment Letters is consummated substantially in accordance with their terms, Buyer (i) will have sufficient cash, available lines of credit or other sources of immediately available funds to pay in cash, when due, the Purchase Price and any expenses incurred by Buyer in connection with the Transaction, and (ii) will have the financial resources and capabilities to perform its obligations hereunder. Buyer has delivered to the Company true, Seller correct and complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of Buyer’s Debt Commitment Letters in effect on the date hereof (including all exhibits, annexes, schedules and term sheets attached theretosuch Debt Commitment Letters, the “OpCo Initial Debt Commitment LetterLetters”), among Credit Suisse AG, Credit Suisse Loan Funding LLC ; and Parent, pursuant to which the Parent Debt Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth specified therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Initial Debt Financing”), excluding any related Fee and Sponsor Letters (2) the fully executed warehouse facility commitment letter, dated as “Initial Fee and Sponsor Letters”). Each of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Initial Debt Commitment Letters together with the Equity Commitment Letterhas been duly executed by Buyer and, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth thereinKnowledge of Buyer, to provide Parent with debt financing in the amounts set forth thereineach other Person party thereto, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As as of the date hereof, each of the Financing Initial Debt Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of ParentBuyer, the other parties theretois valid, in each case subject to the Enforceability Exceptions. Assuming due binding and valid execution by enforceable against each other Person party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject . Buyer and its Affiliates have paid any and all fees and expenses that the Initial Debt Commitment Letters and Initial Fee and Sponsor Letters require to have been paid on or prior to the Enforceability Exceptionsdate hereof. The Initial Debt Commitment Letters contain all of the conditions precedent to the obligations of the Lenders thereunder to make the Initial Debt Financing available to Buyer on the terms therein and no conditions precedent or other terms with respect to such obligations are contained in the Initial Fee and Sponsor Letters or in any side letters or other Contracts to which Buyer or an Affiliate thereof is a party. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent assuming the satisfaction of the conditions set forth in Sections 6.1Section 8.1 and Section 8.2, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition Buyer does not have reason to believe that any conditions to the FinancingDebt Financing will not be satisfied or that the Debt Financing will not be consummated as contemplated by the Initial Debt Commitment Letters. Upon Buyer acknowledges and agrees that the funding obligation of Buyer to consummate the Financing Transaction in accordance with and subject to its the terms and conditions of this Agreement (including after giving effect to any pricing flex that results in OIDSection 2.1) is not conditioned upon the closing of the Debt Financing, if exercised), Buyer’s receipt of the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on Debt Financing or Buyer’s ability to finance or pay the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersPurchase Price.
Appears in 1 contract
Sources: Asset Purchase Agreement (Ciber Inc)
Financing. (a) Parent understands and acknowledges that the obligations Acquisition Sub have received and accepted and agreed to a commitment letter dated as of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon date hereof (as amended, supplemented or otherwise subject modified from time to time in accordance with the terms hereof, the “Debt Commitment Letter”) from the Lender relating to the Parent’s consummation commitment of any the Lender to provide the debt financing arrangementdescribed therein to Acquisition Sub in connection with the Offer, the Parent’s obtaining of any Merger and the other transactions contemplated by this Agreement. The financing or contemplated by the availability, grant, provision or extension of any financing Debt Commitment Letter is referred to in this Agreement as the Parent“Debt Financing”.
(b) Parent has delivered received and accepted and agreed to the Company true, complete and correct copies of (i)
(1) the fully executed a commitment letter, letter dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Equity Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together ) with the Equity Commitment Letter, Investor relating to the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch commitment of the Equity Investor to provide a cash equity investment required to consummate the Offer and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, Merger on the terms and subject contemplated by this Agreement. The cash equity investment contemplated by the Equity Commitment Letter is referred to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (herein as the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Equity Financing”; the Debt Equity Financing, together with the Equity Debt Financing, is collectively referred to as the “Financing”), . Complete and (3) the fully executed fee letters relating to each correct copies of the Debt executed Commitment Letters; Letters have been provided that to the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Company. The Equity Commitment Letter, which Letter provides, and shall will continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) Subject to its terms and conditions and assuming the satisfaction in full of all conditions to Parent’s obligation to consummate the Offer and/or the Merger (as applicable), the aggregate proceeds of the Financing, when funded in accordance with the Commitment Letters, will provide Acquisition Sub with acquisition financing at the Acceptance Time, or the Effective Time (as applicable) sufficient for the consummation of the transactions contemplated hereby (including the Offer and the Merger) and for the satisfaction of all of Parent’s and Acquisition Sub’s obligations under this Agreement in connection with the consummation of the transactions contemplated by this Agreement, including the payment of the Per Share Consideration in respect of each share of Company Common Stock validly tendered and accepted for payment in the Offer, all amounts to be paid pursuant to Section 2.5(a)(iii) and Section 6.1(a) and all associated costs and expenses of the Offer and the Merger (including any repayment or refinancing of indebtedness of the Company required in connection therewith).
(d) As of the date hereof, each of the Financing Commitment Letters is are valid, binding and in full force and effect and have not been withdrawn or terminated or otherwise amended, supplemented or modified in any respect. Each of the Commitment Letters, in the form so delivered, is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) and Acquisition Sub and, in the case of the Debt Commitment Letter only and to the Knowledge of Parent, the other parties thereto, in each case subject to: (i) the respective conditions expressly set forth therein; (ii) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (iii) rules of law governing specific performance, injunctive relief and other equitable remedies. Except for a fee letter and engagement letter (complete copies of which have been provided to the Enforceability Exceptions. Assuming due Company with only the fee amounts and valid execution by each certain other party thereto terms (none of which would adversely affect in any material manner the case aggregate amount, conditionality, enforceability, termination or availability of the Debt Financing (except to the extent a reduction from such Debt Financing source would be offset by an increase in the Equity Financing (provided that such increase in Equity Financing is reflected in an amended Equity Commitment Letters onlyLetter) or in the debt or other alternative financing being made available by an alternative financing source)) redacted), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereofhereof there are no side letters or other agreements, in each casecontracts or arrangements related to the funding or investing, as contemplated by applicable, of the Financing other than as expressly set forth in the Commitment Letters and in accordance with such Debt Commitment Letter; provided, however, any customary engagement letters and non-disclosure agreements that (i) any such added lender, lead arranger, bookrunner, syndication agent do not impact the conditionality for the Financing to occur or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Financing. As of the date hereof, no event or circumstance within the control of Parent or Acquisition Sub, or to the Knowledge of Parent or Acquisition Sub, no other event or circumstance has occurred or exists which, with or without notice, lapse of time or both, would reasonably be expected to constitute a default or material breach on or an incurable failure to satisfy a condition precedent under the part of Parent or, to the Knowledge terms and conditions of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters other than any such default or other Contractsbreach that has been waived by the Lender or the Equity Investor, arrangements as the case may be, or understandings (written otherwise cured in a timely manner by Parent or oral) directly or indirectly related Acquisition Sub to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1Lender or Equity Investor, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof as the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex case may be; provided that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent Acquisition Sub are not making any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing representation or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.warranty
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, correct and complete and correct copies of (i)
(1) the fully executed commitment lettercopies, dated as of the date hereof of this Agreement, of (i) an executed commitment letter (the “Equity Commitment Letter”) from Frontenac IX Private Capital Limited Partnership, Frontenac IX Private Capital A Limited Partnership, and Frontenac IX Private Capital (Cayman) Limited Partnership (collectively, the “Equity Providers” and each an “Equity Provider”) to each purchase for cash, in each case subject to the terms and conditions therein, equity securities of Parent in the aggregate amount set forth therein (being collectively referred to as the “Equity Financing”), (ii) an executed commitment letter (including all exhibits, annexes, schedules and term sheets attached theretoamendments thereto in effect as of the date of this Agreement) (the “Senior Debt Financing Letter”) from RBS Citizens, N.A., Citizens Bank of Pennsylvania, ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated, Bank of America, N.A., and SunTrust Bank (collectively, the “OpCo Debt Commitment LetterSenior Lenders”)) to provide and arrange, among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant subject to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with the debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Senior Debt Financing”), (2iii) the fully an executed warehouse facility commitment letter, dated as of the date hereof letter (including all exhibits, annexes, schedules and term sheets attached thereto, amendments thereto in effect as of the date of this Agreement) (the “AssetCo Mezzanine Debt Commitment Financing Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter and Senior Debt Financing Letter, the “Financing Commitment Letters”)) from PNC Mezzanine Capital (the “Mezzanine Lender” and, between Credit Suisse AGtogether with the Senior Lenders, Cayman Islands Branch the “Lenders”) to provide and the Parentarrange, pursuant subject to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with the debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Mezzanine Debt Financing” and, together with the OpCo Equity Financing and the Senior Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), ) and (3iv) the fully executed fee letters relating to each most recent annual and quarterly financial statements of the Debt Commitment Letters; Parent provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) Lenders. As of the date hereofof this Agreement, each of (i) the Financing Commitment Letters is are in full force and effect and is a legaleffect, are valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) andParent, and to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have not been amended, supplemented withdrawn or terminated or otherwise amended or modified in any respectrespect without the prior written consent of the Company, and the respective commitments contained therein have not been withdrawn, terminated, rescinded no such amendment or otherwise modified in any respect, normodification is contemplated by Parent or, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bankparty thereto, and (ii) assuming the accuracy of the Company’s representations and warranties contained in no event shall the addition this Agreement, Parent is not in breach of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid terms or original issue discountconditions set forth therein and, except as set forth in Section 6.8(a) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofParent Disclosure Letter, no event has occurred which, with or without notice, lapse of time or both, would could reasonably be expected to constitute a default breach or material breach on the part of Parent or, failure to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions satisfy a condition precedent set forth in the Financing Commitment Letters and, as of the date hereof, Letters. Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all or other fees and expenses, in each case as connection with the Financing Letters that are required to be paid payable on or before prior to the date hereof pursuant to the terms of the Financing Commitment Lettersthis Agreement.
Appears in 1 contract
Sources: Merger Agreement (Ats Corp)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not Debtor in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Possession Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent The Debtors shall be provided with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt debtor-in-possession financing (the “OpCo Debt FinancingDIP Facilities”), (2) the fully executed warehouse facility commitment letter, dated as consisting of one or more of the date hereof following: (including all exhibitsa) a super-priority, annexessecured, schedules and term sheets attached theretodebtor-in-possession revolving credit facility (the “DIP Revolving Facility”) provided by the ABL Lenders (in such capacity, the “AssetCo Debt Commitment Letter” andDIP Revolving Lenders”) and (b) a super-priority, secured, debtor-in-possession term loan facility (the “DIP Term Facility”) provided by one or more of the Term Lenders (in such capacity, the “DIP Term Lenders”, and together with the OpCo Debt Commitment LetterDIP Revolving Lenders, the “Debt Commitment LettersDIP Lenders”; ). The DIP Facilities, and all borrowings thereunder, shall be subject to a budget updated monthly (with be PIK and 50% in cash. weekly cash reporting) and approved by the Debt Commitment Letters together with DIP Lenders. The terms and conditions of the Equity Commitment LetterDIP Facilities shall be acceptable to the Supporting Noteholders and the Debtors, acting reasonably and in good faith. Plan Funding The Reorganized Debtors shall be funded on effective date of the Plan (the “Effective Date”) by the proceeds of the Rights Offering (as defined below) and, if necessary, the “Financing Commitment Letters”Exit Facility (as defined below). The proceeds of the Rights Offering and Exit Facility shall be in an aggregate amount which shall be sufficient to fund required distributions under the Plan, between Credit Suisse AG, Cayman Islands Branch and including to pay in full all outstanding amounts under the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and DIP Facilities (subject to the conditions set forth thereinconversion of the DIP Term Loans to New Common Stock as described below) and the ABL Facility on the Effective Date. Rights Offering Pursuant to and in connection with the consummation of the Restructuring Transactions, to provide Parent with debt financing in following confirmation of the amounts set forth thereinPlan, the proceeds of which are to be used to fund the Transactions Company will distribute rights (the “AssetCo Debt Financing” andRights”) to the holders of 2021 Note claims against the Debtors and holders of 2018 Note claims against the Badlands (DE) Debtor that will permit such the holders thereof to acquire, together in the aggregate, $150 million of New Common Stock (the “Rights Offering”). The New Common Stock issued in connection with the OpCo Debt FinancingRights Offering will be sold at a total enterprise valuation of the Reorganized Debtors on the Effective Date of $350 million (the “Plan Value”). The Rights shall be exercisable prior to the Effective Date. Exit Financing To the extent necessary after the Rights Offering, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and Reorganized Debtors shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Effective Date by a new first lien, senior secured exit facility (including by increasing the amount “Exit Facility”), which Exit Facility shall be in form and substance acceptable to the Supporting Noteholders. The Debtors and the Supporting Noteholders will work in good faith to source and execute on the Exit Facility, which can be in the form of fees an asset backed revolver, term loan or combination thereof. The Term Loan Lenders shall provide a standby commitment to fund the Exit Facility. Such Term Loan Lenders shall be paid a six percent (6%) fee, payable in cash and or original issue discount) from that contemplated in New Common Stock at the Debt Commitment Letters (unlesselection of the Term Loan Lenders, in each case, connection with the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersExit Facility Commitment.
Appears in 1 contract
Sources: Restructuring Support Agreement
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, (i) true and complete and correct copies of executed written commitments (i)
(1) as the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached theretosame may be amended pursuant to Section 6.14, the “OpCo Debt Commitment LetterFinancing Commitments”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources lenders party thereto have agreed, on subject only to the terms and subject to the conditions set forth therein, to provide or cause to be provided to Parent with and/or Merger Sub debt financing and continue to make available to the Company a revolving credit facility in the amounts set forth therein, therein for the proceeds purposes of which are to be used to fund financing the Transactions transactions contemplated by this Agreement and related fees in connection with such debt financing and expenses and the Company’s ongoing operating expenses (the “OpCo Debt Financing”), ) and (2ii) the fully true and complete copies of an executed warehouse facility written commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached theretocollectively, the “AssetCo Debt Commitment LetterEquity Financing Commitment” and, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment LetterFinancing Commitments, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have has agreed, on subject only to the terms and subject to the conditions set forth therein, to provide or cause to be provided to Parent with debt and/or Merger Sub equity financing in the amounts set forth therein, therein for the proceeds purposes of which are to be used to fund financing the Transactions transactions contemplated by this Agreement and related fees and expenses (the “AssetCo Debt Equity Financing” and, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereofof this Agreement, none of the Financing Commitment Letters have Commitments has been amended, supplemented amended or modified in any respectmodified, and the respective commitments contained therein in the Financing Commitments have not been withdrawnwithdrawn or rescinded. As of the date of this Agreement, terminated, rescinded or otherwise modified the Financing Commitments are in full force and effect. Parent has fully paid any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents and all commitment fees or other similar entities who had not executed a Debt Commitment Letter fees in connection with the Financing Commitments that are due and payable as of the date hereofof this Agreement in connection therewith or pursuant thereto. As of the date of this Agreement, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent there are no conditions precedent or other similar entity is a Qualified Bank, and (ii) in no event shall contingencies related to the addition funding of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate full amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated Financing, other than as set forth in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Commitments. As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a breach or default or material breach on the part of Parent or, to the Knowledge or Merger Sub under any of the Parent, any other party thereto under any Financing Commitment LetterCommitments. As of the date hereofof this Agreement, neither Parent nor Merger Sub is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than reason why the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will Commitments would not be able to satisfy any term satisfied on or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on before the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related Subject to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing terms and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1Commitments, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its the terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised)of this Agreement, the aggregate proceeds of contemplated by the FinancingFinancing Commitments, together with other unrestricted the cash and cash equivalents on hand of Parent Parent, Merger Sub and the Company on the Closing Date, are, will be sufficient for Parent and will be, in an amount sufficient Merger Sub to (i) consummate the Closing Merger upon the terms contemplated by this Agreement, (ii) Agreement and to pay all other amounts the aggregate Per Share Merger Consideration payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iiiSection 4.1(a) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Merger Agreement (Sm&A)
Financing. (a) Parent understands and acknowledges that Concurrently with the obligations execution of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangementthis Agreement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Buyer has delivered to the Company true, complete Seller true and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof letters (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; ) providing the Debt Commitment Letters together with terms and conditions upon which the Equity Commitment Letterissuers thereof (collectively, the “Financing Commitment LettersLenders”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto ) have agreed, on the terms and subject to the conditions set forth therein, committed to provide Parent with the full amount of debt financing required in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions connection with this Agreement (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the . The Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is are in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing this Agreement. The obligations to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of fund the full amount of the Financing (including commitments under the Debt Commitment Letters are not subject to any flex provisions) conditions other than the conditions precedent as set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition fact or occurrence existing as of the date of this Agreement that makes any of the assumptions or statements set forth in the Debt Commitment Letters inaccurate or that causes the Debt Commitment Letters to the Financing the satisfaction of which would prevent be ineffective with respect to Buyer or that precludes or is reasonably likely to preclude the satisfaction of the conditions set forth in Sections 6.1, 6.2, the Debt Commitment Letters. All commitment and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, other fees required to be paid under the Debt Commitment Letters on or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition prior to the Financing. Upon the funding of the Financing in accordance with and subject date hereof have been paid.
(b) Subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised)conditions, the aggregate proceeds of the Debt Financing, together when funded in accordance with other unrestricted cash and cash equivalents on hand of Parent on the Closing DateDebt Commitment Letters, are, and will be, in an amount provide Buyer with funds sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt transactions contemplated by this Agreement). As Agreement on the terms contemplated hereby, including, for the avoidance of doubt, to pay the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any Purchase Price and all commitment related fees and any expenses payable by Buyer in connection with this Agreement and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to transactions contemplated hereby at the terms of the Financing Commitment LettersClosing.
Appears in 1 contract
Sources: Asset Contribution and Equity Purchase Agreement (West Corp)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i) executed commitment letters, dated as of the date hereof, among Parent and each of the Guarantors and GS Investors (the "Equity Commitment Letters")
, pursuant to which the Guarantors and GS Investors have committed, subject to the terms and conditions thereof, to invest in Parent the cash amounts and, in the case of P2 Capital Master Fund I, L.P., cash amounts and a certain specified number of shares of Common Stock, in each case, as set forth therein (1the "Equity Financing"), and (ii) the fully executed commitment letter, dated as of the date hereof hereof, among ▇▇▇▇▇▇▇ ▇▇▇▇▇ Lending Partners LLC, ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated, Bank of America, N.A. and Merger Sub (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo "Debt Commitment Letter”", together with the Equity Commitment Letters, the "Financing Letters"), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party counterparties thereto have agreedcommitted, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo "Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” " and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “"Financing”"), and .
(3b) Assuming the fully executed fee letters relating to each accuracy of the Debt Commitment representations and warranties of the Company in this Agreement as of the Closing Date and the performance by the Company of its obligations hereunder, the amount of funds to be provided pursuant to the Financing Letters; provided that , if funded in accordance with the fee amountsterms of the Financing Letters, flex provisions including the combination of funds expected to be available for borrowing under the New ABL Facility and other economic terms any Available Cash of the Company and its subsidiaries as of the Closing Date, will be sufficient to (i) pay the aggregate Per Share Merger Consideration to all holders of Shares (other than any such term that would (x) reduce Share owned by the aggregate amount of Company or by Parent or Merger Sub), including the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amendamounts payable pursuant to Section 2.8, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) repay the Equity principal and interest on all indebtedness outstanding under the Existing ABL Facility and to pay any amounts required to be paid to holders of the Existing Notes pursuant to the Consent, the Exit Consent Tender Offer or the Change of Control Offer (each as defined in the Debt Commitment Letter), which provides(iii) pay any and all fees and expenses required to be paid at the Closing by Parent, Merger Sub or the Surviving Corporation, in connection with the Merger and shall continue the Financing and (iv) any other amounts required to providebe paid in connection with the consummation of the transactions contemplated by this Agreement (collectively, that the Company is a third party beneficiary thereto with respect to amounts described in clauses (i) through (iv), the provisions specified therein"Financing Uses").
(c) As of the date hereof, each of the Financing Commitment Letters is are in full force and effect effect. Other than as set forth in the Financing Letters and is any fee letter (a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) "Fee Letter" and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of together with the Debt Commitment Letters onlyLetter, the "Debt Financing Letters"), each a copy of which has been provided to the Company prior to the date hereof (except that only the fee amounts, consent fees, price caps (including price caps in any securities demand provisions) and economic "flex" provisions set forth therein have been redacted), there are no conditions precedent related to the funding of the full net amount of the Financing Commitment that would, or would reasonably be expected to, (i) impair the validity of the Financing Letters, (ii) reduce the aggregate amount of the Financing, (iii) prevent or materially delay the Closing, (iv) cause either of the Financing Letters is enforceable against to be ineffective or (v) otherwise result in the parties thereto Financing not being available on a timely basis in accordance with its terms, subject order to consummate the Enforceability Exceptionstransactions contemplated by this Agreement. As of the date hereof, none of the Financing Commitment Letters have been Parent has not amended, modified, supplemented or modified waived any of the conditions or contingencies to funding contained in the Financing Letters (including definitive agreements related thereto) or any respectother provision of, and or remedies under, the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions Financing Letters (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as including definitive agreements related thereto). As of the date hereof, in each caseneither the Guarantors, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) the GS Investors nor any such added lender, lead arranger, bookrunner, syndication agent Financing Source has notified Parent or Merger Sub of its intention to terminate either of the Financing Letters or not to provide the Financing. There are no conditions precedent or other similar entity is a Qualified Bankcontingencies related to the funding of the full amount of the Financing or the conditions precedent thereto, other than as set forth in the Financing Letters (the "Disclosed Conditions"). Other than the Disclosed Conditions, no Financing Source or other Person has any right to impose, and (ii) in no event shall none of the addition of Guarantors, the GS Investors, Parent, Merger Sub, the Company or any subsidiary obligor have any obligation to accept, any condition precedent to such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce funding nor any reduction to the aggregate amount available under the Financing Letters on the Closing Date or, in the case of the Debt Opco Bridge Facility, the amount available thereunder to fund payments under any Exit Consent Tender Offer or any Change of Control Offer, as applicable (nor any term or condition which would have the effect of reducing the aggregate amount available under the Financing Letters on the Closing Date or, in the case of the Opco Bridge Facility, the amount available thereunder to fund payments under any Exit Consent Tender Offer or any Change of Control Offer, as applicable). Neither Parent nor Merger Sub has any reason to believe that it will be funded unable to satisfy on a timely basis any conditions to the funding of the full amount of the Financing, or that the Financing will not be available to Parent or Merger Sub on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, subject in each case, case to all other parties to the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)Letters and this Agreement complying in all material respects with their applicable obligations thereunder and hereunder). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or Merger Sub or, to the Knowledge of the Parent, any of the other parties thereto, under the Financing Letters, other than any such default or breach that has been waived by the Guarantors, the GS Investors, Merger Sub or the Financing Sources, as the case may be, or otherwise cured in a timely manner by Parent or Merger Sub to the reasonable satisfaction of the Guarantors, the GS Investors, or the Financing Sources, as the case may be. As of the date hereof, neither Parent nor Merger Sub nor any Affiliate thereof is a party thereto under to any side letters or other Contracts related to and that could affect the availability of the Financing Commitment other than the Financing Letters and any Fee Letter, in each case, delivered to the Company prior to the date hereof. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates Merger Sub have fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees which are due and expenses, in each case as are required to be paid payable on or before prior to the date hereof pursuant to the terms of the Financing Commitment LettersLetters and the Fee Letter.
(d) Neither Parent, Merger Sub nor any of their Affiliates has (i) retained any financial advisor on a basis exclusive to Parent and/or Merger Sub and/or any such Affiliate, or (ii) entered into an exclusivity, lock-up or other similar agreement, arrangement or understanding with any bank or investment bank or other potential provider of debt or equity financing that would prevent or hinder such provider from providing or seeking to provide such financing to any third party in connection with a transaction relating to the Company or its Subsidiaries, in the case of clauses (i) and (ii), in connection with the Merger or the other transactions contemplated by this Agreement. Neither Parent, Merger Sub nor any of their Affiliates has caused or induced any Person to take any action that, if taken by Parent and/or Merger Sub, would be a breach of, or would cause to be untrue, any of the representations in this Section 4.8(d).
Appears in 1 contract
Financing. Attached as Schedule 6.4 hereto are complete and accurate, fully executed copies of (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letterCommitment Letter, dated as of the date hereof hereof, among Credit Suisse AG and Credit Suisse Securities (USA) LLC (collectively and including any Affiliates, successors or permitted assigns thereof, “Credit Suisse”) and Bowlmor AMF Corp. including all exhibits, annexes, schedules and term sheets attached theretoannexes thereto (as the same may be amended after the date hereof pursuant to Section 7.6, the “OpCo Debt Credit Suisse Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC ) and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2b) the fully executed warehouse facility commitment letterLetter Agreement, dated as of the date hereof hereof, among iStar Financial Inc. (including any Affiliates, successors or permitted assigns thereof, “iStar” and together with Credit Suisse, their respective former, current or future Affiliates, general or limited partners, direct or indirect shareholders or equityholders, managers, members, directors, officers employees, representatives or agents and any former, current or future Affiliates, general or limited partners, direct or indirect shareholders or equityholders, managers, members, directors, officers employees, representatives or agents of any of the foregoing, the “Financing Sources”, provided that Buyer and its Affiliates shall not be deemed Financing Sources) and Bowlmor AMF Corp. including all exhibits, annexes, schedules and term sheets attached theretoannexes thereto (as the same may be amended after the date hereof pursuant to Section 7.6, the “AssetCo Debt iStar Commitment Letter” and”, and together with the OpCo Debt Credit Suisse Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent . The Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, committed to provide Parent with or cause to be provided debt financing to Buyer in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together connection with the OpCo Debt Financing, transactions contemplated hereby and under the “Debt Financing”; the Debt Financing, together with the Equity FinancingCommitment Letters (such debt financing, the “Financing”). The aggregate proceeds to be disbursed pursuant to the agreements contemplated by the Commitment Letters, together with all other funds of Buyer, is sufficient to allow Buyer to (a) consummate the transactions contemplated hereby, including payment of the Closing Cash Purchase Price and (3b) satisfy in cash all other obligations of Buyer required to be satisfied at the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability ExceptionsClosing. As of the date hereof, none the Commitment Letters (together with the fee letter (a copy of which has been provided to Seller, redacted to remove fees, “flex” terms and maximum commitments held by Credit Suisse or its Affiliates for a successful syndication)) constitute all of the agreements entered into between each of the Financing Sources and/or their respective Affiliates, on the one hand, and Buyer and/or its Affiliates, on the other hand, with respect to the financing arrangements contemplated thereby. The Commitment Letters have been amended, supplemented are not subject to any contingency or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition condition of any such lenderkind whatsoever, lead arrangerincluding any subsequent approval process, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing financing contemplated by the Commitment Letters (including any flex provisions“market flex” provisions or similar provisions affecting the structure, pricing, maturity, amortization or any other terms) other than the conditions precedent as set forth in the Financing executed copies thereof attached hereto. The Commitment Letters are in full force and effect, constitute the legal, valid and binding obligations of Buyer and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee lettersKnowledge of Buyer, engagement letters the other parties thereto, subject to bankruptcy, insolvency, reorganization, moratorium and similar laws of general application relating to the Debt Financing or affecting creditors’ rights and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement)general equity principles. As of the date hereof, Parent the Commitment Letters have not been modified or amended in any respect, and the respective commitments contained in the Commitment Letters have not been withdrawn or rescinded. Neither Buyer nor any of its Affiliates have fully paidis in Breach of any of the Commitment Letters nor, or caused to the Knowledge of Buyer, is any of the other parties thereto in Breach of the Commitment Letters. To the Knowledge of Buyer, (1) neither Buyer nor any other party to any Commitment Letters will be unable to satisfy on a timely basis any of the conditions that are required to be paid, satisfied by it or such other party as a condition to the obligations under the Commitment Letters prior to the expiration thereof and (2) no portion of the financing contemplated by the Commitment Letters will not be made available to Buyer at the Closing (subject to satisfaction or waiver of the conditions precedent set forth therein (other than those conditions set forth in Section 9.4 of this Agreement)). Buyer has paid in full any and all commitment fees and any and all and/or other fees and expenses, in each case as are required to be paid on or before prior to the date hereof pursuant to under the terms of the Commitment Letters. The syndication of any of the Financing is not a condition to funding under the Commitment Letters.
Appears in 1 contract
Financing. (a) Parent understands Tenant agrees to pay, not later than five (5) business days following written request from Landlord (or upon the date of this Lease with respect to costs and acknowledges that expenses incurred as of such date): (i) all costs and expenses incurred by Landlord in connection with the obligations initial purchase and leasing of the Parent Leased Premises, including, without limitation, transfer taxes, mortgage recording taxes, PILOMRT and Merger Sub recording fees and charges, the cost of appraisals, environmental reports, property condition report and zoning reports; UCC and related searches; owner's title insurance charges and premiums (including endorsements), the cost of surveys; the costs of any updates to consummate any of the Transactions are not foregoing or any reliance letters required in any way contingent upon connection therewith; and the fees and expenses of Landlord's counsel, and (ii) all costs and expenses incurred by Landlord in connection with the financing of the initial Loan, whether such initial Loan occurs concurrently with or otherwise subject subsequent to the Parent’s consummation of this Lease (but not any financing arrangementextensions, modifications, or refinancing thereof), including without limitation, any "points", application charges, commitment fees, costs of updates or additions to searches or any of the Parent’s obtaining reports identified under clause (i) hereof or any reliance letters required in connection therewith, Lender's title charges and premiums (including endorsements), and the fees and expenses of Lender's counsel; provided that notwithstanding anything to the contrary contained herein, Tenant shall not be responsible for the payment of any costs and expenses incurred by Landlord in connection with the financing or the availabilityof such initial Loan in excess, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth thereinaggregate, of $3,500,000 (excluding any PILOMRT or mortgage recording tax payable by Tenant in accordance with the proceeds provision of which are this Lease); and, provided further, that Landlord agrees that it shall use good faith and commercially reasonable efforts to be used to fund the Transactions negotiate then current market or customary "points" and fees in connection with such debt financing (initial Loan consistent with other mortgages held by institutional lenders for similar properties and incur commercially reasonable costs and expenses in connection with such initial Loan transaction. Notwithstanding anything to the “OpCo Debt Financing”)contrary contained herein, (2) the fully executed warehouse facility commitment letter, dated as if any Lender shall refuse to accept an assignment of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together WPC II Mortgage in connection with the OpCo Debt Commitment Lettermaking of the initial Loan, then the “Debt Commitment Letters”; the Debt Commitment Letters together amount of any mortgage recording tax or PILOMRT due in connection with the Equity Commitment Letter, the “Financing Commitment Letters”), recording of such Lender's Mortgage shall be split equally between Credit Suisse AG, Cayman Islands Branch Landlord and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject Tenant up to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or such tax payable for a mortgage loan of $155,000,000 (ywith Tenant's portion thereof payable as Additional Rent hereunder) impose and any incremental additional conditions or other contingencies (or otherwise amend, modify or expand amount of such tax due on any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing portion of the funding of the Debt Financing) may such loan amount above $155,000,000 shall be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified thereinpayable by Landlord.
(cb) As of the date hereofIn connection with any Loan, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) Landlord shall not incur principal indebtedness thereunder in excess of $225,000,000 at any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and time prior to the Option Lapse Date (ii) in no event shall the addition monthly payment of principal and interest due in connection with such Loan, in the aggregate, exceed the Basic Rent then payable under this Lease with respect to such month, (iii) Landlord shall promptly notify Tenant in writing of the prepayment timeframes and terms of any such lenderMortgage entered into by Landlord, lead arranger, bookrunner, syndication agent (iv) Landlord shall not enter into any Mortgage on the Leased Premises that has a lock-out period precluding prepayment or other similar entity reduce defeasance during the aggregate amount entirety of the Debt Financing Option Window, (v) if Landlord enters into a Loan on the Leased Premises that does not allow Tenant an opportunity to prepay the Loan at par during the Option Window, then Landlord shall be responsible for the applicable Prepayment Premium if Tenant exercises its Purchase Option during such Option Window, and (vi) Landlord agrees that it shall use good faith and commercially reasonable efforts to negotiate then current "market" or customary prepayment premiums in connection with any such Loan, taking into account the credit and financial standing of Tenant and Guarantor at the time Loan is made, current market circumstances and the type and amounts of prepayment premiums or penalties which are generally being required in connection with mortgages held by institutional lenders for similar properties (or similar leasehold interests therein), similarly situated (including, without limitation, mortgages anticipated to be funded on subject to a securitization); specifically, Landlord will use good faith and commercially reasonable efforts (but without legal obligation) to obtain from the Closing Date applicable Lender (x) the ability to prepay the Loan "at par" (i.e., without prepayment premiums or penalties or defeasance costs) in connection with a termination of the Lease and purchase of the Leased Premises pursuant to a rejectable offer made by Tenant under Paragraph 18 hereof, and (y) as long of an "at par" prepayment period immediately prior to maturity of the Loan as then current markets permit without adversely altering the economics of the Loan (z) the ability to extend the Loan an additional six (6) months in the event that a widespread capital markets disruption not related to the Tenant or Guarantor's credit makes an earlier payoff and refinancing problematic (provided that such extension period does not result in any changes in the Loan economics that is adverse to Landlord (including interest rate or amortization schedule changes). Tenant shall not be responsible for any transaction costs or fees incurred by Landlord in connection with any refinancing of the initial Loan.
(c) Tenant agrees to pay, within three (3) business days of written demand therefor, any cost, charge or expense (other than the principal of the Note and interest thereon at the contract rate of interest specified therein) imposed upon Landlord by Lender pursuant to the Note, the Mortgage or the Assignment which is caused by or results from any Event of Default by Tenant under any provision of this Lease.
(d) If Landlord desires to obtain or refinance any Loan (including by increasing an assignment of the WPC II Mortgage), Tenant agrees (i) to reasonably cooperate and negotiate in good faith with Landlord and the applicable Lender concerning any request made by such Lender or proposed Lender for changes or modifications in this Lease, including, without limitation, supplying any such Lender with such notices and information as Tenant is required to give to Landlord hereunder and to extend the rights of Landlord hereunder to any such Lender and to consent to such financing if such consent is requested by such Lender and (ii) to join onto the applicable Mortgage as a signatory thereto (the "Joinder") for the purposes of making Tenant's beneficial estate in the Leased Premises subject to such Mortgage and the rights and remedies of Lender thereunder; provided that: (A) such Lender provides Tenant with an SNDA consistent with the provisions of Paragraph 32(a) below, (B) Tenant shall have no obligation to pay or perform any obligation of Landlord under the Mortgage, but shall be provided with notice and cure provisions customarily granted to a ground lessor that subjects its fee to the lien of a mortgage in connection with a leasehold financing, and (C) to the extent Tenant elects to pay any monthly debt service or incurs any other expense in order to cure a default by Landlord under such Mortgage that was not the result of a default by Tenant under this Lease then Tenant shall be entitled to a credit against the next monthly installment of Basic Rent due hereunder equal to the amount of fees to be so paid or original issue discountexpended, (D) from if such Loan is accelerated and Tenant elects to satisfy such Loan in full in order to cure a default by Landlord under such Mortgage that contemplated was not the result of a default by Tenant under this Lease, then Tenant shall be entitled to reduction in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by Option Price equal to the amount so paid or expended to satisfy such loan in full equal to the amount so paid or expended; and Landlord hereby acknowledges and agrees to such rights and remedies of Tenant hereinabove described and agrees to same, whether or not Landlord is a corresponding amountparty to any such SNDA or other document between Tenant and Lender setting forth such rights. Further, Tenant shall execute such other documents, certificates, or agreements as such Lender reasonably requires in connection with such financing, including an SNDA consistent with the Company has given its prior written consent thereto))provisions of this Paragraph 31(d) and Paragraph 32(a) below. As of Notwithstanding the date hereofforegoing Tenant shall not be required to any enter into any such document, no event has occurred whichinstrument or agreement, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in Joinder or the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OIDSNDA, if exercised)same decreases any right, the aggregate proceeds benefit or privilege of the FinancingTenant under this Lease or increase Tenant's obligations under this Lease, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is beyond a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersde minimis extent.
Appears in 1 contract
Sources: Lease Agreement (Corporate Property Associates 17 - Global INC)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Purchaser has delivered to the Company Parent a true, complete and correct copies copy of (i)
(1) the fully executed debt commitment letter, together with any related fee letters (in the case of the fee letters, as may be redacted solely for confidential provisions related to fees, “flex” terms and economically sensitive terms, none of which would (i) adversely affect the conditionality, enforceability or availability of the Debt Financing to be funded on the Closing Date or (ii) cause the aggregate principal amount of the Debt Financing to be funded on the Closing Date to be insufficient for the Financing Purposes (as defined below)), dated as of the date hereof of this Agreement, by and among the Debt Financing Sources party thereto and Purchaser, providing for debt financing as described therein (including together with all exhibits, annexes, schedules and term sheets attached annexes thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, the Debt Financing Sources party thereto have agreed to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”).
(b) Purchaser has delivered to Parent a true, (2) complete and correct copy of the fully executed warehouse facility equity commitment letter, letter dated as of the date hereof of this Agreement (including together with all exhibits, annexes, schedules and term sheets attached annexes thereto, the “AssetCo Debt Equity Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), by and between Credit Suisse AG, Cayman Islands Branch the Purchaser Sponsors and the ParentPurchaser, pursuant to which the Parent Financing Sources party thereto Purchaser Sponsors have agreed, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt financing invest in Purchaser the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Equity Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”). The Equity Commitment Letter provides that Parent is an express third-party beneficiary of, and (3) the fully executed fee letters relating is entitled to each of the Debt Commitment Letters; provided that the fee amountsenforce, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Debt Commitment Letters Letter is in full force and effect and is a legal, constitutes the valid, binding and enforceable obligation of Parent (to the extent party thereto) Purchaser, and, to the Knowledge of ParentPurchaser, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termsthe terms thereof, subject to the Enforceability Exceptions. As of the date hereof, none the Equity Commitment Letter is in full force and effect and constitutes the valid, binding and enforceable obligation of Purchaser, and, to the Knowledge of Purchaser, each Purchaser Sponsor, enforceable in accordance with the terms thereof, subject to the Enforceability Exceptions. There are no conditions precedent related to the funding of the full amount of the Debt Financing or Equity Financing, as applicable, other than the conditions precedent expressly set forth in the applicable Commitment Letter. Except as expressly permitted under Section 6.16(b), as of the date hereof, the Commitment Letters have not been amended, supplemented amended or modified in any respect, manner and the respective commitments contained therein have not been withdrawn, terminated, reduced, withdrawn or rescinded or otherwise modified in any respect, norand, to Parent’s Knowledgeno such termination, is any such amendmentreduction, supplement, modification, withdrawal, termination withdrawal or rescission currently is contemplated by Purchaser or the subject of discussions (Purchaser Sponsor or any other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as party thereto. As of the date hereof, Purchaser is not in each case, as contemplated by default of or breach under the terms and in accordance with such Debt conditions of any of the Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified BankLetters, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As as of the date hereof, no event has occurred whichthat, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on or a failure to satisfy a condition under the part terms and conditions of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings .
(written or orald) directly or indirectly related Subject to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1Section 9.1 and Section 9.2, 6.2, and 6.3 hereof, and there is Purchaser has no condition reason to believe that (i) any of the conditions precedent expressly set forth in Sections 6.1, 6.2, the Commitment Letters will not be satisfied on or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition prior to the Financing. Upon the funding of Closing Date or (ii) the Financing in the aggregate amounts necessary (together with other cash and cash equivalents of the Transferred Entities or otherwise available to the Purchaser) to satisfy the Financing Purposes (as defined below) will not be available to Purchaser on the Closing Date. Notwithstanding anything elsewhere in this Agreement to the contrary, Purchaser acknowledges that Purchaser’s obligations under this Agreement are not subject to any conditions regarding Purchaser’s, its Affiliates’, or any other Person’s (including, for the avoidance of doubt, Parent or any of its Subsidiaries) ability to obtain the Equity Financing, Debt Financing or any other financing transaction, or the availability or receipt of the proceeds of any of the foregoing, for the consummation of the transactions contemplated hereby.
(e) There are no side letters, understandings or other agreements or arrangements of any kind relating to any of the Commitment Letters or the Financing that could adversely affect the conditionality, amount, timing, availability or termination of the Financing, other than as expressly set forth in the Commitment Letters. Purchaser or an Affiliate of Purchaser on its behalf has fully paid any and all commitments or other fees and amounts required by the Commitment Letters to be paid by Purchaser on or prior to the date of this Agreement.
(f) The Financing, when funded in accordance with and subject to its terms and conditions the Commitment Letters (including after given effect to any “flex” provisions) (together with other cash and cash equivalents of the Transferred Entities or otherwise available to the Purchaser), will provide Purchaser with cash proceeds on the Closing Date sufficient to enable Purchaser to perform all of its payment obligations in accordance with Section 2.3(b)(ii) and, if applicable, Section 2.7 (the “Financing Purposes”). Purchaser has no reason to believe that the representations and warranties contained in the immediately preceding sentence will not be true at and as of the Closing Date.
(g) Assuming the accuracy of the representations and warranties of the Sellers and Transferred Entities set forth in Articles III and IV, immediately after giving effect to any pricing flex that results in OIDthe consummation of the Sale, if exercisedPurchaser and its Subsidiaries, taken as a whole, will be Solvent. For purposes of this Section 5.6(g), the aggregate proceeds of the Financing“Solvent” shall mean, together with other unrestricted cash respect to Purchaser and cash equivalents on hand of Parent on the Closing Dateits Subsidiaries, aretaken as a whole, and will be, in an amount sufficient to that: (i) consummate the Closing upon fair saleable value (determined on a going concern basis) of the terms contemplated by this Agreementassets of Purchaser and its Subsidiaries, taken as a whole, shall be greater than the total amount of the Liabilities of Purchaser and its Subsidiaries, taken as a whole, (ii) Purchaser and its Subsidiaries, taken as a whole, shall be able to pay all other amounts payable by Parent or its Affiliates pursuant to their debts and obligations in the other Ancillary Agreements to which any such Person is a partyOrdinary Course of Business as they become due, and (iii) pay all related fees and expenses of Parent Purchaser and its Affiliates Subsidiaries, taken as a whole, shall have adequate capital to carry on their businesses and Representatives, and (iv) all businesses in which they are about to the extent engage. Purchaser does not currently intend to engage in any other amounts are required to be paid by the Parent on transaction following the Closing Date to consummate that would negatively impact the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As solvency of the date hereofTransferred Entities, Parent or its Affiliates have fully paid, or caused including any transaction to be paid, sell any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms material assets of the Financing Commitment LettersBusiness after the Closing.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that Concurrently with the obligations execution of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangementthis Agreement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Buyer has delivered to the Company true, correct and complete and correct copies of (ia) executed equity commitment letters addressed to Buyer, dated as of the date hereof (the “Equity Commitment Letters”)
, from Ontario Teachers’ Pension Plan Board and Ares Corporate Opportunities Fund IV, L.P. (1the “Equity Financing Sources”) to provide equity financing in an aggregate amount to fund the fully Purchase Price (the “Equity Financing”), and (b) an executed debt commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding from Jefferies Finance LLC and Parent, pursuant to which Barclays Bank PLC (the Parent “Debt Financing Sources party thereto have agreed, on Sources”) providing the terms and subject to conditions upon which the conditions set forth therein, Debt Financing Sources have committed to provide Parent with debt financing in the amounts amount set forth therein, in the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund a portion of the Transactions Purchase Price (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, ,” and together with the Equity Financing, the “Financing”), . The Company and (3) the fully executed fee letters relating to each Sellers are express third-party beneficiaries of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter. The Equity Commitment Letters and the Debt Commitment Letter in the form so delivered are, which providesas to Buyer, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As knowledge of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of ParentBuyer, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due full force and effect and constitutes a legal, valid execution by each other party thereto (in the case of the Debt Commitment Letters only)and binding obligation, each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to except as such enforceability may be limited by the General Enforceability Exceptions. As of the date hereofSuch Equity Commitments and Debt Commitments have not been withdrawn, none of the Financing Commitment Letters have been amended, supplemented terminated or otherwise amended or modified in any respect, and . Assuming the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as accuracy of the date hereof, representations and warranties set forth in each case, as contemplated by Article III and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofArticle IV, no event has occurred whichthat, with or without notice, lapse of time or both, would constitute constitutes a default or material breach on the part of Parent orBuyer under any term or condition of the Equity Commitment Letters or the Debt Commitment Letter. The Equity Commitment Letters and the Debt Commitment Letter (together with the fee letter referred to therein) constitute, as of the date hereof, the entire and complete agreement between the parties thereto with respect to the Knowledge financings contemplated thereby, and, except as set forth, described or provided for in the Equity Commitment Letters and the Debt Commitment Letter, (i) there are no (A) conditions precedent to the obligation of the ParentEquity Financing Source to fund the Equity Financing or (B) conditions precedent to the obligation of the Debt Financing Sources to provide the Debt Financing, any and (ii) there are no contractual contingencies or other party thereto provisions under any agreement (including any side letters) relating to the transactions contemplated by this Agreement to which Buyer or any of its Affiliates is a party that would permit the Equity Financing Source or the Debt Financing Sources to reduce the total amount of the Equity Financing or the Debt Financing, respectively, or impose any additional conditions precedent to the availability of the Equity Financing or Debt Financing, respectively. Buyer has fully paid any and all commitment fees, if any, or other fees required by the Debt Commitment LetterLetter to be paid as of the date hereof. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any assuming the accuracy of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters andArticle III and Article IV, as of the date hereof, Parent Buyer has no reason to believe that it any of the conditions to the Financing will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as on a condition of the Financing, timely basis or that the full amount of funding contemplated in the Financing will not be made available to Parent Buyer on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related a timely basis in order to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms transactions contemplated by this Agreement. Assuming the accuracy of the representations and warranties set forth in Article III and Article IV, the Financing will be sufficient to (iia) pay the Purchase Price in accordance with the terms hereof; (b) refinance or repay in full the Estimated Indebtedness; and (c) pay in full all other amounts fees, costs and expenses payable by Parent or its Affiliates pursuant to Buyer in connection with this Agreement and the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As consummation of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letterstransactions contemplated hereby.
Appears in 1 contract
Sources: Membership Interest Purchase Agreement (CPG Newco LLC)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, true and complete and correct copies of (i)
(1) the fully executed commitment letterletters, from Industrial Bank Co., Ltd. Hong Kong Branch (the “Financing Bank”) (including all exhibits, schedules, and annexes thereto, and the executed fee letter (if any) associated therewith and referenced therein (except that the commitment letters (including the term sheet annexed thereto) and the fee letter are subject to redactions of commercially sensitive information)), as may be amended, supplemented or modified in accordance with the terms hereof, collectively, the “Debt Financing Commitments”), pursuant to which the Debt Financing Sources party thereto have committed, subject to the terms and conditions set forth therein, to lend the amounts set forth therein (the “Debt Financing”) for the purposes of funding the transactions contemplated by this Agreement, and related fees, costs and expenses, (ii) the executed commitment letters, dated as of the date hereof hereof, between Merger Sub and each of the Investors, respectively (including all exhibits, annexes, schedules and term sheets attached theretoannexes thereto (if any), as may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, collectively, the “OpCo Debt Equity Commitment LetterLetters”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedsuch Investor has committed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in invest up to the amounts cash amount set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached theretocollectively, the “AssetCo Debt Commitment Letter” and, together with Cash Financing”) and (iii) the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters Support Agreement (together with the Equity Commitment LetterLetters, collectively, the “Equity Financing Commitments” and together with the Debt Financing Commitments, collectively, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds Rollover Securityholder have committed to contribute to Parent, immediately prior to the Effective Time, the number of which are Rollover Securities set forth therein and to be used to fund consummate the Transactions Merger and other transactions contemplated by this Agreement] (the “AssetCo Debt Financing” and, together with the OpCo Debt Cash Financing, collectively, the “Debt Equity Financing”; ” and together with the Debt Financing, together with the Equity Financingcollectively, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt . Each Equity Financing Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, provides that the Company is a third party beneficiary thereto with respect thereof and entitled to the provisions specified therein.
(c) As of the date hereof, each of the enforce such Equity Financing Commitment Letters is in accordance with the terms and conditions set forth therein. The Financing Commitments are in full force and effect with respect to, and is a are the legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) andobligations of, to the Knowledge of Parent, Merger Sub and each of the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termscase, subject to the Enforceability Exceptions. As of the date hereof, none Bankruptcy and Equity Exception.
(b) None of the Financing Commitment Letters have Commitments has been amendedamended or modified, supplemented no such amendment or modified in any respectmodification (other than as permitted under Section 6.11) is contemplated, the obligations and the respective commitments contained therein in the Financing Commitments have not been withdrawn, terminated, terminated or rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any respect and no such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than as permitted under Section 6.11) is contemplated. Parent or Merger Sub has fully paid any and all fees that are payable on or prior to add lendersthe date hereof under the Financing Commitments and will pay when due all other fees arising thereunder as and when they become due and payable thereunder.
(c) Except as expressly set forth in the Debt Financing Commitments and Buyer Group Contracts, lead arrangersthere are no side letters, bookrunnerscontract, syndication agents agreement, arrangement, commitment to which Parent or other similar entities who had not executed Merger Sub is a Debt Commitment Letter as party that imposes conditions, affects the availability of or modifies, amends or expands the conditions to the funding of the date hereof, Financing (except for (x) those as expressly set forth in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, the Financing Commitments and (iiy) in no event shall customary engagement letters and non-disclosure agreements that do not impact the addition of any such lender, lead arranger, bookrunner, syndication agent conditionality or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discountFinancing) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). transactions contemplated hereby.
(d) As of the date hereofof this Agreement, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent or Merger Sub or, to the Knowledge knowledge of the Parent, any other party thereto parties thereto, under any the Financing Commitment LetterCommitments. The Financing Commitments contain all of the conditions precedent to the obligations of the parties thereunder to make the applicable Financing available to Parent or Merger Sub on the terms and conditions therein. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations ▇▇▇▇▇▇ and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has ▇▇▇▇▇▇ Sub have no reason to believe that it any of the conditions to the Financing contemplated by the Financing Commitments will not be able to satisfy any term satisfied or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent or Merger Sub on the Closing Date. Other than Assuming (x) the conditions in Section 7.1 and Section 7.2 are satisfied or waived, and (y) the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing funded in accordance with the Financing Commitments, Parent and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent Merger Sub will have on the Closing Date, are, and will be, in an amount Date funds sufficient to (i) consummate pay the Closing upon aggregate Per Share Merger Consideration and the terms contemplated by this Agreement, other payments under Article II and (ii) pay any and all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by in connection with the Parent on Merger, the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt transactions contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any Agreement and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters(collectively, the “Required Amount”).
Appears in 1 contract
Sources: Merger Agreement (Hollysys Automation Technologies, Ltd.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Newco has delivered to the Company true, true and complete and correct copies of (i)
(1a) the fully executed commitment letter, dated as of letters from the date hereof Guarantors to provide equity financing in an aggregate amount set forth therein (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment LetterEquity Funding Letters”), among Credit Suisse AG(b) executed commitment letters (the “Commitment Letters”) from L▇▇▇▇▇ Brothers Inc., Credit Suisse Loan Funding LLC Deutsche Bank Securities Inc. and ParentBank of America, N.A. and certain of their Affiliates pursuant to which the Parent Financing Sources party thereto financing parties have agreed, on the terms and subject to the conditions set forth therein, agreed to provide Parent with debt financing in the amounts an aggregate amount set forth therein, the proceeds of which are therein (being collectively referred to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, ,” and together with the Equity Financing, financing referred to in clause (a) being collectively referred to as the “Financing”), ) and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As the executed Guarantees. Other than as permitted pursuant to Section 7.11(a) or the terms thereof, none of the Equity Funding Letters, Commitment Letters or Guarantees has been replaced, amended or modified and, as of the date hereof, each of the Financing Commitment Letters is respective commitments contained in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, such letters have not been withdrawn or rescinded in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptionsany respect. As of the date hereof, none of the Financing Equity Funding Letters, the Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified Guarantees are in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by full force and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respecteffect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) Financing, other than the conditions precedent as set forth in or contemplated by the Financing Commitment Equity Funding Letters and, as of or the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon Assuming the funding of the Financing in accordance with the terms of the Equity Funding Letters and subject the Commitment Letters and the accuracy of the Company’s representations and warranties in Article IV, Newco and the Surviving Corporation will have sufficient funds available to its terms and conditions (including after giving effect it on the date to any pricing flex that results in OID, if exercised), Closing to pay the aggregate proceeds Merger Consideration and any other repayment or refinancing of debt contemplated in the Financing, together with other unrestricted cash Equity Funding Letters or the Commitment Letters and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by Newco or the Parent on Surviving Corporation at Closing (the Closing Date to consummate the “Financed Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement”). As of the date hereofof this Agreement, Parent Newco does not have knowledge of any facts or its Affiliates have fully paid, or caused circumstances that it believes could reasonably expect to be paid, result in any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before of the date hereof pursuant conditions to the terms of the Financing Commitment Lettersnot being satisfied.
Appears in 1 contract
Sources: Merger Agreement (West Corp)
Financing. (a) At the Closing, Parent understands and acknowledges that will have, on an unconditional basis, cash on hand sufficient to fund the obligations performance of the Parent Parent’s and Merger Sub Sub’s obligations hereunder to consummate the Transactions are not transactions contemplated by this Agreement and to satisfy all other costs and expenses of Parent, Merger Sub and their affiliates arising in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) connection therewith. Parent has delivered to the Company and the Stockholder Representative a true, complete and correct copies copy of (i)
(1) the fully respective executed commitment letterletters, dated as of the date hereof hereof, between Parent, on the one hand, and each Limited Guarantor and Opportunity Partners Offshore-B Co-Invest AIV, L.P., a Cayman Islands limited partnership, on the other hand, and attached hereto as Exhibit E (including all exhibits, annexes, schedules and term sheets attached theretocollectively, the “OpCo Debt Commitment LetterEquity Financing Letters”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto Limited Guarantors have agreedcommitted, on upon the terms and subject to the conditions set forth therein, to provide invest in Parent with debt financing in the cash amounts set forth therein, in the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing Equity Financing Letters (the “OpCo Debt Equity Financing”), and (2ii) the fully executed warehouse facility commitment letter, dated as of the date hereof hereof, between Parent and ▇▇▇▇▇▇▇ ▇▇▇▇▇ Lending Partners LLC, Deutsche Bank Securities Inc., Deutsche Bank Trust Company Americas and Deutsche Bank AG Cayman Islands Branch (including all exhibits, annexes, schedules and term sheets attached theretocollectively, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, Lender Parties”) and attached hereto as Exhibit F (the “Debt Commitment Letters”; the Debt Commitment Letters Financing Letter” and together with the Equity Commitment LetterFinancing Letters, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto Lender Parties have agreedcommitted, on upon the terms and subject to the conditions set forth therein, to provide Parent with debt financing in lend the amounts set forth therein, in the proceeds of which are to be used to fund the Transactions Debt Financing Letter (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, ” and together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(cb) As Neither of the Financing Commitments have been amended or modified prior to the date of this Agreement, and, as of the date hereof, each of the respective commitments contained in the Financing Commitment Letters is Commitments have not been withdrawn, terminated or rescinded in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptionsany respect. As of the date hereof, none there are no other agreements, side letters or arrangements to which Parent or Merger Sub is a party relating to either of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and Commitments that could affect the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as availability of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Financing. As of the date hereof, no event has occurred whichthe Financing Commitments are in full force and effect and constitute the legally valid and binding obligations of Parent, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent orother parties to the Equity Financing Letters and, to the Knowledge knowledge of the Parent, any the other party thereto under any parties to the Debt Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contractual contingencies directly between Parent and any other party to the Financing Commitments or indirectly the executed fee letter, dated as of the date hereof, between Merger Sub and the Lender Parties a redacted copy of which is attached hereto as Exhibit G (the “Debt Fee Letter”), related to the funding of the full amount of the Financing (including any flex provisions) “flex” provisions contained in the Debt Fee Letter), other than the conditions precedent as expressly set forth in the Financing Commitment Letters andCommitments and the Debt Fee Letter. The proceeds to be disbursed pursuant to the agreements contemplated by the Financing Commitments, as in the aggregate and together with the available cash, cash equivalents and marketable securities of the Company, will be sufficient for Parent to pay the Closing Payments and all related fees and expenses at the Closing. As of the date hereof, no event has occurred which would result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both would become a default) by Parent has no under the Financing Commitments, and Parent does not have any reason to believe that it any of the conditions to the Financing Commitments will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be has fully paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all or other fees and expenses, in each case as are required to be paid on or before prior to the date hereof pursuant to the terms of the Financing Commitment LettersCommitments.
Appears in 1 contract
Sources: Merger Agreement (Transunion Corp.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, correct and complete and correct copies of (ia) commitment letters (the “Debt Commitment Letters”) from Fifth Third Bank and Falcon Strategic Partners III, LP (collectively, the “Lenders”)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parenthereof, pursuant to which the Parent Financing Sources party thereto Lenders have agreedcommitted, on subject to the terms and subject to the conditions set forth contained therein, to provide Parent with debt financing in the amounts aggregate amount set forth therein, therein for the proceeds purpose of which are to be used to fund consummating the Transactions and fees in connection with such debt financing (b) a commitment letter (the “OpCo Equity Commitment Letter”, and together with the Debt FinancingCommitment Letters, the “Commitment Letters”) from H.I.G. Bayside Debt & LBO Fund II, L.P. (the “Investor”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parenthereof, pursuant to which the Parent Financing Sources party thereto have agreedInvestor has committed, on subject to the terms and subject to the conditions set forth contained therein, to provide Parent with debt equity financing in the amounts aggregate amount set forth therein, therein for the proceeds purpose of which are to be used to fund consummating the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability ExceptionsTransactions. As of the date hereof, none of the Financing Commitment Letters have not been amended, supplemented amended or modified and the commitments set forth in the Commitment Letters have not been withdrawn or rescinded in any respect. The Commitment Letters, and in the respective commitments contained therein have not been withdrawnform so delivered to the Company on the date hereof, terminatedare, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in full force and effect and each caseconstitutes a legal, as valid and binding obligation of the parties thereto. The aggregate proceeds contemplated by the Commitment Letters will be sufficient for Merger Sub to pay the aggregate Merger Consideration and other amounts payable by it at the Closing in accordance connection with such Debt the Transactions. Except as specifically set forth in the applicable Commitment Letter; provided, however, that (a) there are no conditions precedent or other contingencies to the obligations of (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, the Investor to fund the equity financing contemplated by the Equity Commitment Letter and (ii) in each Lender to fund the debt financing contemplated by the applicable Debt Commitment Letter and (b) there are no event shall contingencies pursuant to any contract, agreement or understanding relating to the addition of any such lender, lead arranger, bookrunner, syndication agent Transactions to which Parent or other similar entity Merger Sub is a party that would permit either the Investor or the Lenders to reduce the aggregate total amount of the Debt Financing to be funded on financing contemplated by the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, or impose any additional condition precedent or contingency to the amount availability of the Equity Financing has been increased financing contemplated by a corresponding amountthe Commitment Letters. Assuming the accuracy of the Company’s representations and warranties set forth in Article 3, or the Company has given its prior written consent thereto)). As as of the date hereof, no event has occurred whichthat, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge or Merger Sub under any term or condition of the Parent, any other party thereto under any Financing Commitment LetterLetters. As of the date hereof, Parent is not aware of any fact, event occurrence or other occurrence condition that makes would reasonably be expected to make any of the assumptions, statements, representations and or warranties of Parent in any Financing Commitment Letter therein inaccurate in any material respect. There are no conditions precedent respect or other contingencies directly that would reasonably be expected to cause the commitments provided in the Commitment Letters to be terminated or indirectly related to the funding ineffective or any of the full amount conditions contained therein not to be met. Assuming the accuracy of the Financing (including any flex provisions) other than the conditions precedent Company’s representations and warranties set forth in the Financing Commitment Letters andArticle 3, as of the date hereof, Parent has no reason Knowledge of any event that would be reasonably likely to believe that cause it will not or Merger Sub to be able unable to satisfy on a timely basis any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise it contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be Merger Sub have paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees that have been incurred and expenses, in each case as are required to be paid due and payable on or before prior to the date hereof pursuant in connection with the Commitment Letters. The Limited Guarantee constitutes the legal, valid and binding obligation of the Investor, enforceable against it in accordance with its terms (except to the terms extent its enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting the enforcement of the Financing Commitment Letterscreditors’ rights generally and by general equitable principles).
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations The amount of the Parent and Merger Sub funds contemplated to consummate the Transactions are not in any way contingent upon or otherwise subject be provided pursuant to the Parent’s consummation Financing Commitments will be sufficient to (i) pay the Purchase Price, (ii) pay any and all fees and expenses required to be paid by Purchaser in connection with the transactions contemplated by this Agreement, including the Purchaser Financing, and (iii) satisfy all of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parentits other payment obligations contemplated hereunder.
(b) Parent Purchaser has delivered to the Company true, Seller an accurate and complete and correct copies copy of (i) an executed commitment letter from Guarantors (the “Equity Financing Commitment”)
, pursuant to which Guarantors have committed, subject to the terms thereof, to invest the cash amount set forth therein (1the “Equity Financing”) and which expressly provides that Seller shall be a third party beneficiary thereto (on terms therein) and (ii) (A) the fully executed senior commitment letter dated on or before the date hereof, among Purchaser and Korea Exchange Bank, Kookmin Bank, Industrial Bank of Korea and Korea Investment & Securities as Mandated Lead Arrangers and Underwriters and Korea Exchange Bank as Facility Agent and Security Agent, (B) the executed senior CP satisfaction letter dated on or before the date hereof, among Purchaser and Korea Exchange Bank, Kookmin Bank, Industrial Bank of Korea and Korea Investment & Securities as Mandated Lead Arrangers and Underwriters and (C) the mezzanine commitment letter dated on or before the date hereof, among Purchaser, UBS AG Hong Kong Branch as Mandated Lead Arranger and UBS AG, Singapore Branch as Underwriter, and excerpts of those portions of each executed fee letter and engagement letter associated therewith that contain any conditions to funding or other provisions (excluding provisions related solely to fees and economic terms (other than covenants) agreed by the parties) regarding the terms and conditions of the financing to be provided by such commitment letters and satisfaction letter (such commitment letters and satisfaction letter, dated as of the date hereof (including all exhibits, annexesschedules, schedules annexes and term sheets attached theretoamendments thereto and each such fee letter and engagement letter, collectively, the “OpCo Debt Commitment LetterFinancing Commitments” and such Debt Financing Commitments, together with the Equity Financing Commitment, the “Financing Commitments”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources lenders party thereto have agreedcommitted, on the terms and subject to the conditions set forth thereinterms thereof, to provide Parent with lend the debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Purchaser Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the The Financing Commitment Letters is in full force and effect and is a Commitments are (i) legal, validvalid and binding obligations of Purchaser and Guarantors, binding and enforceable obligation of Parent (to the extent party thereto) as applicable, and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only)Purchaser, each of the Financing Commitment Letters is enforceable against the other parties thereto and (ii) enforceable in accordance with its termstheir respective terms against Purchaser and/or any Guarantor, subject as applicable, and to the Enforceability ExceptionsKnowledge of Purchaser each of the other parties thereto except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies (regardless of whether enforcement is sought in a proceeding at law or in equity). As of Prior to the date hereof, none of the Financing Commitment Letters Commitments has been amended or modified except for such written amendments or modifications that have been amendedprovided to Seller, supplemented and as of the date hereof the respective obligations and commitments contained in the Financing Commitments have not been withdrawn or modified rescinded in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as . As of the date hereof, the Financing Commitments are in each case, as contemplated by full force and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))effect. As of the date hereof, no event has occurred or circumstance exists which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent orPurchaser or any Guarantor, to the Knowledge of the Parentas applicable, or any other party parties thereto under any the Financing Commitment LetterCommitments. As of the date hereof, Parent is not aware of any fact, event or other occurrence Purchaser has no reason to believe that makes any of the representations conditions to the Purchaser Financing contemplated in the Financing Commitments will not be satisfied or that the Purchaser Financing will not be made available to Purchaser on or prior to the Closing Date. Except for fee letters with respect to fees and warranties related arrangements (in each case, that do not relate to the conditionality of, or contain any conditions precedent to, the funding of Parent the financing contemplated by the Debt Financing), there are no side letters or other agreements, contracts or arrangements related to the funding or investing, as applicable, of the full amount of the Purchaser Financing other than as expressly set forth in any the Financing Commitment Letter inaccurate Commitments and delivered to Seller prior to the date hereof (except for the definitive agreements to be entered into in any material respect. There respect of the Financing Commitments), and there are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) Purchaser Financing, other than the conditions precedent as expressly set forth in the Financing Commitment Letters and, as of Commitments and delivered to Seller prior to the date hereof, Parent . Purchaser has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees which are due and expenses, in each case as are required to be paid payable on or before prior to the date hereof pursuant to the terms of the Financing Commitment LettersCommitments. Purchaser is unaware of any fact or occurrence existing on the date hereof that would reasonably be expected to make any of the assumptions or any of the statements set forth in the Financing Commitments inaccurate or that would reasonably be expected to cause the Financing Commitments to be ineffective.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has The Buyer Parties have delivered to the Company true, correct and complete and correct copies of (i)
(1) the fully executed commitment lettercopies, dated as of the date hereof of this Agreement, of (i) executed Capital Commitment Agreements (including all exhibits, annexes, schedules and term sheets attached theretoamendments thereto in effect as of the date of this Agreement) from each of ▇▇▇▇▇ Retail Investments LLC, a Delaware limited liability company, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ LLC, a Delaware limited liability company, and BREP ▇▇▇▇▇ Investment Partners L.P., Delaware limited partnership, dated as of December 19, 2013 (the “Equity Commitment Agreements”), pursuant to which, and subject to the terms and conditions thereof, the Financing Source party thereto has agreed and committed to provide the equity financing set forth therein (the “Equity Financing”), and (ii) Operating Partnership’s Third Amended and Restated Credit Agreement, dated as of March 18, 2014 (as amended, the “OpCo Debt Amended Credit Agreement”, and together with the Equity Commitment LetterAgreements, the “Financing Documents”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which which, and subject to the Parent terms and conditions thereof, the Financing Sources party thereto have agreed, on agreed and committed to provide the terms and subject to the conditions debt financing set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, and together with the Equity Financing, the “Financing”). The Financing Documents have not been amended, and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (restated or otherwise amend, modify modified or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect waived prior to the provisions specified therein.
(c) date of this Agreement and the commitments contained in the Financing Documents have not been withdrawn, modified or rescinded in any respect prior to the date of this Agreement. As of the date hereofof this Agreement, each of the Financing Commitment Letters is Documents are in full force and effect and is a legal, are the valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) and, to the Knowledge of Parent, Operating Partnership and the other parties thereto, in each case subject thereto (except for the Bankruptcy and Equity Exception). There are no conditions precedent to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case funding of the Debt Commitment Letters only)full amount of the Financing, each other than as expressly set forth in or contemplated by the Financing Documents. Subject to the terms and conditions of the Financing Commitment Letters is enforceable against Documents, the parties thereto net proceeds contemplated from the Financing, together with other financial resources of the Buyer Parties, including cash on hand of the Buyer Parties and the Company on the Closing Date, will, in accordance with its termsthe aggregate, subject be sufficient for the satisfaction of all of the Buyer Parties’ obligations under this Agreement, including the payment of any amounts required to be paid by the Buyer Parties pursuant to Article I and Article II and of all fees and expenses required to be paid by the Buyer Parties and reasonably expected to be incurred in connection herewith. The Buyer Parties have fully paid all fees required to be paid prior to the Enforceability Exceptionsdate of this Agreement pursuant to the Financing Documents. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofthis Agreement, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent the Buyer Parties or, to the Knowledge knowledge of the ParentBuyer Parties, any other party thereto parties thereto, under any the Financing Commitment LetterDocuments. As of the date hereofof this Agreement, Parent none of the Buyer Parties is not aware of any fact, event occurrence or other occurrence condition that makes any of the representations and warranties of Parent assumptions or statements set forth in any of the Financing Commitment Letter Documents inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including , nor does it have any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required conditions to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made satisfied or that the Financing will not be available to Parent the Buyer Parties on the Closing Datedate of the Closing. Other than The consummation of the Financing Commitment Letters, there are no side letters Merger and the other Transactions will not result in the violation of any covenant under or other Contracts, arrangements breach of or understandings (written or oral) directly or indirectly related to the default under any Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersDocument.
Appears in 1 contract
Sources: Merger Agreement (AmREIT, Inc.)
Financing. (ai) Parent understands and acknowledges that the obligations As of the date of this Agreement, Parent is a party to and Merger Sub to consummate has accepted a fully executed commitment letter, dated the Transactions are not in any way contingent upon date of this Agreement (together with all exhibits and schedules thereto and as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Debt Commitment Letter”) from the Debt Financing Sources, pursuant to which such Debt Financing Sources have agreed, subject only to the terms and conditions thereof, to provide debt financing in the amounts set forth therein. The debt financing committed pursuant to the Debt Commitment Letter is referred to in this Agreement as the “Debt Financing”.
(ii) As of the date of this Agreement, Parent is a party to and has accepted a fully executed commitment letter, dated as of the date hereto (together with all exhibits and schedules thereto, the “Equity Commitment Letter” and, together with the Debt Commitment Letter, the “Commitment Letters”), from Patient Square Equity Partners II, L.P., a Delaware limited partnership (the “Equity Investor”) pursuant to which, on the terms and subject to the Parent’s consummation of any financing arrangementconditions set forth therein, the Parent’s obtaining of any Equity Investor has agreed to invest in Parent the amounts set forth therein. The Equity Commitment Letter provides that the Company is an express third-party beneficiary of, and is entitled to enforce, the Equity Commitment Letter. The equity financing or the availability, grant, provision or extension of any financing committed pursuant to the ParentEquity Commitment Letter is referred to in this Agreement as the “Equity Financing”. The Equity Financing and the Debt Financing are collectively referred to as the “Financing”.
(biii) As of the date of this Agreement, Parent has delivered to the Company true, complete and correct copies of the (ia) executed Commitment Letters and (b) fee letters, dated the date of this Agreement, which are referred to in the Debt Commitment Letter (the “Fee Letters”), subject, in the case of such Fee Letters, to redaction solely of fees, interest rates, pricing caps and other economic provisions that are customarily redacted in connection with transactions of this type (none of which such redacted provisions would reasonably be expected to adversely affect the conditionality, enforceability, availability, termination or the aggregate amount of the Financing at Closing).
(1iv) Except as expressly set forth in the fully executed commitment letterCommitment Letters and/or the non-redacted portions of the Fee Letters, dated as applicable, as of the date hereof (including all exhibitsof this Agreement, annexesnone of Parent or its Affiliates has entered into any agreement, schedules and term sheets attached theretoside letter, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject contracts or other arrangement relating to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (xa) impose new or additional conditions or otherwise adversely amend, modify or expand any conditions precedent to the Financing or (b) reduce the aggregate amount of the Financing. As of the date of this Agreement, and assuming satisfaction of the conditions set forth in Section 7.1 and Section 7.2, Parent does not have any reason to believe that it will be unable to satisfy on a timely basis all conditions to the Financing to be satisfied by Parent on the Closing Date under any of the Commitment Letters or that the Financing will not be available to Parent on the Closing Date, nor does Parent have Knowledge, as of the date hereof, that any Debt Financing Source or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect Equity Investor will not perform its obligations under the availability or timing applicable Commitment Letter. The non-redacted portion of the funding Fee Letters and the Commitment Letters contain all conditions precedent to the obligations of the Debt Financing) may be redacted in a customary manner; and (ii) parties thereunder to make the Equity Commitment Letter, which provides, and shall continue Financing available to provide, that Parent on the Company is a third party beneficiary thereto with respect to the provisions specified terms set forth therein.
(cv) The Financing, when funded in accordance with the Commitment Letters is an amount sufficient to provide Parent and Merger Sub with cash proceeds on the Closing Date to make the Merger Consideration payment required pursuant to Section 4.1(a), pay any fees, expenses and other amounts required to be paid or reimbursed at the Closing by Parent or Merger Sub pursuant to this Agreement and to consummate the repayment or refinancing of any outstanding indebtedness of the Company and/or its Subsidiaries in connection with the transactions described in this Agreement (such amounts, collectively, the “Financing Amounts”).
(vi) As of the date hereofof this Agreement, each of the Financing Commitment Letters is in full force and effect and is a constitute the legal, valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) and, and to the Knowledge of Parent, all the other parties thereto, thereto and are in each case subject to the Enforceability Exceptions. Assuming due full force and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termseffect, subject to the Enforceability ExceptionsBankruptcy and Equity Exception. As of the date hereof, none of this Agreement and assuming satisfaction of the Financing Commitment Letters have been amended, supplemented or modified conditions set forth in any respect, Section 7.1 and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofSection 7.2, no event has occurred which, which (with or without notice, lapse of time or both) constitutes, would constitute or could constitute, a default default, breach or material breach on failure to satisfy a condition to funding by Parent under the part of Parent or, to the Knowledge terms of the Parent, any other party thereto under any Financing Commitment LetterLetters. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereofthis Agreement, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the paid in full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all or other fees and expenses, in each case as are required to be paid pursuant to the terms of the Commitment Letters to be paid on or before the date hereof pursuant to of this Agreement, and will pay in full any such amounts due on or before the terms Closing Date as and when due. As of the Financing date of this Agreement, the Commitment LettersLetters have not been amended or modified in any respect or withdrawn or rescinded, and the commitments contained in the Commitment Letters have not been reduced or rescinded in any respect.
(vii) In no event shall the receipt or availability of any funds or financing (including the Financing) by or to Parent or any of its Affiliates or any other financing or other transactions be a condition to any of Parent’s or Merger Sub’s obligations under this Agreement.
Appears in 1 contract
Sources: Merger Agreement (Premier, Inc.)
Financing. (a) Parent understands Assuming the accuracy of the representations and acknowledges that warranties set forth in Article III and performance by the Company of its obligations under this Agreement, the amount of funds contemplated to be provided pursuant to the Financing Letters (as defined below), together with Company cash and cash equivalents, are expected as of the date hereof to be sufficient, if funded, to (A) pay the aggregate Merger Consideration and any repayment or refinancing of Indebtedness contemplated by this Agreement or the Financing Letters, (B) pay any and all fees and expenses required to be paid by Parent, Acquisition Sub and the Surviving Corporation in connection with the Merger and the Financing, and (C) satisfy all of the other payment obligations of Parent, Acquisition Sub and the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the ParentSurviving Corporation contemplated hereunder.
(b) Parent has delivered to the Company a true, complete and correct copies copy of (i)
(1A) the fully executed commitment letters, dated as of March 8, 2010, among Acquisition Sub, CCMP Capital Investors II, L.P. and CCMP Capital Investors (Cayman) II, L.P. (the “Equity Financing Letters”), pursuant to which investors party thereto have committed severally and not jointly and, subject to the terms and conditions thereof, to invest the cash amounts set forth therein (the “Equity Financing”) and (B) the executed commitment letter, dated as of March 8, 2010, among Parent, Acquisition Sub, Bank of America, N.A. and Banc of America Securities LLC (as the date hereof (same may be amended or replaced and including all exhibitsany executed commitment letter for the issuance of any mezzanine notes in substitution of portions of the commitments thereunder or any executed commitment letter for Alternate Financing, annexesin each case, schedules and term sheets attached theretopursuant to Section 6.4, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Financing Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources lenders party thereto have agreedcommitted, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As The Financing Letters are (A) legal, valid and binding obligations of Parent and Acquisition Sub, as applicable, and, to the date hereofknowledge of Parent, each of the Financing Commitment Letters is other parties thereto and (B) enforceable in full force accordance with their respective terms against Parent and effect and is a legalAcquisition Sub, validas applicable, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge knowledge of Parent, each of the other parties thereto, in each case subject except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting or relating to the Enforceability Exceptionscreditors’ rights generally, and general principles of equity. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject Prior to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have has been amended, supplemented amended or modified in any respectmodified, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by hereof the respective obligations and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated commitments contained in the Debt Commitment Financing Letters (unless, have not been withdrawn or rescinded in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))any respect. As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations Letters are in full force and warranties of Parent in any Financing Commitment Letter inaccurate in any material respecteffect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including in any flex provisions) side letter or other agreements, contracts or arrangements disclosed in Section 4.9 of the Parent Disclosure Letter), other than the conditions precedent as set forth in the Financing Commitment Letters Letters. Except as set forth on Section 4.9 of the Parent Disclosure Letter and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contractsagreements, contracts or arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee lettersfunding or investing, engagement letters relating to as applicable, of the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or full amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained other than as expressly set forth in the Financing Commitment Letters. There is no condition Letters and delivered to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition Company prior to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement)date hereof. As of the date hereof, Parent or its Affiliates and Acquisition Sub have fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees which are due and expenses, in each case as are required to be paid payable on or before prior to the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Merger Agreement (infoGROUP Inc.)
Financing. (a) Parent understands and acknowledges that the obligations Section 4.6 of the Parent Disclosure Letter sets forth true and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
) an executed equity commitment letter from Blackstone Capital Partners VI L.P. (1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Sponsor”) to provide equity financing (the “Equity Financing”) to Parent and/or Merger Sub (the “Equity Commitment Letter”), among Credit Suisse AG(ii) an executed rollover commitment letter (the “Rollover Letter”) from HFCP VI Domestic AIV, Credit Suisse Loan Funding LLC L.P., H&F ▇▇▇▇▇▇▇▇▇▇ AIV II, L.P., ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ Capital Executives VI, L.P. and Parent▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ Capital Associates VI, L.P. (collectively, the “Rollover Investors”) pursuant to which the Parent Financing Sources party thereto have agreedwhich, on the terms and subject to the terms and conditions of which, the Rollover Investors have committed to contribute to Parent, the Surviving Corporation or a direct Subsidiary of the Surviving Corporation the amount of shares of Common Stock and Units set forth therein, therein and to provide Parent with debt financing in consummate the amounts set forth therein, transactions contemplated by the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing Unit Purchase Agreement attached thereto (the “OpCo Debt FinancingRollover Investment”), ) and (2iii) the fully an executed warehouse facility debt commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules letter and related term sheets attached thereto, (the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment LettersCommitments”)) from Bank of America, between Credit Suisse AGN.A., Cayman Islands Branch ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated, Barclays Bank PLC, Barclays Capital, and Citigroup Global Markets Inc. (the Parent, “Lenders”) pursuant to which the Parent Financing Sources party thereto have agreedwhich, on the terms and subject to the terms and conditions set forth thereinof which, the Lenders have committed to provide Parent and/or Merger Sub with debt financing loans in the amounts set forth described therein, the proceeds of which are to may be used to fund consummate the Transactions Merger and the other transactions contemplated by this Agreement (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with Equity Financing pursuant to the Equity FinancingCommitment Letter, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) . As of the date hereof, each of the Financing Commitment Letters is in full force Commitments and effect and the Rollover Letter is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) or Merger Sub and, to the Knowledge of the Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none each of the Financing Commitment Letters have Commitments and the Rollover Letter is in full force and effect, and neither of the Financing Commitments nor the Rollover Letter has been amendedwithdrawn, supplemented rescinded or terminated or otherwise amended or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, to the Knowledge of the Parent, neither Parent nor Merger Sub is in breach of any of the terms or conditions set forth in any of the Financing Commitments and the Rollover Letter. As of the date hereof, there is no event has occurred whichfact or occurrence existing on the date hereof that, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, reasonably be expected to the Knowledge (A) make any of the Parentassumptions or any of the statements set forth in the Financing Commitments and the Rollover Letter inaccurate in any material respect, (B) result in any other party thereto under any of the conditions in the Financing Commitment LetterCommitments and the Rollover Letter not being satisfied or (C) otherwise result in the Financing not being available, or the Rollover Investment not being made. As of the date hereof, neither the Sponsor nor any Lender has notified Parent or Merger Sub of its intention to terminate either of the Financing Commitments or not to provide the Financing, and none of the Rollover Investors has notified Parent or Merger Sub of its intention to terminate the Rollover Letter or not to make the Rollover Investment. Assuming (1) the Financing is not aware funded in accordance with its terms and conditions, (2) the Rollover Investment is made in accordance with the terms and conditions of the Rollover Letter and (3) the satisfaction of the conditions to the Parent and Merger Sub’s obligation to consummate the Merger set forth in Sections 6.2(a), 6.2(b), 6.2(c) and 6.2(d), the net proceeds from the Financing will, together with the Rollover Investment, be sufficient to consummate the Merger and the other transactions contemplated by this Agreement, including the payment by Parent and Merger Sub of the Merger Consideration, any fees and expenses of or payable by Parent, Merger Sub or the Surviving Corporation, and any related repayment or refinancing of any factindebtedness of the Company or any of its Subsidiaries, event and any other amounts required to be paid in connection with the consummation of the transactions contemplated by this Agreement. Parent or Merger Sub has paid in full any and all commitment or other occurrence fees required by the Financing Commitments that makes are due as of the date hereof, and will pay, after the date hereof, all such commitments and fees as they become due. There are no side letters, understandings or other agreements or arrangements relating to the Financing (except for customary fee letters and engagement letters which do not contain any additional conditions to closing or other agreements relating to the availability of the full amount of the Financing, and a complete copy of the fee letter has been made available to the Company with customary redactions of fee amounts and certain other terms) or the Rollover Investment to which Parent, Merger Sub or any of their respective Affiliates are a party that relate to the representations amount, availability or conditions of the Financing or the Rollover Investment, other than the Financing Commitments and warranties of Parent in any Financing Commitment Letter inaccurate in any material respectthe Rollover Letter. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) Financing, other than the conditions precedent as explicitly set forth in the Financing Commitment Letters andCommitments, as and there are no conditions precedent related to the contribution of the date hereoffull amount of the Rollover Investment, other than as explicitly set forth in the Rollover Letter. Assuming the satisfaction of the conditions to the Parent and Merger Sub’s obligation to consummate the Merger set forth in Sections 6.2(a), 6.2(b), 6.2(c) and 6.2(d), neither Parent nor Merger Sub has no any reason to believe that it will not be able unable to satisfy on a timely basis any term or condition conditions to the funding of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing or the contribution of the full amount of the Rollover Investment, or that the Financing will not be made available to to, or that the Rollover Investment will not be contributed to, Parent or Merger Sub or other applicable Person on the Closing Date. Other than For the Financing Commitment Lettersavoidance of doubt, there are no side letters or other Contractsit is not a condition to Closing under this Agreement, arrangements or understandings (written or oral) directly or indirectly related nor to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount consummation of the Financing) which could adversely impact the timing Merger, for Parent or availability of Merger Sub to obtain the Financing, including without limitation, by providing for additional the Rollover Investment or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersalternative financing.
Appears in 1 contract
Sources: Merger Agreement (Emdeon Inc.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, a true and complete and correct copies copy of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC Letter (together with all exhibits and Parentschedules thereto) from the Debt Financing Sources party thereto, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on the terms and subject to the conditions set forth therein, such Debt Financing Sources have committed to provide Parent with debt financing in the amounts set forth therein, therein to Merger Sub for the proceeds purpose of which are to be used to fund funding the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), .
(2b) Parent has delivered to the Company a true and complete copy of the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Equity Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with Letter from the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the ParentInvestors, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on the terms and subject to the conditions set forth therein, the Equity Investors have agreed to provide invest in Parent with debt financing in the amounts amount set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Equity Financing” and”). The Equity Commitment Letter provides that the Company is an express third-party beneficiary of, together and is entitled to enforce in accordance with its terms, the Equity Commitment Letter in connection with the OpCo Company’s exercise of its rights under Section 8.08 (subject to clause (b) thereof).
(c) Except as expressly set forth in the Debt Financing, the “Debt Financing”; Commitment Letter (with respect to the Debt Financing) and the applicable Equity Commitment Letter (with respect to the Equity Financing), together with there are no conditions precedent relating to the obligations of the Debt Financing Sources or the Equity Investors to provide the full amount of the Debt Financing or the Equity Financing, respectively, contemplated by the “Financing”)applicable Commitment Letter, and (3) the fully executed fee letters relating to each of or any contingencies that would permit the Debt Commitment Letters; provided that Financing Sources or the fee amounts, flex provisions and other economic terms (other than any such term that would (x) Equity Investors to reduce the aggregate amount of the Debt Financing or (y) impose to an amount that is less than the Financing Amounts, including any additional conditions condition or other contingencies (contingency relating to the amount or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding applicable Financing pursuant to any “flex” provision. Parent does not have any reason to believe that (i) it or Merger Sub will be unable to satisfy on a timely basis all terms and conditions to be satisfied by it in any of the Debt Financing) may be redacted in a customary manner; and Commitment Letters on or prior to the Closing Date or (ii) the Equity full amount of the Financing to be provided under the Commitment LetterLetters would not be available to Parent and Merger Sub on or prior to the Closing Date. There are no side letters, which providesunderstandings or other agreements, and shall continue contracts or arrangements of any kind (other than the Debt Commitment Letters themselves) relating to providethe Commitment Letters or the Financing that could adversely affect the conditionality, amount, availability, enforceability or termination of any Financing or commitments in respect thereof.
(d) Assuming that the Company conditions set forth in Section 6.01 and Section 6.02 have been satisfied and that the Financing is a third party beneficiary thereto funded in accordance with the Commitment Letters (including with respect to the provisions specified thereinDebt Financing, after giving effect to any “flex” provision in or related to the Debt Commitment Letter (including with respect to fees and original issue discount)), the Financing provided pursuant to the Commitment Letters will provide Parent and Merger Sub with cash proceeds on the Closing Date sufficient for the satisfaction of all of Parent’s and Merger Sub’s obligations on the Closing Date under this Agreement and the Commitment Letters, including the payment of the Merger Consideration on the Closing Date and any fees and expenses of or payable by Parent or Merger Sub or Parent’s other Affiliates, and for any repayment or refinancing of any outstanding Indebtedness of the Company and/or its Subsidiaries contemplated by, or required in connection with the transactions described in, this Agreement or the Commitment Letters (such amounts, collectively, the “Financing Amounts”).
(ce) As of The obligations set forth in the date hereof, each of Debt Commitment Letter constitute the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) Parent, and, to the Knowledge of Parent, the other parties Debt Financing Sources party thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto such Debt Financing Sources in accordance with its their terms, subject to the Enforceability ExceptionsBankruptcy and Equity Exception, and the Debt Commitment Letter is in full force and effect. As of the date hereofof this Agreement, none no event has occurred that (with or without notice, lapse of time or both) could constitute a default, breach or failure to satisfy a condition by Parent, Merger Sub or, to the Knowledge of Parent, any other party thereto under the terms and conditions of the Debt Commitment Letter or would otherwise reasonably be expected to result in any portion of the Debt Financing contemplated thereby to be unavailable. As of the date of this Agreement, Parent does not have any reason to believe that any of the conditions to the Financing will not be satisfied by Parent on a timely basis. Parent has paid, or caused to be paid, in full any and all commitment fees or other fees required to be paid pursuant to the terms of the Debt Commitment Letters have been amendedLetter on or before the date of this Agreement, supplemented and will pay, or modified cause to be paid, in full any such amounts due to be paid by it on or before the Closing Date. Parent and Merger Sub acknowledge and agree that their respective obligations under this Agreement are not in any way contingent or otherwise subject to (i) the consummation of any financing arrangements or obtaining any financing (including the Debt Financing) or (ii) the availability of any financing (including the Debt Financing) to Parent, Merger Sub or any of their respective Affiliates. As of the date of this Agreement, the Debt Commitment Letter has not, in any respect, been amended, restated, amended and the respective commitments contained therein have not been withdrawnrestated, terminatedsupplemented, rescinded withdrawn or otherwise modified and none of the commitments thereunder have been terminated, reduced, withdrawn or rescinded in any respectrespect by any party thereto, norand, to Parent’s Knowledge, is any no such amendment, supplementrestatement, modificationamendment and restatement, supplementation, withdrawal, termination termination, reduction, recission or rescission currently other modification is contemplated or the subject of discussions (other than any amendments, supplements or other modifications to the Debt Commitment Letter as expressly contemplated thereby as in effect as of the date hereof solely to add or replace in part lenders, lead arrangers, bookrunners, syndication agents or other similar entities as parties thereto who had not executed a the Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is hereof but only to the extent doing so would not constitute a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)Prohibited Modification). As of the date hereofof this Agreement, Parent has no Knowledge of (A) any fact, occurrence, circumstance or condition that would reasonably be expected to cause the Debt Commitment Letter to terminate or be withdrawn, repudiated or rescinded or to be or become ineffective or the commitments thereunder to be reduced or (B) any fact, occurrence, circumstance or condition that would reasonably be expected to prevent any Debt Financing Source from funding the Debt Financing under the Debt Commitment Letter or cause any other potential impediment to the funding of any of the commitments of the Debt Financing Sources under the Debt Commitment Letter at or prior to the Closing.
(f) The obligations set forth in the Equity Commitment Letter constitute the legal, valid, binding and enforceable obligations of Parent and the Equity Investors, enforceable against the Equity Investors in accordance with their terms, subject to the Bankruptcy and Equity Exception, and the Equity Commitment Letter is in full force and effect. As of the date of this Agreement, no event has occurred which, that (with or without notice, lapse of time or both, would ) could constitute a default default, breach or material breach on the part of failure to satisfy a condition by Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand Equity Commitment Letter or would otherwise reasonably be expected to result in any portion of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms Equity Financing contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required thereby to be paid by the unavailable. Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully has paid, or caused to be paid, in full any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Equity Commitment Letter on or before the date of this Agreement, and will pay, or cause to be paid, in full any such amounts due to be paid by it on or before the Closing Date. Parent acknowledges and agrees that its obligations under this Agreement are not in any way contingent or otherwise subject to (i) the consummation of any financing arrangements or obtaining any financing (including the Equity Financing) or (ii) the availability of any financing (including the Equity Financing) to Parent or any of its Affiliates. As of the date of this Agreement, the Equity Commitment Letter has not, in any respect, been amended, restated, amended and restated, supplemented, withdrawn or otherwise modified and none of the commitments thereunder have been terminated, reduced, withdrawn or rescinded in any respect by any party thereto, and, no such amendment, restatement, amendment and restatement, supplementation, withdrawal, termination, reduction, recission or other modification is contemplated. As of the date of this Agreement, Parent has no Knowledge of (A) any fact, occurrence, circumstance or condition that would reasonably be expected to cause the Equity Commitment Letter to terminate or be withdrawn, modified, repudiated or rescinded or to be or become ineffective or the commitments thereunder to be reduced or (B) any fact, occurrence, circumstance or condition that would reasonably be expected to prevent the Equity Investors from funding the Equity Financing under the Equity Commitment LettersLetter or cause any other potential impediment to the funding of any of the payment obligations of the Equity Investors under the Equity Commitment Letter at or prior to the Closing.
(g) Notwithstanding anything to the contrary contained herein, each of Parent and Merger Sub expressly acknowledges, agrees and represents that its obligations to consummate the Transactions under this Agreement are not conditioned or contingent on its or its Affiliates’ (i) receipt or availability of any funds (including any Financing) or (ii) ability to obtain any financing (including the Financing).
Appears in 1 contract
Sources: Merger Agreement (Dayforce, Inc.)
Financing. (a) Parent understands Attached hereto as Exhibit D are true and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of commitment letters (i)
including (1A) the fully executed commitment letterall exhibits, dated schedules, annexes and amendments to such letters in effect as of the date hereof of this Agreement (other than any fee letters) and (B) any associated fee letters in redacted form) from the lenders party thereto (collectively, the “Debt Commitment Letters”), pursuant to which the lenders parties thereto have agreed, subject to the terms and conditions set forth therein, to provide the debt financing for the transactions contemplated by this Agreement (the “Debt Financing”). Attached hereto as Exhibit E is a true, correct and complete copy of the commitment letter (including all exhibits, annexesschedules, schedules annexes and term sheets attached theretoamendments to such letter in effect as of the date of this Agreement) from Olympus Growth Fund V, L.P. (the “Equity Financing Commitment” and together with the Debt Commitment Letters, the “OpCo Debt Commitment LetterFinancing Commitments”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have Olympus Growth Fund V, L.P. has agreed, subject to the terms and conditions set forth therein, to provide the equity financing for the transactions contemplated by this Agreement (the “Equity Financing” and together with the Debt Financing, the “Acquisition Financing”). Assuming the Acquisition Financing is consummated in accordance with the terms of the Financing Commitments, the aggregate proceeds to be disbursed to the Purchaser pursuant to the agreements contemplated by the Financing Commitments will be sufficient for the Purchaser to consummate the transactions contemplated by this Agreement on the terms and subject to the conditions set forth therein, herein and to provide Parent with debt financing in pay all related fees and expenses associated therewith incurred or otherwise payable by the amounts set forth therein, Purchaser. The Purchaser has fully paid any and all commitment fees or other fees required by the proceeds of which are Financing Commitments to be used to fund paid on or before the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as date of this Agreement. NPC is an express third party beneficiary of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on in accordance with the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), herein and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(cb) As of the date hereofof this Agreement, each of the Financing Commitment Letters is Commitments are in full force and effect and is a are the legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) Purchaser and, to the Knowledge of ParentPurchaser’s knowledge, the other parties thereto, enforceable against such parties in each case subject to the Enforceability Exceptionsaccordance with their terms. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each The obligations of the Financing Commitment Letters is enforceable against Sources to fund the parties thereto in accordance with its terms, commitments under the Financing Commitments are not subject to any conditions other than as set forth in the Enforceability ExceptionsFinancing Commitments. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofthis Agreement, no event has occurred which, that (with or without notice, lapse of time time, or both, ) would constitute a breach or default or material breach on under the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment LetterCommitments by Purchaser. As of the date hereofof this Agreement, Parent is not aware Purchaser has no knowledge of any fact, event facts or other occurrence circumstances that makes are reasonably likely to result in (i) any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing Commitments not being satisfied or (ii) the Acquisition Financing not being made available to Purchaser on a timely basis in accordance with and subject order to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms transactions contemplated by this Agreement. Prior to the date of this Agreement, (iix) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms none of the Financing Commitment LettersCommitments have been amended or modified and (y) the respective commitments contained in the Financing Commitments have not been withdrawn, modified or rescinded in any respect.
Appears in 1 contract
Sources: Purchase and Sale Agreement (NPC Operating Co B, Inc.)
Financing. (a) Parent understands has received and acknowledges that the obligations accepted two executed commitment letters, dated as of the Parent and Merger Sub date of this Agreement (as amended, modified, supplemented, replaced or extended from time to consummate time after the Transactions are not date of this Agreement in compliance with Section 5.11(a), the “Debt Commitment Letters”), from the lenders (including any way contingent upon or otherwise lenders who become party thereto by joinder) party thereto (collectively, the “Lenders”), pursuant to which the Lenders have agreed, subject to the Parent’s consummation of any terms and conditions thereof, to provide the debt amounts set forth therein. The debt financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing committed pursuant to the ParentDebt Commitment Letters is collectively referred to in this Agreement as the “Debt Financing.”
(b) Parent has received and accepted executed commitment letters, dated as of the date of this Agreement (as amended from time to time after the date of this Agreement in compliance with Section 5.11(a), the “Equity Commitment Letters” and, together with the Debt Commitment Letters, the “Commitment Letters”) from the Guarantors pursuant to which the Guarantors have agreed, subject to the terms and conditions thereof, to invest in Parent the amounts set forth therein. The Equity Commitment Letters provide that the Company is a third-party beneficiary thereof and is entitled to enforce such agreement, in each case, subject to the terms and conditions thereof. The cash equity committed pursuant to the Equity Commitment Letters is collectively referred to in this Agreement as the “Cash Equity.” The Cash Equity and the Debt Financing are collectively referred to as the “Financing.” Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as Commitment Letters and copies of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject any fee or engagement letters related to the conditions set forth therein, to provide Parent Debt Financing (with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the only fee amounts, flex provisions pricing caps and other economic terms redacted (other than any such term that none of which would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the amount or availability or timing of the funding of the Debt Financing) may be redacted (as amended, modified, supplemented, replaced or extended from time to time after the date of this Agreement in a customary manner; and (ii) compliance with Section 5.11(a), the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein“Fee Letters”).
(c) As Except as expressly set forth in the copies of the Commitment Letters (or in the unredacted portions of the Fee Letters) delivered to Parent pursuant to Section 4.5(b), as of the date hereofof this Agreement, each there are no conditions precedent to the obligations of the Lenders and the Guarantors to provide the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation or any contingencies that would permit the Lenders or the Guarantors to reduce the total amount of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability ExceptionsFinancing. Assuming due and valid execution by each other party thereto (in the case satisfaction of the Debt Commitment Letters only), each conditions set forth in Section 6.1 and Section 6.3 and the completion of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termsMarketing Period, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, Parent does not have any reason to believe that it will be unable to satisfy on a timely basis all material conditions to be satisfied by it in each caseany of the Commitment Letters or the Fee Letters at the time it is required to consummate the Closing hereunder, nor does Parent have Knowledge, as contemplated by and of the date of this Agreement, that any of the Lenders or Guarantors will not perform their respective funding obligations under the Commitment Letters in accordance with such Debt their respective terms and conditions.
(d) The Financing, together with the Funding Amount, if funded in accordance with the Commitment Letter; providedLetters, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, shall provide Parent and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded Merger Sub with cash proceeds on the Closing Date (sufficient for the satisfaction of all of Parent’s and Merger Sub’s payment obligations under this Agreement and under the Commitment Letters, including the payment of the Merger Consideration and the repayment of any Indebtedness of the Company contemplated by increasing this Agreement and any fees and expenses of or payable by Parent, Merger Sub or the amount of fees to be paid or original issue discount) from that contemplated Surviving Corporation in connection with the Merger, the Debt Commitment Letters (unlessTender Offers and the Financing, in each case, case at the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). Closing.
(e) As of the date hereofof this Agreement, the Commitment Letters are valid, binding and in full force and effect (except to the extent enforcement may be limited by the Bankruptcy and Equity Exception) and, as of the date of this Agreement, no event has occurred whichthat, with or without notice, lapse of time time, or both, would reasonably be expected to constitute a default or material breach or a failure to satisfy a condition precedent on the part of Parent or, under the terms and conditions of the Commitment Letters. Parent has paid in full any and all commitment fees or other fees required to be paid pursuant to the Knowledge terms of the ParentCommitment Letters on or before the date of this Agreement, and will pay in full any other party thereto under any Financing Commitment Lettersuch amounts due on or before the Closing Date. As of the date hereof, Parent is not aware (i) none of any factthe Commitment Letters has been modified, event amended or other occurrence that makes altered and (ii) none of the respective commitments under any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term have been withdrawn or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersrescinded.
Appears in 1 contract
Sources: Merger Agreement (BMC Software Inc)
Financing. (a) Parent understands The Purchaser has furnished the Seller a true and acknowledges that the obligations complete copy of the Parent and Merger Sub to consummate executed equity commitment letter (the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i“Equity Financing Commitment”)
(1) the fully executed commitment letter, dated as of the date hereof by and among the Purchaser, Centerbridge Capital Partners III, L.P., Clearlake Capital Partners IV, L.P. and Clearlake Capital Partners IV (including all exhibitsOffshore), annexes, schedules and term sheets attached theretoL.P. (other than the Purchaser, the “OpCo Debt Commitment LetterEquity Financing Sources”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Equity Financing Sources party thereto have agreedcommitted, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing cash in the aggregate amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Equity Financing”), (2) for the fully executed warehouse facility commitment letter, dated as purpose of funding the Financing Uses. As of the date hereof (including all exhibitshereof, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with except for the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject furnished to the conditions Seller, there are no side letters or other Contracts or arrangements related to the provision of the Equity Financing other than as expressly set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified thereinCommitment.
(cb) As of the date hereof, each of the Equity Financing Commitment Letters is in full force and effect and is a are the legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) Purchaser and, to the Knowledge knowledge of Parentthe Purchaser, each of the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto .
(in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (ic) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to (i) constitute a default default, breach or material breach failure to satisfy a condition on the part of Parent the Purchaser under the Equity Financing Commitment or, to the Knowledge knowledge of the ParentPurchaser, any the other party parties thereto under the Equity Financing Commitment, or (ii) to the knowledge of the Purchaser, result in any portion of the amounts to be provided in accordance with the Equity Financing Commitment Letter. As of being unavailable on the Principal Closing Date.
(d) Assuming the Equity Financing is funded in accordance with the Equity Financing Commitment, the Purchaser will have on the Principal Closing Date, together with the cash on hand available to the Purchaser and its Affiliates, funds sufficient to pay and satisfy in full, without duplication, (i) all cash amounts payable at the Principal Closing to the Seller pursuant to Section 1.5, and (ii) any and all fees and expenses required to be paid by the Purchaser hereunder (clauses (i) and (ii), the “Financing Uses”).
(e) The Purchaser has paid (or caused to be paid) any and all commitment fees and other fees in connection with the Equity Financing Commitment that are required to be paid under the Equity Financing Commitment prior to the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any .
(f) The Equity Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent has not been amended, supplemented or other contingencies directly or indirectly related modified prior to the funding date of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters andthis Agreement, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term such amendment, supplement or condition of closing modification is contemplated or pending, and as of the date of this Agreement, the commitments contained in the Equity Financing that Commitment have not been withdrawn, terminated or rescinded in any respect and no such withdrawal, termination or rescission is required contemplated. There are no conditions related to be satisfied as a condition the provision of the Financing, or that the full amount of the Financing will not be made available to Parent on Equity Financing, other than as set forth in the Closing Date. Other than the Equity Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related delivered to the Financing (except for customary fee letters, engagement letters relating Seller prior to the Debt Financing and non-disclosure agreementsdate hereof. Without limiting Section 9.8, none of which impact in no event shall the conditionality, timing or amount of the Financing) which could adversely impact the timing receipt or availability of any funds or financing (including, for the avoidance of doubt, the Equity Financing, including without limitation, ) by providing for additional the Purchaser or different conditions to the timing any Affiliate thereof or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of any other financing be a condition to the Financing. Upon the funding any of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersPurchaser’s obligations hereunder.
Appears in 1 contract
Sources: Stock and Asset Purchase Agreement (Pitney Bowes Inc /De/)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(bi) Parent has delivered to the Company a true, complete and correct copies copy of an executed commitment letter (including term sheet) dated December 21, 2012 (the “Debt Financing Commitment Letter”) from Standard Chartered Bank (Hong Kong) Limited (the “Lender”) pursuant to which (until such time as the parties thereto enter into the Debt Financing Agreement on the terms set out in the Debt Financing Commitment Letter, in which case thereafter, pursuant to such Debt Financing Agreement), the Lender has committed to provide debt financing to Parent (the “Debt Financing”) in an aggregate amount set forth therein, subject to the terms and conditions set forth therein for the purposes of financing the transactions contemplated by this Agreement and related fees and expenses. Parent has delivered to the Company a true, complete and correct copy of (i)
) an executed equity commitment letter from the TPG Funds (1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment LetterTPG Equity Financing Commitment”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, ) pursuant to which the Parent Financing Sources party thereto have agreedeach TPG Fund has committed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing invest directly or indirectly in Holdings the cash amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt TPG Equity Financing”), and (2ii) the fully an executed warehouse facility equity commitment letter, dated as of the date hereof letter from Joint Benefit Group Limited (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment LettersJoint Benefit Equity Financing Commitment”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, ) pursuant to which the Parent Financing Sources party thereto have agreedJoint Benefit Group Limited has committed, on subject to the terms and subject to the conditions set forth therein, to provide invest directly or indirectly in Holdings the cash amounts set forth there in (the “Joint Benefit Equity Financing”) . The TPG Equity Financing Commitment, Joint Benefit Equity Financing Commitment, the Debt Financing Commitment Letter (until such time as the parties thereto enter into the Debt Financing Agreement) and the Debt Financing Agreement are together referred to herein as the “Financing Documents” and the TPG Equity Financing together with the Debt Financing are referred to herein as the “Financing.” Parent with debt financing in has delivered to the amounts Company a true, complete and correct copy of an executed Contribution Agreement dated as of the date hereof, pursuant to which the parties thereto have agreed, subject to the terms and conditions set forth therein, that (i) the proceeds Rollover Shareholders shall contribute all of which are the Rollover Shares to be used Holdings in exchange for newly issued shares of Holdings, and (ii) Holdings shall contribute the Rollover Shares to Parent, in each case, prior to the consummation of the Merger (the foregoing clauses (i) and (ii), collectively, the “Contribution”). The obligation of the Lender to fund the Transactions Debt Financing is not subject to any contractual conditions other than as set forth in the Debt Financing Commitment Letter (until such time as the “AssetCo parties thereto enter into the Debt Financing” andFinancing Agreement on the terms set out in the term sheet, together with in which case thereafter, other than as set forth in the OpCo Debt FinancingFinancing Agreement) , the “Debt Financing”; obligation of the Debt Financing, together with TPG Funds to fund the TPG Equity Financing, Financing is not subject to any contractual conditions other than as set forth in the “Financing”)TPG Equity Commitment, and the obligation of Joint Benefit Group Limited to fund the Joint Benefit Equity Financing is not subject to any contractual conditions other than as set forth in the Joint Benefit Equity Financing Commitment. None of the Financing Documents or the Contribution Agreement has been amended or modified prior to the date of this Agreement, no such amendment or modification is contemplated, and the respective commitments contained in the Financing Documents and the Contribution Agreement have not been withdrawn, terminated or rescinded in any respect and no such withdrawal, termination or rescission is contemplated (3) provided, however, that Holdings, Parent and Merger Sub may replace, amend or supplement any or all of the fully executed fee Financing Documents or the Contribution Agreement to the extent permitted by Section 6.12). There are no side letters relating or other agreements to each which Holdings, Parent or Merger Sub is a party related to the Contribution or issuance of new shares of Holdings other than as expressly set forth in the Contribution Agreement and there are no side letters that impact the conditionality of the Debt Commitment Letters; provided that Financing or other agreements to which Holdings, Parent or Merger Sub or any of their respective Affiliates is a party related to the fee amountsfunding or investing, flex provisions and other economic terms (other than any such term that would (x) reduce as applicable, of the aggregate full amount of the Debt Financing or (yexcept for (i) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse fee letter related to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be Financing (the “Fee Letter”), a complete copy of which has been provided to the Company, with only fee amounts in the Fee Letter being redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provideAncillary Debt Agreements; provided, that prior to the execution of this Agreement Parent shall have advised the Company is a third party beneficiary thereto of the maximum amount of fees and expenses (including any original issue discount (if any) payable by Holdings, Parent and Merger Sub under the Debt Financing). Parent has fully paid any and all commitment fees or other fees in connection with respect the Financing Documents that are payable on or prior to the provisions specified therein.
(c) As of the date hereof, each of and the Financing Commitment Letters is Documents and the Contribution Agreement are in full force and effect and is a are the legal, valid, binding and enforceable obligation obligations of Holdings, Parent (to and Merger Sub, as the extent party thereto) case may be, and, to the Knowledge knowledge of Parent, each of the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termsthe terms and conditions thereof, subject to the Enforceability Exceptions. As effects of the date hereofbankruptcy, none of the Financing Commitment Letters have been amendedinsolvency, supplemented fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or modified in any respectaffecting creditors’ rights generally, and the respective commitments contained therein have not been withdrawn, terminated, rescinded general equitable principles (whether considered in a proceeding in equity or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)at law). As of the date hereofof this Agreement, no event and subject to the accuracy of the representations and warranties of the Company set forth in Section 5.1 and compliance by the Company with its obligations hereunder, none of Holdings, Parent or Merger Sub has occurred any knowledge of any occurrence which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Holdings, Parent or, to the Knowledge of the Parent, or Merger Sub or any other party thereto under any of the Financing Commitment Documents or the Contribution Agreement or that would otherwise result in the Financing not becoming available in order to consummate the transactions contemplated hereunder. The Financing Documents (including the Fee Letter) contain all of the conditions precedent to the obligations of the parties thereunder to make the Financing available to Parent, as applicable, on the terms therein and the Contribution Agreement contains all of the conditions precedent to the obligations of the parties thereunder to make the Contribution as described therein.
(ii) Assuming (A) the Financing is funded in accordance with the Financing Documents, (B) the Contribution contemplated by the Contribution Agreement is made in accordance with the terms of the Contribution Agreement, and (C) Holdings, Parent and Merger Sub are obligated to close pursuant to Section 1.2, Holdings, Parent and Merger Sub will have at and after the Closing funds sufficient to consummate the Merger upon the terms contemplated by this Agreement and to pay all related fees and expenses associated therewith. As of the date hereof, assuming Holdings, Parent is not aware of any fact, event or other occurrence that makes any and Merger Sub are obligated to close pursuant to Section 1.2 and subject to the accuracy of the representations and warranties of the Company set forth in Section 5.1 and compliance by the Company with its obligations hereunder, none of Holdings, Parent in or Merger Sub have any Financing Commitment Letter inaccurate in reason to believe that any material respect. There are no of the conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it Documents will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Holdings, Parent on and Merger Sub at the Closing Date. Other than the Financing Commitment LettersClosing, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount any of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained Contribution contemplated in the Financing Commitment Letters. There is no condition Contribution Agreement will not be satisfied or that the Contribution contemplated by the Contribution Agreement will not be made prior to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersClosing.
Appears in 1 contract
Sources: Merger Agreement (ShangPharma Corp)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Purchaser has delivered to the Company Seller a true, complete and correct copies copy of (i)
(1) the fully executed commitment letterEquity Commitment Letter, dated as of the date hereof (including all exhibitsof this Agreement, annexes, schedules by and term sheets attached thereto, between the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC Purchaser Sponsor and ParentPurchaser, pursuant to which the Parent Purchaser Sponsor has agreed, subject only to the terms and conditions thereof, to invest in Purchaser up to the amount set forth therein (the financing contemplated thereby, the “Equity Financing”), (ii) a fully executed debt commitment letter from the agents, arrangers, lenders and other entities acting in similar roles identified therein (together with any Persons that have committed to provide or arrange or otherwise have entered into agreements pursuant to the Debt Commitment Letter or in connection with all or any part of the Debt Financing described therein (or any replacement debt financings), including the parties to any commitment letters, joinder agreements, credit agreements or indentures (or similar definitive documents), the “Debt Financing Sources”), dated as of the date hereof, addressed to Purchaser (as may be amended, restated, supplemented, modified, replaced or substituted in a manner not in violation of this Agreement and all exhibits, schedules or amendments thereto, the “Debt Commitment Letter” and the financing contemplated thereby, the “Debt Financing” and together with the Equity Commitment Letter, the “Financing Letters”) and (iii) the related fee letter(s) referred to in the Debt Commitment Letter and all exhibits, schedules or amendments thereto, with amounts, economic, financial, dollar and ratio terms (including related dates and “flex” terms) redacted (the “Fee Letter”), pursuant to which the Debt Financing Sources party thereto have agreedcommitted, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the commitments and lend Purchaser the amounts set forth thereintherein for, among other things, the purpose of funding the transactions contemplated by this Agreement. Subject only to the terms and conditions set forth in the Financing Letters, the Fee Letter and in this Agreement, the aggregate proceeds of which contemplated by the Financing Letters are to be used sufficient to fund the Transactions Closing Purchase Price and fees any other amounts payable hereunder by Purchaser or Transferred Entities on the Closing Date, to the extent required in connection with such debt financing the transactions described in this Agreement, the Ancillary Agreements, the Debt Commitment Letter or the Equity Commitment Letter and any other amounts payable by Purchaser or the Transferred Entities on the Closing Date hereunder or under any Ancillary Agreement or otherwise in connection with the transactions contemplated hereby and thereby (including the “OpCo Debt Financing”)payment of all of Purchaser’s and its Affiliates’ costs and expenses incurred in the evaluation, (2) the fully executed warehouse facility commitment letter, dated as negotiation and execution of the date hereof Sale and the other transactions contemplated hereby) (including all exhibits, annexes, schedules and term sheets attached theretosuch amount, the “AssetCo Debt Required Amount”). The Equity Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with Letter provides that Seller is an express third-party beneficiary of the Equity Commitment Letter, Letter for the “Financing purpose of obtaining specific performance of Purchaser’s right to cause the Aggregate Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth Amount (as defined therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are ) to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified thereinfunded thereunder.
(cb) As of the date hereof, each of the Financing Commitment Letters is are each in full force and effect and is a legal, constitute the valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) Purchaser and, to the Knowledge of ParentPurchaser, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its their respective terms, subject to the Enforceability Exceptions. As There are no conditions precedent related to the funding of the full amount set forth in the Financing Letters (the “Financing”) or the availability of the full amount of the commitments set forth in the Financing Letters other than the conditions precedent expressly set forth in the Financing Letters as of the date hereof. Except as expressly permitted under Section 6.17, none of the Financing Commitment Letters have not been amended, supplemented amended or modified in any respectmanner, and the respective commitments contained therein have not been withdrawn, terminated, reduced, withdrawn or rescinded or otherwise modified in any respect, norand no such termination, to Parent’s Knowledgereduction, is any such amendment, supplement, modification, withdrawal, termination withdrawal or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as is contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) Purchaser or any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent party thereto)). As of the date hereof, Purchaser is not in material default of or material breach under the terms and conditions of any of the Financing Letters and, to the Knowledge of Purchaser, no event has occurred whichthat, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a material default or material breach on or a failure to satisfy a condition under the part of Parent or, to the Knowledge terms and conditions of the Parent, any other party thereto under any Financing Commitment Letter. Letters.
(c) As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent Purchaser has no reason to believe that it (i) any of the conditions precedent to the availability of the Financing set forth in the Financing Letters (and the payment of all associated costs and expenses) will not be able satisfied on or prior to satisfy any term the Closing Date or condition of closing of (ii) the Financing that is required to be satisfied as a condition of in the Financing, or that the full amount of Required Amount contemplated by the Financing Letters will not be made available to Parent Purchaser on the Closing Date. Other than Except as set forth in Section 12.11, Purchaser acknowledges that Purchaser’s obligations under this Agreement are not subject to any conditions regarding Purchaser’s, its Affiliates’, or any other Person’s (including, for the Financing Commitment Lettersavoidance of doubt, there Seller or any of its Subsidiaries) ability to obtain the Financing.
(d) There are no side letters letters, understandings or other Contracts, agreements or arrangements or understandings (written or oral) directly or indirectly related of any kind relating to the Financing Letters or the Financing that would adversely affect (except for customary fee letters, engagement letters relating i) the ability of Purchaser to satisfy any of the conditions to the Debt Financing and non-disclosure agreementswithin its control, none of which impact or (ii) the conditionality, timing availability or aggregate amount of the FinancingFinancing contemplated by the Financing Letters.
(e) which could adversely impact Subject to Section 12.11, in no event shall the timing receipt or availability of the Financing, any funds or financing (including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in contemplated by the Financing Commitment Letters. There is no condition ) by or to the Financing the satisfaction Purchaser or any of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, its Affiliates or 6.3 hereof the satisfaction of which would prevent the satisfaction of any other financing transaction be a condition to the Financing. Upon the funding any of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds obligations of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersPurchaser hereunder.
Appears in 1 contract
Financing. (a) Parent understands Tenant agrees to pay, not later than five (5) business days following written request from Landlord (or upon the date of this Lease with respect to costs and acknowledges that expenses incurred as of such date): (i) all costs and expenses incurred by Landlord in connection with the obligations initial purchase and leasing of the Parent Leased Premises, including, without limitation, transfer taxes, mortgage recording taxes, PILOMRT and Merger Sub recording fees and charges, the cost of appraisals, environmental reports, property condition report and zoning reports; UCC and related searches; owner’s title insurance charges and premiums (including endorsements), the cost of surveys; the costs of any updates to consummate any of the Transactions are not foregoing or any reliance letters required in any way contingent upon connection therewith; and the fees and expenses of Landlord’s counsel, and (ii) all costs and expenses incurred by Landlord in connection with the financing of the initial Loan, whether such initial Loan occurs concurrently with or otherwise subject subsequent to the Parent’s consummation of this Lease (but not any financing arrangementextensions, modifications, or refinancing thereof), including without limitation, any “points”, application charges, commitment fees, costs of updates or additions to searches or any of the Parentreports identified under clause (i) hereof or any reliance letters required in connection therewith, Lender’s obtaining title charges and premiums (including endorsements), and the fees and expenses of Lender’s counsel; provided that notwithstanding anything to the contrary contained herein, Tenant shall not be responsible for the payment of any costs and expenses incurred by Landlord in connection with the financing or the availabilityof such initial Loan in excess, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth thereinaggregate, of $3,500,000 (excluding any PILOMRT or mortgage recording tax payable by Tenant in accordance with the proceeds provision of which are this Lease); and, provided further, that Landlord agrees that it shall use good faith and commercially reasonable efforts to be used to fund the Transactions negotiate then current market or customary “points” and fees in connection with such debt financing (initial Loan consistent with other mortgages held by institutional lenders for similar properties and incur commercially reasonable costs and expenses in connection with such initial Loan transaction. Notwithstanding anything to the “OpCo Debt Financing”)contrary contained herein, (2) the fully executed warehouse facility commitment letter, dated as if any Lender shall refuse to accept an assignment of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together WPC II Mortgage in connection with the OpCo Debt Commitment Lettermaking of the initial Loan, then the “Debt Commitment Letters”; the Debt Commitment Letters together amount of any mortgage recording tax or PILOMRT due in connection with the Equity Commitment Letter, the “Financing Commitment Letters”), recording of such Lender’s Mortgage shall be split equally between Credit Suisse AG, Cayman Islands Branch Landlord and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject Tenant up to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or such tax payable for a mortgage loan of $155,000,000 (ywith Tenant’s portion thereof payable as Additional Rent hereunder) impose and any incremental additional conditions or other contingencies (or otherwise amend, modify or expand amount of such tax due on any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing portion of the funding of the Debt Financing) may such loan amount above $155,000,000 shall be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified thereinpayable by Landlord.
(cb) As of the date hereofIn connection with any Loan, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) Landlord shall not incur principal indebtedness thereunder in excess of $225,000,000 at any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and time prior to the Option Lapse Date (ii) in no event shall the addition monthly payment of principal and interest due in connection with such Loan, in the aggregate, exceed the Basic Rent then payable under this Lease with respect to such month, (iii) Landlord shall promptly notify Tenant in writing of the prepayment timeframes and terms of any such lenderMortgage entered into by Landlord, lead arranger, bookrunner, syndication agent (iv) Landlord shall not enter into any Mortgage on the Leased Premises that has a lock-out period precluding prepayment or other similar entity reduce defeasance during the aggregate amount entirety of the Debt Financing Option Window, (v) if Landlord enters into a Loan on the Leased Premises that does not allow Tenant an opportunity to prepay the Loan at par during the Option Window, then Landlord shall be responsible for the applicable Prepayment Premium if Tenant exercises its Purchase Option during such Option Window, and (vi) Landlord agrees that it shall use good faith and commercially reasonable efforts to negotiate then current “market” or customary prepayment premiums in connection with any such Loan, taking into account the credit and financial standing of Tenant and Guarantor at the time Loan is made, current market circumstances and the type and amounts of prepayment premiums or penalties which are generally being required in connection with mortgages held by institutional lenders for similar properties (or similar leasehold interests therein), similarly situated (including, without limitation, mortgages anticipated to be funded on subject to a securitization); specifically, Landlord will use good faith and commercially reasonable efforts (but without legal obligation) to obtain from the Closing Date applicable Lender (x) the ability to prepay the Loan “at par” (i.e., without prepayment premiums or penalties or defeasance costs) in connection with a termination of the Lease and purchase of the Leased Premises pursuant to a rejectable offer made by Tenant under Paragraph 18 hereof, and (y) as long of an “at par” prepayment period immediately prior to maturity of the Loan as then current markets permit without adversely altering the economics of the Loan (z) the ability to extend the Loan an additional six (6) months in the event that a widespread capital markets disruption not related to the Tenant or Guarantor’s credit makes an earlier payoff and refinancing problematic (provided that such extension period does not result in any changes in the Loan economics that is adverse to Landlord (including interest rate or amortization schedule changes). Tenant shall not be responsible for any transaction costs or fees incurred by Landlord in connection with any refinancing of the initial Loan.
(c) Tenant agrees to pay, within three (3) business days of written demand therefor, any cost, charge or expense (other than the principal of the Note and interest thereon at the contract rate of interest specified therein) imposed upon Landlord by Lender pursuant to the Note, the Mortgage or the Assignment which is caused by or results from any Event of Default by Tenant under any provision of this Lease.
(d) If Landlord desires to obtain or refinance any Loan (including by increasing an assignment of the WPC II Mortgage), Tenant agrees (i) to reasonably cooperate and negotiate in good faith with Landlord and the applicable Lender concerning any request made by such Lender or proposed Lender for changes or modifications in this Lease, including, without limitation, supplying any such Lender with such notices and information as Tenant is required to give to Landlord hereunder and to extend the rights of Landlord hereunder to any such Lender and to consent to such financing if such consent is requested by such Lender and (ii) to join onto the applicable Mortgage as a signatory thereto (the “Joinder”) for the purposes of making Tenant’s beneficial estate in the Leased Premises subject to such Mortgage and the rights and remedies of Lender thereunder; provided that: (A) such Lender provides Tenant with an SNDA consistent with the provisions of Paragraph 32(a) below, (B) Tenant shall have no obligation to pay or perform any obligation of Landlord under the Mortgage, but shall be provided with notice and cure provisions customarily granted to a ground lessor that subjects its fee to the lien of a mortgage in connection with a leasehold financing, and (C) to the extent Tenant elects to pay any monthly debt service or incurs any other expense in order to cure a default by Landlord under such Mortgage that was not the result of a default by Tenant under this Lease then Tenant shall be entitled to a credit against the next monthly installment of Basic Rent due hereunder equal to the amount of fees to be so paid or original issue discountexpended, (D) from if such Loan is accelerated and Tenant elects to satisfy such Loan in full in order to cure a default by Landlord under such Mortgage that contemplated was not the result of a default by Tenant under this Lease, then Tenant shall be entitled to reduction in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by Option Price equal to the amount so paid or expended to satisfy such loan in full equal to the amount so paid or expended; and Landlord hereby acknowledges and agrees to such rights and remedies of Tenant hereinabove described and agrees to same, whether or not Landlord is a corresponding amountparty to any such SNDA or other document between Tenant and Lender setting forth such rights. Further, Tenant shall execute such other documents, certificates, or agreements as such Lender reasonably requires in connection with such financing, including an SNDA consistent with the Company has given its prior written consent thereto))provisions of this Paragraph 31(d) and Paragraph 32(a) below. As of Notwithstanding the date hereofforegoing Tenant shall not be required to any enter into any such document, no event has occurred whichinstrument or agreement, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in Joinder or the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OIDSNDA, if exercised)same decreases any right, the aggregate proceeds benefit or privilege of the FinancingTenant under this Lease or increase Tenant’s obligations under this Lease, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is beyond a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersde minimis extent.
Appears in 1 contract
Sources: Lease Agreement (New York Times Co)
Financing. (a) Parent understands and acknowledges that the obligations A Subsidiary of the Parent and Merger Sub Purchaser, Fat Brands Royalty I, LLC, is a party to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letterthat certain Base Indenture, dated as of the date hereof March 6, 2020 (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment LetterIndenture”) (a true and correct copy of which has been provided to the Company), among Credit Suisse AGunder which Fat Brands Royalty I, Credit Suisse Loan Funding LLC and Parent, pursuant may enter into a supplement to which the Parent Financing Sources party thereto have agreed, on Indenture (a “Series Supplement”) to issue additional secured note or notes (the “Additional Notes”) in an amount (determined net of any reserves or other deductions required by the terms of the Indenture and subject such Supplement, applicable fees, expenses, premiums and other changes provided by the terms of such Indenture or the Series Supplement) sufficient to finance the conditions set forth thereinfull Enterprise Value and to make all other payments required by the terms hereof, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions pay all related fees and fees expenses in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch this Agreement and the Parent, pursuant transactions contemplated hereby and to which otherwise consummate the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions transactions contemplated hereby (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies . The Purchaser has engaged in discussions with a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding potential purchaser of the full amount of such Additional Notes, and has a reasonable expectation that such purchaser will purchase the Financing (including any flex provisions) full amount of the Additional Notes. Under the terms of the Indenture and the other agreements contemplated thereby, Fat Brands Royalty I, LLC may utilize the net proceeds of such note issuance to pay, or remit to the Purchaser to allow the Purchaser to pay, the Enterprise Value and to make all other payments required by the terms hereof, to pay all related fees and expenses in connection with this Agreement and the transactions contemplated hereby and to otherwise consummate the transactions contemplated hereby, and neither Fat Brands Royalty I, LLC nor the Purchaser shall use the proceeds of such note issuance other than for the conditions precedent set forth purposes described in the Financing Commitment Letters and, as of the date hereof, Parent this sentence. The Purchaser has no reason to believe that it the conditions to the issuance of the Additional Notes set forth in the Indenture and the other agreements contemplated thereby will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financingsatisfied. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds issuance of the FinancingAdditional Notes and the consummation of the transactions contemplated hereby, together with other unrestricted cash each of (1) Fat Brands Royalty I, LLC and cash equivalents on hand of Parent on (2) the Closing Date, are, Purchaser and its consolidated subsidiaries taken as a whole will be, in an amount sufficient to not (i) consummate be insolvent (either because its financial condition is such that the Closing upon sum of its debts is greater than the terms contemplated by this Agreementfair value of its assets or because the present fair salable value of its assets will be less than the amount required to pay its probable liability on its debts as they become absolute and matured), (ii) pay all other amounts payable by Parent have unreasonably small capital with which to engage in its business or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and have incurred or plan to incur debts beyond its Affiliates and Representatives, and (iv) ability to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersrepay such.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of the Commitment Letter dated April 11, 2011, among Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, Inc. and B-Corp Holdings, Inc. (ithe “Debt Financing Commitment”)
, pursuant to which the lenders party thereto have committed, subject to the terms and conditions set forth therein, to lend the amounts set forth therein for the purposes set forth therein, including financing the transactions contemplated by this Agreement, including the payment of the Payoff Amount and related fees and expenses, including the Parent Transaction Expenses (1) the fully executed commitment letter“Debt Financing”). Parent has delivered to the Company true, complete and correct copies of the Equity Commitment Letter, dated as of the date hereof hereof, by and among the Funding Parties and Parent (including all exhibitsthe “Equity Financing Commitment” and, annexes, schedules and term sheets attached theretotogether with the Debt Financing Commitment, the “OpCo Debt Commitment LetterFinancing Commitments”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources investor party thereto have agreedhas committed, on subject to the terms and subject to the conditions set forth therein, to provide invest in Parent with debt financing in the amounts cash amount set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Equity Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules ” and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each . None of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing Commitments have been amended or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As modified as of the date hereof, each no such amendment or modification is contemplated as of the date hereof, and the respective commitments contained in the Financing Commitments have not been withdrawn or rescinded in any respect. Except for a fee letter relating to fees with respect to the Debt Financing (a copy of which has been provided to the Company, with only fee amounts redacted), as of the date hereof there are no side letters or other agreements, Contracts or arrangements related to the funding or investing, as applicable, of the Financing Commitment Letters is other than as expressly set forth in the Financing Commitments delivered to the Company prior to the date hereof. Parent has fully paid any and all commitment fees or other fees in connection with the Financing Commitments that are required to be paid prior to the date hereof, and the Financing Commitments are in full force and effect and is a are the legal, valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) andand Merger Sub, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in as the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respectmay be, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or each of the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents parties thereto. There are no conditions precedent or other similar entities who had not executed a Debt Commitment Letter as contingencies related to the funding of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate full amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated Financing, other than as expressly set forth in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Commitments. As of the date hereof, no No event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent or Merger Sub or, to the Knowledge of the ParentParent or Merger Sub, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than Commitments. Assuming the satisfaction of the conditions precedent set forth in Section 3.1 and Section 3.2 and performance by the Financing Commitment Letters and, as Company of the date hereofits obligations under this Agreement, Parent has no reason to believe that it any of the conditions to the Financing contemplated by the Financing Commitments will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Datesatisfied. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent Assuming the satisfaction of the conditions set forth in Sections 6.1Section 3.1 and Section 3.2 and performance by the Company of its obligations under this Agreement, 6.2Parent and Merger Sub will have at the Closing, and 6.3 hereofafter the Closing, and to the extent there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition Additional Merger Consideration due pursuant to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercisedSection 2.8(g), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount funds sufficient to (i) consummate pay the Closing upon the terms contemplated by this AgreementMerger Consideration, (ii) pay any and all other amounts payable fees and expenses required to be paid by Parent, Merger Sub and the Surviving Corporation in connection with the Merger and the Financing, including the Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a partyTransaction Expenses, (iii) pay all related fees and expenses for any refinancing of Parent and its Affiliates and Representatives, any outstanding indebtedness of the Company contemplated by this Agreement or the Financing Commitments and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay satisfy all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereofother payment obligations of Parent, Parent or its Affiliates have fully paid, or caused to be paid, any Merger Sub and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersSurviving Corporation contemplated hereunder.
Appears in 1 contract
Financing. (a) Parent understands Purchaser has received and acknowledges that the obligations accepted executed and binding commitment letters dated as of the Parent date hereof (as the same may be amended or replaced pursuant to Section 5.14(a) and Merger Sub including any executed commitment letter or similar agreement for Alternate Financing, in each case, pursuant to consummate Section 5.14(c), including all exhibits, schedules and annexes thereto, collectively, the Transactions are not in any way contingent upon “Debt Commitment Letters”) from the Debt Financing Sources, relating to the commitment of the Debt Financing Sources to provide, or otherwise cause to be provided, and subject to the Parent’s consummation of any financing arrangementterms and conditions thereof, the Parent’s obtaining amount of any the debt financing or stated therein (collectively, the availability, grant, provision or extension of any financing to the Parent“Debt Financing”).
(b) Parent Purchaser has received and accepted executed and binding commitment letters dated as of the date hereof (the “Equity Commitment Letters” and, together with the Debt Commitment Letters, the “Commitment Letters”) from Apollo Investment Fund VII, L.P. and its affiliated investment funds (collectively, the “Equity Investors”), relating to the commitment of the Equity Investors, subject to the terms and conditions thereof, to invest in Purchaser the amount of the cash equity financing stated therein (the “Equity Financing” and, together with the Debt Financing, the “Financing”). Purchaser has delivered to the Company Sellers true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of Except as set forth in the date hereofCommitment Letters, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (there are no conditions precedent to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount obligations of the Debt Financing Sources and the Equity Investors to be funded provide the Financing on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent terms set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing DateLetters. Other than the Financing Commitment Letters, there are no side letters or other Contractsagreements, contracts or arrangements to which Purchaser or understandings (written any of its Subsidiaries or oral) directly or indirectly related to the Financing Equity Investors are a party (except for customary fee letters, fee credit letters and engagement letters relating to letters, in each case associated with the Debt Financing and non-disclosure agreementswhich shall not reduce the full amount of the Debt Financing relating to the funding or investing, none as applicable, of which impact the conditionality, timing or full amount of the Financing.
(d) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of Assuming the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing funded in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised)the Commitment Letters, the aggregate net cash proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) the Commitment Letters will be sufficient for Purchaser to pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related Cash Consideration and fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts Purchaser (including refinancing or repayment of any debt fees payable to the Debt Financing Sources) in connection with the transactions contemplated by this AgreementAgreement and by the Financing (collectively, the “Required Amount”). .
(e) As of the date hereofof this Agreement, Parent Purchaser has no Knowledge of any fact, occurrence or its Affiliates have fully paidcondition that makes any of the assumptions or statements set forth in the Commitment Letters inaccurate in any material respect or that would cause any of the Commitments Letters to be terminated or ineffective or, assuming satisfaction of the conditions precedent set forth in Section 8.2(a), that would reasonably be expected to cause any of the conditions precedent set forth therein not to be met.
(f) The Commitment Letters are valid, binding and enforceable against Purchaser and, to the Knowledge of Purchaser, the other parties thereto, in accordance with their respective terms, except as such enforceability may be (i) limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws of general application relating to or affecting creditors’ rights generally and (ii) subject to general equitable principles (whether considered in a proceeding in equity or at law). The Commitment Letters are in full force and effect, and assuming the accuracy of the representations and warranties set forth in Article III and performance by the Sellers and their Subsidiaries of their obligations under this Agreement, as of the date of this Agreement no event has occurred that, with or without notice, lapse of time, or both, would reasonably be expected to constitute a default or breach on the part of Purchaser or, to the Knowledge of Purchaser, any other parties thereto, under the terms and conditions of the Commitment Letters. No Commitment Letter has been amended, restated or otherwise modified as of the date of this Agreement, and the respective commitments contained in the Commitment Letters have not been withdrawn or rescinded as of the date of this Agreement. Purchaser has fully paid or has caused to be paid, fully paid any and all commitment fees and any and all or other fees and expenses, in each case as connection with the Commitment Letters that are required to be paid payable on or before prior to the date hereof pursuant hereof.
(g) In no event shall the receipt or availability of any funds or financing by Purchaser or any Affiliate or any other financing or other transactions be a condition to the terms any of the Financing Commitment LettersPurchaser’s obligations hereunder.
Appears in 1 contract
Sources: Purchase and Sale Agreement (McGraw-Hill Global Education LLC)
Financing. (a) Parent understands On the Closing Date, Buyer and acknowledges that Borrower will have the financial capability and sufficient funds available (through cash on hand, unrestricted cash available to it under existing credit agreements or otherwise) necessary to satisfy all of their respective payment obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedunder this Agreement, on the terms and subject to the conditions set forth in this Agreement, including to enable (i) Borrower to contribute the proceeds of the Financing to Buyer and (ii) following such contribution, Buyer to make the Closing Payment, pay all other amounts to be paid or repaid by Buyer under this Agreement (whether payable on or after the Closing), and pay all of its and its Affiliates’ fees and expenses associated with the Transactions. ▇▇▇▇▇ affirms and agrees that it is not a condition to the Closing or to any of its obligations under this Agreement that it obtain financing for or related to any of the Transactions.
(b) As of the Execution Date, (i) Buyer has received and delivered to Seller a true, correct and complete copy of an executed commitment letter (the “Equity Commitment Letter”) dated as of the Execution Date from Buyer Parent committing, subject to (and only to) the terms and conditions expressly set forth therein, to provide Parent with debt equity financing in (the “Equity Financing”) for the amounts set forth thereintherein to Buyer and with respect to which Seller is an express third-party beneficiary and entitled to specifically enforce certain terms thereof and (ii) Borrower has received and delivered to Seller a true, the proceeds correct, and complete copy of which are to be used to fund the Transactions and fees in connection with such debt financing an executed commitment letter (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”)) dated as of the Execution Date, by and between Credit Suisse AG, Cayman Islands Branch Borrower and the Parentlender parties thereto (the “Lenders”), pursuant to which the Parent Financing Sources party thereto have agreedwhich, on subject to the terms and subject to the conditions set forth therein, the Lenders have committed to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are contemplated thereby to be used to fund the Transactions Borrower (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, ” and together with the Equity Financing, the “Financing”)) for the purpose of Borrower contributing the proceeds of such Financing to Buyer to fund the Transactions on the Closing Date, and (3) the fully executed together with any fee letters relating to each of letter in connection with the Debt Commitment Letters; provided Letter, customarily redacted as set forth therein (it being agreed that none of the fee amounts, flex provisions and other economic terms of which that would adversely affect the amount (other than original issue discount or up-front fees that do not cause Buyer, upon funding pursuant to the terms thereof and following receipt of such funds from Borrower, to be unable to pay the amounts payable by Buyer at the Closing pursuant to this Agreement and any such term that would (xfees and expenses required in connection with the Debt Financing) reduce the aggregate amount or availability of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing have been so redacted). Assuming satisfaction of the funding of conditions set forth in Article VII, the Debt Financing) may amounts to be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect provided pursuant to the provisions specified thereinCommitment Letters will, when funded pursuant to the terms thereof and following the contribution of such proceeds by Borrower to Buyer, be sufficient in the aggregate for Buyer, when required, to pay the amounts payable by Buyer at the Closing pursuant to this Agreement and any fees and expenses required in connection with the Financing.
(c) As Seller is an express third-party beneficiary of the date hereofEquity Commitment Letter. The Equity Commitment Letter has been duly authorized and executed by ▇▇▇▇▇ and the other party thereto, each of and constitutes the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to Buyer and the extent other party thereto) . The Debt Commitment Letter has been duly authorized and executed by ▇▇▇▇▇▇▇▇ and, to the Knowledge of ParentBuyer’s Knowledge, the other parties party thereto, in each case subject and constitutes the valid, binding and enforceable obligation of Borrower and, to Buyer’s Knowledge, the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptionsthereto. As of the date hereofExecution Date, none of the Financing Commitment Letters have not been amended, supplemented amended or modified and the commitments contained in the Commitment Letters have not been terminated, withdrawn, reduced or rescinded in any respect. There are no conditions precedent or other contingencies related to the funding of the full amount of the Equity Financing, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents as set forth in the Equity Commitment Letter. There are no conditions precedent or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that contingencies related to (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition funding of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate full amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated Financing, other than as set forth in the Debt Commitment Letters Letter and any related fee letter or (unless, in each case, ii) the contribution by ▇▇▇▇▇▇▇▇ to Buyer of the full amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Debt Financing. As of the date hereofExecution Date, no event has occurred or circumstance exists which, with or without notice, lapse of time or both, would constitute a default default, breach or material breach on failure of condition under the part of Parent applicable Commitment Letters by Buyer and/or Borrower or their respective Affiliates (or, to the Knowledge of the ParentBuyer, by any other party thereto under thereto) and, to the Knowledge of Buyer, there are no facts or occurrences that make any Financing Commitment Letter. As of the date hereofassumptions, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent Buyer and/or Borrower, in any Financing the applicable Commitment Letter Letters inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Kinetik Holdings Inc.)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Investor has delivered to the Company true, complete and correct copies of of: (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibitsby and among Deutsche Bank AG New York Branch, annexesDeutsche Bank AG Cayman Islands Branch, schedules and term sheets attached theretoDeutsche Bank Securities Inc., the “OpCo Debt Commitment Letter”)▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, among Inc., Barclays Bank PLC, Citigroup Global Markets Inc., Credit Suisse AG, Credit Suisse Securities (USA) LLC, ▇▇▇▇▇▇▇ Sachs Bank USA, UBS Securities LLC, and UBS Loan Funding Finance LLC and ParentInvestor (the “Debt Financing Commitment”), pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch, Morgan Stanley Senior Funding, Inc., Barclays Bank PLC, Citigroup Global Markets Inc., Credit Suisse AG, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Bank USA, and UBS Loan Finance LLC have agreed to provide Parent with debt financing in lend the amounts set forth therein, therein to the proceeds Company for the purpose of which are to be used to fund funding the Transactions and fees in connection with such debt financing transactions contemplated by this Agreement (the “OpCo Debt Financing”), ; (2ii) the fully executed warehouse facility equity commitment letter, dated as of the date hereof between Investor and Guarantor (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment LetterEquity Financing Commitment” and, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment LetterFinancing Commitment, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedwhich, on upon the terms and subject to the conditions set forth therein, Guarantor has committed to provide Parent with debt financing invest the cash amount in the amounts Investor set forth therein, the proceeds of which are to be used to fund the Transactions in its Equity Financing Commitment (the “AssetCo Debt Equity Financing” and, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), ; and (3iii) the fully fee letter executed fee letters relating to each in connection with the Debt Financing Commitment (the “Fee Letter”). None of the Debt Commitment Letters; Financing Commitments or the Fee Letter has been amended or modified prior to the date of this Agreement (provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount existence or exercise of the Debt Financing “flex” provisions contained in the Fee Letter shall not constitute an amendment or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing modification of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment LetterFinancing Commitments), which providesand, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As as of the date hereof, each the respective commitments contained in the Financing Commitments have not been withdrawn, terminated or rescinded in any respect. There are no other agreements, side letters or arrangements to which Investor is a party relating to any of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability ExceptionsCommitments. As of the date hereof, none the Financing Commitments are in full force and effect and constitute the legal, valid and binding obligations of Investor and, to the knowledge of Investor, the other parties thereto (subject in each case to the effect of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or similar Laws relating to or affecting creditors rights generally and by general equity principles, whether considered in Proceedings in equity or at law). Other than as expressly set forth in the Financing Commitments and the Fee Letter or as set forth in any such documents amended after the date hereof and not in violation of the provisions hereof, there are no conditions precedent related to the funding of the full net proceeds of the Financing Commitment Letters have been amended, supplemented (including any “flex” provisions) under any agreement relating to the Financing to which Investor or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity its Affiliates is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))party. As of the date hereof, no event has occurred which, which would constitute a breach or default (or with notice or without notice, lapse of time or both, both would constitute a default or material breach on default) by Investor under the part of Parent Financing Commitments, or, to the Knowledge knowledge of Investor, the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related parties to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment LettersCommitments. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be Investor has fully paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and fully paid all commitment fees and any and all or other fees and expenses, in each case as are required to be paid on or before prior to the date hereof pursuant to the terms Financing Commitments. Assuming the accuracy of the representations and warranties set forth in ARTICLE II and performance by ITW, ITW Subsidiary and the Company of their respective obligations hereunder, upon receipt of the proceeds contemplated by the Financing Commitment LettersCommitments, Investor and the Company will have access as of the Closing to sufficient cash funds to pay all amounts contemplated by this Agreement to be paid by them and to perform their respective obligations hereunder.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that Assuming the obligations funding of the Parent Buyer Financing in accordance with the Financing Commitment, the proceeds from the Buyer Financing, together with Buyer’s cash on hand, are sufficient as of the date hereof for Buyer to (i) pay the Purchase Price, (ii) pay any and Merger Sub to consummate all fees and expenses in connection with the Transactions are not in any way contingent upon and the Buyer Financing, (iii) repay or otherwise subject refinance all indebtedness of the Companies to the Parent’s consummation extent such repayment or refinancing is required in connection with the Transactions and (iv) satisfy all of any financing arrangement, its other payment obligations payable hereunder and under the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the ParentAncillary Agreements.
(b) Parent Buyer has delivered to the Company Seller Parties a true, complete and correct copies copy of (i)
(1) the fully executed commitment letter, dated as of the date hereof hereof, among Buyer, Citigroup Global Markets Inc., The Bank of Nova Scotia, M▇▇▇▇▇▇ Lynch, Pierce, F▇▇▇▇▇ & S▇▇▇▇ Incorporated, Bank of America, N.A. and U.S. Bank National Association (including all exhibits, annexes, schedules and term sheets attached together with the annexes thereto, the “OpCo Debt Commitment LetterFinancing Commitment”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources lenders party thereto have agreedcommitted, on the terms and subject to the conditions set forth thereinterms thereof, to provide Parent with lend the debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Buyer Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the The Financing Commitment Letters is in full force and effect and is (i) a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) Buyer and, to the Knowledge of ParentBuyer, each of the other parties thereto and (ii) enforceable in accordance with its terms against Buyer, and, to the Knowledge of Buyer, each of the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termscase, subject to the Enforceability Exceptionseffects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law). The Financing Commitment has not been amended or modified, except as consistent with Section 5.12(c), and as of the date hereof the respective obligations and commitments contained in the Financing Commitment have not been withdrawn or rescinded in any respect. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified is in any respect, full force and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letterseffect.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Buyer has delivered to the Company true, PKI complete and correct copies of (i)
(1) the a fully executed commitment letter, dated as of the date hereof letter from UBS Loan Finance LLC and UBS Securities LLC (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Senior Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedsuch financial institution has committed, on upon the terms and subject only to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds an amount of which are to be used to fund the Transactions and fees $193,000,000 in connection with such debt financing the transactions contemplated by this Agreement; (ii) a fully executed commitment letter from TCW/Crescent Mezzanine Management V, LLC (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Junior Debt Commitment Letter” and, together with the OpCo Senior Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedsuch financial institution has committed, on upon the terms and subject only to the conditions set forth therein, to provide Parent with subordinated debt financing in the amounts set forth therein, amount of $90,000,000 in connection with the proceeds of which are to be used to fund the Transactions transactions contemplated by this Agreement; and (iii) a fully executed commitment letter from Veritas (the “AssetCo Debt FinancingEquity Commitment Letter” and, together with the OpCo Debt FinancingCommitment Letters, the “Commitment Letters”), pursuant to which Veritas has committed, upon the terms and subject only to the conditions set forth therein, to provide equity financing in the aggregate amount of $260,000,000 in connection with the transactions contemplated by this Agreement. The financing contemplated pursuant to the Debt Commitment Letters is hereinafter referred to as the “Debt Financing”; ” and the Debt Financing, together with financing contemplated pursuant to the Equity Commitment Letter is hereinafter referred to as the “Equity Financing, .” The financing contemplated pursuant to the Commitment Letters collectively is hereinafter referred to as the “Financing.”), and
(3b) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the The Equity Commitment LetterLetter is and, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As as of the date hereof, each of the Financing Debt Commitment Letters is are, in full force and effect and is a are legal, valid, valid and binding obligations of Buyer and enforceable obligation (in the case of Parent (to the extent party theretoEquity Commitment Letter) Veritas and, to the Knowledge knowledge of ParentBuyer, the other parties thereto, except as enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar Laws relating to or affecting the rights of creditors generally and by equitable principles, including those limiting the availability of specific performance, injunctive relief and other equitable remedies and those providing for equitable defenses; all commitment fees required to be paid thereunder have been paid in each case subject to full or, if not yet due, will be duly paid in full when due; the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, amended or terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by ; and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a breach or default or material breach on thereunder. The consummation of the part Financing is subject to no contingencies other than those set forth in the copies of Parent orthe Commitment Letters delivered to PKI. Assuming the accuracy of PKI’s representations and warranties in this Agreement and the performance by Sellers of their obligations hereunder, as of the date of this Agreement Buyer does not have reason to believe that any of the conditions to the Knowledge Financing will not be satisfied or the Financing will not be consummated as contemplated by the Commitment Letters. The aggregate proceeds of the ParentFinancing will be sufficient to enable Buyer to pay in cash all amounts required to be paid by it at Closing in connection with the transactions contemplated by this Agreement, any other party thereto under any Financing Commitment Letter. including the Purchase Price and all payments, fees and expenses of Buyer related to or arising out of the transactions contemplated by this Agreement.
(c) As of the date hereof, Parent assuming the accuracy of PKI’s representations and warranties contained in this Agreement and compliance by PKI and the other Sellers with their covenants and agreements hereunder (including Sections 4.5(a) and (b) and Section 4.7(d)), Buyer is not aware of any fact, event occurrence or other occurrence condition that makes any of the representations and warranties of Parent assumptions or statements set forth in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent respect or other contingencies directly that would cause the commitments provided in any Commitment Letter to be terminated or indirectly related to the funding rendered ineffective or any of the full amount of conditions contained therein not to be met.
(d) The equity investment by Veritas under the Financing (including Equity Commitment Letter is not subject to any flex provisions) condition other than the fulfillment in accordance with the terms hereof of the conditions precedent to Buyer’s obligation to consummate the transactions contemplated by this Agreement set forth in the Financing Commitment Letters and, Section 5.1.
(e) The percentage of equity investment in Buyer held by a foreign interest as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained defined in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions NISPOM shall not exceed ten percent (including after giving effect to any pricing flex that results in OID, if exercised10%), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Master Purchase and Sale Agreement (Perkinelmer Inc)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent The Purchaser has delivered to the Company true, Seller true and complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibitshereof, annexesamong, schedules and term sheets attached theretointer alios, the Purchaser, UBS Securities LLC, UBS AG, Stamford Branch, Citigroup Global Markets Inc. and ▇▇▇▇▇▇▇ ▇▇▇▇▇ Lending Partners LLC (the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party counterparties thereto have agreedcommitted, on subject to the terms and subject conditions thereof, to lend to the conditions set forth therein, to provide Parent with debt financing in Purchaser and its Affiliated companies named as borrowers therein (the “Affiliated Borrowers”) the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; ) and (iii) any fee letter in connection with the Debt FinancingCommitment Letter or the Debt Financing (any such fee letter, together with the Equity Financing, the a “FinancingFee Letter”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that with the fee amounts, flex pricing caps and the economic terms of the “flex” provisions contained therein redacted and other economic terms (other than any such term customary redactions that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or do not materially adversely affect the availability or timing of the funding conditionality of the Debt Financing. The amounts expected to be provided pursuant to the Debt Commitment Letter (assuming the satisfaction of the conditions set forth in Section 8.1(a)) may and cash on hand, will be redacted sufficient for the Purchaser, when required, to (A) pay the amounts described in a customary manner; Section 2.4 in cash, including the Estimated Purchase Price, (B) pay any and all fees and expenses required to be paid by the Purchaser at Closing in connection with the transactions contemplated by this Agreement and the Debt Financing and (iiC) satisfy all other payments required to be made by the Equity Purchaser hereunder at Closing (collectively, the “Financing Uses”).
(b) As of the date of this Agreement, there are no side letters or other Contracts or arrangements to which the Purchaser or any of its Affiliates is a party related to the Debt Financing other than as expressly set forth in the Debt Commitment Letter and the Fee Letter. As of the date of this Agreement, neither the Debt Commitment Letter nor the Fee Letter has been amended or modified, no such amendment or modification is currently contemplated except as set forth in the Debt Commitment Letter or the Fee Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to commitments set forth in the provisions specified thereinDebt Commitment Letter have not been withdrawn or rescinded in any respect.
(c) As of the date hereofof this Agreement, each of the Financing Debt Commitment Letters Letter is in full force and effect and is a legal, the valid, binding and enforceable obligation of Parent (to the extent party thereto) Purchaser and the Affiliated Borrowers and, to the Knowledge of Parentthe Purchaser, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each There are no conditions precedent or other party thereto (in contingencies related to the case funding of the full amount of the Debt Financing, other than as set forth in, or contemplated by, the Debt Commitment Letters onlyLetter and the Fee Letter (the “Disclosed Conditions”). Other than the Disclosed Conditions, each there are no conditions precedent or contingencies to the funding of the Debt Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject that would permit any party to the Enforceability ExceptionsDebt Commitment Letter or the Fee Letter (other than the Purchaser and its Affiliates) to reduce the aggregate amount available under the Debt Commitment Letter at Closing. As of the date of this Agreement, assuming the satisfaction of the conditions set forth in Section 8.1(a) hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred or circumstance exists which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of Purchaser under the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Debt Commitment Letter inaccurate in or any material respect. There are no conditions precedent or other contingencies directly or indirectly related to Fee Letter and (ii) the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent Purchaser has no reason to believe that it any of the conditions to the Debt Financing contemplated in the Debt Commitment Letter will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Debt Financing will not be made available to Parent the Purchaser or its Affiliates on or prior to the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have The Purchaser has fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees which are due and expenses, in each case as are required to be paid payable on or before prior to the date hereof of this Agreement pursuant to the terms of the Financing Debt Commitment LettersLetter and any related Fee Letter.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, true and complete and correct copies of (i)
) an executed equity commitment letter from certain Persons party thereto (1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment LetterSponsors”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant ) to provide equity financing (the “Equity Financing”) to Parent and/or Merger Sub to which the Parent Financing Sources Company is an express third-party thereto have agreed, on beneficiary pursuant to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing limitations thereof (the “OpCo Debt FinancingEquity Commitment Letter”), ) and (2ii) the fully an executed warehouse facility commitment letter, dated as of the date hereof letter (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Forward Purchase Commitment Letter” and”, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters and together with the Equity Commitment Letter, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and ) from the Parent, financial institutions party thereto (the “Forward Purchasers”) pursuant to which the Parent Financing Sources party thereto have agreedwhich, on the terms and subject to the terms and conditions set forth therein, to provide Parent with debt financing in the amounts set forth thereinof which, the proceeds Forward Purchasers have committed to purchase any of which are the 10.875% First Mortgage Notes due 2017 issued pursuant to be used to fund the Transactions 2017 First Mortgage Indenture (the “AssetCo Debt Financing2017 First Mortgage Notes”), which are tendered to Parent or any Affiliate of Parent pursuant to a Change of Control Offer made by Parent or such Affiliate of Parent to the holders of the 2017 First Mortgage Notes (the “Forward Purchase Commitment” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with equity financing pursuant to the Equity FinancingCommitment Letter, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(cb) As of the date hereof, each Each of the Financing Commitment Letters is in full force and effect and Commitments is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) or Merger Sub and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each Each of the Financing Commitment Letters Commitments is enforceable against the parties thereto in accordance with its termsfull force and effect, subject to the Enforceability Exceptions. As of the date hereof, none and neither of the Financing Commitment Letters have Commitments has been amendedwithdrawn, supplemented rescinded or terminated or otherwise amended or modified in any respect.
(c) Assuming the accuracy of the representations and warranties set forth in Article IV and the compliance by the Company with its obligations under this Agreement, neither Parent nor Merger Sub is in breach of any of the terms or conditions set forth in either of the Financing Commitments, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would reasonably be expected to constitute a breach, default or material breach on failure to satisfy any condition precedent set forth therein. Assuming the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any accuracy of the representations and warranties set forth in Article IV and the compliance by the Company with its obligations under this Agreement, neither Parent nor Merger Sub is aware of Parent in any Financing Commitment Letter inaccurate in fact or occurrence existing on the date hereof that, with or without notice, lapse of time or both, could reasonably be expected to (i) make any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount assumptions or any of the Financing (including any flex provisions) other than the conditions precedent statements set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this AgreementCommitments inaccurate, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to result in any of the other Ancillary Agreements to which any such Person is a partyconditions in the Financing Commitments not being satisfied, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms cause either of the Financing Commitment Letters.Commitments to be ineffective or
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Purchaser has delivered to the Company true, TDCC true and complete and correct copies of (i)
(1) the fully an executed commitment letter, dated as of the date hereof April 30, 2015, respectively (including all exhibits, annexes, schedules and term sheets and the executed fee letter (the “Fee Letter”)) attached theretothereto or contemplated thereby (collectively, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, ) pursuant to which the Parent Financing Sources party thereto have agreedwhich, on subject to the terms and subject to the conditions set forth therein, the Committed Lenders have committed to provide Parent with debt financing contemplated thereby (the “Debt Financing”) for the purpose of funding the transactions contemplated hereby.
(b) The aggregate net cash proceeds to Purchaser of the Financing (after giving effect to any related fees or expenses) will provide sufficient funds to Purchaser to pay (i) all amounts required to be paid in respect of the Cash Consideration and any other amounts due and payable by Purchaser under this Agreement at Closing, in each case, (A) without any increase in the amounts set forth therein, indebtedness or other obligations of the proceeds Company or (B) use of which are the assets of the Company (other than the Trust Account) and (ii) any and all fees and expenses required to be used paid by Purchaser in connection with the AgroFresh Business Combination and the Financing. The obligations of the Committed Lenders to fund the Transactions and fees entire amount of the Debt Financing under the Debt Commitment Letters are not subject to any condition or contingency, including any subsequent approval process, other than the conditions explicitly set forth in connection with Section 6 entitled “Conditions Precedent” of the Debt Commitment Letters (such debt financing (conditions, as so explicitly set forth in the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated Commitment Letters as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together or as amended in accordance with the OpCo Debt Commitment Letterprovisions hereof, the “Debt Commitment LettersFinancing Conditions”; ). There are no side letters or other Contracts related to the funding or investing, as applicable, of the Financing except for the Debt Commitment Letters together with Letter and Fee Letter. Assuming due authorization, execution and delivery by each other Person party thereto (which, to the Equity Commitment Letterknowledge of Purchaser, is the “Financing Commitment Letters”case), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that Letters (and the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce commitments of the aggregate amount of Committed Lenders to provide the Debt Financing or (yset forth therein) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legaleffect, validhas not been amended, binding and enforceable obligation of Parent (to the extent party thereto) modified, withdrawn or rescinded in any manner, has been duly executed by Purchaser and, to the Knowledge knowledge of ParentPurchaser, the each other parties Person party thereto, in each case subject and constitutes a legal, valid and binding obligation of Purchaser and, to the Enforceability Exceptions. Assuming due and valid execution by knowledge of Purchaser, each other Person party thereto (in thereto, enforceable against Purchaser and, to the case knowledge of the Debt Commitment Letters only)Purchaser, each of the Financing Commitment Letters is enforceable against the parties other Person party thereto in accordance with its terms, subject to the Enforceability ExceptionsLimitations. As of Purchaser has fully paid, or caused to be fully paid, any and all commitment, arrangement, upfront or other fees or amounts that are due and payable in connection with the date hereofFinancing, none and no further commitment or other fees will be required to be paid by Purchaser in respect of the Financing Commitment Letters have been amended, supplemented or modified in at any respect, and time prior to the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Closing. As of the date hereof, no No event has occurred whichthat, with or without notice, notice or lapse of time or both, would constitute a breach, default or material breach on the part failure of Parent a condition by Purchaser or, to the Knowledge knowledge of the ParentPurchaser, any other party thereto parties to the Commitment Letter, in each case, under any Financing the terms and conditions of the Commitment Letter. As of the date hereofof this Agreement, Parent is not aware of any factPurchaser, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters andafter conducting due inquiry, as of the date hereof, Parent has no reason to believe that it any of the Debt Financing Conditions will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as on a condition of the Financing, timely basis or that the full amount of the Financing will not be made available to Parent Purchaser on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Stock Purchase Agreement (Boulevard Acquisition Corp.)
Financing. Buyer has provided the Company with a non-binding indication of interest (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in such letter or any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangementsubstitute letter, as amended, the Parent’s obtaining of any financing or the availability, grant, provision or extension of "Senior Debt Letter"; any financing to be provided thereunder or any substitute financing, the Parent.
"Senior Debt Financing") from Bank of America, N.A. (b) Parent the "Lender"). Buyer has delivered to provided the Company true, complete and correct copies of (i)
(1) the with a fully executed commitment letter, dated as of letter from ▇▇▇▇ ▇▇▇▇▇▇▇ Life Insurance Company (the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt "▇▇▇▇▇▇▇ Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent") accepted by Buyer, pursuant to which the Parent Financing Sources party thereto ▇▇▇▇ ▇▇▇▇▇▇▇ Life Insurance Company and its affiliates have agreedcommitted, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions cash equity and fees in connection with such subordinated debt financing (the “OpCo Debt "▇▇▇▇▇▇▇ Financing”), (2") to Buyer in connection with the Transactions. Buyer has provided the Company with a fully executed warehouse facility commitment letterletter from Milestone Partners II, dated as of L.P. (the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt "Milestone Commitment Letter” and, "; together with the OpCo Debt ▇▇▇▇▇▇▇ Commitment Letter, the “Debt "Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent") accepted by Buyer, pursuant to which the Parent Financing Sources party thereto have agreedMilestone Partners II, on L.P. has committed, subject to the terms and subject to the conditions set forth therein, to provide Parent with debt cash equity financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt "Milestone Financing” and, "; together with the OpCo ▇▇▇▇▇▇▇ Financing and the Senior Debt Financing, the “Debt "Financing”; the Debt Financing, together ") to Buyer in connection with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability ExceptionsTransactions. As of the date hereof, none of the Financing obligations to fund the commitments under the Commitment Letters are not subject to any condition other than as set forth in the Commitment Letters or as otherwise set forth herein. The Commitment Letters have been amended, supplemented or modified duly executed by all parties thereto and are in any respect, full force and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter effect as of the date hereof, in each case, as contemplated by . All commitment and other fees required to be paid under the Commitment Letters on or prior to the date hereof have been paid. Assuming the funding of the Financing under the Senior Debt Letter and the Commitment Letters in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, the terms thereof and (ii) in no event shall the addition terms of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce this Agreement and the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any accuracy of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in Article III hereof (when read in accordance with the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions applicable standards set forth in Sections 6.1Section 7.01), 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof Buyer will have available to it at the satisfaction of which would prevent Closing funds sufficient to pay the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised)aggregate Merger Consideration, the aggregate proceeds of the Financing, together with other unrestricted cash Option Amount and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on Buyer under this Agreement in connection with the Closing Date to consummate Merger and the Transactions, pay all such other amounts (including refinancing or repayment of any debt transactions contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettershereby.
Appears in 1 contract
Financing. (a) Parent understands Purchaser and acknowledges that CCF Holdings LLC, a Delaware limited liability company and the obligations indirect parent entity of the Parent Purchaser (“CCF Holdings”), are each a party to and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the accepted a fully executed debt commitment letterletter dated May 18, dated as of the date hereof 2022 (including together with all exhibits, annexes, exhibits and schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”) from the lenders party thereto (collectively, the “Lenders”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, ) pursuant to which the Parent Financing Sources party thereto Lenders have agreed, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which . Purchaser and CCF Holdings are each a party to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the has accepted a fully executed warehouse facility equity commitment letterletter dated May 18, dated as of the date hereof 2022 (including together with all exhibits, annexes, exhibits and schedules and term sheets attached thereto, the “AssetCo Debt Equity Commitment Letter” and, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; ) from the Debt Commitment Letters together with the Equity Commitment Letter, equity financing source party thereto (the “Equity Financing Commitment LettersSource”), between Credit Suisse AG, Cayman Islands Branch and the Parent, ) pursuant to which the Parent Equity Financing Sources party thereto have Source has agreed, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt equity financing in the amounts set forth therein, . The debt financing committed pursuant to the proceeds of which are Debt Commitment Letter is referred to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, in this Agreement as the “Debt Financing”; ” and the equity financing committed pursuant to the Equity Commitment Letter is referred to in this Agreement as the “Equity Financing” and the Debt Financing, together with Financing and the Equity Financing, Financing are collectively referred to in this Agreement as the “Financing.”)
(b) Purchaser has delivered to Seller a true, complete and (3) correct copy of the fully executed Commitment Letters and any fee letters relating related thereto, subject, in the case of such fee letters, to each redaction solely of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than provisions that are customarily redacted in connection with transactions of this type and that could not in any such term that would (x) reduce event affect the aggregate conditionality, enforceability, availability or amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As Except as expressly set forth in the Commitment Letters, there are no conditions precedent to the obligations of the date hereofLenders or the Equity Financing Source to provide the Financing or any contingencies that would permit the Lenders or the Equity Financing Source to reduce the total amount of the Financing, each including any condition or other contingency relating to the amount or availability of the Financing pursuant to any “flex” provision. Purchaser does not have any reason to believe that it will be unable to satisfy on a timely basis all terms and conditions to be satisfied by it in any of the Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (on or prior to the extent party thereto) andClosing Date, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case nor does Purchaser have knowledge that any of the Debt Commitment Letters only), each of Lenders or the Equity Financing Commitment Letters is enforceable against the parties thereto in accordance with Source will not perform its terms, subject to the Enforceability Exceptionsobligations thereunder. As of the date hereofof this Agreement, none there are no side letters, understandings or other agreements, contracts or arrangements of any kind relating to the Commitment Letters that could affect the availability, conditionality, enforceability or amount of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and the Commitment Letters.
(d) The Financing, when funded in accordance with the Commitment Letters, will provide Purchaser with cash proceeds on the Closing Date sufficient for the satisfaction of all of Purchaser’s obligations under this Agreement and under the Commitment Letters, including the payment of the Closing Purchase Price and the Final Purchase Price, any fees and expenses of or payable by Purchaser, any payments in respect of equity compensation obligations to be made in connection with the Sale, and for any repayment or refinancing of any outstanding indebtedness of Purchaser and its Subsidiaries contemplated by, or required in connection with the transactions described in, this Agreement or the Commitment Letters (such Debt amounts, collectively, the “Sale Amounts”).
(e) The Commitment Letter; provided, however, that Letters constitute (i) any such added lenderthe legal, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, valid and binding obligation of Purchaser and (ii) in no event shall to the addition Knowledge of any such lenderPurchaser, lead arrangerthe legal, bookrunner, syndication agent or other similar entity reduce the aggregate amount valid and binding obligation of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent other parties thereto)). As of the date hereofof this Agreement, no event has occurred which, which (with or without notice, lapse of time or both, would ) could constitute a default breach or material breach on failure to satisfy a condition by Purchaser under the part of Parent or, to the Knowledge terms and conditions of the ParentCommitment Letters, and Purchaser does not have any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required conditions to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made satisfied by Purchaser on a timely basis or that the Financing will not be available to Parent Purchaser on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount date of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained Closing. Purchaser has paid in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, full any and all commitment fees and any and all or other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersLetters on or before the date of this Agreement, and will pay in full any such amounts due on or before the Closing Date. As of the date of this Agreement, the Commitment Letters have not been modified, amended or altered, no modification or amendment to any of the Commitment Letters is currently contemplated, and to the Knowledge of Purchaser, none of the respective commitments thereunder has been withdrawn or rescinded in any respect, and no withdrawal or rescission thereof is contemplated.
(f) In no event shall the receipt or availability of any funds or financing (including, for the avoidance of doubt, the Financing) by Purchaser or any of its Affiliates or any other financing or other transactions be a condition to any of Purchaser’s obligations under this Agreement.
Appears in 1 contract
Sources: Equity and Asset Purchase Agreement (CURO Group Holdings Corp.)
Financing. (a) Parent understands has received and acknowledges that the obligations of the Parent accepted, and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, correct and complete and correct copies of of, (i)
(1) the fully executed debt commitment letterletter and redacted fee letter (of which only the fee amounts, pricing and economic components of “flex” terms have been redacted; provided that any such redacted terms do not affect the conditionality of or reduce (below the Required Amount) the amount of cash proceeds available to Parent and Merger Subsidiary), each dated as of the date hereof Agreement Date (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; ), from the agents, arrangers, managers, lenders and other entities party thereto (collectively with any other agents, arrangers, managers, lenders and other entities from time to time party thereto and such Persons’ Affiliates, successors and assigns, the “Debt Financing Sources”) confirming their respective commitments to provide Parent (or its Affiliate) with debt financing in connection with the Transactions (the “Debt Financing”) and (ii) fully executed equity commitment letters (the “Equity Commitment Letters,” and together with the Debt Commitment Letters together with the Equity Commitment LetterLetters, the “Financing Commitment Letters”)) from each of the parties listed on Annex I hereto (the “Equity Financing Sources” and together with the Debt Financing Sources, between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which “Financing Sources”) confirming the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, respective counterparties’ commitments to provide Parent (or its Affiliate) with debt equity financing in an amount up to the amounts aggregate amount set forth therein, the proceeds of which are to be used to fund therein in connection with the Transactions (the “AssetCo Debt Equity Financing,” and, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would . Assuming (x) reduce that the aggregate amount of Financing contemplated by the Debt Financing or Commitment Letters is fully funded on the terms set forth therein and (y) impose any additional the satisfaction of the conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect ’s and Merger Subsidiary’s obligations to consummate the availability or timing Transactions as set in Article VI, ▇▇▇▇▇▇ and Merger Subsidiary will have, when taken together with available cash of the funding Parent and Merger Subsidiary and $225,000,000 of available cash of the Debt Financing) may Company and Company Subsidiaries, funds sufficient at the Closing to pay the aggregate Merger Consideration upon the terms contemplated by this Agreement, consummate the Merger and pay all related fees and expenses of Parent, Merger Subsidiary and their respective Representatives required to be redacted paid in a customary manner; and connection with the Closing pursuant to this Agreement (ii) such required funds, collectively, the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein“Required Amount”).
(cb) As Each of the date hereof, each of the Financing Equity Commitment Letters is in full force and effect and is a legal, valid, valid and binding and enforceable obligation of Parent and Merger Subsidiary and the other parties thereto (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). The Company is a third-party beneficiary of the extent party thereto) Equity Commitment Letters on the terms set forth therein. Each of the Debt Commitment Letters is in full force and effect and is a valid and binding obligation of Parent and, to the Knowledge knowledge of Parent, the other parties thereto, in each case thereto (subject to the Enforceability Exceptionsapplicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). Assuming due Parent or Merger Subsidiary has fully paid, or caused to be paid, any and valid execution by each all commitment or other party thereto (fees in the case of the Debt Commitment Letters only), each of connection with the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject that are payable on or prior to the Enforceability ExceptionsAgreement Date. As of the date hereofAgreement Date, none of the Financing Commitment Letters have been amended, supplemented amended or modified in any respect, no such amendment or modification is contemplated (other than any such amendment or modification permitted by Section 5.9(a)) and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofAgreement Date, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent or Merger Subsidiary or, to the Knowledge knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters delivered to the Company, and, as of the date hereofAgreement Date, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financingwill not be satisfied, or that the full amount of the Financing will not be made available to Parent on the Closing Datedate of the Closing. Other than the Financing Commitment Letters, there There are no side letters or other Contracts, arrangements Contracts to which Parent or understandings (written or oral) directly or indirectly any of its Affiliates is a party related to the Financing (except for customary fee lettersfunding or investing, engagement letters relating to as applicable, of the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or full amount of the Financing) which Financing that could adversely impact affect the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained on the Closing Date other than as expressly set forth in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Merger Agreement (SolarWinds Corp)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully an executed debt commitment letter and fee letter, dated as of the date hereof (including all annexes, exhibits, annexes, schedules and term sheets attached theretoother attachments thereto (in a redacted form removing the fee information, economic terms of the “market flex” provisions and other economic provisions that are customarily redacted in connection with merger agreements of this type, but which redacted information does not relate to the aggregate amount of commitments under the Financing, the availability of the Financing or the conditionality of, or contain any conditions precedent to, the funding of the Financing) (together with any other commitment letters with respect to any Substitute Financing, the “OpCo Debt Commitment LetterLetters”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Senior Funding, Inc. and ▇▇▇▇▇▇▇ Sachs Bank USA (together with any other lenders party to any Substitute Financing, the Parent “Debt Financing Sources party thereto Sources”) have agreed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), ) and (2ii) the fully an executed warehouse facility equity commitment letter, dated as of the date hereof (including all annexes, exhibits, annexes, schedules and term sheets attached thereto, other attachments thereto (the “AssetCo Debt Equity Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which Sponsor (the Parent “Equity Financing Sources party thereto Source” and, together with the Debt Financing Sources, the “Financing Sources”) have agreedcommitted to provide equity financing in the respective amounts, on the terms and subject to the conditions terms and conditions, set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Equity Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(cb) As of the date hereofof this Agreement, each none of the Financing Commitment Letters Commitments has been amended or modified, and the respective commitments contained therein have not been withdrawn, rescinded or terminated, nor is any such amendment, modification, withdrawal, rescission or termination currently contemplated or the subject of current discussions (other than with respect to amendments to the Financing Commitments to add lenders, lead arrangers, bookrunners, syndication agents or similar entities who had not executed the Financing Commitments as of the date hereof as permitted under Section 8.03(a)). As of the date of this Agreement, the Financing Commitments are in full force and effect and is a constitute the legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject except to the Enforceability Exceptions. Assuming due extent enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and valid execution by each other party thereto general principles of equity (regardless of whether considered in the case of the Debt Commitment Letters onlya proceeding in equity or at law), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions .
(other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (ic) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly (including any “flex” provisions) related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent as expressly set forth in the Financing Commitment Letters andCommitments. Other than the Financing Commitments, there are no other contracts, arrangements, side agreements, arrangements or understandings (written or oral) related to the aggregate amount of commitments under the Financing, the availability of the Financing or the conditionality of, or that contain any conditions precedent to, the funding of the Financing, other than as expressly set forth in and expressly contemplated by the Financing Commitments.
(d) As of the date hereofof this Agreement (i) no event has occurred that (with or without notice or lapse of time, or both) would constitute a breach or default on the part of Parent, or, to the Knowledge of Parent, any other party thereto under the Financing Commitments and (ii) assuming the satisfaction of the conditions set forth in Section 9.01 and Section 9.02 and the performance by the Company of its obligations under this Agreement, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the conditions in the Financing that is required Commitments will fail to be timely satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on at the Closing Date. Other than the Financing Commitment Letters, there are no side letters Closing.
(e) Parent has fully paid (or caused to be fully paid) any and all commitment fees or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to fees required by the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability terms of the Financing not otherwise contained Commitments to be paid on or before the date of this Agreement.
(f) Assuming the accuracy of the representations and warranties set forth in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent Section 4.05, the satisfaction of the conditions set forth in Sections 6.1, 6.2, Section 9.01 and 6.3 hereof, Section 9.02 and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction performance by the Company of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised)obligations under this Agreement, the aggregate proceeds of contemplated by the FinancingFinancing Commitments will be sufficient for Parent to consummate the transactions contemplated hereby, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to including (i) consummate to pay the Closing upon Merger Consideration for all of the terms contemplated by this Agreementshares of Company Stock on a fully-diluted basis, (ii) pay to make all other amounts payable by Parent or its Affiliates pursuant to payments in respect of the other Ancillary Agreements to which any such Person is a partyCompany Stock Options, Company Restricted Stock and Company Purchase Rights, (iii) to repay or refinance all Indebtedness of the Company required to be repaid hereunder and (iv) to pay all related fees and expenses of Parent, Merger Subsidiary and their respective Representatives pursuant to this Agreement (the “Required Financing Amount”).
(g) Parent acknowledges and agrees that notwithstanding anything to the contrary in this Agreement, the consummation of the Financing shall not be a condition to the obligation of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date Merger Subsidiary to consummate the Transactions, pay all such Merger and the other amounts (including refinancing or repayment of any debt transactions contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettershereby.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent The Purchaser has delivered to the Company true, Seller a complete and correct copies copy of (i)
(1) the fully executed debt commitment letterletter (together with all exhibits, dated attachments, appendices and schedules thereto as of the date hereof (including all exhibitshereof, annexesas amended, schedules and term sheets attached theretomodified, supplemented, replaced or extended from time to time as permitted by this Agreement after the date hereof, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources lenders party thereto (the “Lenders”) have agreed, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt financing in the amounts aggregate amount set forth therein, the proceeds of which are to be used therein to fund the Transactions and fees in connection with such debt financing transactions contemplated hereby (the “OpCo Debt Financing”), and (2ii) the fully executed warehouse facility commitment letterfee letters in respect of the Debt Commitment Letter (except that the fee amounts may be redacted from the Fee Letter) (together with all exhibits, dated attachments, appendices and schedules thereto as of the date hereof (including all exhibitshereof, annexesas amended, schedules and term sheets attached theretomodified, supplemented, replaced or extended from time to time as permitted by this Agreement after the date hereof, the “AssetCo Fee Letter”, and together with the Debt Commitment Letter, the “Debt Commitment Papers”).
(b) The Purchaser has delivered to the Seller a complete and correct copy of the executed equity commitment letter dated on or about the date of this Agreement (as amended or modified from time to time as permitted by this Agreement after the date hereof, the “Equity Commitment Letter” and, together with the OpCo Debt Commitment LetterPapers, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources equity investors party thereto (the “Investors”) have agreed, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with debt equity financing in the amounts aggregate amount set forth therein, the proceeds of which are to be used therein to fund the Transactions transactions contemplated hereby (the “AssetCo Debt Equity Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”).
(c) The proceeds of the Financing, will, when funded in accordance with the terms of the Commitment Letters, provide the Purchaser with sufficient funds to pay, in cash, the Purchase Price and all other amounts payable pursuant to this Agreement and the Ancillary Agreements or otherwise necessary to consummate all the transactions contemplated hereby and thereby.
(3d) As of the fully executed fee letters relating date hereof, except as expressly set forth in the Equity Commitment Letter, there are no conditions precedent or other contingencies, including any subsequent approval process, to each the obligations of the counterparties thereto to procure the provision of, or provide, the entire amount of the Equity Financing contemplated by the Equity Commitment Letter. As of the date hereof, except as expressly set forth in (i) Section 2 of the Debt Commitment Letters; provided that Letter and (ii) Annex I to the fee amountsDebt Commitment Letter (under the heading “Certain Funds”), flex provisions and there are no conditions precedent or other economic terms (other than contingencies including any such term that would (x) reduce subsequent approval process, to the aggregate obligations of the counterparties thereto to procure the provision of, or provide, the entire amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of contemplated by the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(ce) As of the date hereof, each of the Financing Debt Commitment Letters Papers and Equity Commitment Letter (and each of the obligations of the parties thereto) (i) is in full force and effect and is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) Purchaser and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only)Purchaser, each of the Financing Commitment Letters other parties thereto (including, as applicable, each of the Lenders and Investors), except to the extent that the enforceability thereof may be limited by the Enforceability Exceptions, (ii) is enforceable by the Purchaser against each of the other parties thereto (including, as applicable, each of the Lenders and Investors) in accordance with its terms, subject and (iii) has not been withdrawn or terminated or otherwise amended or modified in any respect. The Purchaser has fully paid any and all commitment fees or other fees in connection with the Commitment Letters that are payable on or prior to the Enforceability Exceptionsdate hereof, if any. As of the date hereof, none neither the Purchaser nor any other party to the Debt Commitment Papers or Equity Commitment Letter (including, as applicable, any of the Financing Commitment Letters have been amended, supplemented Lenders or modified Investors) is in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded default or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount breach of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid Commitment Papers or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent assuming the accuracy of the representations and warranties in Article III, the Purchaser is not aware of any fact, event circumstance or other occurrence condition that makes any of would cause (i) the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of Equity Financing or the full amount of Debt Financing contemplated by the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as on a condition of timely basis or (ii) the Financing, Equity Financing or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing not to be available to fund the Purchase Price and non-disclosure agreementsall other amounts payable pursuant to this Agreement and the Ancillary Agreements or otherwise necessary to consummate all the transactions contemplated hereby and thereby.
(f) Immediately after giving effect to the consummation of the transactions contemplated by this Agreement (including the Financing), assuming that the condition precedent specified in Section 8.02(a) has been satisfied, none of which impact the conditionality, timing Purchaser or amount any of its Subsidiaries will be insolvent and none of the FinancingPurchaser or any of its Subsidiaries will have incurred debts beyond its ability to pay such debts as they fall due. No transfer of property is being made and no obligation is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of the Purchaser and its Subsidiaries.
(g) which could adversely impact In no event shall the timing receipt or availability of the Equity Financing, including without limitation, the Debt Financing or any other alternative funds or financing by providing for additional the Purchaser or different conditions to the timing or availability any Affiliate of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of Purchaser be a condition to the Financing. Upon the funding of the Financing in accordance with and subject Purchaser’s obligations to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by under this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Stock Purchase Agreement (Platform Specialty Products Corp)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, true and complete and correct copies of (i)
(1a) the fully executed commitment letter, dated as of August 15, 2013, between Parent and Merger Sub and GCI Capital Markets LLC (the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo "Debt Commitment Letter”Financing Commitments"), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedGCI Capital Markets LLC has committed to lend, on subject only to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo "Debt Financing”), ") for the purpose of funding the transactions contemplated by this Agreement and (2b) the fully executed warehouse facility equity commitment letter, dated as of August 15, 2013 between Parent and Aurora Pacific Equity Partners. Inc. (the date hereof (including all exhibits, annexes, schedules "Equity Financing Commitments" and term sheets attached theretotogether with the Debt Financing Commitments, the “AssetCo Debt Commitment Letter” "Financing Commitments"), pursuant to which Aurora Pacific Equity Partners, Inc. has committed to invest, subject solely to the terms and conditions set forth therein, the amount set forth therein (the "Equity Financing" and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt "Financing”; "). The aggregate proceeds to be disbursed pursuant to the Debt Financingagreements contemplated by the Financing Commitments, together with cash and cash equivalents available to Parent, will, in the Equity Financingaggregate, be sufficient for Parent to consummate the “Financing”)Merger, to pay the total Merger Consideration, to repay or refinance in full existing Indebtedness of the Company and its Subsidiaries in accordance with the Payoff Letters, to pay the fees and expenses incurred in connection with the transactions contemplated hereby, and (3) to provide for the fully executed fee letters relating to each working capital needs of the Debt Commitment Letters; Surviving Corporation following the Effective Time. The Financing Commitments, in the forms provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereofCompany, each of the Financing Commitment Letters is in full force and effect and is a are legal, valid, binding and enforceable obligation obligations of Parent (to the extent party thereto) and, to the Knowledge knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptionseffects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally and general equitable principles (whether considered in a proceeding in equity or at law). Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each None of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject Commitments has been amended or modified prior to the Enforceability ExceptionsAgreement Date, except as consistent with Section 7.3. As of the date hereofAgreement Date, none of the Financing Commitment Letters have been amended, supplemented or modified Commitments are in any respect, full force and the respective commitments contained therein effect and have not been withdrawn, terminated, withdrawn or rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly contingencies, whether oral or indirectly written, related to the funding of the full amount of the Financing (including any flex provisions) Financing, other than the conditions precedent as expressly set forth in the Financing Commitment Letters Commitments. As of the Agreement Date, no event has occurred which would result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both would become a default) by Parent under the Financing Commitments, and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent assuming the satisfaction of the conditions set forth in Sections 6.18.1 and 8.2, 6.2as of the Agreement Date, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof Parent does not have any reason to believe that any of the satisfaction of which would prevent the satisfaction of a condition conditions to the Financing. Upon the funding of Financing will not be satisfied or that the Financing in accordance with and subject will not be available to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Merger Agreement (National Technical Systems Inc /Ca/)
Financing. (a) Parent understands and acknowledges that the obligations As of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation date of any financing arrangementthis Agreement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered provided to the Company true, correct and complete and correct copies of (i)
(1) the fully executed commitment lettercopies, dated as of the date hereof of this Agreement, of (including all exhibits, annexes, schedules and term sheets attached thereto, i) the “OpCo Debt Equity Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and ParentLetter from the Investors, pursuant to which the Parent Financing Sources party thereto have agreedInvestors have, on severally (and not jointly) committed to provide, subject only to the terms and subject conditions contained therein, funds equal to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing Required Amount (the “OpCo Debt Equity Financing”), ) and (2ii) the fully executed warehouse facility commitment letter, dated as of Debt Commitment Letter relating to the date hereof Land Banking Arrangement from the Land Bank (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, ) pursuant to which the Parent Financing Sources party thereto have agreedLand Bank has committed to provide, on subject only to the terms and subject to the conditions set forth therein, to provide Parent with debt financing the land bank funding in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo land bank funding contemplated by the Debt Financing” and, together with the OpCo Debt Financing, Commitment Letter being collectively referred to as the “Debt Land Bank Financing”; the Debt Financingand, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) . As of the date hereofof this Agreement, each there are no other side letters or agreements to which Parent or Merger Sub is a party relating to the Financing, other than as expressly set forth in the Financing Letters. As of the date of this Agreement, (A) each Financing Commitment Letters is Letter, in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (the form provided to the extent party theretoCompany, (i) has not been amended, restated, replaced, supplemented, terminated, rescinded or modified (and no waiver of any provision thereof has been granted) and, to the Knowledge knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any no such amendment, restatement, replacement, supplement, modificationtermination, withdrawalrescission, termination modification or rescission currently waiver is contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a the Debt Commitment Letter as of the date hereofof this Agreement), and (ii) is a legal, valid and binding obligation of Parent, Merger Sub and, to the knowledge of Parent, the Investors and the Land Bank, is in full force and effect, and is enforceable in accordance with the terms thereof against Parent, Merger Sub and, to the knowledge of Parent, the Investors and the Land Bank, subject, in each case, to the effect of any applicable bankruptcy, insolvency (including all Laws relating to fraudulent transfers), reorganization, moratorium or similar laws affecting creditors’ rights generally and subject to the effect of general principles of equity (regardless of whether considered in a proceeding at law or in equity), and (B) no event has occurred (and no event is reasonably expected to occur) which would reasonably be expected to result in any breach of or constitute a default under (or an event which with notice or lapse of time or both would result in any breach of or constitute a default under) or reasonably be expected to result in a failure to satisfy a condition precedent, in each case, on the part of Parent, Merger Sub or the Investors or would reasonably be expected to permit any party to such Financing Letters to terminate, or to not make the initial funding in an amount required to satisfy the Required Amount under such Financing Letters. As of the date of this Agreement, assuming the conditions set forth in Annex A and Article 7 have been satisfied (other than those conditions that by their terms are to be satisfied as of immediately prior to the Expiration Time or the Closing, as applicable, but subject to such conditions being able to be satisfied) or waived on or prior to the Closing, Parent does not have any reason to believe that any of the conditions to the Land Bank Financing will not be satisfied or that (subject to the satisfaction of such conditions) the full amount of the Land Bank Financing contemplated by and the Debt Commitment Letter to be funded on or prior to the Closing Date will not be available to Parent or Merger Sub on or prior to the Closing Date.
(b) Assuming the Financing is funded or invested in accordance with the Financing Letters, Parent and Merger Sub will have on the Closing Date funds sufficient to pay the aggregate Offer Price and Merger Consideration (the “Aggregate Consideration”) and any other amounts required to be paid by Parent or Merger Sub on the Closing Date in connection with the consummation of the transactions contemplated hereby (including any fees and expenses of or payable by Parent or Merger Sub on the Closing Date in connection with the transactions contemplated hereby) (such Debt Commitment Letter; providedamount, howeverthe “Required Amount”).
(c) As of the date of this Agreement, that each Financing Letter (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bankcontains all of the conditions precedent to the obligations of the Investors and the Land Bank to make the applicable portion of the Required Amount available to Parent and Merger Sub on the terms set forth therein, and (ii) in no event shall does not contain any contingencies that would permit the addition of any such lenderapplicable Investor or Land Bank to reduce, lead arrangeror rescind its obligation to provide, bookrunner, syndication agent or other similar entity reduce the aggregate total amount of the Debt Financing to be funded on the Closing Date (including by increasing below the amount of fees required to be paid or original issue discount) from that contemplated in pay the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Required Amount. As of the date hereofof this Agreement, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations obligations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise commitments contained in the Financing Commitment LettersLetters have not been withdrawn or rescinded in any respect. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses Each of Parent and its Affiliates and RepresentativesMerger Sub, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactionsas applicable, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have has fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees and expenses, in each case as are to the extent required to be paid on or before prior to the date hereof pursuant in connection with the Financing.
(d) The Equity Commitment Letter provides, and will continue to provide, that the terms Company is an express third party beneficiary of the Financing Equity Commitment LettersLetter, and, subject to Section 9.16, the Company is (on its own behalf and on behalf of the Company’s Stockholders) entitled to enforce, directly or indirectly, the Equity Commitment Letter in accordance with its terms against the Investors.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, correct and complete and correct copies of executed equity commitment letters, each dated as of March 19, 2025, together with all attachments thereto, each of which is attached hereto as Annex IV (ias may be amended, restated, supplemented or otherwise modified in accordance with the terms hereof, each, an “Equity Commitment Letter” and together the “Equity Commitment Letters”), from each of GPC WH Fund LP and Novo Holdings A/S (each, an “Equity Investor” and together the “Equity Investors”), pursuant to which each Equity Investor has agreed, subject to the terms and conditions thereof, to invest indirectly in Parent the cash amounts set forth therein. Each Equity Commitment Letter provides that the Company is a third-party beneficiary thereof. The cash equity committed pursuant to the Equity Commitment Letters is collectively referred to in this Agreement as the “Cash Equity.”
(1b) As of the fully date of this Agreement, Parent has delivered to the Company a true, correct and complete copy of an executed debt commitment letter, dated as of March 19, 2025, together with all attachments thereto, which is attached hereto as Annex V (as may be amended, restated, supplemented or otherwise modified in accordance with the date terms hereof (including all exhibitsprovided that in no event shall any amendment, annexesrestatement, schedules and term sheets attached thereto, supplement or other modification include any Restricted Terms (as defined below)) the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters and together with the Equity Commitment LetterLetters, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and from the Parent, Debt Financing Sources party thereto pursuant to which the Parent Debt Financing Sources party thereto have agreed, on subject to the terms and subject to the conditions set forth thereinthereof, to provide Parent with the debt financing in the amounts set forth thereintherein to Resistance Acquisition, the proceeds of which are to be used to fund the Transactions Inc., a Delaware corporation (the “AssetCo Borrower”), for the benefit of Parent. The debt financing contemplated by the Debt Financing” and, together with the OpCo Commitment Letter or any Alternative Debt Financing, Financing is referred to in this Agreement as the “Debt Financing”; .” The Cash Equity and the Debt Financing, together with the Equity Financing, Financing are collectively referred to as the “Financing.” As of the date of this Agreement, Parent has delivered to the Company true, correct and complete copies of the fee letters, dated as of March 19, 2025 (the “Fee Letters”), between the Borrower, on the one hand, and (3) each Debt Financing Source party thereto, on the fully executed other hand, which fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto manner with respect to the provisions specified therein.
(c) As of the date hereoffee amounts, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its pricing terms, subject to the Enforceability Exceptions. As of the date hereofpricing caps, “market flex” provisions, “securities demand” provisions and other economic terms; provided that none of the Financing Commitment Letters have been amendedredacted provisions would reasonably be expected to adversely affect the conditionality, supplemented availability or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing (any Fee Letter so redacted is referred to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent theretoas “Customarily Redacted”)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Merger Agreement (OptiNose, Inc.)
Financing. (a) Parent understands and acknowledges that the obligations Each of the Parent and Merger Sub to consummate the Transactions are agrees that it is not in any way contingent upon or otherwise subject a condition to the Parent’s consummation Closing or to any of any its other obligations under this Agreement that Parent and/or Merger Sub obtain financing arrangement, for the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) transactions contemplated hereby. Parent has delivered to and Merger Sub have furnished the Company true, complete with a true and correct copies copy of (i)
(1x) the fully executed equity commitment letter, dated as of the date hereof hereof, among Parent, Merger Sub, certain Affiliates of the Sponsor and the other parties thereto (including all exhibits, annexesschedules, schedules annexes and term sheets attached amendments thereto, the “OpCo Debt Equity Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC ) and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2y) the fully executed warehouse facility commitment letterDebt Financing Commitment Letter, dated as of the date hereof hereof, among Bank of America, N.A.; ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated; and Royal Bank of Canada (collectively, the “Debt Financing Sources”) and excerpts of those portions of each executed fee letter and engagement letter associated therewith that contain any conditions to funding or “flex” provisions or other provisions (excluding provisions related solely to fees and economic terms (other than covenants) agreed to by the parties) regarding the terms and conditions of the financing to be provided by such commitment letter (such commitment letter, including all exhibits, annexesschedules, schedules annexes and term sheets attached theretoamendments thereto and each such fee letter and engagement letter, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Lettercollectively, the “Debt Commitment Letters”; the Debt Commitment Letters Letter,” and together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, Section 8.1 hereof and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding 7.1 and 7.2 and Annex I of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised)Epicor Merger Agreement, the aggregate proceeds of contemplated by the Financing, together Commitment Letters (if funded in accordance with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms therein), will be sufficient when funded for Parent and the Surviving Corporation to pay (without duplication) all of (a) the aggregate Merger Consideration, any adjustment amount pursuant to Section 3.7 and any other payment contemplated in this Agreement and to pay all fees and expenses related to the Merger, the other transactions contemplated by this AgreementAgreement and the financing contemplated by the Debt Commitment Letter, (iib) the aggregate cash consideration payable in the Epicor Offer and the Epicor Merger and any other payment contemplated by the Epicor Merger Agreement and to pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent related to the Epicor Offer, the Epicor Merger and its Affiliates and Representatives, the transactions contemplated by the Epicor Merger Agreement and (ivc) all amounts required to repay and/or redeem all outstanding Indebtedness of the extent any other amounts are Company, Epicor and their respective Subsidiaries that is required to be paid repaid and/or redeemed as a result of the consummation of the Merger, the Epicor Offer and/or the Epicor Merger; provided, that the aggregate proceeds contemplated by the Commitment Letters will not include the Scheduled Acquisition Cost Amount; and provided, further, that if Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to shall be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before pay the date hereof Scheduled Acquisition Cost Amount pursuant to the terms of this Agreement, Parent shall have the Financing right to amend the Commitment LettersLetters in accordance with the terms of Section 7.11. The Commitment Letters are not subject to any conditions or other contractual contingencies other than as set forth therein and are binding and, on the date hereof, in full force and effect. All commitments and other fees required to be paid under the Commitment Letters prior to the date hereof have been paid, and as of the date hereof Parent has no knowledge of any fact or occurrence existing on the date hereof that makes any of the assumptions or any of the statements set forth in the Commitment Letters inaccurate that would reasonably be expected to cause the Commitment Letters to be ineffective. Assuming no breach or default by the Company under this Agreement or by Epicor under the Epicor Merger Agreement and based upon facts and events known by Parent as of the date of this Agreement, Parent is not aware of the existence of any fact or event as of the date of this Agreement that would reasonably be expected to cause such conditions to funding not to be satisfied. Parent has engaged one or more Investment Banks (as such term is defined in the Debt Commitment Letter).
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations As of the Parent and Merger Sub to consummate date hereof, assuming the Transactions are not conditions set forth in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangementSection 3.01 have been satisfied, the Parent’s obtaining of any Financing (as defined below), when funded in accordance with the Debt Commitment Letter (as defined below), shall provide Acquiror with financing or on the availabilityClosing Date in an amount that is sufficient to pay the Closing Merger Consideration, grantEstimated Closing Indebtedness and Transaction Expenses contemplated to be paid by Acquiror at Closing, provision or extension of any financing to make all other necessary payments required to be made by it at Closing, in connection with the Parenttransactions contemplated hereby (the “Required Amount”).
(b) Parent As of the date hereof, Acquiror has delivered to furnished the Company and the Representative with true, complete and correct copies of (i)
(1) the fully executed debt commitment letter, dated among Acquiror and the Debt Financing Sources and each executed fee letter associated therewith (which may be redacted as of to fee amounts and other customary commercial terms, including certain “market flex” provisions and economic or other commercially sensitive and customarily redacted terms as may be requested by the date hereof Debt Financing Sources, if applicable) (such commitment letter, including all exhibits, annexesschedules, schedules annexes and term sheets attached amendments thereto, and each such fee letter, collectively, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Debt Financing Sources party thereto have agreedcommitted, on subject to the terms and subject to the conditions set forth therein, to provide Parent with the amount of debt financing in the amounts set forth thereintherein on the conditions set forth therein for the purposes of, among other things, financing the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing transactions contemplated hereby (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated . The Debt Commitment Letter has not been amended or modified as of the date hereof (including all exhibitsand, annexesto the Knowledge of Acquiror, schedules and term sheets attached theretoas of the date hereof, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; commitments contained in the Debt Commitment Letters together with the Equity Commitment LetterLetter have not been withdrawn, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing terminated or rescinded in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified thereinrespect.
(c) As of the date hereof, each (i) there are no side letters or other Contracts or written arrangements related to the funding of, in at least the Required Amount, the Financing other than as expressly set forth in the Debt Commitment Letter that would reasonably be expected to prevent, materially delay or impede the Closing and (ii) there are no conditions precedent or other contingencies related to the funding of, in at least the Required Amount, the Financing contemplated by the Debt Commitment Letter to be funded on the Closing Date other than as expressly set forth in the Debt Commitment Letter.
(d) As of the Financing date hereof, the Debt Commitment Letters Letter in the form delivered to the Company is in full force and effect and is (i) a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) Acquiror, and, to the Knowledge of ParentAcquiror, each of the other parties thereto and (ii) enforceable in accordance with its terms against Acquiror, and, to the Knowledge of Acquiror, each of the other parties thereto, in each case subject to except for the Enforceability Exceptions. Bankruptcy and Equity Exception.
(e) Assuming due and valid execution by each other party thereto (in the case accuracy of the Debt Commitment Letters only), each representations and warranties of the Financing Commitment Letters is enforceable against the parties thereto Group Companies contained in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each casethis Agreement, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, both would or would reasonably be expected to constitute a default or material breach on the part of Parent Acquiror or, to the Knowledge of the ParentAcquiror, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Debt Commitment Letter inaccurate in any material respectthat would reasonably be expected to prevent, materially delay or materially impede the Closing. There are no conditions precedent or All commitments and other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by under the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid Debt Commitment Letter on or before prior to the date hereof pursuant have been fully paid.
(f) Notwithstanding anything in this Agreement to the contrary (but subject to the terms and conditions hereof), in no event shall the receipt or availability of any funds or financing (including the Financing contemplated by the Debt Commitment Letter) by or to Acquiror or any of its Affiliates or any other financing transaction be a condition to any of the Financing Commitment Lettersobligations of Acquiror or Merger Sub hereunder; provided that, for the avoidance of doubt, this Section 5.07(f) shall not restrict or prohibit Acquiror’s right to terminate this Agreement pursuant to Section 8.01.
Appears in 1 contract
Sources: Merger Agreement (Phreesia, Inc.)
Financing. Acquisition (a) Parent understands and acknowledges that or WCAS VIII in the obligations case of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of clause (i)
(1) the fully --------- below) has received and executed commitment letterletters, each dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt "Commitment Letter”Letters"), among Credit Suisse AGfrom (i) Chase Securities Inc. and Chase Bank of Texas, Credit Suisse Loan Funding LLC and ParentN.A. (collectively, "Chase"), pursuant to which the Parent Financing Sources party thereto have agreedChase has committed, on subject to the terms and subject to the conditions set forth therein, to provide Parent the Surviving Corporation with debt up to $120.0 million of financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions under available senior secured credit facilities; (ii) WCAS VIII and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Convergent Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the ParentPartners L.P., pursuant to which the Parent Financing Sources party thereto such entities have agreedcommitted, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt to Acquisition up to $145.0 million in equity; and (iii) WCAS Capital Partners III, L.P. or an affiliate thereof, pursuant to which it has committed to provide up to $160.0 million of senior subordinated financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt financings referred to in clauses (i), (ii) and (iii) above being collectively referred to as the "Financing” and"). Such Financing is adequate to pay in full in cash at closing the Merger Consideration, together with all fees and expenses of Acquisition and the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together Surviving Corporation associated with the Equity Financing, the “Financing”)transactions contemplated hereby, and (3) to make any other payments necessary to consummate the fully executed fee letters relating to each transactions contemplated hereby. True and complete copies of the Debt Commitment Letters; provided that Letters have been furnished to the fee amounts, flex provisions Company. WCAS VIII or Acquisition has fully paid any and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions all commitment fees or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse fees required by such Commitment Letters to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As paid as of the date hereof (and will duly pay any such fees after the date hereof); provided that, each of if the Financing Merger -------- is consummated, the Surviving Corporation will reimburse WCAS VIII for such commitment fees or other fees required by such Commitment Letters. The Commitment Letters is are valid and in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, which (with or without notice, lapse of time or both, ) would constitute a default or material breach thereunder on the part of Parent orAcquisition, to WCAS VIII, Convergent Equity Partners L.P. or their respective affiliates or would adversely affect the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence probability that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the such Financing will not actually be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersfunded.
Appears in 1 contract
Financing. (a) Parent understands has received and acknowledges that the obligations accepted an executed commitment letter dated as of the Parent date hereof and Merger Sub to consummate the Transactions are not in any way contingent upon attached as Annex I (as may be amended, restated, supplemented or otherwise modified in accordance with the terms hereof, the “Debt Commitment Letter”) from the lenders party thereto (collectively, the “Lenders”) pursuant to which the Lenders have agreed, subject to the Parent’s consummation of any terms and conditions thereof, to provide the debt amounts set forth therein. The debt financing arrangement, contemplated by the Parent’s obtaining of any financing or Debt Commitment Letter is collectively referred to in this Agreement as the availability, grant, provision or extension of any financing to the Parent“Debt Financing.”
(b) Parent has received and accepted the Equity Commitment Letter (together with the Debt Commitment Letter, the “Commitment Letters”) from certain persons (collectively, the “Equity Investors”) pursuant to which the Equity Investors have agreed, subject to the terms and conditions thereof, to invest in Parent the cash amounts set forth therein. The Equity Commitment Letter provides that the Company is a third-party beneficiary thereof. The cash equity committed pursuant to the Equity Commitment Letter is collectively referred to in this Agreement as the “Cash Equity.” The Cash Equity and the Debt Financing are collectively referred to as the “Financing.” Parent has delivered to the Company true, correct and complete and correct copies of the executed Commitment Letters and any fee letters related thereto (iwith respect to such related fee letters, redacted for provisions related to fees, the economic terms of any “securities demand” and “market flex” provisions; provided that none of the redacted provisions would reasonably be expected to adversely affect the conditionality, availability or amount of the Financing).
(1c) Except as expressly set forth in the fully executed commitment letterCommitment Letters, dated as of the date hereof hereof, there are no conditions precedent to the obligations of the Lenders and the Equity Investors to provide the Financing or any contingencies that would permit the Lenders or the Equity Investors to reduce the total amount of the Financing (including all exhibitsother than by operation of any “market flex” provisions). As of the date hereof, annexes, schedules assuming the accuracy of the representations and term sheets attached theretowarranties set forth in Article III, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC performance by the Company of its obligations under Article V and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to satisfaction of the conditions set forth thereinin Section 6.1 and Section 6.3, Parent does not have any reason to believe that it will be unable to satisfy on a timely basis all conditions to be satisfied by it in any of the Commitment Letters on or prior to the Closing Date, nor does Parent have Knowledge that any of the Lenders or Equity Investors will not perform its obligations thereunder.
(d) The Financing, when funded in accordance with the Commitment Letters, shall provide Parent with debt financing cash proceeds on the Closing Date in an amount sufficient for the amounts set forth thereinpayment of the Merger Consideration, the proceeds refinancing of which are to be used to fund any indebtedness of the Transactions Company and its Subsidiaries under the Existing Credit Agreement , and the payment of any fees and expenses of or payable by Parent, Merger Sub or the Surviving Corporation in connection with the foregoing (such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letteramount, the “Financing Commitment LettersAmount”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(ce) As of the date hereof, each of the Financing Commitment Letters is are in full force and effect and is a legal, valid, are the valid and binding and enforceable obligation obligations of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, except as enforcement may be limited by bankruptcy, insolvency, reorganization or similar Laws affecting creditors’ rights generally and by general principles of equity and assuming the accuracy of the representations and warranties set forth in each case subject Article III, the performance by the Company of its obligations under Article V and the satisfaction of the conditions set forth in Section 6.1 and Section 6.3, no event has occurred that, with or without notice, lapse of time, or both, would reasonably be expected to constitute a default or breach or a failure to satisfy a condition precedent on the part of Parent under the terms and conditions of the Commitment Letters. Parent has paid in full any and all commitment fees or other fees required to be paid pursuant to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case terms of the Debt Commitment Letters only)on or before the date of this Agreement, each and will pay in full any such amounts due on or before the Closing Date. None of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termshas been modified, subject to the Enforceability Exceptions. As amended or altered as of the date hereof, none of the Financing Commitment Letters have been will be amended, supplemented modified or modified in altered at any respecttime through the Closing, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter except as of the date hereof, in each case, as contemplated permitted by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent theretoSection 5.11(a)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing and none of the Financing that is required to be satisfied as a condition respective commitments under any of the FinancingCommitment Letters have been withdrawn or rescinded in any respect.
(f) In no event shall the receipt or availability of any funds or financing (including, or that for the full amount avoidance of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Lettersdoubt, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing by Parent or availability any of the Financing, including without limitation, by providing for additional its Affiliates or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no any other financing be a condition to the Financing the satisfaction any of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, Parent’s or Merger Sub’s obligations hereunder.
(g) Parent and 6.3 hereof, Merger Sub acknowledge and there agree that it is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of not a condition to the Financing. Upon the funding of the Financing in accordance with Closing that Parent and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent Merger Sub obtain financing for or its Affiliates pursuant relating to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt transactions contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettershereby.
Appears in 1 contract
Financing. (a) Parent understands Purchaser has received and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully accepted an executed commitment letter, letter dated as of the date hereof of this Agreement (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which ) from the Parent Financing Sources lenders party thereto have agreed(collectively, on the terms and subject “Lenders”) relating to the conditions set forth therein, commitments of the Lenders to provide Parent Purchaser with debt financing term loan credit facilities in an aggregate amount equal to the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing Purchase Price (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment LetterCredit Facilities” and, together with any issuance of securities on or prior to the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; Closing as described in the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch Letter and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity FinancingFee Letter, the “Financing”), . A complete and (3) the fully executed fee letters relating to each correct copy of the Debt Commitment Letters; Letter has been provided to Seller. Except as set forth or described in the Debt Commitment Letter and except for the payment of certain fees and expenses as set forth in a fee letter that has been executed by Purchaser and the fee amountsLenders (the “Fee Letter”), flex provisions and other economic terms there are no conditions precedent to the obligations of the Lenders to provide the Credit Facilities or any express contractual contingencies that would permit the Lenders to reduce the total amount of the Credit Facilities (other than any such term that would (x) reduce a reduction equal to the aggregate principal amount of any securities issued on or prior to the Closing as a part of the Financing, as described in the Debt Financing or (y) impose any additional Commitment Letter and the Fee Letter). Subject to the terms and conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies set forth in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; Commitment Letter and (ii) the Equity Commitment Fee Letter, which providesthe Financing, if obtained, will provide Purchaser with acquisition financing on the Closing Date that, together with other sources of liquidity available to Purchaser, represents an amount sufficient to pay the Purchase Price on the terms set forth in this Agreement and shall continue to provide, pay the related fees and expenses that are to be paid at the Company is a third party beneficiary thereto with respect to the provisions specified thereinClosing.
(cb) As of the date hereof, each to the knowledge of Purchaser, (i) the Financing Debt Commitment Letters Letter is valid and binding and in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party theretoii) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case accuracy of the Debt Commitment Letters only), each representations and warranties of the Financing Commitment Letters is enforceable against the parties thereto Seller contained in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofArticle IV, no event has occurred whichthat, with without or without notice, lapse of time time, or both, would reasonably be expected to constitute a default or material breach on the part of Parent or, to Purchaser under the Knowledge terms and conditions of the Parent, any other party thereto under any Financing Debt Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent Purchaser has paid in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all or other fees and expenses, in each case as are required to be paid on or before prior to the date hereof of this Agreement pursuant to the terms of the Financing Debt Commitment Letters.Letter and the Fee Letter ..
Appears in 1 contract
Sources: Purchase Agreement (Weyerhaeuser Co)
Financing. (ai) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Purchaser has delivered to the Company true, correct and complete and correct copies of the duly executed (i)
A) debt commitment letter from the Debt Financing Sources (1) the fully executed commitment letter, dated as of the date hereof (including together with all exhibits, annexes, schedules and term sheets attached attachments thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, ) pursuant to which the Parent Financing Sources party thereto have agreedwhich, on subject to the terms and subject conditions in the Debt Commitment Letter, the Debt Financing Sources have committed to the conditions set forth therein, to provide Parent with debt financing in lend the amounts set forth therein, in the proceeds Debt Commitment Letter to Purchaser for the purpose of which are to be used to fund funding the Transactions and fees in connection with such debt financing Transaction Payments (the “OpCo Debt Financing”), and (2B) convertible notes commitment letter with the fully executed warehouse facility commitment letter, dated as of investors that are parties thereto (the date hereof “Investors”) (including together with all exhibits, annexes, schedules and term sheets attached attachments thereto, the “AssetCo Debt Convertible Notes Commitment Letter,” and, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; ) pursuant to which, subject to the Debt Commitment Letters together with terms and conditions in the Equity Convertible Notes Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant Investors have committed to which the purchase an aggregate principal amount of secured convertible senior notes of Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth thereinConvertible Notes Commitment Letter for the purpose of funding the Transaction Payments, the proceeds including by way of which are funding a capital contribution to be used to fund the Transactions a direct wholly-owned subsidiary of Parent for such purposes (the “AssetCo Debt Convertible Notes Financing,” and, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and .
(ii) The net proceeds contemplated by the Equity Commitment Letters, together with cash and cash equivalents or other sources of immediately available funds available to Purchaser on the Closing Date, will, in the aggregate, be sufficient to consummate the Transactions upon the terms contemplated by this Agreement and to pay all related fees and expenses associated with the Transactions, including payment of all amounts under Article 3. Purchaser has fully paid all commitment fees and other fees in connection with the Commitment Letters that are payable on or before the Execution Date. Purchaser has no reason to believe that it will be unable to satisfy any term or condition of closing to be satisfied by it or its Affiliate(s) contained in either Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(ciii) As of the date hereofExecution Date:
(A) each Commitment Letter, each of in the Financing Commitment Letters form delivered to the Company, is in full force and effect and is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) or Purchaser, as applicable, and, to the Knowledge of ParentPurchaser’s Knowledge, the other parties theretoto such Commitment Letter;
(B) neither Commitment Letter has been amended, supplemented or otherwise modified in each case subject any respect and the respective commitments contained in the Commitment Letters have not been withdrawn or rescinded in any respect;
(C) no event has occurred that, with or without the passage of time or the giving of notice or both, would (1) constitute a default or breach by Parent or Purchaser, as applicable, under any term or condition of either Commitment Letter, or (2) individually or in the aggregate permit the Debt Financing Sources or Investors, as applicable, to terminate the Enforceability Exceptions. Assuming due and valid execution by each other party thereto applicable Commitment Letter or not to make the initial funding of the facilities to be established under (in the case of the Debt Commitment Letters only), each Financing) or not to purchase the secured convertible senior notes to be purchased under (in the case of the Financing Convertible Notes Financing) the applicable Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject Letter upon satisfaction of all conditions to the Enforceability Exceptions. As of Commitment Letters; and
(D) except as set forth in the date hereofCommitment Letters, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and there are no (1) conditions precedent to the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount obligations of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid Sources or original issue discount) from that contemplated Investors in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing applicable Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of fund the full amount of the Financing (including excluding, for the avoidance of doubt, any flex provisions) other than the conditions precedent set forth “flex” provision in the Financing fee letter related to the Debt Commitment Letters andLetter); or (2) contractual contingencies under any agreements, as of the date hereof, Parent has no reason side letters or arrangements relating to believe that it will not be able to satisfy any term or condition of closing of the Financing to which either Purchaser or its Affiliates is a party that is required would permit the Debt Financing Sources or Investors to be satisfied as a condition reduce the total amount of the Financing, or that would materially and adversely affect the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Financing. (a) Parent understands Purchaser has, and acknowledges that will on the obligations of Closing Date have, sufficient unrestricted cash on hand and available credit facilities to pay all amounts required to be paid by Purchaser at the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject Closing pursuant to the Parent’s consummation terms of any financing arrangementthis Agreement, and all of its and its representatives’ fees and expenses incurred in connection with the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parenttransactions contemplated by this Agreement.
(b) Parent Purchaser has delivered to the Company Seller true, accurate and complete and correct copies of (i)
(1) the a fully executed commitment letter, dated Debt Financing Commitment as of the date hereof (including all exhibitsfrom each of the Debt Financing Sources, annexesrelating to the commitment of the Debt Financing Sources, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on upon the terms and subject to the conditions set forth therein, with respect to provide Parent with debt financing the Debt Financing for the purpose of funding the transactions contemplated hereby.
(c) Except as expressly set forth in the amounts set forth thereinDebt Financing Commitment, the proceeds of which there are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2i) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject no conditions precedent to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each obligations of the Debt Financing Sources to provide the full amount of the Debt Financing Commitment Letters(provided, that Purchaser is not making any representation or warranty regarding the effect of any inaccuracy of the representations and warranties set forth in Articles III and IV, or compliance by the Seller Parties with their obligations hereunder); provided and (ii) no side letters, agreements, contracts or other arrangements related to the Debt Financing (except for the “market flex” provisions redacted from the Redacted Fee Letter) that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) could impose new or additional conditions precedent or reduce the aggregate amount of cash proceeds available under the Debt Financing (other than, for the avoidance of doubt, the conditions precedent set forth herein). Other than the Debt Financing Commitment, there are no other Contracts or other undertakings between any Debt Financing Source Party, on the one hand, and Purchaser and its Affiliates, on the other hand, with respect to the Debt Financing that could adversely affect (A) the ability of Purchaser to satisfy any of the conditions to the Debt Financing or (yB) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(cd) As of the date hereof, each of the Debt Financing Commitment Letters (i) is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) andPurchaser, and to the Knowledge of ParentPurchaser, the Debt Financing Sources, as applicable, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other parties theretoLaws affecting creditors’ rights generally and except insofar as the availability of equitable remedies may be limited by applicable Law, and (ii) has not been withdrawn or terminated or otherwise amended or modified in each case subject any respect prior to the Enforceability Exceptions. Assuming due date of this Agreement, and valid execution no amendment or modification thereof is contemplated by each other party thereto (in the case Purchaser or any of its Affiliates as of the date of this Agreement. Purchaser has fully paid any and all commitment fees or other fees in connection with the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject that are payable on or prior to the Enforceability Exceptionsdate hereof. As of the date hereof, none neither Purchaser, nor to the Knowledge of Purchaser, any other party to the Debt Financing Commitment Letters have been amended, supplemented is in default or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount breach of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))Commitment. As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than Assuming the conditions precedent set forth in the Financing Commitment Letters andSection 7.1 are satisfied, as of the date hereof, Parent hereof Purchaser has no reason to believe that it any of the conditions to the funding of the Debt Financing contemplated by the Debt Financing Commitment will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Debt Financing will not be made available to Parent timely satisfy the aggregate consideration payable by Purchaser on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates Date pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay Article II and all related fees costs and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by Purchaser at the Parent on Closing.
(e) In no event shall the Closing Date receipt or availability of the Debt Financing by Purchaser or any Affiliate or any other financing be a condition to consummate the Transactions, pay all such other amounts (including refinancing or repayment any of any debt contemplated by Purchaser’s obligations under this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Sources: Stock Purchase Agreement (Nn Inc)
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent CryoLife has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed debt commitment letter, dated as of the date hereof letter (including all exhibits, annexes, schedules and term sheets attached theretoand the executed fee letter (which have been redacted to omit fees, expenses, price caps, securities demand and economic “flex” terms) (the “OpCo Debt Fee Letter”) attached thereto or contemplated thereby (the “Commitment Letter”)) that have been issued to CryoLife, among Credit Suisse AGParent or Buyer or to which CryoLife, Credit Suisse Loan Funding LLC and ParentParent or Buyer is a party, pursuant to which the Parent certain Financing Sources party thereto (“Committed Lenders”) have agreedcommitted to provide the debt financing contemplated thereby (the “Financing”) for the purpose of, on among other things, funding the cash portion of the Closing Consideration contemplated in this Agreement.
(b) The aggregate net cash proceeds to CryoLife, Parent or Buyer of the Financing (after giving effect to any related fees or expenses) will, if funded in accordance with the terms of the Commitment Letter, provide sufficient funds to CryoLife, Parent or Buyer to pay the cash portion of the Closing Consideration at the Closing and the other amounts due and payable at the Closing by CryoLife, Parent or Buyer pursuant to the terms and subject to provisions of this Agreement. To the conditions set forth thereinKnowledge of CryoLife, to provide Parent with debt financing in the amounts set forth thereinand Buyer, the proceeds obligations of which are to be used the Commitment Letter to fund the Transactions and fees entire amount of the Financing under the Commitment Letter are not subject to any condition or contingency, including any subsequent approval process, other than the conditions explicitly set forth in connection with the Commitment Letter (such debt financing (conditions, as so explicitly set forth in the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated Commitment Letters as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together or as amended in accordance with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letterprovisions hereof, the “Financing Commitment LettersConditions”). Assuming due authorization, between Credit Suisse AGexecution and delivery by each other Person party thereto (other than CryoLife, Cayman Islands Branch Parent or Buyer), the Commitment Letter (and the Parent, pursuant commitments of the Committed Lenders to which provide the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein) has been duly executed by CryoLife, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) Buyer and, to the Knowledge of ParentCryoLife, the Parent and Buyer, each other parties Person party thereto, in each case subject and constitutes a legal, valid and binding obligation of CryoLife, Parent or Buyer and, to the Enforceability Exceptions. Assuming due Knowledge of CryoLife, Parent and valid execution by Buyer, each other Person party thereto (in thereto, enforceable against CryoLife, Parent or Buyer and, to the case Knowledge of the Debt Commitment Letters only)CryoLife, Parent and Buyer, each of the Financing Commitment Letters is enforceable against the parties other Person party thereto in accordance with its terms, except as such enforceability may be subject to the Enforceability Exceptions. As Laws of the date hereofgeneral application relating to bankruptcy, none of the Financing Commitment Letters have been amended, supplemented or modified in any respectinsolvency, and the respective commitments contained therein have not been withdrawnrelief of debtors and rules of Law governing specific performance, terminatedinjunctive relief, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto))equitable remedies. As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereofCryoLife, Parent or its Affiliates have Buyer has fully paid, or caused to be fully paid, any and all commitment fees and any and all or other fees or amounts which are due and expenses, in each case as are required to be paid payable on or before prior to the date hereof of this Agreement pursuant to the terms Commitment Letter. There are no side letters or other agreements, contracts or arrangements related to the funding or investing, as applicable, of the Financing except for the Commitment LettersLetter and Fee Letter.
Appears in 1 contract
Financing. (a) Parent understands True, correct and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1) the fully executed debt commitment letter, letter dated as of the date hereof of this Agreement from Bank of America, N.A., Banc of America Bridge LLC, Banc of America Securities LLC and ▇▇▇▇▇▇▇ ▇▇▇▇▇ Lending Partners LLC (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with ) providing for debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Committed Debt Financing” and, together with the OpCo Debt Financingoffering or private placement of the debt securities under Rule 144A of the Securities Act contemplated thereby and the engagement letters referred to therein, the “Debt Financing”; ), (ii) the redacted version of the Debt Financing fee letter (with all the substantive terms redacted, except to the extent necessary to confirm the absence of additional conditions to the funding of the Debt Financing), and (iii) the equity commitment letter dated the date of this Agreement from the Guarantors (the “Equity Commitment Letter” and together with the Debt Commitment Letter, the “Commitment Letters”), pursuant to which such Persons have committed to invest the amount set forth therein (the “Equity Financing” and together with the Debt Financing, the “Financing”)) are attached hereto as Exhibit 6.7. All of the Commitment Letters are enforceable against Parent and Merger Sub, and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent’s knowledge, the other parties thereto. Assuming the accuracy of the representations and warranties set forth in Section 5.4 and performance by the Company of its obligations under this Agreement, the aggregate proceeds contemplated by the Commitment Letters will be sufficient for Parent and Merger Sub to pay the Aggregate Merger Consideration and all fees and expenses payable by them in each case subject connection with the transactions contemplated by this Agreement (after giving effect to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters onlyContribution), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereofof this Agreement, none the obligations of the Financing financing sources to fund the commitments under the Commitment Letters are not subject to any conditions other than as set forth in the Commitment Letters. As of the date of this Agreement, (i) the Commitment Letters have not been amended, supplemented amended or modified in any respectmodified, and the respective commitments contained therein in the Commitment Letters have not been withdrawn, terminated, rescinded withdrawn or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bankrescinded, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, that (with or without notice, lapse of time time, or both, ) would constitute a breach or default under the Commitment Letters by Parent or material breach on Merger Sub. Assuming the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any accuracy of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in Section 5.4 and performance by the Financing Commitment Letters and, as Company of the date hereofits obligations under this Agreement, Parent has no reason knowledge of any facts or circumstances that are reasonably likely to believe that it will not be able to satisfy result in (i) any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth the Commitment Letters not being satisfied or (ii) the funding contemplated in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent Commitment Letters not being made available to Parent on a timely basis in order to consummate the satisfaction of a condition transactions contemplated by this Agreement. Assuming (y) that the parties to the Financing. Upon the funding of the Financing Commitment Letters (other than Parent and Merger Sub) perform their obligations thereunder in accordance with and subject to its their terms and conditions (including z) the accuracy of the representations and warranties contained in Article V and the compliance by the Company with the covenants contained in this Agreement, at the Closing, Parent will have sufficient funds available to enable it to satisfy its payment obligations under this Agreement (after giving effect to any pricing flex that results in OID, if exercisedthe Contribution), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letters.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Acquiror has delivered to the Company true, complete and correct copies of (i)
(1) signed counterpart(s) of the fully executed amended and restated bank and bridge facilities commitment letterletter of UBS, Bear S▇▇▇▇▇▇, CIBC and W▇▇▇▇ Fargo, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parenthereof, pursuant to which the Parent Financing Sources party thereto UBS, Bear S▇▇▇▇▇▇, CIBC and W▇▇▇▇ Fargo have agreed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with or cause to be provided up to an aggregate of $1.0 billion of debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing the transactions contemplated hereby and up to $75.0 million of revolving credit (the “OpCo Debt Financing”), "Bank Commitment Letter") and (2ii) the fully executed warehouse facility signed commitment letterletter of L▇▇▇▇▇▇ ▇▇▇▇▇ & Partners, dated as of the date hereof L.P. (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, "LGP") pursuant to which the Parent Financing Sources party thereto have LGP has agreed, on subject to the terms and subject to the conditions set forth therein, to provide make or cause to be made an equity investment in Parent of an amount (the "Equity Commitment Letter" and, together with debt financing the Bank Commitment Letter, the "Financing Letters") of at least $219.0 million as provided in the Equity Commitment Letter. The Financing Letters have not been amended and are in full force and effect as of the date hereof. The funds in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters andwould be sufficient to enable Acquiror and the Company to pay the Merger Consideration, as to make all other necessary payments by them in connection with the Merger (including the repayment of certain outstanding indebtedness of the date hereof, Parent has no reason Company) and to believe that it will not be able to satisfy any term or condition of closing pay all of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of contemplated by the Financing Commitment LettersLetters (collectively, the "Merger Funds"); provided that the Minimum Notes Condition shall be satisfied at the Notes Tender Price. The financing referred to in the Financing Letters is herein referred to as the "Financing."
Appears in 1 contract
Sources: Agreement and Plan of Merger (Hollywood Entertainment Corp)
Financing. (a) Parent understands and acknowledges that Merger Sub have delivered to the obligations Company correct and complete copies of the proposed commitment letters dated July 2, 2007, from ▇▇▇▇▇ Fargo Foothill, Inc. and Ableco Finance LLC, respectively (the “Debt Commitment Letters”) executed by the lenders party thereto, pursuant to which such lenders party thereto have offered to commit, subject to the terms and conditions thereof, to lend the amounts set forth therein to Parent for the purpose of funding the transactions contemplated by this Agreement (whether provided under the Debt Commitment Letters or otherwise, such financing being referred to herein as the “Debt Financing”). There are no proposed conditions precedent or other contingencies related to the funding of the full amount of the Debt Financing under the Debt Commitment Letters, other than as set forth in or contemplated by the Debt Commitment Letters. The aggregate proceeds contemplated by the Debt Commitment Letters, together with any excess cash of the Company (including any Option proceeds) will be sufficient for Parent and Merger Sub to consummate pay the Transactions are not in any way contingent upon Total Common Stock Cash Payment Amount and the Total Option Cash Payment Amount, to repay (or otherwise subject provide funds to the ParentCompany to repay) all of the Company’s consummation and its Subsidiaries’ outstanding indebtedness (including the Convertible Notes and any amounts outstanding under the Credit Agreement), to pay any related breakage, make whole, premium or penalty, and to pay fees and expenses of any financing arrangementthe Company and Parent and its Affiliates in connection with this Agreement and the transactions contemplated hereby (collectively, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) “Required Cash Amount” ). Parent has and Merger Sub have delivered to the Company truea correct and complete copy of a commitment letter (the “Backstop Letter”) dated July 2, complete 2007, executed by Newcastle Partners L.P., Newcastle Special Opportunity Fund III, L.P. and correct copies of Steel Partners II, L.P. (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached theretocollectively, the “OpCo Debt Commitment LetterSponsors”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, ) pursuant to which the Parent Financing Sources party thereto Sponsors have agreedcommitted to provide or cause to be provided certain backstop equity or debt financing to Parent, not to exceed $35 million in the aggregate, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Backstop Letter. As of the date hereof, Parent is not aware of any factthe Backstop Letter, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters andform so delivered, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the in full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing force and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement)effect. As of the date hereof, Parent (i) the Backstop Letter has not been amended or its Affiliates modified, and (ii) the commitments contained in the Backstop Letter have fully paid, not been withdrawn or caused to be paid, rescinded in any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersrespect.
Appears in 1 contract
Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Buyer has delivered to the Company Seller a true, complete and correct copies copy of (i)
(1) the fully an executed debt commitment letter, dated as of the date hereof (including all exhibits, annexes, exhibits and schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Debt Financing Sources Entities party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent Buyer, directly or indirectly, with debt financing in the amounts set forth therein, therein (together with an executed closing payment letter (the proceeds of “Debt Fee Letter”) associated therewith (which are such Debt Fee Letter may be customarily redacted to be used to fund the Transactions omit fee amounts and fees other economic or commercially sensitive information that is customarily redacted in connection with such debt financing (transactions of this type and that does not adversely affect the “OpCo availability, conditionality, enforceability, termination or amount of the Debt Financing”), ) (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Lettercollectively, the “Debt Commitment LettersLetter”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch ) and the Parent(ii) an executed equity commitment letter, pursuant to which the Parent Financing Sources party thereto Equity Commitment Parties have agreed, on the terms and subject to the conditions set forth therein, to provide Parent Buyer with debt equity financing in the amounts amount set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt FinancingEquity Commitment Letter” and, together with the OpCo Debt FinancingCommitment Letter, the “Commitment Letters”). The debt financing committed pursuant to the Debt Commitment Letter is referred to in this Agreement as the “Debt Financing.” The equity financing committed pursuant to the Equity Commitment Letter is referred to in this Agreement as the “Equity Financing.” The Equity Financing and the Debt Financing are collectively referred to in this Agreement as the “Financing.”;
(b) Except as set forth in the Commitment Letters, there are no conditions precedent to the obligations of the Financing Entities to provide the Financing or any contingencies that would permit the Financing Entities to reduce the aggregate amount available (including any condition or other contingency relating to the amount or availability of the Financing pursuant to any “flex” provision) under the Financing. No Person has any right to impose, and Buyer has no obligation to accept, any condition precedent to the Financing other than the conditions precedent expressly set forth in the Commitment Letters (nor any term or condition that would have the effect of reducing the aggregate amount available under the Financing). Other than the Commitment Letters delivered to Seller, there are no side letters, understandings or other agreements, contracts or arrangements of any kind relating to the Financing or the Commitment Letters that would adversely affect the availability, conditionality, enforceability, termination or amount of the Financing.
(c) The Debt Financing, together when funded in accordance with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that Letter and after giving effect to any “flex” provision, if any, in or related to the fee amountsDebt Commitment Letter (including, flex provisions in each case, with respect to fees and other economic terms (other than any such term that would (x) reduce original issue discount), will provide Buyer with cash proceeds on the Closing Date sufficient, when combined with the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amendEquity Financing, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect enable Buyer to consummate the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which providestransactions contemplated by, and shall continue satisfy its obligations under, this Agreement and the Commitment Letters on the terms contemplated hereby and thereby and to provide, that pay the Company is a third party beneficiary thereto with respect fees and expenses of Buyer relating to the provisions specified thereintransactions contemplated hereby and thereby (such amounts, collectively, the “Transaction Amounts”).
(cd) As of the date hereof, each of the Financing The Commitment Letters is in full force and effect and is a constitute the legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) Buyer and, to the Knowledge knowledge of ParentBuyer, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case and, as of the Debt Commitment Letters only)Signing Date, each of the Financing Commitment Letters is enforceable against the parties thereto are in accordance with its terms, subject to the Enforceability Exceptionsfull force and effect. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofSigning Date, no event has occurred which, which (with or without notice, lapse of time or both, ) would reasonably be expected to constitute a breach, default or material breach on failure to satisfy a condition by Buyer under the part of Parent or, to the Knowledge terms and conditions of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereofSigning Date, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent assuming the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2Section 6.2 (other than those conditions that by their nature are to be satisfied by the taking of actions or delivery of documents, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OIDwaived, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant but subject to the other Ancillary Agreements satisfaction of those conditions), Buyer has no reason to which believe that any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) the conditions to the extent any other amounts are required Financing will not be satisfied by Buyer on a timely basis or that the Financing will not be available to be paid by the Parent Buyer on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement)Date. As of the date hereofSigning Date, Parent or its Affiliates have fully paid, or caused to be paid, Buyer has paid in full any and all commitment fees and any and all or other fees and expenses, in each case as are expenses required to be paid on or before the date hereof pursuant to the terms of the Commitment Letters or any fee letter on or before the date of this Agreement. Neither the Commitment Letters nor any fee letters related thereto have been modified, amended or altered and none of the respective commitments under the Commitment Letters has been terminated, reduced, withdrawn or rescinded in any respect, and no termination, reduction, withdrawal or rescission thereof is contemplated by Buyer or, to Buyer’s knowledge, any Financing Entity, other than amendments or modifications to the Commitment LettersLetters to add lenders, lead arrangers, agents or similar entities that are not party thereto as of the date hereof, together with any conforming or ministerial changes related thereto. No modification of, or amendment to, the Commitment Letters are currently contemplated.
(e) Buyer expressly acknowledges and agrees that, notwithstanding any other provision of this Agreement to the contrary, the receipt or availability of any funds or financing (including, for the avoidance of doubt, the Financing) by Buyer or any Affiliate of Buyer or any other financing or other transactions is not a condition to any of Buyer’s obligations hereunder.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Trinity Industries Inc)
Financing. (a) Parent understands has received and acknowledges that the obligations of the Parent accepted, and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of of, (i)
(1) the fully executed commitment letterletter and redacted fee letter (of which only the fee amounts, price caps and economic “flex” terms have been redacted; provided that such redacted terms do not relate to any terms that could adversely affect the conditionality of or the amount of cash proceeds available to Parent and Merger Subsidiary), each dated as of November 26, 2017 (the date hereof “Debt Commitment Letters”), from ▇▇▇▇▇ Capital Markets LLC (including all exhibitscollectively with any other agents, annexesarrangers, schedules managers, lenders and term sheets attached theretoother entities from time to time party thereto and such Persons’ Affiliates, successors and assigns, the “OpCo Debt Commitment LetterFinancing Sources”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, ) confirming their respective commitments to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund connection with the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), ) and (2ii) the a fully executed warehouse facility commitment letter, dated as of the date hereof letter (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Equity Commitment Letter,” and, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”)) from the parties listed on Annex A hereto (the “Equity Financing Sources” and together with the Debt Financing Sources, between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which “Financing Sources”) confirming the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, respective counterparties’ commitments to provide Parent with debt equity financing in an amount up to the amounts aggregate amount set forth therein, the proceeds of which are to be used to fund therein in connection with the Transactions (the “AssetCo Debt Equity Financing,” and, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”). Assuming that the Financing contemplated by the Financing Commitment Letters is fully funded on the terms set forth therein, Parent and Merger Subsidiary will have at and after the Closing funds sufficient to pay the aggregate Merger Consideration upon the terms contemplated by this Agreement, consummate the Merger and pay all related fees and expenses of Parent, Merger Subsidiary and their respective Representatives pursuant to this Agreement.
(3b) The Equity Commitment Letter is in full force and effect and is a valid and binding obligation of Parent and Merger Subsidiary and the fully executed fee letters relating to each other parties thereto. The Company is a third-party beneficiary of the Equity Commitment Letter on the terms set forth therein. Each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, valid and binding and enforceable obligation of Parent (to the extent party thereto) Merger Subsidiary and, to the Knowledge of Parent, the Debt Financing Sources. Parent or Merger Subsidiary has fully paid, or caused to be paid, any and all commitment or other parties thereto, fees in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of connection with the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject that are payable on or prior to the Enforceability ExceptionsAgreement Date. As of the date hereofAgreement Date, (i) none of the Financing Commitment Letters have been amended, supplemented amended or modified in any respect, and (ii) the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (iiii) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would or would reasonably be expected to constitute a default or material breach on the part of Parent or Merger Subsidiary or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisionsiv) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financingwill not be satisfied, or that the full amount of the Financing will not be made available to Parent on the Closing Datedate of the Closing. Other than the Financing Commitment Letters, there There are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related conditions precedent to the Financing (except for customary fee letters, engagement letters relating to funding of the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or full amount of the Financing) which could adversely impact Financing other than the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained precedent set forth in the Financing Commitment Letters. There are no side letters or other Contracts to which Parent or any of its Affiliates is no condition a party related to the Financing the satisfaction of which would prevent the satisfaction funding or investing, as applicable, of the conditions full amount of the Financing other than as expressly set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersLetters furnished to the Parent pursuant to this Section 4.9.
Appears in 1 contract
Sources: Merger Agreement (Bazaarvoice Inc)
Financing. (a) Parent understands and acknowledges that the obligations As of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangementdate hereof, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of (i)
(1a) the fully executed commitment letter, dated as of the date hereof hereof, between Parent and the financial institutions and investors party thereto (including all exhibits, annexesschedules, schedules and term sheets attached annexes thereto, and the executed fee letter associated therewith and referenced therein (except that the fee letter is subject to redactions further described below), as may be amended or modified in accordance with the terms hereof, collectively, the “OpCo Debt Commitment LetterFinancing Commitments”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party lenders thereto have agreedcommitted, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in lend the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”)) for the purposes of funding the transactions contemplated by this Agreement, and related fees and expenses and the refinancing of certain outstanding indebtedness of the Company specified therein and (2b) the fully executed warehouse facility commitment letter, dated as of the date hereof hereof, among Parent, the Guarantor and the other parties thereto (including all exhibits, annexes, schedules and term sheets attached annexes thereto, the “AssetCo Debt Commitment Letter” andEquity Financing Commitment”, and together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment LetterFinancing Commitment, the “Financing Commitment LettersCommitments”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreedGuarantor has committed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt financing in invest the amounts cash amount set forth therein, the proceeds of which are to be used to fund the Transactions therein (the “AssetCo Debt Equity Financing” and”, and together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt . The Equity Financing Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, provides that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of the date hereof, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termsthereof, subject to the Enforceability Exceptionsterms and conditions set forth therein. As None of the Financing Commitments has been amended or modified prior to the date of this Agreement, as of the date hereof, none of the Financing Commitment Letters have been amended, supplemented this Agreement no such amendment or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, modification is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than than, for the avoidance of doubt, amendment to the Debt Financing Commitments solely to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities as parties thereto who had not executed a the Debt Commitment Letter Financing Commitments as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank), and as of the date of this Agreement the respective commitments contained in the Financing Commitments have not been withdrawn or rescinded in any respect. Except for fee letters (iicomplete copies of which have been provided to the Company, with only fee amounts, market flex provisions and other customary threshold amounts and “securities demand” related provisions redacted) and customary engagement letters and customary related fee rebate letters in no event shall the addition respect of any such lender, lead arranger, bookrunner, syndication agent permanent financing in lieu of all or other similar entity reduce the aggregate amount part of the Debt Financing permitted hereby (none of which adversely affect the amount, conditionality, enforceability, termination or availability of the Debt Financing), as of the date hereof there are no side letters or Contracts to which Parent or Merger Sub is a party that imposes conditions, affects the availability of or modifies, amends or expands the conditions to the funding of the Financing or the transactions contemplated hereby other than as expressly set forth in the Financing Commitments delivered to the Company prior to the date hereof. Parent has fully paid any and all commitment fees or other fees in connection with the Financing Commitments that are payable on or prior to the date hereof and Parent will, directly or indirectly, continue to pay in full any such amounts required to be funded paid as and when they become due and payable on or prior to the Closing Date; provided that any payment due and payable on the Closing Date (including by increasing shall be funded contemporaneously with the amount Closing and subject to the satisfaction of fees to be paid or original issue discount) from that contemplated the other funding conditions in respect of the Debt Commitment Letters (unless, in each caseFinancing on the Closing Date. As of the date hereof, the Financing Commitments are in full force and effect with respect to, and are the legal, valid, binding and enforceable obligations of, Parent and Merger Sub, as the case may be, and, to the knowledge of Parent and Merger Sub, each of the other parties thereto. There are no conditions precedent or other contingencies related to the funding of the full amount of the Equity Financing, other than as expressly set forth in the Financing has been increased by a corresponding amount, or Commitments delivered to the Company has given its prior written consent thereto))to the date hereof. As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would reasonably be expected to (i) constitute a default or material breach on the part of Parent oror Merger Sub, (ii) constitute a failure to satisfy a condition precedent on the part of Parent or Merger Sub or (iii) to the Knowledge knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent result in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount portion of the Financing (including any flex provisions) other than Commitments being unavailable on the Closing Date, assuming the conditions precedent set forth in to the Financing Commitment Letters and, as are satisfied. As of the date hereof, Parent has no reason to believe that any of the conditions to the Financing contemplated by the Financing Commitments applicable to it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than Assuming the conditions in Sections 7.1 and 7.2(a) and (b) are satisfied and the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing funded in accordance with and subject to its terms and conditions the Financing Commitments (including after giving effect to any pricing flex that results in OID, if exercisedprovision), the aggregate proceeds of the Financing, together with other unrestricted cash Parent and cash equivalents on hand of Parent Merger Sub will have on the Closing Date, are, and will be, in an amount Date funds sufficient to (i) consummate pay the Closing upon aggregate Per Share Merger Consideration and the terms contemplated by this Agreementother payments under ARTICLE II, (ii) pay any and all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by Parent, Merger Sub and the Parent on Surviving Corporation in connection with the Closing Date to consummate Merger and the Transactions, Financing and (iii) pay all such other amounts (including for any refinancing or repayment of any debt outstanding indebtedness of the Company or its subsidiaries contemplated by this Agreement)Agreement and the Financing Commitments. As Each of Parent and Merger Sub affirms that it is not a condition to the Closing or any of its other obligations under this Agreement that Parent or Merger Sub obtain the Financing or any other financing for or related to any of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Letterstransactions contemplated hereby.
Appears in 1 contract
Financing. Acquisition (a) Parent understands and acknowledges that or WCAS VIII in the obligations case of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered to the Company true, complete and correct copies of clause (i)
(1) the fully --------- below) has received and executed commitment letterletters, each dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”"COMMITMENT LETTERS"), among Credit Suisse AGfrom (i) Chase Securities Inc. and Chase Bank of Texas, Credit Suisse Loan Funding LLC and ParentN.A. (collectively, "CHASE"), pursuant to which the Parent Financing Sources party thereto have agreedChase has committed, on subject to the terms and subject to the conditions set forth therein, to provide Parent the Surviving Corporation with debt up to $120.0 million of financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing under available senior secured credit facilities; (the “OpCo Debt Financing”), (2ii) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the ParentWCAS VIII, pursuant to which the Parent Financing Sources party thereto have agreedit has committed, on subject to the terms and subject to the conditions set forth therein, to provide Parent with debt to Acquisition up to $145.0 million in equity; and (iii) WCAS Capital Partners III, L.P. or an affiliate thereof, pursuant to which it has committed to provide up to $160.0 million of senior subordinated financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” andfinancings referred to in clauses (i), (ii) and (iii) above being collectively referred to as the "FINANCING"). Such Financing is adequate to pay in full in cash at closing the Merger Consideration, together with all fees and expenses of Acquisition and the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together Surviving Corporation associated with the Equity Financing, the “Financing”)transactions contemplated hereby, and (3) to make any other payments necessary to consummate the fully executed fee letters relating to each transactions contemplated hereby. True and complete copies of the Debt Commitment Letters; provided that Letters have been furnished to the fee amounts, flex provisions Company. WCAS VIII or Acquisition has fully paid any and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions all commitment fees or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse fees required by such Commitment Letters to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As paid as of the date hereof (and will duly pay any such fees after the date hereof); provided that, each of -------- if the Financing Merger is consummated, the Surviving Corporation will reimburse WCAS VIII for such commitment fees or other fees required by such Commitment Letters. The Commitment Letters is are valid and in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, which (with or without notice, lapse of time or both, ) would constitute a default or material breach thereunder on the part of Parent orAcquisition, to WCAS VIII or their affiliates or would adversely affect the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence probability that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the such Financing will not actually be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment Lettersfunded.
Appears in 1 contract
Sources: Merger Agreement (Banctec Inc)
Financing. (a) Parent understands and acknowledges that the obligations As of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation date of any financing arrangementthis Agreement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent Buyer has delivered to the Company true, complete and correct copies Seller a copy of (i)
(1) the fully Equity Commitment Letter, duly executed by the Equity Financing Sources and dated as of the date hereof, pursuant to which the Equity Financing Sources have committed to provide equity financing in an aggregate amount of $861,052,879.41, subject to terms and conditions set forth therein (the “Equity Financing”) and (ii) a debt commitment letter, duly executed by Buyer and dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached theretoannexes thereto and any associated fee letter, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreedcommitted to provide the debt financing commitments contained therein, on the subject to terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing therein (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) together with the fully executed fee letters relating to each of letter referenced in the Debt Commitment Letters; provided Letter (the “Debt Fee Letter”) (except that the fee amounts, flex provisions other economic terms, “market flex” and other economic customary provisions (none of which would adversely affect the amount, conditionality, availability or termination of the Debt Financing) set forth therein have been redacted). The Equity Commitment Letter provides that Seller is an express third-party beneficiary thereto to the extent provided therein.
(b) As of the date hereof: (i) the Commitment Letters and the terms of the Financing have not been amended or modified prior to the date hereof; (ii) no such amendment or modification is contemplated (other than amendments to the Debt Commitment Letter as contemplated by the Debt Commitment Letter as in effect on the date hereof); and (iii) the respective commitments contained therein have not been withdrawn, terminated or rescinded in any such term respect. There are no other Contracts, agreements, side letters or arrangements to which Buyer is a party relating to the funding or investing, as applicable, of the Financing, other than as expressly set forth in the Commitment Letters, that would (x) reduce the aggregate amount of the Debt Financing to an amount less than the amount necessary to fund the Financing Purposes. Other than as set forth in the Commitment Letters, there are no conditions precedent related to the funding or (y) impose any additional conditions or other contingencies (or otherwise amendinvesting, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing as applicable, of the funding full amount of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) The net proceeds of the Financing, when funded in accordance with the Commitment Letters, will be, in the aggregate and together with Buyer’s cash on hand, sufficient for Buyer to consummate the transactions contemplated by this Agreement, including (a) paying the Estimated Purchase Price and all other amounts required to be paid by Buyer at the Closing pursuant to Section 2.03, and (b) paying all out-of-pocket expenses incurred by Buyer and required to be paid at the Closing by Buyer in connection with the transactions contemplated by this Agreement (collectively, the “Financing Purposes”).
(d) The Commitment Letters are in full force and effect and constitute the legal, valid and binding obligations of Buyer, the Guarantors (in the case of the Equity Commitment letter) and, to Buyer’s knowledge, each of the other parties thereto, as applicable, enforceable against each of Buyer and, to Buyer’s knowledge, each of the other parties thereto, as applicable, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights and remedies generally and to general principles of equity. To Buyer’s knowledge, no event has occurred that, with notice or lapse of time or both, would, or would reasonably be expected to, constitute a default or breach on the part of Buyer, the Guarantors or, to Buyer’s knowledge, any other party thereto, pursuant to the Commitment Letters. Assuming satisfaction of the conditions set forth in Section 8.01 and Section 8.02, Buyer has no any reason to believe that any of the conditions to receipt of the Financing contemplated by the Commitment Letters will not be satisfied or the Financing will not be available as and when needed at the Closing. As of the date hereof, Buyer has fully paid, or caused to be fully paid, all commitment or other fees that are due and payable on or prior to the date hereof, in each case pursuant to and in accordance with the terms of the Commitment Letters.
(e) None of the Guarantors, any Equity Financing Commitment Letters Source, Buyer or any of their respective Affiliates has entered into any Contract, arrangement or understanding (i) awarding any agent, broker, investment banker or financial advisor any financial advisory role on an exclusive basis in connection with the transactions contemplated by this Agreement; or (ii) expressly prohibiting any bank, investment bank or other potential provider of debt financing from providing or seeking to provide debt financing or financial advisory services to any Person in connection with a transaction relating to the Purchased Subsidiaries in connection with the transactions contemplated by this Agreement.
(f) Concurrently with the execution of this Agreement, the Guarantors have delivered to Seller the duly executed Limited Guaranty. The Limited Guaranty is in full force and effect effect, has not been amended or modified, and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is Guarantors enforceable against the parties thereto them in accordance with its terms, subject to the Enforceability Exceptionsapplicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights and remedies generally and to general principles of equity. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no No event has occurred which, which (with or without notice, lapse of time or both, ) would constitute a default or material breach on the part of Parent orany Guarantor under the Limited Guaranty.
(g) For the avoidance of doubt, and notwithstanding anything contained herein to the Knowledge of the Parentcontrary, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, in no event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing Date. Other than the Financing Commitment Letters, there are no side letters or other Contracts, arrangements or understandings (written or oral) directly or indirectly related to the Financing (except for customary fee letters, engagement letters relating to the Debt Financing and non-disclosure agreements, none of which impact the conditionality, timing or amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon shall the funding of the Financing in accordance with and subject constitute a condition to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have fully paid, or caused to be paid, any and all commitment fees and any and all other fees and expenses, in each case as are required to be paid on or before the date hereof pursuant to the terms of the Financing Commitment LettersClosing.
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Financing. (a) Parent understands and acknowledges that the obligations of the Parent and Merger Sub to consummate the Transactions are not in any way contingent upon or otherwise subject to the Parent’s consummation of any financing arrangement, the Parent’s obtaining of any financing or the availability, grant, provision or extension of any financing to the Parent.
(b) Parent has delivered provided to the Company true, accurate and complete and correct copies of (i)
(1) the fully executed commitment lettercopies, dated as of the date hereof of this Agreement, of (including all exhibitsa) the Equity Commitment Letter from the Investors to invest, annexessubject to the terms and conditions therein, schedules and term sheets attached thereto, cash in the aggregate principal amount set forth therein to Parent (the “OpCo Equity Financing”) and (b) an executed commitment letter from the Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letterthereto, dated as of the date hereof of this Agreement (including all the exhibits, annexes, annexes and schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”)) to provide, between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant subject to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts aggregate principal amount set forth therein, therein as of the proceeds of which are to be used to fund the Transactions Closing Date (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, ” and together with the Equity Financing, the “Financing”), pursuant to which (x) the Investors have, and (3y) the fully executed fee letters relating Debt Financing Sources party to each of the Debt Commitment Letters; provided that Letter have, committed to provide, subject only to the fee amountsterms and conditions contained therein, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate Financing, which together with the Other Sources, represents the full amount of the Debt Financing aggregate Offer Price and Merger Consideration (the “Aggregate Consideration”), any other amounts required to be paid in connection with the consummation of the Transactions (including all amounts payable pursuant to Section 3.04) and any fees and expenses of or payable by Parent or Merger Sub in connection with the Transaction (y) impose such amount collectively, the “Required Amount”). Except for any additional conditions fee letters or engagement letters (redacted solely with respect to fee amounts or other contingencies (or otherwise amendsensitive information that does not impact conditionality, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the enforceability, availability or timing the aggregate principal amount of the funding of the Debt Financing) may be redacted that have been provided to the Company (collectively, the “Fee Letter”), there are no other side letters, arrangements or understandings, whether written or oral, with any person relating to the Financing other than as expressly set forth in the Financing Commitment Letters. Each Financing Commitment Letter, in the form provided to the Company, is a customary manner; legal, valid and binding obligation of Parent, Merger Sub and (ii) in the case of the Equity Commitment Letter) the applicable Investor, which providesis in full force and effect, and shall continue to providehas not been withdrawn or terminated or otherwise amended, that the Company is a third party beneficiary thereto with supplemented or modified in any respect to the provisions specified therein.
(c) As as of the date hereof, each and is enforceable in accordance with the terms thereof against Parent, Merger Sub and (in the case of the Financing Equity Commitment Letters is in full force Letter) the applicable Investor, and effect and is a legal, valid, binding and enforceable obligation of Parent (to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto effect of any applicable bankruptcy, insolvency (in the case of the Debt Commitment Letters onlyincluding all Laws relating to fraudulent transfers), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its termsreorganization, moratorium or similar Laws affecting creditors’ rights generally and subject to the Enforceability Exceptionseffect of general principles of equity (regardless of whether considered in a proceeding at Law or in equity). The Other Sources are available on the date hereof and will be available to Parent and Merger Sub at the Acceptance Time to enable Parent and Merger Sub to consummate the Transactions pursuant to this Agreement. As of the date hereof, none assuming the accuracy of the Financing Commitment Letters have been amended, supplemented or modified Company’s representations and warranties set forth in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount of the Debt Financing to be funded on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereofArticle IV, no event has occurred which, (and no event is reasonably expected to occur) which would reasonably be expected to result in any breach of or constitute a default under (or an event which with notice or without notice, lapse of time or both, both would result in any breach of or constitute a default under) or material breach on the part of Parent or, reasonably be expected to the Knowledge result in a failure to satisfy a condition precedent or otherwise result in any portion of the ParentFinancing necessary to fund the Required Amount (taking into account the Other Sources) contemplated thereby to be unavailable or would reasonably be expected to permit any party to such Financing Commitment Letter to terminate, or to not make any other party thereto under any portion of the funding necessary to fund the Required Amount (taking into account the Other Sources) under, such Financing Commitment Letter. As Assuming the accuracy in all material respects of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the Company’s representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent set forth in the Financing Commitment Letters and, as of the date hereofArticle VI, Parent has no does not have any reason to believe that it any of the conditions to the Financing necessary to fund the Required Amount (taking into account the Other Sources) will not be able satisfied on or prior to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, Closing Date or that the full amount of the Financing necessary to fund the Required Amount (taking into account the Other Sources) contemplated by the Financing Commitment Letters to be funded on the Closing Date will not be made available to Parent on the Closing Date. Other than the Each Financing Commitment LettersLetter has not been amended, there are supplemented, terminated, rescinded or modified (and no side letters waiver of any provision thereof has been granted) and no such amendment, supplement, termination, rescission or modification is contemplated (other Contractsthan, arrangements in the case of the Debt Commitment Letter, any amendment, supplement or understandings modification to join additional arrangers, lenders or commitment parties or as permitted by Section 7.14(b)). Each Financing Commitment Letter (written or oralx) directly or indirectly related contains all of the conditions precedent to the Financing (except for customary fee letters, engagement letters relating to obligations of the Investors and the Debt Financing Sources party thereto, as applicable, to make the applicable portion of the Required Amount (taking into account the Other Sources) available to Parent and non-disclosure agreementsMerger Sub on the terms set forth therein and (y) does not contain any contingencies that would permit the applicable Investor or Debt Financing Source party thereto, none of which impact as applicable, to reduce, or rescind its obligation to provide, the conditionality, timing or total amount of the Financing) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of the Financing not otherwise . The obligations and commitments contained in the Financing Commitment LettersLetters have not been withdrawn or rescinded in any respect. There is no condition to The Investors have not indicated that the Equity Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financingwill be unavailable. Upon the funding of the Financing in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised), the aggregate proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related fees and expenses Each of Parent and its Affiliates and RepresentativesMerger Sub, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactionsas applicable, pay all such other amounts (including refinancing or repayment of any debt contemplated by this Agreement). As of the date hereof, Parent or its Affiliates have has fully paid, or caused to be paidfully paid on, any and all commitment fees and any and all or other fees and expenses, in each case as are to the extent required to be paid on or before prior to the date hereof pursuant in connection with the Financing. Parent and Merger Sub will have at the Closing funds sufficient for the payment of the Required Amount.
(a) The Equity Commitment Letter provides, and will continue to provide, that the Company is an express third-party beneficiary of the Equity Commitment Letter and, subject to Section 10.08(b), the Company is (on its own behalf and on behalf of the Company’s stockholders) entitled to enforce, directly or indirectly, the Equity Commitment Letter in accordance with its terms against the applicable Investor.
(b) Parent and Merger Sub acknowledge and agree that it is not a condition to the terms Closing or to any of the Financing Commitment Lettersother obligations under this Agreement, subject to Section 10.08(b)(iii), that Parent and Merger Sub obtain financing for or relating to the Transactions.
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Financing. (a) Parent understands Purchaser has received and acknowledges that the obligations accepted executed and binding commitment letters dated as of the Parent date hereof (as the same may be amended or replaced pursuant to Section 5.14(a) and Merger Sub including any executed commitment letter or similar agreement for Alternate Financing, in each case, pursuant to consummate Section 5.14(c), including all exhibits, schedules and annexes thereto, collectively, the Transactions are not in any way contingent upon “Debt Commitment Letters”) from the Debt Financing Sources, relating to the commitment of the Debt Financing Sources to provide, or otherwise cause to be provided, and subject to the Parent’s consummation of any financing arrangementterms and conditions thereof, the Parent’s obtaining amount of any the debt financing or stated therein (collectively, the availability, grant, provision or extension of any financing to the Parent“Debt Financing”).
(b) Parent Purchaser has received and accepted executed and binding commitment letters dated as of the date hereof (the “Equity Commitment Letters” and, together with the Debt Commitment Letters, the “Commitment Letters”) from Apollo Investment Fund VII, L.P. and its affiliated investment funds (collectively, the “Equity Investors”), relating to the commitment of the Equity Investors, subject to the terms and conditions thereof, to invest in Purchaser the amount of the cash equity financing stated therein (the “Equity Financing” and, together with the Debt Financing, the “Financing”). Purchaser has delivered to the Company Sellers true, complete and correct copies of (i)
(1) the fully executed commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “OpCo Debt Commitment Letter”), among Credit Suisse AG, Credit Suisse Loan Funding LLC and Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions and fees in connection with such debt financing (the “OpCo Debt Financing”), (2) the fully executed warehouse facility commitment letter, dated as of the date hereof (including all exhibits, annexes, schedules and term sheets attached thereto, the “AssetCo Debt Commitment Letter” and, together with the OpCo Debt Commitment Letter, the “Debt Commitment Letters”; the Debt Commitment Letters together with the Equity Commitment Letter, the “Financing Commitment Letters”), between Credit Suisse AG, Cayman Islands Branch and the Parent, pursuant to which the Parent Financing Sources party thereto have agreed, on the terms and subject to the conditions set forth therein, to provide Parent with debt financing in the amounts set forth therein, the proceeds of which are to be used to fund the Transactions (the “AssetCo Debt Financing” and, together with the OpCo Debt Financing, the “Debt Financing”; the Debt Financing, together with the Equity Financing, the “Financing”), and (3) the fully executed fee letters relating to each of the Debt Commitment Letters; provided that the fee amounts, flex provisions and other economic terms (other than any such term that would (x) reduce the aggregate amount of the Debt Financing or (y) impose any additional conditions or other contingencies (or otherwise amend, modify or expand any conditions or other contingencies in a manner adverse to Parent) or adversely affect the availability or timing of the funding of the Debt Financing) may be redacted in a customary manner; and (ii) the Equity Commitment Letter, which provides, and shall continue to provide, that the Company is a third party beneficiary thereto with respect to the provisions specified therein.
(c) As of Except as set forth in the date hereofCommitment Letters, each of the Financing Commitment Letters is in full force and effect and is a legal, valid, binding and enforceable obligation of Parent (there are no conditions precedent to the extent party thereto) and, to the Knowledge of Parent, the other parties thereto, in each case subject to the Enforceability Exceptions. Assuming due and valid execution by each other party thereto (in the case of the Debt Commitment Letters only), each of the Financing Commitment Letters is enforceable against the parties thereto in accordance with its terms, subject to the Enforceability Exceptions. As of the date hereof, none of the Financing Commitment Letters have been amended, supplemented or modified in any respect, and the respective commitments contained therein have not been withdrawn, terminated, rescinded or otherwise modified in any respect, nor, to Parent’s Knowledge, is any such amendment, supplement, modification, withdrawal, termination or rescission currently contemplated or the subject of discussions (other than to add lenders, lead arrangers, bookrunners, syndication agents or other similar entities who had not executed a Debt Commitment Letter as of the date hereof, in each case, as contemplated by and in accordance with such Debt Commitment Letter; provided, however, that (i) any such added lender, lead arranger, bookrunner, syndication agent or other similar entity is a Qualified Bank, and (ii) in no event shall the addition of any such lender, lead arranger, bookrunner, syndication agent or other similar entity reduce the aggregate amount obligations of the Debt Financing Sources and the Equity Investors to be funded provide the Financing on the Closing Date (including by increasing the amount of fees to be paid or original issue discount) from that contemplated in the Debt Commitment Letters (unless, in each case, the amount of the Equity Financing has been increased by a corresponding amount, or the Company has given its prior written consent thereto)). As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or material breach on the part of Parent or, to the Knowledge of the Parent, any other party thereto under any Financing Commitment Letter. As of the date hereof, Parent is not aware of any fact, event or other occurrence that makes any of the representations and warranties of Parent in any Financing Commitment Letter inaccurate in any material respect. There are no conditions precedent or other contingencies directly or indirectly related to the funding of the full amount of the Financing (including any flex provisions) other than the conditions precedent terms set forth in the Financing Commitment Letters and, as of the date hereof, Parent has no reason to believe that it will not be able to satisfy any term or condition of closing of the Financing that is required to be satisfied as a condition of the Financing, or that the full amount of the Financing will not be made available to Parent on the Closing DateLetters. Other than the Financing Commitment Letters, there are no side letters or other Contractsagreements, contracts or arrangements to which Purchaser or understandings (written any of its Subsidiaries or oral) directly or indirectly related to the Financing Equity Investors are a party (except for customary fee letters, fee credit letters and engagement letters relating to letters, in each case associated with the Debt Financing and non-disclosure agreementswhich shall not reduce the full amount of the Debt Financing relating to the funding or investing, none as applicable, of which impact the conditionality, timing or full amount of the Financing.
(d) which could adversely impact the timing or availability of the Financing, including without limitation, by providing for additional or different conditions to the timing or availability of Assuming the Financing not otherwise contained in the Financing Commitment Letters. There is no condition to the Financing the satisfaction of which would prevent the satisfaction of the conditions set forth in Sections 6.1, 6.2, and 6.3 hereof, and there is no condition set forth in Sections 6.1, 6.2, or 6.3 hereof the satisfaction of which would prevent the satisfaction of a condition to the Financing. Upon the funding of the Financing funded in accordance with and subject to its terms and conditions (including after giving effect to any pricing flex that results in OID, if exercised)the Commitment Letters, the aggregate net cash proceeds of the Financing, together with other unrestricted cash and cash equivalents on hand of Parent on the Closing Date, are, and will be, in an amount sufficient to (i) consummate the Closing upon the terms contemplated by this Agreement, (ii) the Commitment Letters will be sufficient for Purchaser to pay all other amounts payable by Parent or its Affiliates pursuant to the other Ancillary Agreements to which any such Person is a party, (iii) pay all related Cash Consideration and fees and expenses of Parent and its Affiliates and Representatives, and (iv) to the extent any other amounts are required to be paid by the Parent on the Closing Date to consummate the Transactions, pay all such other amounts Purchaser (including refinancing or repayment of any debt fees payable to the Debt Financing Sources) in connection with the transactions contemplated by this AgreementAgreement and by the Financing (collectively, the “Required Amount”). .
(e) As of the date hereofof this Agreement, Parent Purchaser has no Knowledge of any fact, 45 occurrence or its Affiliates have fully paidcondition that makes any of the assumptions or statements set forth in the Commitment Letters inaccurate in any material respect or that would cause any of the Commitments Letters to be terminated or ineffective or, assuming satisfaction of the conditions precedent set forth in Section 8.2(a), that would reasonably be expected to cause any of the conditions precedent set forth therein not to be met.
(f) The Commitment Letters are valid, binding and enforceable against Purchaser and, to the Knowledge of Purchaser, the other parties thereto, in accordance with their respective terms, except as such enforceability may be (i) limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws of general application relating to or affecting creditors’ rights generally and (ii) subject to general equitable principles (whether considered in a proceeding in equity or at law). The Commitment Letters are in full force and effect, and assuming the accuracy of the representations and warranties set forth in Article III and performance by the Sellers and their Subsidiaries of their obligations under this Agreement, as of the date of this Agreement no event has occurred that, with or without notice, lapse of time, or both, would reasonably be expected to constitute a default or breach on the part of Purchaser or, to the Knowledge of Purchaser, any other parties thereto, under the terms and conditions of the Commitment Letters. No Commitment Letter has been amended, restated or otherwise modified as of the date of this Agreement, and the respective commitments contained in the Commitment Letters have not been withdrawn or rescinded as of the date of this Agreement. Purchaser has fully paid or has caused to be paid, fully paid any and all commitment fees and any and all or other fees and expenses, in each case as connection with the Commitment Letters that are required to be paid payable on or before prior to the date hereof pursuant hereof.
(g) In no event shall the receipt or availability of any funds or financing by Purchaser or any Affiliate or any other financing or other transactions be a condition to the terms any of the Financing Commitment Letters.Purchaser’s obligations hereunder. 4.5
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Sources: Purchase and Sale Agreement (McGraw-Hill Companies Inc)