FIRST AMENDMENTTO CREDIT AGREEMENT
FIRST
AMENDMENTTO
CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (the “Amendment”) is made and dated as of June 14, 2002 by and among COUNTRYWIDE HOME LOANS, INC., a New York corporation (the “Company”), the Lenders signing below, and ROYAL BANK OF CANADA, as the Lead Administrative Agent for the Lenders (in such capacity, the “Lead Administrative Agent”).
RECITALS
A. Pursuant to that certain Credit Agreement dated as of February 27, 2002 by and among the Company, the Lenders from time to time party thereto, the Lead Administrative Agent, the Co-Administrative Agent, the Syndication Agent, the Documentation Agent, the Arranger, and the Co-Arrangers (as amended, extended and replaced from time to time, the “Credit Agreement,” and with capitalized terms used herein and not otherwise defined used with the meanings given such terms in the Credit Agreement), the Lenders currently party to the Credit Agreement (the “Existing Lenders”) agreed to extend credit to the Company on the terms and subject to the conditions set forth therein.
B. The parties hereto have agreed to amend the Credit Agreement in certain respects, as set forth more particularly below.
NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:
AGREEMENT
1. Extension of Revolving Facility Maturity Date. To reflect the agreement of the Company, the Lead Administrative Agent, and those Lenders signing this Amendment to extend the Revolving Facility Maturity Date, effective as of the Effective Date (as defined in Paragraph 6 below), the definition of the term “Revolving Facility Maturity Date” set forth in the Glossary to the Credit Agreement is hereby amended by deleting the date “June 15, 2002” set forth therein and replacing the same with the date “June 13, 2003.”
2. Addition of New Lenders. To reflect the fact that certain financial institutions may desire to become “Lenders” under the Credit Agreement, any financial institution signing below as an “Applicant Financial Institution” (and defined herein as such) shall become a “Lender” under the Credit Agreement as of the Effective Date, and shall be deemed approved by each of the Company and the Lead Administrative Agent pursuant to Paragraph 14(a) of the Credit Agreement, on the following terms and conditions:
(a) Each such Applicant Financial Institution hereby acknowledges and agrees that from and after the Effective Date it will be a "Lender" under the Credit Agreement and the other Credit Documents with all the rights and benefits and with all the obligations of the Lenders thereunder.
(b) On and after the Effective Date, the Maximum Commitment and Swing Line Commitment of each such Applicant Financial Institution shall be consistent with the Commitment Schedule attached hereto as Annex 1 (the "Replacement Commitment Schedule") and, if necessary, each such Applicant Financial Institution hereby agrees to purchase on the Effective Date and to accept the assignment and transfer of a portion of the Maximum Commitments and, as applicable, the Swingline Commitments held by the Existing Lenders consistent with the Replacement Commitment Schedule.
(c) To reflect the addition of each such Applicant Financial Institution as a Lender, the schedule of addresses attached to the Credit Agreement as Annex II shall be replaced by the schedule of addresses attached hereto as Replacement Annex II as of the Effective Date.
(d) The Lead Administrative Agent hereby waives: (i) receipt of any Additional Lender Agreement or Assignment Agreement that would otherwise be required to be executed and delivered by the Applicant Financial Institution pursuant to Paragraph 14(a)(2)(iii) of the Credit Agreement, and (ii) the registration fee of $3,500.00 required to be delivered by each Applicant Financial Institution pursuant to Paragraph 14(a)(2)(iv) of the Credit Agreement.
3. Reallocation of Commitments. Notwithstanding whether any Applicant Financial Institution becomes a “Lender” under the Credit Agreement on the Effective Date pursuant to Paragraph 2 above, no later than 12:30 p.m. (Los Angeles time) on the Effective Date, each Lender signing this Amendment (including each Applicant Financial Institution, if any) will pay to the Lead Administrative Agent any amount necessary to cause such Lender’s Primary Percentage Share of Primary Loans outstanding and, as applicable, such Lender’s Swing Line Percentage Share of Swing Loans outstanding to be consistent with the Replacement Commitment Schedule, and the Lead Administrative Agent shall thereupon remit to the Existing Lenders, as applicable, their shares of such funds. Fees and interest accrued on the Obligations to but not including the Effective Date shall be payable to the Existing Lenders in accordance with their respective Primary Percentage Shares and Swing Line Percentage Shares, as appropriate, in effect prior to the Effective Date.
4. Agents. Effective as of the Effective Date, the Agents under the Credit Documents shall be as set forth below:
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Royal Bank of Canada Lloyds TSB Bank plc BNP Paribas Commerzbank AG New York Branch Credit Lyonnais New York Branch |
Lead Administrative Agent; Arranger Co-Administrative Agent; Co-Arranger Syndication Agent; Co-Arranger Co-Documentation Agent; Co-Arranger Co-Documentation Agent; Co-Arranger |
5. Reaffirmation of Credit Documents. Each of the Company, the Parent, and each Subsidiary Guarantor hereby affirms and agrees that: (a) other than as expressly set forth herein, the execution and delivery by the Company, the Parent, and each Subsidiary Guarantor of and the performance of its obligations under this Amendment shall not in any way amend, impair, invalidate or otherwise affect any of the obligations of the Company, the Parent, or any Subsidiary Guarantor, or the rights of the Lenders, under the Credit Agreement and each other Credit Document or any other document or instrument made or given by the Company, the Parent, or any Subsidiary Guarantor in connection therewith, (b) the term “Obligations” as used in the Credit Documents include, without limitation, the Obligations of the Company under the Credit Agreement as amended hereby, and (c) except as expressly amended hereby, the Credit Documents remain in full force and effect as written.
6. Effective Date. This Amendment shall be effective on and as of June 14, 2002 (the "Effective Date") subject to the delivery to the Lead Administrative Agent of the following:
(a) A copy of this Amendment, duly executed by the parties hereto.
(b) If any of the Applicant Financial Institutions have requested a promissory note or promissory notes in favor of such Applicant Financial Institution as evidence of the Obligations held by such Applicant Financial Institution, a duly executed copy of such promissory note or promissory notes.
(c) Such corporate resolutions, incumbency certificates and other authorizations from the Company, the Parent, and each Subsidiary Guarantor as the Lenders may reasonably request.
6. Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.
7. Representations and Warranties. Each of the Company, the Parent, and each Subsidiary Guarantor hereby represents and warrants to the Lenders and the Lead Administrative Agent as follows:
(a) Each of the Company, the Parent, and each Subsidiary Guarantor has the corporate power and authority and the legal right to execute, deliver and perform this Amendment and has taken all necessary corporate action to authorize the execution, delivery and performance of this Amendment. This Amendment has been duly executed and delivered on behalf of the Company, the Parent, and each Subsidiary Guarantor and constitutes the legal, valid and binding obligation of the Company, the Parent, and each Subsidiary Guarantor enforceable against each such Person in accordance with its terms.
(b) At and as of the date of execution hereof and both prior to and after giving effect to this Amendment: (1) the representations and warranties of the Company, the Parent, and each Subsidiary Guarantor contained in the Credit Agreement and each of the other Credit Documents are accurate and complete in all respects, and (2) there has not occurred an Event of Default or Potential Default.
[Signature page following]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first above written.
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COUNTRYWIDE HOME LOANS, INC., a New York corporation By /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Title: Managing Director, Investor Relations and Treasurer |
ACKNOWLEDGED AND AGREED TO:
COUNTRYWIDE CREDIT INDUSTRIES, INC., a
Delaware corporation
By /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title: Managing Director, Investor Relations and Treasurer
COUNTRYWIDE HOME LOAN SERVICING LP,
a Texas limited partnership
| By: |
COUNTRYWIDE GP, INC., its general partner By /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Title: Executive Vice President |
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ROYAL BANK OF CANADA, as Lead Administrative Agent |
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By: Name: Title: |
/s/▇▇▇▇ Watkinb ▇▇▇▇ ▇▇▇▇▇▇ Manager, Agency |
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ROYAL BANK OF CANADA, as a Lender |
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By: Name: Title: |
/s/ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ Manager |
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Lloyds TSB Bank plc, as a Lender |
|
By: Name: Title: |
/s/▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Director, Financial Institutions, USA |
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By: Name: Title: |
/s/ ▇▇▇▇▇▇▇ ▇. ▇. Tuck ▇▇▇▇▇▇▇ ▇. ▇. ▇▇▇▇ Vice President, Financial Institutions, USA |
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CREDIT LYONNAIS NEW YORK BRANCH, as a Lender |
|
By: Name: Title: |
/s/ W. ▇▇▇ ▇▇▇▇▇▇▇ W. ▇▇▇ ▇▇▇▇▇▇▇ First Vice President |
| COMMERZBANK AG, NEW YORK BRANCH, as a Lender |
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By: Name: Title: |
/s/ Christian Jagenberg Christian Jagenberg Senior Vice President and Manager |
|
By: Name: Title: |
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Senior Vice President |
| BARCLAYS BANK PLC, as a Lender |
|
By: Name: Title: |
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Associate Director |
| BNP PARIBAS, as a Lender |
|
By: Name: Title: |
/s/ ▇. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Managing Director |
|
By: Name: Title: |
/s/ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Director |
| CITICORP USA, INC., as a Lender |
|
By: Name: Title: |
/s/ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Managing Director |
| DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES, as a Lender |
|
By: Name: Title: |
/s/ ▇. ▇▇▇▇▇▇ Beaudouin ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Director |
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By: Name: Title: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Director |
| ▇▇▇▇▇▇ COMMERCIAL PAPER INC., as a Lender |
|
By: Name: Title: |
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Authorized Signatory |
| THE ROYAL BANK OF SCOTLAND PLC, as a Lender |
|
By: Name: Title: |
/s/ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Senior Vice President |
| UBS AG, STAMFORD BRANCH, as a Lender |
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By: Name: Title: |
/s/ ▇▇▇▇▇▇▇ ▇. Saint ▇▇▇▇▇▇▇ ▇. Saint Associate Director, Banking Products Services, US |
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By: Name: Title: |
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Associate Director, Banking Products Services, US |
| WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH, as a Lender |
|
By: Name: Title: |
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ Executive Director |
|
By: Name: Title: |
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Director |
Annex 1
COMMITMENT
SCHEDULE
(as of June
15, 2002)
| Aggregate Credit Limit: Aggregate Swing Line Commitment: |
$1,550,000,000 $200,000,000 |
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Institution Maximum Commitment Primary Swing Line Commitment Swing Line
Percentage Percentage Share
Share
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The Royal Bank of Canada $150,000,000 9.67% $50,000,000 25.00%
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Lloyds TSB Bank plc $250,000,000 16.13% $50,000,000 25.00%
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Commerzbank AG, New York Branch $100,000,000 6.45% $50,000,000 25.00%
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Credit Lyonnais New York Branch $50,000,000 3.23% $50,000,000 25.00%
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BNP Paribas $150,000,000 9.67%
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Barclays Bank plc $100,000,000 6.45%
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Westdeutsche Landesbank Girozentrale, New $100,000,000 6.45%
York Branch
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UBS AG, Stamford Branch $50,000,000 3.23%
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The Royal Bank of Scotland plc $100,000,000 6.45%
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Dresdner Bank AG, New York and Grand Cayman $150,000,000 9.67%
Branches
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Citicorp USA, Inc. $150,000,000 9.67%
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▇▇▇▇▇▇ Commercial Paper Inc. $200,000,000 12.90%
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Total: $1,550,000,000 100.00% $200,000,000 100.00%
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Replacement Annex II
ANNEX II: SCHEDULE OF ADDRESSES
ROYAL BANK OF CANADA
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Attn: ▇▇. ▇▇▇▇ ▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
LLOYDS TSB
BANK PLC
▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇ (re administration)
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇ (re documentation)
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
CREDIT LYONNAIS
Credit ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ of the Americas
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Attn: Mr. W. ▇▇▇ ▇▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
COMMERZBANK AG
▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
BARCLAYS BANK PLC
▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
BNP PARIBAS
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
CITICORP USA, INC.
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
CREDIT SUISSE
FIRST BOSTON
11 Madison Avenue, 10th Floor
New York, New York 10010
Attn: ▇▇. ▇▇▇ ▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
DRESDNER BANK AG NEW YORK AND GRAND CAYMAN BRANCHES
▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Tel: (212) 429-________
Fax: (212) 429-________
▇▇▇▇▇▇ COMMERCIAL PAPER INC.
c/o Simpson ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
THE ROYAL BANK OF SCOTLAND PLC
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
UBS AG, STAMFORD BRANCH
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: Mr. Wilfred Saint
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH
1211 Avenue of the ▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
COUNTRYWIDE
HOME LOANS, INC.
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇-▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
COUNTRYWIDE CREDIT
INDUSTRIES, INC.
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇-▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇