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Exhibit 10.15
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AMENDED AND RESTATED CREDIT AGREEMENT
BY AND AMONG
BUILDING MATERIALS CORPORATION OF AMERICA,
THE LENDERS PARTY HERETO,
FLEET NATIONAL BANK,
AS DOCUMENTATION AGENT,
BEAR ▇▇▇▇▇▇▇ CORPORATE LENDING INC.,
AS SYNDICATION AGENT,
AND
THE BANK OF NEW YORK, AS
SWING LINE LENDER AND AS ADMINISTRATIVE AGENT
WITH
BNY CAPITAL MARKETS, INC., AS
LEAD ARRANGER AND BOOKRUNNER
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110,000,000
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DATED AS OF DECEMBER 4, 2000
31688.0003
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TABLE OF CONTENTS
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1. DEFINITIONS AND PRINCIPLES OF CONSTRUCTION.....................................................................1
1.1. Definitions.........................................................................................1
1.2. Principles of Construction..........................................................................2
2. AMOUNT AND TERMS OF LOANS AND LETTERS OF CREDIT................................................................2
2.1. Revolving Credit Loans..............................................................................2
2.2. Revolving Credit Notes..............................................................................2
2.3. Swing Line Loans....................................................................................2
2.4. Swing Line Note.....................................................................................2
2.5. Procedure for Borrowing.............................................................................2
2.6. Termination or Reduction of Commitments.............................................................2
2.7. Prepayments.........................................................................................2
2.8. Use of Proceeds.....................................................................................2
2.9. Letter of Credit Sub-Facility.......................................................................2
2.10. Letter of Credit Participation and Funding Commitments.............................................2
2.11. Absolute Obligation With Respect to Letter of Credit Payments......................................2
2.12. Payments...........................................................................................2
3. INTEREST, FEES, YIELD PROTECTIONS, ETC.........................................................................2
3.1. Interest Rate and Payment Dates.....................................................................2
3.2. Fees................................................................................................2
3.3. Conversions.........................................................................................2
3.4. Concerning Interest Periods.........................................................................2
3.5. Indemnification for Loss............................................................................2
3.6. Capital Adequacy....................................................................................2
3.7. Reimbursement for Increased Costs...................................................................2
3.8. Illegality of Funding...............................................................................2
3.9. Substituted Interest Rate...........................................................................2
3.10. Taxes; Net Payments................................................................................2
3.11. Option to Fund.....................................................................................2
3.12. Replacement of Lenders.............................................................................2
4. REPRESENTATIONS AND WARRANTIES.................................................................................2
4.1. Subsidiaries; Capitalization........................................................................2
4.2. Existence and Power.................................................................................2
4.3. Authority and Execution.............................................................................2
4.4. Binding Agreement...................................................................................2
4.5. Litigation..........................................................................................2
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4.6. Required Consents...................................................................................2
4.7. Absence of Defaults; No Conflicting Agreements......................................................2
4.8. Compliance with Applicable Laws.....................................................................2
4.9. Taxes...............................................................................................2
4.10. Governmental Regulations...........................................................................2
4.11. Federal Reserve Regulations; Use of Loan Proceeds..................................................2
4.12. Plans..............................................................................................2
4.13. Financial Statements...............................................................................2
4.14. Property...........................................................................................2
4.15. Authorizations.....................................................................................2
4.16. Environmental Matters..............................................................................2
4.17. Solvency...........................................................................................2
4.18. Absence of Certain Restrictions....................................................................2
4.19. No Misrepresentation...............................................................................2
5. CONDITIONS TO EFFECTIVENESS....................................................................................2
5.1. Evidence of Action..................................................................................2
5.2. This Agreement......................................................................................2
5.3. Notes...............................................................................................2
5.4. Subsidiary Guaranty.................................................................................2
5.5. Security Agreement..................................................................................2
5.6. Collateral Agent Agreement..........................................................................2
5.7. Insurance The Administrative Agent shall have received the items required to be delivered
on the Effective Date under Section 7.5, in each case satisfactory to the Administrative
Agent...........................................................................................2
5.8. Deposits of Cash, Cash Equivalents and Marketable Securities........................................2
5.9. Absence of Litigation...............................................................................2
5.10. Approvals and Consents.............................................................................2
5.11. Senior Note Indenture Consent Solicitations........................................................2
5.12. 2000 Credit Agreement..............................................................................2
5.13. ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇ Report............................................................................2
5.14. Opinion of Counsel to the Borrower and its Subsidiaries............................................2
5.15. Material Agreements................................................................................2
5.16. Asbestos Report....................................................................................2
5.17. Chase Platinum Substitute Note.....................................................................2
5.18. Fees...............................................................................................2
5.19. Effective Date Cutoff..............................................................................2
5.20. Certain Accrued Payments...........................................................................2
5.21. Other Documents....................................................................................2
6. CONDITIONS OF LENDING - ALL LOANS AND LETTERS OF CREDIT........................................................2
6.1. Compliance..........................................................................................2
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6.2. Borrowing Request; Letter of Credit Request.........................................................2
6.3. Loan Closings.......................................................................................2
7. AFFIRMATIVE COVENANTS..........................................................................................2
7.1. Financial Statements and Information................................................................2
7.2. Certificates; Other Information.....................................................................2
7.3. Legal Existence.....................................................................................2
7.4. Taxes...............................................................................................2
7.5. Insurance and Condemnation..........................................................................2
7.6. Performance of Obligations..........................................................................2
7.7. Observance of Legal Requirements....................................................................2
7.8. Inspection of Property; Books and Records; Discussions..............................................2
7.9. Authorizations......................................................................................2
7.10. Financial Covenants................................................................................2
7.11. Additional Subsidiaries............................................................................2
7.12. Further Assurances; Certain Real Estate Matters....................................................2
7.13. Environmental Compliance...........................................................................2
7.14. Invested Cash, Marketable Securities and System Cash...............................................2
8. NEGATIVE COVENANTS.............................................................................................2
8.1. Indebtedness........................................................................................2
8.2. Liens...............................................................................................2
8.3. Merger, Consolidations and Acquisitions.............................................................2
8.4. Dispositions........................................................................................2
8.5. Investments, Loans, Etc.............................................................................2
8.6. Restricted Payments.................................................................................2
8.7. Business and Name Changes...........................................................................2
8.8. ERISA...............................................................................................2
8.9. Prepayments of Indebtedness.........................................................................2
8.10. Amendments, Etc. of Certain Agreements.............................................................2
8.11. Transactions with Affiliates.......................................................................2
8.12. Limitation on Upstream Transfers...................................................................2
8.13. Capital Leases and Sale-Leaseback Transactions.....................................................2
8.14. Capital Expenditures...............................................................................2
8.15. Asbestos Costs.....................................................................................2
8.16. Tax Sharing Payments...............................................................................2
9. DEFAULT........................................................................................................2
9.1. Events of Default...................................................................................2
9.2. Contract Remedies...................................................................................2
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10. THE ADMINISTRATIVE AGENT......................................................................................2
10.1. Appointment........................................................................................2
10.2. Delegation of Duties...............................................................................2
10.3. Exculpatory Provisions.............................................................................2
10.4. Reliance by Administrative Agent...................................................................2
10.5. Notice of Default..................................................................................2
10.6. Non-Reliance on Administrative Agent and Other Lenders.............................................2
10.7. Indemnification....................................................................................2
10.8. Administrative Agent in Its Individual Capacity....................................................2
10.9. Successor Administrative Agent.....................................................................2
10.10. Documentation Agent, Syndication Agent and Lead Arranger..........................................2
10.11. Appointment of Collateral Agent...................................................................2
11. OTHER PROVISIONS..............................................................................................2
11.1. Amendments and Waivers.............................................................................2
11.2. Notices............................................................................................2
11.3. No Waiver; Cumulative Remedies.....................................................................2
11.4. Survival of Representations and Warranties and Certain Obligations.................................2
11.5. Expenses...........................................................................................2
11.6. Lending Offices....................................................................................2
11.7. Successors and Assigns.............................................................................2
11.8. Indemnity..........................................................................................2
11.9. Limitation of Liability............................................................................2
11.10. Counterparts......................................................................................2
11.11. Adjustments; Set-off..............................................................................2
11.12. Construction......................................................................................2
11.13. Governing Law.....................................................................................2
11.14. Headings Descriptive..............................................................................2
11.15. Severability......................................................................................2
11.16. Integration.......................................................................................2
11.17. Consent to Jurisdiction...........................................................................2
11.18. Service of Process................................................................................2
11.19. No Limitation on Service or Suit..................................................................2
11.20. WAIVER OF TRIAL BY JURY...........................................................................2
11.21. Treatment of Confidential Information.............................................................2
11.22. Conversion of DIP.................................................................................2
11.23. Consolidation and Restatement.....................................................................2
11.24. Effectiveness; Marketable Securities..............................................................2
11.25. Existing Credit Agreement Financial Covenants.....................................................2
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