|
|
|
|
Document Preview Revolving Loan Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Revolving Loan Agreement |
|||
|
Entities: |
Power-One, Inc.; Union Bank of California, NA; Bank of America, NA; Bank of New York; Sheppard, Mullin, Richter & Hampton |
|||
|
Date: |
2000 |
|||
|
Size: |
Preview shows 21KB of 326KB total |
|||
|
Price: |
$58 |
|||
|
ID: |
#1146403 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<PAGE>
REVOLVING LOAN AGREEMENT
Dated as of May 10, 2000
among
POWER-ONE, INC.,
INTERNATIONAL POWER DEVICES, INC.,
MELCHER HOLDING AG,
AND
HC POWER, INC.,
as the Borrowers
THE LENDERS HEREIN NAMED
and
UNION BANK OF CALIFORNIA, N.A.,
as Administrative Agent and Lead Arranger
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C> <C> <C>
Article 1. DEFINITIONS AND ACCOUNTING TERMS................................1
1.1 Defined Terms...........................................................1
1.2 Use of Defined Terms...................................................33
1.3 Joinder of Powec.......................................................33
1.4 Accounting Terms.......................................................33
1.5 Rounding...............................................................34
1.6 Exhibits and Schedules.................................................34
1.7 References to "Borrower and its Subsidiaries"..........................34
1.8 Miscellaneous Terms....................................................34
Article 2. LOANS AND LETTERS OF CREDIT....................................35
2.1 Loans-General..........................................................35
2.2 Alternate Base Rate Loans..............................................38
2.3 Eurodollar Rate Loans..................................................38
2.4 Letters of Credit......................................................39
2.5 Voluntary Reduction of Revolving Commitment............................43
2.6 Administrative Agent's Right to Assume Funds Available for Advances....44
2.7 Collateral.............................................................44
Article 3. PAYMENTS AND FEES..............................................45
3.1 Principal and Interest.................................................45
3.2 Arranger and Agency Fees...............................................47
3.3 Commitment Fee.........................................................47
3.4 Letter of Credit Fees..................................................47
3.5 Increased Commitment Costs.............................................48
3.6 Eurodollar Costs and Related Matters...................................49
3.7 Late Payments..........................................................53
3.8 Computation of Interest and Fees.......................................53
3.9 Non-Banking Days.......................................................54
3.10 Manner and Treatment of Payments......................................54
3.11 Funding Sources.......................................................55
3.12 Failure to Charge Not Subsequent Waiver...............................56
3.13 Administrative Agent's Right to Assume Payments Will be Made..........56
3.14 Fee Determination Detail..............................................56
3.15 Survivability.........................................................56
</TABLE>
- i -
<PAGE>
<TABLE>
<S> <C> <C> <C>
Article 4. REPRESENTATIONS AND WARRANTIES.................................57
4.1 Existence and Qualification; Power; Compliance With Laws...............57
4.2 Authority; Compliance With Other Agreements and Instruments and
Government Regulations.............................................57
4.3 No Governmental Approvals Required.....................................58
4.4 Subsidiaries...........................................................58
4.5 Financial Statements...................................................59
4.6 No Other Liabilities; No Material Adverse Changes......................59
4.7 Title to and Location of Property......................................60
4.8 Intangible Assets......................................................60
4.9 Public Utility Holding Company Act.....................................60
4.10 Litigation............................................................60
4.11 Binding Obligations...................................................61
4.12 No Default............................................................61
4.13 ERISA.................................................................61
4.14 Regulation U; Investment Company Act..................................61
4.15 Disclosure............................................................62
4.16 Tax Liability.........................................................62
4.17 Projections...........................................................62
4.18 Hazardous Materials...................................................62
4.19 Security Interest.....................................................63
Article 5. AFFIRMATIVE COVENANTS
(OTHER THAN INFORMATION AND
REPORTING REQUIREMENTS)........................................64
5.1 Payment of Taxes and Other Potential Liens.............................64
5.2 Preservation of Existence..............................................64
5.3 Maintenance of Properties..............................................64
5.4 Maintenance of Insurance...............................................65
5.5 Compliance With Laws...................................................65
5.6 Inspection Rights......................................................65
5.7 Keeping of Records and Books of Account................................65
5.8 Compliance With Agreements.............................................65
5.9 Use of Proceeds........................................................65
5.10 Hazardous Materials Laws...............................................65
5.11 Future Subsidiaries....................................................66
5.12 Intentionally Omitted..................................................66
5.13 Intentionally Omitted..................................................66
5.14 Syndication Process....................................................66
</TABLE>
- ii -
<PAGE>
<TABLE>
<S> <C> <C> <C>
Article 6. NEGATIVE COVENANTS.............................................67
6.1 Payment of Subordinated Obligations....................................67
6.2 Disposition of Property................................................67
6.3 Mergers................................................................67
6.4 Hostile Acquisitions...................................................68
6.5 Acquisitions...........................................................68
6.6 Distributions..........................................................68
6.7 ERISA..................................................................68
6.8 Change in Nature of Business...........................................68
6.9 Liens and Negative Pledges.............................................68
6.10 Indebtedness and Guaranty Obligations.................................69
6.11 Transactions with Affiliates..........................................70
6.12 Leverage Ratio........................................................70
6.13 Fixed Charge Coverage Ratio...........................................70
6.14 Net Worth.............................................................70
6.15 Investments...........................................................71
6.16 Capital Expenditures..................................................72
6.17 Intentionally Omitted.................................................72
6.18 Subsidiary Indebtedness...............................................72
6.19 Amendments to Subordinated Obligations................................72
6.20 Changes in Officers, Name, Location of Chief Executive Offices, Etc...72
Article 7. INFORMATION AND REPORTING REQUIREMENTS.........................73
7.1 Financial and Business Information.....................................73
7.2 Compliance Certificates................................................76
Article 8. CONDITIONS.....................................................77
8.1 Initial Advances.......................................................77
8.2 Any Advance............................................................79
Article 9. EVENTS OF DEFAULT AND REMEDIES UPON EVENT
OF DEFAULT.....................................................81
9.1 Events of Default......................................................81
9.2 Remedies Upon Event of Default.........................................83
Article 10. THE ADMINISTRATIVE AGENT.......................................87
</TABLE>
- iii -
<PAGE>
<TABLE>
<S> <C> <C> <C>
10.1 Appointment and Authorization.........................................87
10.2 Administrative Agent and Affiliates...................................87
10.3 Proportionate Interest in any Collateral..............................87
10.4 Lenders' Credit Decisions.............................................88
10.5 Action by Administrative Agent........................................88
10.6 Liability of Administrative Agent.....................................89
10.7 Indemnification.......................................................90
10.8 Successor Administrative Agent........................................91
10.9 No Obligations of the Borrowers.......................................92
Article 11. MISCELLANEOUS..................................................93
11.1 Cumulative Remedies; No Waiver........................................93
11.2 Amendments; Consents..................................................93
11.3 Costs, Expenses and Taxes.............................................94
11.4 Nature of Lenders' Obligations........................................95
11.5 Survival of Representations and Warranties............................95
11.6 Notices...............................................................96
11.7 Execution of Loan Documents...........................................96
11.8 Binding Effect; Assignment............................................96
11.9 Right of Setoff.......................................................99
11.10 Sharing of Setoffs..................................................100
11.11 Indemnity by the Borrowers..........................................100
11.12 Nonliability of the Lenders.........................................102
11.13 No Third Parties Benefitted.........................................103
11.14 Confidentiality.....................................................103
11.15 Further Assurances..................................................104
11.16 Integration.........................................................104
11.17 Governing Law; JURISDICTION AND VENUE...............................104
11.18 Severability of Provisions..........................................105
11.19 Headings............................................................105
11.20 Time of the Essence.................................................105
11.21 Foreign Lenders and Participants....................................105
11.22 Hazardous Material Indemnity........................................106
11.23 Waiver of Right to Trial by Jury....................................107
11.24 Purported Oral Amendments...........................................107
11.25 Joint and Several...................................................108
11.26 Conversion of Currencies............................................108
</TABLE>
- iv -
<PAGE>
EXHIBITS
A - Commitment Assignment and Acceptance
B - Compliance Certificate
C - Note
D - Opinion
E - Pledge Agreement
F - Pricing Certificate
G - Request for Letter of Credit
H - Request for Loan
I - Subsidiary Guaranty
J - Swing Line Note
K - Joinder Agreement
L - Joint Borrower Provisions
SCHEDULES
1.1 Lender Commitments
2.4 Existing Letters of Credit
4.4 Subsidiaries
4.6 Material Adverse Changes
4.7A Existing Liens, Negative Pledges and Rights of Others
4.7B Location of Property
4.8 Trade Names
4.10 Material Litigation
4.18 Hazardous Materials Matters
6.10 Existing Indebtedness and Guaranty Obligations
6.15 Existing Investments
- v -
<PAGE>
REVOLVING LOAN AGREEMENT
Dated as of May 10, 2000
THIS REVOLVING LOAN AGREEMENT (this "Agreement") is entered
into by and among Power-One, Inc., a Delaware corporation ("Parent"),
International Power Devices, Inc., a Massachusetts corporation ("IPD"), Melcher
Holding AG, a corporation organized under the laws of Switzerland ("Melcher"),
and HC Power, Inc., a California corporation ("HC", and collectively with
Parent, IPD and Melcher, the "Borrowers"), each lender whose name is set forth
on the signature pages of this Agreement and each lender which may hereafter
become a party to this Agreement pursuant to Section 11.8 (collectively, the
"Lenders" and individually, a "Lender"), Union Bank of California, N.A., as
Administrative Agent, and Union Bank of California, N.A., as Lead Arranger, with
reference to the following facts:
RECITALS
A. The Borrowers have requested that the Lenders provide the
Borrowers with certain credit facilities.
B. The Lenders are willing to provide the Borrowers with such
credit facilities on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the parties hereto covenant and agree as follows:
Article 1.
DEFINITIONS AND ACCOUNTING TERMS
1.1 DEFINED TERMS. As used in this Agreement, the following
terms shall have the respective meanings set forth below:
"ACQUISITION" means any transaction, or any series of related
transactions, consummated on or after the Closing Date, by which any of
the Borrowers and/or any Subsidiary of any of the Borrowers directly or
indirectly (a) acquires any ongoing business or all or substantially
all of the assets of any Person engaged in any ongoing business,
whether through a purchase of assets, a merger or otherwise, (b)
acquires control of securities of a Person engaged in an ongoing
business representing more than 50% of the ordinary voting power for
the election of directors or other governing position if the business
affairs of
-1-
<PAGE>
such Person are managed by a board of directors or other governing body
or (c) acquires control of more than 50% of the ownership interest in
any partnership, joint venture, limited liability company, business
trust or other Person engaged in an ongoing business that is not
managed by a board of directors or other governing body.
"ACQUISITION CONSIDERATION" means the consideration given by
the Parent or any of its Subsidiaries for an Acquisition, including but
not limited to the fair market value of any cash, Property, stock or
services given, the maximum amount that could reasonably be expected to
be paid pursuant to any earn-out contracts or agreements and the amount
of any Indebtedness in respect of debt for borrowed money, synthetic
leases and Capital Lease Obligations assumed or incurred by the Parent
or any of its Subsidiaries in connection with such Acquisition.
"ADMINISTRATIVE AGENT" means Union Bank of California, N.A.
when acting in its capacity as the Administrative Agent under any of
the Loan Documents, or any successor Administrative Agent.
"ADMINISTRATIVE AGENT'S OFFICE" means the Administrative
Agent's address as set forth on the signature pages of this Agreement,
or such other address as the Administrative Agent hereafter may
designate by written notice to the Borrowers and the Lenders.
"ADVANCE" means any advance made or to be made by any Lender
to the Borrowers as provided in ARTICLE 2, and INCLUDES each Alternate
Base Rate Advance and each Eurodollar Rate Advance.
"AFFILIATE" means, as to any Person, any other Person which
directly or indirectly controls, or is under common control with, or is
controlled by, such Person. As used in this definition, "control" (and
the correlative terms, "controlled by" and "under common control with")
shall mean possession, directly or indirectly, of power to direct or
cause the direction of management or policies (whether through
ownership of securities or partnership or other ownership interests, by
contract or otherwise); PROVIDED that, in any event, any Person that
owns, directly or indirectly, 10% or more of the securities having
ordinary voting power for the election of directors or other governing
body of a corporation that has more than 100 record holders of such
|
End of Preview |
Home Intelligence Services Subscriptions News About Us