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Credit Agreement

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Title:

Credit Agreement

Entities:

Communications Systems, Inc.; Hycor Biomedical Inc; Immucor, Inc.; Siemens Financial Services, Inc.; Wachovia Bank, NA; Sutherland Asbill & Brennan

Date:

2004

Size:

Preview shows 66KB of 236KB total

Price:

$57

ID:

#1339228

► Loans ► Credit Agreements
► Financial
► Healthcare ► Medical Equipment & Supplies
► Technology ► Communications Equipment
► Services ► Legal

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CREDIT AGREEMENT

Dated as of December 18, 2003

among

IMMUCOR, INC., a Georgia corporation

(Borrower)

and

SUNTRUST BANK, a Georgia banking corporation

(Lender)

TABLE OF CONTENTS

SECTION 1 DEFINITIONS........................................................................................................................1
	1.1		Definitions....................................................................................................................................1
	1.2		Computation of Time Periods.....................................................................................................18
	1.3		Accounting Terms......................................................................................................................18

SECTION 2 LOAN FACILITIES............................................................................................................19
	2.1		Revolving Loans........................................................................................................................19
	2.2		Term Loan..................................................................................................................................20

SECTION 3 OTHER PROVISIONS RELATING TO LOAN FACILITIES......................................22
	3.1		Default Rate................................................................................................................................22
	3.2		Extension and Conversion..........................................................................................................22
	3.3		Prepayments................................................................................................................................22
	3.4		Termination and Reduction of Committed Amount...................................................................23
	3.5		Fees.............................................................................................................................................23
	3.6		Capital Adequacy........................................................................................................................24
	3.7		Limitation on LIBOR Loans.......................................................................................................24
	3.8		Illegality......................................................................................................................................25
	3.9		Requirements of Law..................................................................................................................25
	3.10		Treatment of Affected Loans......................................................................................................26
	3.11		Taxes...........................................................................................................................................26
	3.12		Compensation..............................................................................................................................27
	3.13		Payments, Computations, Etc......................................................................................................28
	3.14		Evidence of Debt.........................................................................................................................29

SECTION 4 RESERVED...........................................................................................................................29

SECTION 5 CONDITIONS.......................................................................................................................29
	5.1		Closing Conditions......................................................................................................................29
	5.2		Conditions to all Extensions of Credit........................................................................................32

SECTION 6 REPRESENTATIONS AND WARRANTIES.................................................................32
	6.1		Financial Condition...................................................................................................................32
	6.2		No Material Change...................................................................................................................33
	6.3		Organization and Good Standing...............................................................................................33
	6.4		Power; Authorization; Enforceable Obligations........................................................................33
	6.5		No Conflicts...............................................................................................................................33
	6.6		No Default..................................................................................................................................34
	6.7		Ownership..................................................................................................................................34
	6.8		Indebtedness...............................................................................................................................34
	6.9		Litigation....................................................................................................................................34
	6.10		Taxes..........................................................................................................................................34
	6.11		Compliance with Law................................................................................................................34
	6.12		ERISA........................................................................................................................................35


	6.13		Corporate Structure; Capital Stock, Etc.....................................................................................36
	6.14		Governmental Regulations, Etc..................................................................................................36
	6.15		Purpose of Loans........................................................................................................................37
	6.16		Environmental Matters...............................................................................................................37
	6.17		Intellectual Property...................................................................................................................38
	6.18		Solvency.....................................................................................................................................38
	6.19		Investments.................................................................................................................................38
	6.20		Business Locations.....................................................................................................................38
	6.21		Disclosure...................................................................................................................................38
	6.22		No Burdensome Restrictions......................................................................................................38
	6.23		Brokers' Fees...............................................................................................................................39
	6.24		Labor Matters..............................................................................................................................39
	6.25		Nature of Business......................................................................................................................39
	6.26		Certificates..................................................................................................................................39
	6.27		Environmental Permits...............................................................................................................39
	6.28		Employment Agreements............................................................................................................39
	6.29		Names..........................................................................................................................................39
	6.30		Reaffirmation..............................................................................................................................40

SECTION 7 AFFIRMATIVE COVENANTS..........................................................................................40
	7.1		Information Covenants................................................................................................................40
	7.2		Preservation of Existence and Franchises...................................................................................43
	7.3		Books and Records......................................................................................................................43
	7.4		Compliance with Law.................................................................................................................43
	7.5		Payment of Taxes and Other Claims...........................................................................................43
	7.6		Insurance............................................................................................................................ .........43
	7.7		Maintenance of Property...................................................................................................... .......43
	7.8		Use of Proceeds...........................................................................................................................44
	7.9		Audits/Inspections.......................................................................................................................44
	7.10		Financial Covenants....................................................................................................................44
	7.11		Deposit Accounts.........................................................................................................................45
	7.12		Future Subsidiaries.......................................................................................................................45

SECTION 8 NEGATIVE COVENANTS................................................................................................45
	8.1		Indebtedness...............................................................................................................................45
	8.2		Liens...........................................................................................................................................46
	8.3		Nature of Business......................................................................................................................47
	8.4		Consolidation, Merger, Dissolution, Etc....................................................................................47
	8.5		Acquisition; Asset Dispositions.................................................................................................48
	8.6		Investments................................................................................................................................48
	8.7		Restricted Payments...................................................................................................................48
	8.8		Prepayment of Other Indebtedness, Etc.....................................................................................48
	8.9		Transactions with Insiders.........................................................................................................49


	8.10		Fiscal Year; Organizational Documents....................................................................................49
	8.11		Limitation on Restricted Actions...............................................................................................49
	8.12		Ownership of Subsidiaries.........................................................................................................49
	8.13		Sale Leasebacks..........................................................................................................................50
	8.14		No Further Negative Pledges.....................................................................................................50

SECTION 9 EVENTS OF DEFAULT.....................................................................................................50
	9.1		Events of Default.......................................................................................................................50
	9.2		Acceleration; Remedies.............................................................................................................52

SECTION 10 MISCELLANEOUS............................................................................................. .............53
	10.1		Notices.......................................................................................................................................53
	10.2		Right of Set-Off; Adjustments...................................................................................................54
	10.3		Successors and Assigns..............................................................................................................54
	10.4		No Waiver; Remedies Cumulative.............................................................................................55
	10.5		Expenses; Indemnification.........................................................................................................55
	10.6		Amendments, Waivers and Consents.........................................................................................56
	10.7		Counterparts...............................................................................................................................56
	10.8		Headings.....................................................................................................................................56
	10.9		Survival......................................................................................................................................56
	10.10		Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial..............................56
	10.11		Severability................................................................................................................................57
	10.12		Entirety......................................................................................................................................57
	10.13		Binding Effect; Termination.....................................................................................................58
	10.14		Confidentiality...........................................................................................................................58
	10.15		Conflict......................................................................................................................................59

SCHEDULES


Schedule 1.1(a)		Foreign Credit Facilities
Schedule 6.13(a)		Corporate Structure/Borrower
Schedule 6.17		Intellectual Property
Schedule 6.20(a)		Real Property Locations
Schedule 6.20(b)		Personal Property Collateral Locations
Schedule 6.20(c)		Chief Executive Offices/Principal Places of Business
Schedule 6.28		Listing of Management Agreements, etc.
Schedule 6.29		Names of Borrower
Schedule 8.1		Indebtedness
Schedule 8.2		Liens
Schedule 8.6		Investments

EXHIBITS


Exhibit 2.1(b)(i)		Form of Notice of Borrowing
Exhibit 2.1(e)		Form of Revolving Credit Note
Exhibit 2.2(f)		Form of Term Note
Exhibit 3.2		Form of Notice of Extension/Conversion
Exhibit 7.1(c)		Form of Officer's Compliance Certificate

CREDIT AGREEMENT

THIS CREDIT AGREEMENT, effective as of December 18, 2003 (as amended, modified, restated or supplemented from time to time, the Credit Agreement), is by and among IMMUCOR, INC., a corporation organized and existing under the laws of the State of Georgia (herein referred to as Borrower) and SUNTRUST BANK, a Georgia banking corporation (herein referred to as Lender).

WHEREAS, Borrower desires to establish with Lender a revolving credit facility in an amount of up to $15,000,000.00 at any time outstanding, and to obtain from Lender a term loan in the amount of $12,000,000.00 (collectively, the Credit Facilities), and Lender is willing to extend the Credit Facilities to Borrower upon the terms and conditions set forth herein.

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