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Credit Agreement

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Title:

Credit Agreement

Entities:

Appleton Papers Inc/Wi; NCR Corp.; UBS Securities LLC; Bank of New York

Date:

2004

Size:

Preview shows 60KB of 396KB total

Price:

$76

ID:

#1672794

► Loans ► Credit Agreements
► Financial
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$375,000,000

CREDIT AGREEMENT

among

PAPERWEIGHT DEVELOPMENT CORP.,

APPLETON PAPERS INC.,

as Borrower,

ROSE HOLDINGS LIMITED,

as UK Borrower

the Several Lenders

from Time to Time Parties Hereto,

UBS SECURITIES LLC

as Syndication Agent,

ASSOCIATED BANK, NATIONAL ASSOCIATION,

LASALLE BANK NATIONAL ASSOCIATION and

US BANK, NATIONAL ASSOCIATION

as Documentation Agents,

and

BEAR STEARNS CORPORATE LENDING INC.,

as Administrative Agent

Dated as of June 11, 2004

BEAR, STEARNS & CO. INC. and UBS SECURITIES LLC,

as Joint Lead Arrangers and Joint Bookrunners

TABLE OF CONTENTS


		Page

SECTION 1. DEFINITIONS		2
1.1. Defined Terms		2
1.2. Other Definitional Provisions		31
SECTION 2. AMOUNT AND TERMS OF TERM COMMITMENTS		31
2.1. Term Commitments		31
2.2. Procedure for Term Loan Borrowing		31
2.3. Repayment of Term Loans		33
SECTION 3. AMOUNT AND TERMS OF REVOLVING COMMITMENTS		33
3.1. Revolving Commitments		33
3.2. Procedure for Revolving Loan Borrowing		35
3.3. Swingline Commitment		35
3.4. Procedure for Swingline Borrowing; Refunding of Swingline Loans		36
3.5. Commitment Fees, etc.		37
3.6. Termination or Reduction of Revolving Commitments		38
3.7. L/C Commitment		38
3.8. Procedure for Issuance of Letter of Credit		38
3.9. Fees and Other Charges		39
3.10. L/C Participations		39
3.11. Reimbursement Obligation of the Borrower		40
3.12. Obligations Absolute		41
3.13. Letter of Credit Payments		41
3.14. Applications		42
3.15. Foreign Currency Subfacility		42
3.16. Procedure for Foreign Currency Fronting Loan Borrowings		42
3.17. Foreign Currency Fronting Loan Fees, Commissions and Other Charges		42
3.18. Participations in Foreign Currency Fronting Loans		43
3.19. Bilateral Facility		45
SECTION 4. GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT		48
4.1. Optional Prepayments		48
4.2. Mandatory Prepayments		49
4.3. Conversion and Continuation Options		51
4.4. Limitations on Eurodollar Tranches		51
4.5. Interest Rates and Payment Dates		51
4.6. Computation of Interest and Fees		52
4.7. Inability to Determine Interest Rate		53
4.8. Pro Rata Treatment and Payments		53
4.9. Requirements of Law		55
4.10. Taxes		57
4.11. Indemnity		59
4.12. Change of Lending Office		59


4.13. Replacement of Lenders		59
4.14. Evidence of Debt		60
4.15. Illegality		60
4.16. Foreign Currency Exchange Rate		61
SECTION 5. REPRESENTATIONS AND WARRANTIES		62
5.1. Financial Condition		62
5.2. No Change		62
5.3. Corporate Existence; Compliance with Law		63
5.4. Power; Authorization; Enforceable Obligations		63
5.5. No Legal Bar		63
5.6. Litigation		63
5.7. No Default		64
5.8. Ownership of Property; Liens		64
5.9. Intellectual Property		64
5.10. Taxes		64
5.11. Federal Regulations		64
5.12. Labor Matters		64
5.13. ERISA		65
5.14. Investment Company Act; Other Regulations		67
5.15. Subsidiaries		67
5.16. Use of Proceeds		67
5.17. Environmental Matters		67
5.18. Accuracy of Information, etc.		68
5.19. Security Documents		68
5.20. Solvency		69
5.21. Senior Indebtedness		69
5.22. Regulation H		70
5.23. S Corporation Status		70
SECTION 6. CONDITIONS PRECEDENT		70
6.1. Conditions to Initial Extension of Credit		70
6.2. Conditions to Each Extension of Credit		74
6.3. Additional Conditions Applicable to the Subsidiary Borrowers		75
SECTION 7. AFFIRMATIVE COVENANTS		76
7.1. Financial Statements		76
7.2. Certificates; Other Information		77
7.3. Payment of Obligations		78
7.4. Maintenance of Existence; Compliance		78
7.5. Maintenance of Property; Insurance		78
7.6. Inspection of Property; Books and Records; Discussions		78
7.7. Notices		79
7.8. Environmental Laws		80
7.9. Interest Rate Protection		80
7.10. Additional Collateral, etc		80
7.11. Further Assurances		82
7.12. ERISA		83
SECTION 8. NEGATIVE COVENANTS		83


8.1. Financial Condition Covenants		83
8.2. Indebtedness		85
8.3. Liens		87
8.4. Fundamental Changes		89
8.5. Disposition of Property		89
8.6. Restricted Payments		89
8.7. Capital Expenditures		90
8.8. Investments		90
8.9. Optional Payments and Modifications of Certain Debt Instruments		93
8.10. Transactions with Affiliates		93
8.11. Sales and Leasebacks		93
8.12. Changes in Fiscal Periods		94
8.13. Negative Pledge Clauses		94
8.14. Clauses Restricting Subsidiary Distributions		94
8.15. Lines of Business		94
8.16. Material Agreements		94
8.17. S Corporation Status		95
8.18. Holding Company Status		95
8.19. Holdings Sub		95
8.20. ESOP Amendments		95
SECTION 9. EVENTS OF DEFAULT		96
SECTION 10. THE AGENTS		100
10.1. Appointment		100
10.2. Delegation of Duties		100
10.3. Exculpatory Provisions		100
10.4. Reliance by Agents		100
10.5. Notice of Default		101
10.6. Non-Reliance on Agents and Other Lenders		101
10.7. Indemnification		102
10.8. Agent in Its Individual Capacity		102
10.9. Successor Administrative Agent		102
10.10. Agents Generally		103
10.11. The Lead Arrangers		103
10.12. Appointment and Duties of Security Agent		103
SECTION 11. MISCELLANEOUS		104
11.1. Amendments and Waivers		104
11.2. Notices		106
11.3. No Waiver; Cumulative Remedies		107
11.4. Survival of Representations and Warranties		107
11.5. Payment of Expenses and Taxes		107
11.6. Successors and Assigns; Participations and Assignments		108
11.7. Adjustments; Set-off		111
11.8. Counterparts		112
11.9. Severability		112
11.10. Integration		112


11.11. GOVERNING LAW		112
11.12. Submission To Jurisdiction; Waivers		112
11.13. Acknowledgments		113
11.14. Releases of Guarantees and Liens		113
11.15. Confidentiality		114
11.16. WAIVERS OF JURY TRIAL		114
11.17. USA PATRIOT Act		114
11.18. Delivery of Addenda		114
11.19. Conversion of Currencies		114
SECTION 12. GUARANTEE		115
12.1. Guarantee		115
12.2. No Subrogation		116
12.3. Amendments, etc. with respect to the Subsidiary Borrower Obligations; Waiver of Rights		116
12.4. Guarantee Absolute and Unconditional		117


ANNEX:
A		Pricing Grid

SCHEDULES:
1.1A		Existing Letters of Credit
1.1B		Mortgaged Property
5.1		Undisclosed Matters
5.15		Subsidiaries
5.17		Environmental Matters
8.2(d)		Existing Indebtedness
8.3(f)		Existing Liens

EXHIBITS:
A		Form of Guarantee and Collateral Agreement
B		Form of Compliance Certificate
C		Form of Closing Certificate
D		Form of Mortgage
E		Form of UK Guarantee and Debenture
F		Form of UK Share Pledge
G		Form of Assignment and Acceptance
H-1		Form of Legal Opinion of White & Case LLP
H-2		Form of Legal Opinion of Godfrey & Kahn, S.C.
H-3		Form of Legal Opinion of Paul Karch, Esq.
H-4		Form of Legal Opinion of United Kingdom counsel
I		Form of Exemption Certificate
J		Form of Addendum
K		Form of Joinder Agreement

CREDIT AGREEMENT, dated as of June 11, 2004, among PAPERWEIGHT DEVELOPMENT CORP., a Wisconsin corporation (?Holdings?), APPLETON PAPERS INC., a Delaware corporation (the ?Borrower?), ROSE HOLDINGS LIMITED, a company organized under the laws of the United Kingdom (the ?UK Borrower?), the several banks and other financial institutions or entities from time to time parties to this Agreement (the ?Lenders?), BEAR, STEARNS & CO. INC. and UBS SECURITIES LLC, each as a joint lead arranger and joint bookrunner (collectively, in such capacities, the ?Lead Arrangers?), UBS SECURITIES LLC, as syndication agent (in such capacity, the ?Syndication Agent?), ASSOCIATED BANK, NATIONAL ASSOCIATION, LASALLE BANK NATIONAL ASSOCIATION and US BANK, NATIONAL ASSOCIATION, each as a documentation agent (collectively, in such capacities, the ?Documentation Agents?), BEAR STEARNS CORPORATE LENDING, INC., as administrative agent (in such capacity, the ?Administrative Agent?).

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