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Title: |
Credit Agreement |
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Entities: |
Comerica Bank; Fleet National Bank; Icon Industries Ltd; JPMorgan Chase Bank; Bank of New York; Latham & Watkins |
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Date: |
2002 |
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Size: |
Preview shows 12KB of 473KB total |
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Price: |
$65 |
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ID: |
#2100083 |
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CREDIT AGREEMENT
Dated as of April 9, 2002
among
ICON HEALTH & FITNESS, INC.,
as Borrower,
THE OTHER CREDIT PARTIES SIGNATORY HERETO,
as Credit Parties,
THE LENDERS SIGNATORY HERETO
FROM TIME TO TIME,
as Lenders,
GENERAL ELECTRIC CAPITAL CORPORATION,
as Agent and Lender,
GECC CAPITAL MARKETS GROUP, INC.,
as Lead Arranger,
and
JP MORGAN CHASE BANK,
as Documentation Agent
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
1. AMOUNT AND TERMS OF CREDIT.......................................................... 1
1.1 Credit Facilities............................................................ 1
1.2 Letters of Credit............................................................ 5
1.3 Prepayments.................................................................. 6
1.4 Use of Proceeds.............................................................. 8
1.5 Interest and Applicable Margins.............................................. 8
1.6 Eligible Accounts............................................................ 10
1.7 Eligible Inventory........................................................... 13
1.8 Cash Management Systems...................................................... 15
1.9 Fees......................................................................... 15
1.10 Receipt of Payments.......................................................... 15
1.11 Application and Allocation of Payments....................................... 16
1.12 Loan Account and Accounting.................................................. 16
1.13 Indemnity.................................................................... 17
1.14 Access....................................................................... 18
1.15 Taxes........................................................................ 18
1.16 Capital Adequacy; Increased Costs; Illegality................................ 19
1.17 Single Loan.................................................................. 21
2. CONDITIONS PRECEDENT................................................................ 21
2.1 Conditions to the Initial Loans.............................................. 21
2.2 Further Conditions to Each Loan.............................................. 22
2.3 Conditions to Permitted Acquisitions......................................... 23
3. REPRESENTATIONS AND WARRANTIES...................................................... 25
3.1 Corporate Existence; Compliance with Law..................................... 26
3.2 Executive Offices, Collateral Locations, FEIN................................ 26
3.3 Corporate Power, Authorization, Enforceable Obligations...................... 26
3.4 Financial Statements and Projections......................................... 26
3.5 Material Adverse Effect...................................................... 27
3.6 Ownership of Property; Liens................................................. 28
3.7 Labor Matters................................................................ 28
3.8 Ventures, Subsidiaries and Affiliates; Outstanding Stock and Indebtedness.... 28
3.9 Government Regulation........................................................ 29
3.10 Margin Regulations........................................................... 29
3.11 Taxes........................................................................ 29
3.12 ERISA and Canadian Pension and Benefit Plans................................. 30
3.13 No Litigation................................................................ 31
3.14 Brokers...................................................................... 31
3.15 Intellectual Property........................................................ 31
3.16 Full Disclosure.............................................................. 31
3.17 Environmental Matters........................................................ 32
3.18 Insurance.................................................................... 32
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
3.19 Deposit and Disbursement Accounts.................................... 32
3.20 Government Contracts................................................. 33
3.21 Customer and Trade Relations......................................... 33
3.22 Agreements and Other Documents....................................... 33
3.23 Solvency............................................................. 33
3.24 Status of Holdings................................................... 33
3.25 Subordinated Debt.................................................... 33
3.26 Old Holdcos.......................................................... 34
4. FINANCIAL STATEMENTS AND INFORMATION........................................ 34
4.1 Reports and Notices.................................................. 34
4.2 Communication with Accountants....................................... 34
5. AFFIRMATIVE COVENANTS....................................................... 34
5.1 Maintenance of Existence and Conduct of Business..................... 34
5.2 Payment of Charges................................................... 35
5.3 Books and Records.................................................... 35
5.4 Insurance; Damage to or Destruction of Collateral.................... 35
5.5 Compliance with Laws................................................. 37
5.6 Canadian Pension and Benefit Plans................................... 37
5.7 Supplemental Disclosure.............................................. 38
5.8 Intellectual Property................................................ 38
5.9 Environmental Matters................................................ 38
5.10 Landlords' Agreements, Mortgagee Agreements and Bailee Letters....... 39
5.11 Further Assurances................................................... 39
6. NEGATIVE COVENANTS.......................................................... 40
6.1 Mergers, Subsidiaries, Etc........................................... 40
6.2 Investments; Loans and Advances...................................... 40
6.3 Indebtedness......................................................... 40
6.4 Employee Loans and Affiliate Transactions............................ 41
6.5 Capital Structure and Business....................................... 42
6.6 Guaranteed Indebtedness.............................................. 42
6.7 Liens................................................................ 42
6.8 Sale of Stock and Assets............................................. 43
6.9 ERISA................................................................ 43
6.10 Financial Covenants.................................................. 43
6.11 Hazardous Materials.................................................. 44
6.12 Sale-Leasebacks...................................................... 44
6.13 Cancellation of Indebtedness......................................... 44
6.14 Restricted Payments.................................................. 44
6.15 Change of Corporate Name or Location; Change of Fiscal Year.......... 45
6.16 No Impairment of Intercompany Transfers.............................. 45
6.17 No Speculative Transactions.......................................... 45
6.18 Leases; Real Estate Purchases........................................ 45
6.19 Changes Relating to Subordinated Debt and Other Agreements........... 45
6.20 Credit Parties other than Borrower................................... 46
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
7. TERM................................................................................ 46
7.1 Termination.................................................................. 46
7.2 Survival of Obligations Upon Termination of Financing Arrangements........... 46
8. EVENTS OF DEFAULT; RIGHTS AND REMEDIES.............................................. 46
8.1 Events of Default............................................................ 46
8.2 Remedies..................................................................... 48
8.3 Waivers by Credit Parties.................................................... 49
8.4 Receivership................................................................. 49
9. ASSIGNMENT AND PARTICIPATIONS; APPOINTMENT OF AGENT................................. 50
9.1 Assignment and Participations................................................ 50
9.2 Appointment of Agent......................................................... 52
9.3 Agent's Reliance, Etc........................................................ 53
9.4 Agent and Affiliates......................................................... 53
9.5 Lender Credit Decision....................................................... 53
9.6 Indemnification.............................................................. 54
9.7 Successor Agent.............................................................. 54
9.8 Setoff and Sharing of Payments............................................... 54
9.9 Advances; Payments; Non-Funding Lenders; Information; Actions in Concert..... 55
10. SUCCESSORS AND ASSIGNS.............................................................. 58
10.1 Successors and Assigns........................................................ 58
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