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Title: |
Loan Agreement |
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Entities: |
ABN AMRO Bank N.V.; Anchor Glass Container Corp.; Bank of Montreal; Chase Manhattan Bank; Citibank, NA; HSBC Securities (USA), Inc.; Salomon Smith Barney Inc.; Smith Barney Inc.; Vitro S.A. de C.V.; Milbank, Tweed, Hadley & McCloy; Compania Vidriera, S.A. de C.V.; HSBC Securities (USA) Inc. |
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Date: |
2003 |
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Size: |
Preview shows 17KB of 256KB total |
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Price: |
$63 |
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ID: |
#211481 |
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************************************************************
COMPANIA VIDRIERA, S.A. DE C.V.,
as Borrower
-----------------------------
$235,000,000
LOAN AGREEMENT
Dated as of August 14, 2001
------------------------------
CERTAIN LENDERS
HSBC SECURITIES (USA) INC.
and
SALOMON SMITH BARNEY INC.,
as Joint Lead Arrangers,
HSBC INVESTMENT BANK PLC,
as Administrative Agent
HSBC BANK USA,
as Collateral and Paying Agent
************************************************************
<PAGE>
TABLE OF CONTENTS
This Table of Contents is not part of the Agreement to which it is
attached but is inserted for convenience of reference only. Page
Page
SECTION 1. DEFINITIONS................................................ 1
1.01 Certain Defined Terms................................... 1
SECTION 2. COMMITMENTS, ETC........................................... 15
2.01 Loans................................................... 15
2.02 Borrowing............................................... 16
2.03 Fees.................................................... 16
2.04 Several Obligations; Certain Remedies Independent....... 16
2.05 Notes................................................... 17
SECTION 3. PAYMENTS OF PRINCIPAL AND INTEREST......................... 17
3.01 Repayment of Loans...................................... 17
3.02 Interest................................................ 17
3.03 Optional Prepayments.................................... 17
3.04 Mandatory Prepayments................................... 18
SECTION 4. PAYMENTS, ETC.............................................. 19
4.01 Payments................................................ 19
4.03 Computations............................................ 19
4.04 Certain Notices......................................... 19
4.05 Non-Receipt of Funds by the Administrative Agent........ 20
4.06 Sharing of Payments..................................... 20
SECTION 5. YIELD PROTECTION, ETC...................................... 21
5.01 Additional Costs........................................ 21
5.02 Substitute Basis........................................ 23
5.03 Illegality.............................................. 23
5.04 Compensation............................................ 24
5.05 Taxes................................................... 24
SECTION 6. CONDITIONS PRECEDENT....................................... 27
6.01 Conditions to Effectiveness............................. 27
6.02 Additional Conditions to Borrowing...................... 28
<PAGE>
Page
SECTION 7. GUARANTEE.................................................. 29
7.01 The Guarantee........................................... 29
7.02 Acknowledgments, Waivers and Consents................... 30
7.03 Reinstatement........................................... 33
7.04 Subrogation............................................. 33
7.05 Remedies................................................ 33
7.06 Payments................................................ 34
7.07 Rights of Contribution.................................. 34
7.08 General Limitation on Guarantee Obligations............. 34
SECTION 8. REPRESENTATIONS AND WARRANTIES............................. 35
8.01 Power and Authority..................................... 35
8.02 Due Authorization, Etc.................................. 35
8.03 Governmental and Other Approvals........................ 35
8.04 Legal Effect............................................ 35
8.05 Financial Statements.................................... 36
8.06 Ranking................................................. 36
8.07 No Actions or Proceedings............................... 36
8.08 Commercial Activity; Absence of Immunity................ 36
8.09 Taxes................................................... 36
8.10 Legal Form.............................................. 37
8.11 Full Disclosure......................................... 37
8.12 Liens................................................... 37
8.13 Solvency................................................ 37
8.14 Restrictions on Upstreaming............................. 38
8.15 Not an Investment Company............................... 38
8.16 Collateral.............................................. 38
SECTION 9. COVENANTS OF THE BORROWER.................................. 38
9.01 Corporate Existence, Etc................................ 38
9.02 Compliance with Law..................................... 38
9.03 Governmental Authorizations............................. 38
9.04 Financial Statements, Etc............................... 39
9.05 Ranking................................................. 40
9.06 Maintenance of Collection Account and Reserve Account... 40
9.07 Transactions With Affiliates............................ 40
9.08 Line of Business........................................ 40
9.09 Upstreaming............................................. 40
9.10 Hedge Agreements........................................ 41
9.11 Collections of Eligible Receivables..................... 41
9.12 Collateral.............................................. 41
9.13 Negative Pledge......................................... 41
9.14 Fiscal Year............................................. 41
9.15 Intercompany Notes...................................... 41
(ii)
<PAGE>
Page
SECTION 10. COVENANTS OF THE GUARANTORS............................... 42
10.01 Corporate Existence, Etc............................... 42
10.02 Compliance with Law.................................... 42
10.03 Governmental Authorizations............................ 42
10.04 Financial Statements, Etc.............................. 43
10.05 Ranking................................................ 44
10.06 Dividend Payments...................................... 44
10.07 Use of Dividend Payments............................... 44
10.08 Consolidated Net Worth................................. 45
10.09 VENA Interest Coverage Ratio........................... 45
10.10 VENA Debt to EBITDA Ratio.............................. 46
10.11 Vitro Packaging Debt Service Coverage Ratio............ 46
10.12 Dispositions........................................... 46
10.13 Indebtedness........................................... 47
10.14 Guaranteed Indebtedness................................ 49
10.15 Negative Pledge........................................ 49
10.16 Transactions With Affiliates........................... 49
10.17 Line of Business....................................... 50
10.18 Vitro Packaging Operating Account...................... 50
SECTION 11. EVENTS OF DEFAULT......................................... 50
SECTION 12. THE ACCOUNTS.............................................. 53
12.01 The Collection Account and the Reserve Account......... 53
12.02 Permitted Investments.................................. 57
12.03 Certain Provisions Relating to Agents.................. 57
SECTION 13. THE AGENTS................................................ 58
13.01 Appointment, Powers and Immunities..................... 58
13.02 Reliance by Agents..................................... 59
13.03 Defaults............................................... 59
13.04 Rights as a Lender..................................... 60
13.05 Indemnification........................................ 60
13.06 Non-Reliance on Agents and Other Lenders............... 60
13.07 Failure to Act......................................... 61
13.08 Resignation or Removal of Agents....................... 61
SECTION 14. MISCELLANEOUS............................................. 62
14.01 Waiver................................................. 62
14.02 Notices................................................ 62
14.03 Expenses, Etc.......................................... 62
14.04 Amendments, Etc........................................ 63
14.05 Successors and Assigns................................. 63
(iii)
<PAGE>
Page
14.06 Assignments and Participations......................... 63
14.07 Survival............................................... 65
14.08 Captions............................................... 66
14.09 Counterparts........................................... 66
14.10 Governing Law.......................................... 66
14.11 Jurisdiction, Service of Process and Venue............. 66
14.12 Waiver of Jury Trial................................... 67
14.13 Waiver of Immunity..................................... 67
14.14 Judgment Currency...................................... 67
14.15 Use of English Language................................ 68
14.16 Entire Agreement....................................... 68
14.17 Severability........................................... 68
14.18 Right of Set-off....................................... 68
14.19 Confidentiality........................................ 68
14.20 No Fiduciary Relationship.............................. 69
ANNEX 1 - Applicable Lending Office; Address for Notices; Commitments
SCHEDULE 1 - Existing Restrictions
SCHEDULE 2 - Litigation
SCHEDULE 3 - Subsidiaries
SCHEDULE 4 - Existing Liens
EXHIBIT A - Form of Note
EXHIBIT B-1 - Form of Vidriera Security Agreement
EXHIBIT B-2 - Form of Vitro Packaging Security Agreement
EXHIBIT C - Form of Account Control Agreement
EXHIBIT D - Form of Notice of Borrowing
EXHIBIT E - Form of Certificate as to Authority,
Incumbency and Signatures
EXHIBIT F - Form of Opinion of Mexican Counsel to the Borrower
and the Guarantors
EXHIBIT G - Form of Opinion of Special New York Counsel
to the Borrower and the Guarantors
EXHIBIT H - Form of Opinion of Special Mexican Counsel
to the Administrative Agent
EXHIBIT I - Form of Opinion of Special New York
Counsel to the Administrative Agent
EXHIBIT J - Form of Process Agent Acceptance
EXHIBIT K - Form of Notice of Assignment
EXHIBIT L - Form of Borrower Compliance Certificate
EXHIBIT M - Form of Vitro Packaging Compliance Certificate
EXHIBIT N - Form of VENA Compliance Certificate
EXHIBIT O - Form of Vitro Compliance Certificate
(iv)
<PAGE>
LOAN AGREEMENT dated as of August 14, 2001, among:
(1) COMPANIA VIDRIERA, S.A. DE C.V. (the "Borrower"), a Mexican
corporation;
(2) VITRO, S.A. DE C.V. ("Vitro"), a Mexican corporation, VITRO PACKAGING,
INC. ("Vitro Packaging"), a Delaware corporation, and VITRO ENVASES
NORTEAMERICA, S.A. DE C.V. ("VENA"), a Mexican corporation;
(3) VIDRIERA GUADALAJARA, S.A. DE C.V., a Mexican corporation, VIDRIERA
MEXICALI, S.A. DE C.V, a Mexican corporation, VIDRIERA MEXICO, S.A. DE C.V, a
Mexican corporation, VIDRIERA MONTERREY, S.A. DE C.V, a Mexican corporation,
VIDRIERA QUERETARO, S.A. DE C.V, a Mexican corporation, VIDRIERA TOLUCA, S.A. DE
C.V, a Mexican corporation and VIDRIERA LOS REYES, S.A. DE C.V, a Mexican
corporation (together, the "VENA Leasing Companies", and together with Vitro,
Vitro Packaging and VENA, the "Guarantors");
(4) each of the entities that is a signatory hereto under the caption
"LENDERS" on the signature pages hereto and each entity that becomes a "Lender"
after the date hereof pursuant to Section 14.06(b) hereof (individually, a
"Lender" and, collectively, the "Lenders");
(5) HSBC INVESTMENT BANK PLC, as administrative agent for the Lenders (in
such capacity, together with its successors in such capacity, the
"Administrative Agent"); and
(6) HSBC BANK USA, as collateral and paying agent for the Lenders (in such
capacity, together with its successors in such capacity, the "Collateral and
Paying Agent").
W I T N E S S E T H :
The Borrower has requested that the Lenders make term loans to it in
an aggregate principal amount up to but not exceeding $235,000,000, and the
Lenders are prepared to make such loans upon and subject to the terms and
conditions hereof. Accordingly, the parties hereto agree as follows:
SECTION 1. DEFINITIONS.
1.01 Certain Defined Terms. As used herein, the following terms shall
have the following meanings (all terms defined in this Section 1.01 or in other
provisions of this Agreement in the singular to have the same meanings when used
in the plural and vice versa):
"Accounts" shall mean, collectively, the Collection Account and the
Reserve Account.
"Account Control Agreement" shall mean an Account Control Agreement in
substantially the form of Exhibit C hereto among the Borrower, the Collateral
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