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Title: |
364-Day Credit Agreement |
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Entities: |
Bank One, NA; Barclays Bank plc; Chase Manhattan Bank; Citibank, NA; Commerzbank AG; Fleet National Bank; J.P. Morgan Securities Inc.; McGraw-Hill Companies Inc.; Monsanto Co.; Pharmacia Corp.; Salomon Smith Barney Inc.; Smith Barney Inc.; Wachovia Bank, NA; Bank of New York; Shearman & Sterling |
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Date: |
2002 |
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Size: |
Preview shows 18KB of 279KB total |
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Price: |
$58 |
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ID: |
#222507 |
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Start of Preview |
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U.S. $1,000,000,000
364-DAY CREDIT AGREEMENT
Dated as of August 7, 2001
Among
MONSANTO COMPANY
as Borrower,
-- --------
THE INITIAL LENDERS NAMED HEREIN
as Initial Lenders,
-- ------- -------
CITIBANK, N.A.
as Administrative Agent,
-- -------------- -----
THE CHASE MANHATTAN BANK
as Syndication Agent,
-- ----------- -----
COMMERZBANK AG NEW YORK AND GRAND CAYMAN BRANCHES
THE BANK OF TOKYO-MITSUBISHI, LTD.
and
BANK ONE, NA
as Co-Documentation Agents
-- ---------------- ------
and
SALOMON SMITH BARNEY INC. and J.P. MORGAN SECURITIES INC.
as Co-Lead Arrangers and Joint Bookrunners
-- ------- --------- --- ----- -----------
{PAGE}
{PAGE}
{TABLE}
TABLE OF CONTENTS
PAGE
{CAPTION}
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
{S} {C}
SECTION 1.01. Certain Defined Terms...............................................................................1
---------------------
SECTION 1.02. Computation of Time Periods........................................................................11
---------------------------
SECTION 1.03. Accounting Terms...................................................................................11
----------------
{CAPTION}
ARTICLE II
AMOUNTS AND TERMS OF THE ADVANCES
{S} {C}
SECTION 2.01. The Revolving Credit Advances......................................................................11
-----------------------------
SECTION 2.02. Making the Revolving Credit Advances...............................................................12
------------------------------------
SECTION 2.03. The Competitive Bid Advances.......................................................................12
----------------------------
SECTION 2.04. Fees...............................................................................................15
----
SECTION 2.05. Termination or Reduction of the Commitments........................................................15
-------------------------------------------
SECTION 2.06. Repayment of Revolving Credit Advances.............................................................15
--------------------------------------
SECTION 2.07. Interest on Revolving Credit Advances; Regulation D Compensation...................................15
----------------------------------------------------------------
SECTION 2.08. Interest Rate Determination........................................................................16
---------------------------
SECTION 2.09. Optional Conversion of Revolving Credit Advances...................................................17
------------------------------------------------
SECTION 2.10. Optional Prepayments of Revolving Credit Advances..................................................17
-------------------------------------------------
SECTION 2.11. Increased Costs....................................................................................18
---------------
SECTION 2.12. Illegality.........................................................................................19
----------
SECTION 2.13. Payments and Computations..........................................................................20
-------------------------
SECTION 2.14. Taxes..............................................................................................21
-----
SECTION 2.15. Sharing of Payments, Etc...........................................................................22
------------------------
SECTION 2.16. Use of Proceeds....................................................................................22
---------------
SECTION 2.17. Extension of Termination Date......................................................................22
-----------------------------
SECTION 2.18. Evidence of Debt...................................................................................24
----------------
i
{PAGE}
{PAGE}
{CAPTION}
ARTICLE III
CONDITIONS TO EFFECTIVENESS AND LENDING
{S} {C}
SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01 and 2.03....................................25
---------------------------------------------------------------
SECTION 3.03. Conditions Precedent to Each Revolving Credit Borrowing and Extension Date.........................26
--------------------------------------------------------------------------
SECTION 3.04. Conditions Precedent to Each Competitive Bid Borrowing.............................................26
------------------------------------------------------
SECTION 3.05. Determinations Under Sections 3.01 and 3.02........................................................27
-------------------------------------------
{CAPTION}
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
{S} {C}
SECTION 4.01. Representations and Warranties of the Borrower.....................................................27
----------------------------------------------
SECTION 4.02. Representation and Warranty of the Lenders.........................................................28
------------------------------------------
{CAPTION}
ARTICLE V
COVENANTS OF THE BORROWER
{S} {C}
SECTION 5.01. Affirmative Covenants..............................................................................28
---------------------
SECTION 5.02. Negative Covenants.................................................................................29
------------------
SECTION 5.03. Financial Covenant.................................................................................30
------------------
{CAPTION}
ARTICLE VI
EVENTS OF DEFAULT
{S} {C}
SECTION 6.01. Events of Default..................................................................................31
-----------------
{CAPTION}
ARTICLE VII
THE AGENT
{S} {C}
SECTION 7.01. Authorization and Action...........................................................................32
------------------------
SECTION 7.02. Agent's Reliance, Etc..............................................................................33
---------------------
SECTION 7.03. Citibank and Affiliates............................................................................33
-----------------------
SECTION 7.04. Lender Credit Decision.............................................................................33
----------------------
SECTION 7.05. Indemnification....................................................................................33
---------------
SECTION 7.06. Successor Agent....................................................................................33
---------------
SECTION 7.07. Other Agents.......................................................................................34
------------
ii
{PAGE}
{PAGE}
{CAPTION}
ARTICLE VIII
MISCELLANEOUS
{S} {C}
SECTION 8.01. Amendments, Etc....................................................................................34
---------------
SECTION 8.02. Notices, Etc.......................................................................................34
------------
SECTION 8.03. No Waiver; Remedies................................................................................34
-------------------
SECTION 8.04. Costs and Expenses.................................................................................34
------------------
SECTION 8.05. Right of Set-off...................................................................................35
----------------
SECTION 8.06. Binding Effect.....................................................................................35
--------------
SECTION 8.07. Assignments and Participations.....................................................................36
------------------------------
SECTION 8.08. Confidentiality....................................................................................38
---------------
SECTION 8.09. Governing Law......................................................................................38
-------------
SECTION 8.10. Execution in Counterparts..........................................................................38
-------------------------
SECTION 8.11. Jurisdiction, Etc..................................................................................38
-----------------
SECTION 8.13. Waiver of Jury Trial...............................................................................39
--------------------
{/TABLE}
Schedules
---------
Schedule I - List of Applicable Lending Offices
Schedule 3.01(b) - Disclosed Litigation
Exhibits
--------
Exhibit A-1 - Form of Revolving Credit Note
Exhibit A-2 - Form of Competitive Bid Note
Exhibit B-1 - Form of Notice of Revolving Credit Borrowing
Exhibit B-2 - Form of Notice of Competitive Bid Borrowing
Exhibit C - Form of Assignment and Acceptance
Exhibit D - Form of Assumption Agreement
Exhibit E - Form of Notice of Extension of Termination Date
iii
{PAGE}
{PAGE}
364-DAY CREDIT AGREEMENT
Dated as of August 7, 2001
MONSANTO COMPANY, a Delaware corporation (the "Borrower"),
--------
the banks, financial institutions and other institutional lenders (the
"Initial Lenders") listed on the signature pages hereof, CITIBANK, N.A.
---------------
("Citibank"), as administrative agent (the "Agent") for the Lenders (as
-------- -----
hereinafter defined), SALOMON SMITH BARNEY INC. and J.P. MORGAN SECURITIES
INC., as co-lead arrangers and joint bookrunners (the "Co-Lead Arrangers"),
-----------------
THE CHASE MANHATTAN BANK, as syndication agent, and COMMERZBANK AG NEW YORK
AND GRAND CAYMAN BRANCHES ("Commerzbank"), THE BANK OF TOKYO-MITSUBISHI, LTD.
-----------
and BANK ONE, NA, as co-documentation agent, agree as follows:
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
SECTION 1.01. Certain Defined Terms. As used in this
---------------------
Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms
of the terms defined):
"Advance" means a Revolving Credit Advance or a
-------
Competitive Bid Advance.
"Affiliate" means, as to any Person, any other Person
---------
that, directly or indirectly, controls, is controlled by or is
under common control with such Person or is a director or officer
of such Person. For purposes of this definition, the term "control"
(including the terms "controlling", "controlled by" and "under
common control with") of a Person means the possession, direct or
indirect, of the power to vote 5% or more of the Voting Stock of
such Person or to direct or cause the direction of the management
and policies of such Person, whether through the ownership of
Voting Stock, by contract or otherwise.
"Agent's Account" means the account of the Agent
---------------
maintained by the Agent at Citibank with its office at 399 Park
Avenue, New York, New York 10043, Account No. 36852248, Attention:
William Clark.
"Aggregate Amount of Financing Outstanding" at any time
-----------------------------------------
means the aggregate amount of proceeds received in connection with
a Permitted Receivables Financing, less (a) any amounts collected
in connection with the accounts receivable sold, conveyed or
otherwise transferred pursuant to such financing and (b) the amount
of any defaulted accounts receivable the uncollectibility of which
is a risk assumed by the transferee of such accounts receivable.
"Applicable Lending Office" means, with respect to each
-------------------------
Lender, such Lender's Domestic Lending Office in the case of a Base
Rate Advance and such Lender's Eurodollar Lending Office in the
case of a Eurodollar Rate Advance and, in the case of a Competitive
Bid Advance, the office of such Lender notified by such Lender to
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