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Title: |
Participation Agreement |
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Entities: |
Citibank, NA; Citicorp North America, Inc.; Citicorp USA, Inc.; Ferro Corp.; National City Bank; Bank of New York; Bracewell & Patterson L.L.P.; Chadbourne & Parke LLP; Squire, Sanders & Dempsey; State Street Bank and Trust Company |
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Date: |
2002 |
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Size: |
Preview shows 16KB of 764KB total |
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Price: |
$99 |
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ID: |
#228449 |
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_____________________________________________________________
PARTICIPATION AGREEMENT
dated as of October 31, 1995
among
FERRO CORPORATION,
STATE STREET BANK AND TRUST COMPANY
not in its individual capacity except as
expressly stated herein, but solely as Trustee,
THE FINANCIAL INSTITUTIONS NAMED HEREIN,
as Purchasers
----------
and
CITIBANK, N.A.,
as Agent
-----
__________________________________________________________________
{PAGE}
{Table}
TABLE OF CONTENTS
{Caption}
Page
{S} {C} {C}
Preliminary Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ARTICLE I. FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 1.01. Agreement to Issue and Purchase . . . . . . . . . . . . . .
SECTION 1.02. Financing Closing Date . . . . . . . . . . . . . . . . . .
SECTION 1.03. Simultaneous Financing Closing
Transactions
SECTION 1.04. Procedures for Fundings
Requisitions . . . . . . . . . . . . . . . . . . . . . .
SECTION 1.05. Commitment Reduction . . . . . . . . . . . . . . . . . . .
SECTION 1.06. Equipment Sale Options . . . . . . . . . . . . . . . . . .
ARTICLE II. CONDITIONS PRECEDENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 2.01. Conditions Precedent to the
Financing Closing . . . . . . . . . . . . . . . . . . . .
SECTION 2.02. Conditions Precedent to Funding
Subsequent to the Financing
Closing . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 2.03. Obligations Subsequent . . . . . . . . . . . . . . . . . .
ARTICLE III. REFINANCING OF NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 3.01. Refinancing of Interim Notes . . . . . . . . . . . . . . .
SECTION 3.02. Conditions Precedent to Final
Completion Date
ARTICLE IV. REPRESENTATIONS AND WARRANTIES . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 4.01. Company Representations and
Warranties . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 4.02. SSBTC Representations and
Warranties
ARTICLE V. COVENANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 5.01. Company's Covenants . . . . . . . . . . . . . . . . . . . .
ARTICLE VI. THE NOTES AND THE CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 6.01. Determination of Rates . . . . . . . . . . . . . . . . . .
SECTION 6.02. Assignments and Participations . . . . . . . . . . . . . .
{/Table}
ii
{PAGE}
{Table}
{S} {C} {C}
SECTION 6.03. Taxes . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 6.04. Substitution of Purchaser . . . . . . . . . . . . . . . .
SECTION 6.05. Sharing of Payments, Etc. . . . . . . . . . . . . . . . .
SECTION 6.06. Tax Treatment . . . . . . . . . . . . . . . . . . . . . .
ARTICLE VII. EVENTS OF DEFAULT AND UNWIND EVENTS . . . . . . . . . . . . . . .
SECTION 7.01. Events of Default . . . . . . . . . . . . . . . . . . . .
SECTION 7.02. Remedies upon an Event of Default . . . . . . . . . . . .
SECTION 7.03. Unwind Events . . . . . . . . . . . . . . . . . . . . . .
SECTION 7.04. Remedies upon an Unwind Event . . . . . . . . . . . . . .
SECTION 7.05. Residual Guaranty and Return
Conditions . . . . . . . . . . . . . . . . . . . . . .
ARTICLE VIII. THE AGENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 8.01. Authorization and Action . . . . . . . . . . . . . . . .
SECTION 8.02. Agent's Reliance, Etc. . . . . . . . . . . . . . . . . .
SECTION 8.03. Citicorp and Affiliates . . . . . . . . . . . . . . . . .
SECTION 8.04. Purchaser Credit Decision . . . . . . . . . . . . . . . .
SECTION 8.05. Indemnification . . . . . . . . . . . . . . . . . . . . .
SECTION 8.06. Successor Agent . . . . . . . . . . . . . . . . . . . . .
ARTICLE IX. MISCELLANEOUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.01. Survival . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.02. Notices . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.03. Severability . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.04. Amendments, Etc. . . . . . . . . . . . . . . . . . . . .
SECTION 9.05. Headings . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.06. Compliance Responsibility . . . . . . . . . . . . . . . .
SECTION 9.07. Definitions . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.08. Benefit . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.09. Place of Payment . . . . . . . . . . . . . . . . . . . .
SECTION 9.10. Counterparts . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.11. Governing Law and Jurisdiction . . . . . . . . . . . . .
SECTION 9.12. Time; Business Day . . . . . . . . . . . . . . . . . . .
SECTION 9.13. The Trustee . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.14. Transaction Costs; Facility Fees;
Upfront Fees . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.15. INDEMNIFICATION . . . . . . . . . . . . . . . . . . . . .
SECTION 9.16. Operative Documents; Further
Assurances . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.17. Confidentiality . . . . . . . . . . . . . . . . . . . . .
SECTION 9.18. Interest . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.19. Waiver of Trial by Jury . . . . . . . . . . . . . . . . .
SECTION 9.20. Options . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9.21. Financial Advisor . . . . . . . . . . . . . . . . . . . .
{/Table}
iii
{PAGE}
{Table}
{S} {C}
SECTION 9.22. Securities Representation . . . . . . . . . . . . . . . . .
SECTION 9.23. UNENFORCEABILITY OF ORAL AGREEMENTS;
(TEXAS STATUTORY LANGUAGE) . . . . . . . . . . . . .
{/Table}
Schedule I - Manner of Payment and Communications to
Parties
Schedule II - Pricing Grid
Schedule 4.01(l) - Existing Encumbrances
Appendix A - Definitions
Exhibit A - Form of Lease
Exhibit B - Form of Agency Agreement
Exhibit C - Form of Declaration of Trust
Exhibit D - Form of Instrument Guaranty
Exhibit E - Form of Services Agreement
Exhibit F - Form of Requisition
Exhibit G - Form of Final Completion Certificate
Exhibit H - Form of Independent Engineer's Certificate
Exhibit I - Form of Commitment Reduction Notice
iv
{PAGE}
Execution Copy
PARTICIPATION AGREEMENT dated as of October 31, 1995 (as it may be
amended from time to time, this "Agreement"), by and among Ferro Corporation,
an Ohio corporation (the "COMPANY"); State Street Bank and Trust Company, a
Massachusetts trust company ("SSBTC"), not in its individual capacity except as
expressly stated herein, but solely as Trustee under the Declaration (herein,
together with any successor trustee under the Declaration, the "TRUSTEE"); the
financial institutions named as purchasers on Schedule I hereto, and/or any
assignee thereof who may, from time to time, become a party to this Agreement
pursuant to the terms hereof (collectively, the "PURCHASERS"); and Citibank,
N.A. ("CITIBANK"), in its capacity as agent for the Purchasers hereunder.
Capitalized terms used but not otherwise defined in this Agreement shall have
the meanings set forth in Appendix A hereto.
Preliminary Statement
---------------------
A. Synthetic Products Company, a Delaware corporation ("SYNPRO"),
is the owner of (i) certain parcels of land described on Schedule A to the Ohio
Deed and located in Cleveland, Ohio (the "OHIO FEE PARCELS"), (ii) an easement
interest in a certain parcel of land described on Schedule A to the Ohio Deed
and located in Cleveland, Ohio (the "OHIO EASEMENT PARCEL" and together with
the Ohio Fee Parcels, the "OHIO PARCELS") (iii) a license interest with respect
to a parcel of land in Cleveland, Ohio as described on Schedule A to the
License Agreement (the "LICENSE PARCEL"), (iv) two parcels of land described on
Schedule A to the Texas Deed and located in Fort Worth, Texas (the "TEXAS FEE
PARCELS", and together with the Ohio Fee Parcels, collectively, the "FEE
PARCELS"), (v) certain parcels of land described in the Easements and Option to
Purchase between Synpro and the Company dated as of October 31, 1995 and
located in Fort Worth, Texas (the "TEXAS EASEMENT PARCELS"), (vi) a leasehold
interest in certain parcels of land described in the Easement and located in
Fort Worth, Texas (the "TEXAS LEASEHOLD PARCELS" and together with the Ohio
Easement Parcel and Texas Easement Parcels, collectively, the "EASEMENT
PARCELS"), (vii) a plant for the manufacture of stearates, lubricants and
stabilizers and related facilities located on the Ohio Fee Parcels (the "OHIO
PLANT"), (viii) a plant for the manufacture of stearates, lubricants and
stabilizers located on the Texas Fee Parcels (the "Texas Plant" and together
with
{PAGE}
the Ohio Plant, collectively, the "PLANTS"), (ix) certain improvements located
on the Texas Leasehold Parcel and used in connection with the operation of the
Texas Plant (the "TEXAS LEASEHOLD IMPROVEMENTS"), (x) certain improvements
located on the Texas Easement Parcel and used in connection with the Texas
Plant (the "TEXAS EASEMENT IMPROVEMENTS"), (xi) certain fixtures, equipment and
other personal property used in connection with the Plants and presently
located on (a) the Ohio Fee Parcels (the "INITIAL OHIO FEE IMPROVEMENTS"), (b)
on the Texas Fee Parcels (the "INITIAL TEXAS FEE IMPROVEMENTS") and (c) on the
License Parcel (the "INITIAL LICENSE IMPROVEMENTS") (collectively, the "ASSETS"
and together with the Plants, the "INITIAL IMPROVEMENTS") as described on
Schedule A to the Bill of Sale.
B. On the Financing Closing Date, the Trustee will
acquire from Synpro fee title to the Ohio Fee Parcels and the Texas Fee
Parcels, an easement interest in the Ohio Easement Parcel, a license to the
License Parcel and title to a portion of the Initial Improvements pursuant to
an Asset Purchase Agreement dated as of October 25, 1995 among Synpro, Cookson
Group, plc, Cookson America, Inc. and the Company (as the same may be amended
from time to time, the "PURCHASE AGREEMENT"). In addition, on the Financing
Closing Date, (a) the Company will acquire from Synpro (i) the leasehold estate
to the Texas Leasehold Parcel pursuant to the Purchase Agreement, and (ii)
easements over the Texas Easement Parcel pursuant to the Purchase Agreement,
and (b) the Trustee will acquire from the Company (i) easements over the Texas
Leasehold Parcel and to the Texas Easement Improvements pursuant to the
Easement, and (ii) the easements over the Texas Easement Parcels pursuant to
the Second Easement. Thereafter, certain improvements to the Initial
Improvements (the "FINANCED IMPROVEMENTS") will be constructed, as more fully
described in Exhibit A to the Agency Agreement referred to below. The Initial
Improvements and the Financed Improvements, together with all future
structures, buildings, fixtures and other immovable improvements now or
hereafter on the Fee Parcels, the Easement Parcels and the License Parcel and
all integral equipment to be located thereon or therein are collectively
defined as the "IMPROVEMENTS". The Company shall have a one-time option to
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