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Title: |
Credit Agreement |
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Entities: |
Citibank, NA; Macquarie Infrastructure Co LLC; McGraw-Hill Companies Inc.; Gibson, Dunn & Crutcher; Hogan & Hartson |
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Date: |
2004 |
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Size: |
Preview shows 18KB of 229KB total |
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Price: |
$60 |
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ID: |
#2432536 |
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US$36,000,000
CREDIT AGREEMENT
DATED AS OF JULY 29, 2002
AMONG
MACQUARIE AIRPORTS NORTH AMERICA INC.
AS BORROWER
AND
THE LENDERS NAMED HEREIN
AS LENDERS
WESTDEUTSCHE LANDESBANK GIROZENTRALE
AS ADMINISTRATIVE AGENT
AND
CITIBANK, N.A.
AS COLLATERAL AGENT
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
----
{S} {C}
ARTICLE I DEFINITIONS AND ACCOUNTING TERMS....................................................................... 1
1.01 Certain Defined Terms.......................................................................... 1
1.02 Computation of Time Periods.................................................................... 18
1.03 Accounting Terms............................................................................... 18
1.04 Interpretation................................................................................. 18
ARTICLE II AMOUNT AND TERMS OF THE ADVANCES...................................................................... 19
2.01 The Advances................................................................................... 19
2.02 Making the Advances............................................................................ 19
2.03 Termination or Reduction of the Commitments.................................................... 20
2.04 Repayment...................................................................................... 20
2.05 Interest....................................................................................... 20
2.06 Interest Rate Determination.................................................................... 21
2.07 Optional Conversion of Advances................................................................ 22
2.08 Optional and Mandatory Prepayments............................................................. 22
2.09 Increased Costs................................................................................ 23
2.10 Illegality..................................................................................... 24
2.11 Payments and Computations...................................................................... 25
2.12 Taxes.......................................................................................... 26
2.13 Sharing of Payments, Etc....................................................................... 28
2.14 Use of Proceeds................................................................................ 28
2.15 Fees........................................................................................... 29
ARTICLE III CONDITIONS TO MAKING ADVANCES........................................................................ 29
3.01 Conditions Precedent to the Making of the Advances............................................. 29
ARTICLE IV REPRESENTATIONS AND WARRANTIES........................................................................ 34
4.01 Representations and Warranties of the Borrower................................................. 34
ARTICLE V COVENANTS OF THE BORROWER.............................................................................. 39
5.01 Affirmative Covenants.......................................................................... 39
5.02 Negative Covenants............................................................................. 43
ARTICLE VI EVENTS OF DEFAULT..................................................................................... 48
6.01 Events of Default.............................................................................. 48
ARTICLE VII THE AGENT............................................................................................ 51
7.01 Authorization and Action....................................................................... 51
7.02 Agents' Reliance, Etc.......................................................................... 51
7.03 WestLB and Affiliates.......................................................................... 52
7.04 Lender Credit Decision......................................................................... 52
7.05 Indemnification................................................................................ 52
7.06 Successor Agents............................................................................... 53
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
ARTICLE VIII MISCELLANEOUS....................................................................................... 53
8.01 Amendments, Etc................................................................................ 53
8.02 Notices, Etc................................................................................... 54
8.03 No Waiver; Remedies............................................................................ 54
8.04 Costs and Expenses............................................................................. 55
8.05 Right of Set-off............................................................................... 56
8.06 Binding Effect................................................................................. 56
8.07 Assignments and Participations................................................................. 57
8.08 Confidentiality................................................................................ 59
8.09 Governing Law.................................................................................. 59
8.10 Execution in Counterparts...................................................................... 59
8.11 Jurisdiction, Etc.............................................................................. 59
8.12 Waiver of Jury Trial........................................................................... 61
8.13 Non-Recourse................................................................................... 61
8.14 Capacity of Trustees........................................................................... 61
{/TABLE}
EXHIBIT A PROMISSORY NOTE
EXHIBIT B NOTICE OF ADVANCE
EXHIBIT C ASSIGNMENT AND ACCEPTANCE
SCHEDULE 1
EXHIBIT D FORM OF SUBORDINATED LOAN AGREEMENT
EXHIBIT E FORM OF SUBORDINATED AGREEMENT
EXHIBIT F FORM OF PLEDGE AGREEMENT
EXHIBIT G FORM OF SECURITY AGREEMENT
SCHEDULE I APPLICABLE LENDING OFFICES
SCHEDULE 1.01(a) FBO CONTRACTS
SCHEDULE 1.01(b) Management Contracts to be provided
SCHEDULE 1.01(c) Material Contracts
SCHEDULE 1.01(d) Material Contracts Allocated Values
SCHEDULE 3.01(e)(iv)
SCHEDULE 4.01(c) Authorizations and Consents
SCHEDULE 4.01(h)(i) Collateral
SCHEDULE 4.01(h)(ii) Aviation Assets Not Included in Collateral
SCHEDULE 4.01(n) Environmental Compliance
SCHEDULE 4.01(o) Outstanding Debt or material obligations
SCHEDULE 4.01(q) Location of Borrower
SCHEDULE 4.01(r) Aviation Assets
{PAGE}
SCHEDULE 4.01(t) Government Assets
SCHEDULE 5.01(r) Consents by the Airport Authorities
SCHEDULE 5.02(c) Liens Existing on Initial Closing
{PAGE}
CREDIT AGREEMENT
Dated as of July 29, 2002
MACQUARIE AIRPORTS NORTH AMERICA INC., a Delaware corporation (the
"BORROWER"), the banks, financial institutions and other institutional lenders
(the "INITIAL LENDERS") listed on the signature pages hereof, WESTDEUTSCHE
LANDESBANK GIROZENTRALE ("WESTLB" ), as Administrative Agent (the
"ADMINISTRATIVE AGENT"), and CITIBANK, N.A. ("CITIBANK"), not in its individual
capacity, but solely as Collateral Agent (the "COLLATERAL AGENT") for the
Secured Parties (as hereinafter defined), agree as follows:
PRELIMINARY STATEMENTS
(1) Borrower was organized by the Equity Investors (as hereinafter
defined) to purchase the aviation assets (the "AVIATION ASSETS") of American
Port Services Inc. ("AMPORTS") through one or more of Borrower's Subsidiaries
(the "PURCHASER SUBSIDIARIES").
(2) Borrower has requested that the Lenders lend to it
US$36,000,000 (the "SENIOR DEBT") to purchase the Aviation Assets through the
Purchaser Subsidiaries and Borrower shall contribute the proceeds of the Advance
(as hereinafter defined) to the Purchaser Subsidiaries to enable the Purchaser
Subsidiaries to acquire the Aviation Assets.
(3) Such contribution of the proceeds of the Advances to the
Purchaser Subsidiaries shall represent (i) a capital contribution, (ii) a loan,
or (iii) a combination of (i) and (ii) to the Purchaser Subsidiaries.
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
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):
"ABPH" has the meaning specified in the Purchase Agreement.
"ADMINISTRATIVE AGENT" has the meaning specified in the introductory
paragraph hereto.
"ADMINISTRATIVE AGENT FEE AGREEMENT" means the letter agreement dated
as of the date hereof between the Borrower and the Administrative Agent relating
to certain fees payable in connection with the transactions contemplated by the
Loan Documents.
"ADMINISTRATIVE AGENT'S ACCOUNT" means the account of the
Administrative Agent maintained by the Administrative Agent at JP Morgan Chase,
New York with its office at One Chase Manhattan Plaza, New York, New York 10081,
ABA No. 021-000-021, Account of: Westdeutsche Landesbank Girozentrale, New York
Branch, Account No. 9201-06-0663, Attention: Arcadio Diaz.
1
{PAGE}
"ADVANCES" means an advance by a Lender to the Borrower pursuant to
Article II and refers to a Base Rate Advance or a Eurodollar Rate Advance (each
of which shall be a "Type" of 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 10% 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.
"AGENTS" means the Administrative Agent and the Collateral Agent.
"AIRPORTS" shall have the meaning set forth in the Purchase Agreement.
"AIRPORT CONSENTS" shall have the meaning set forth in the Purchase
Agreement.
"ALLOCABLE PERCENTAGES" shall have the meaning set forth in the
Purchase Agreement.
"AMPORTS" shall have the meaning set forth in Paragraph (1) of the
Preliminary Statements.
"AMPORTS AVIATION GROUP" shall have the meaning set forth in the
Purchase Agreement.
"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.
"APPLICABLE MARGIN" means, (i) for the period from the date of this
Agreement until the first (1st) anniversary of the date of the Advances (the
"Margin Adjustment Date"), an amount equal to 1.875%; for the period from the
day immediately following the Margin Adjustment Date through the third (3rd)
anniversary of the date hereof, an amount equal to 1.875% less the Margin
Adjustment Amount and (ii) for the period from the day immediately following the
third (3rd) anniversary hereof through and including the date on which all
amounts owing hereunder are paid in full, an amount equal to 2.25% less the
Margin Adjustment Amount.
"ASSIGNMENT AND ACCEPTANCE" means an assignment and acceptance entered
into by a Lender and an Eligible Assignee and accepted by the Administrative
Agent, in substantially the form of Exhibit C hereto.
"AVIATION ASSETS" shall have the meaning set forth in Paragraph (1) of
the Preliminary Statements.
"BASE RATE" means a fluctuating interest rate per annum in effect from
time to time, which rate per annum shall at all times be equal to the higher of:
2
{PAGE}
(a) the rate of interest announced publicly by WestLB in
New York, New York, from time to time, as WestLB's prime rate; and
(b) 1/2 of one percent per annum above the Federal Funds
Rate.
"BASE RATE ADVANCE" means an Advance to the extent that it bears
interest as provided in Section 2.05(a)(i).
"BENEFIT PLAN" means any employee benefit plan (as defined in Section
3(3) of ERISA) or other employee benefit plan, arrangement or program (whether
or not subject to ERISA) which is maintained, sponsored, contributed to (or
required to be contributed to) by the Borrower or any ERISA Affiliate, other
than any such plan, arrangement or program that is not subject to the laws of
the United States.
"BORROWER" has the meaning specified in the introductory paragraph
hereof.
"BUSINESS DAY" means a day of the year on which banks are not required
or authorized by law to close in New York City and, if the applicable Business
Day relates to a Eurodollar Rate Advance, on which dealings are carried on in
the London interbank market.
"CAPITAL EXPENDITURES" means all expenditures made, directly or
indirectly, by any Person for equipment, fixed assets, real property or
improvements or for replacements or substitutions therefor or additions thereto
that have been, or should be, in accordance with GAAP, reflected as additions to
property, plant or equipment on a balance sheet of such Person.
"CASH EQUIVALENTS" means any of the following, to the extent owned by
the Borrower or any of its Subsidiaries free and clear of all Liens other than
Liens created under the Collateral Documents and having a maturity of not
greater than 360 days from the date of acquisition thereof: (a) readily
marketable direct obligations of the Government of the United States or any
agency or instrumentality thereof or obligations unconditionally guaranteed by
the full faith and credit of the Government of the United States, (b) insured
certificates of deposit of or time deposits with any commercial bank that is a
Lender or a member of the Federal Reserve System, issues (or the parent of which
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