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Title: |
364-Day Revolving Credit Agreement |
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Entities: |
ABN AMRO Bank N.V.; Bank of Nova Scotia; Chase Manhattan Bank; Citibank, NA; CSX Corp.; Environmental Remediation Holding Corp.; Fleet National Bank; J.P. Morgan Securities Inc.; JPMorgan Chase Bank; PNC Bank, NA; Wachovia Bank, NA; Bank of New York; UBS AG; Wachtell, Lipton, Rosen & Katz |
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Date: |
2003 |
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Size: |
Preview shows 44KB of 197KB total |
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Price: |
$79 |
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ID: |
#250705 |
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Start of Preview |
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EXHIBIT 99.1
EXECUTION COPY
CSX
CORPORATION
$345,000,000
364-DAY REVOLVING
CREDIT AGREEMENT
May 14, 2003
CITIBANK, N.A.
THE BANK OF NOVA SCOTIA
as Co-Syndication Agents
CREDIT SUISSE FIRST BOSTON
MIZUHO CORPORATE BANK, LTD.
as Co-Documentation Agents
JPMORGAN CHASE BANK
as Administrative Agent
J.P. MORGAN SECURITIES INC.,
as Sole Advisor, Lead Arranger and Bookrunner
Table of Contents
| Page | ||||
|
ARTICLE I Definitions |
1 | |||
|
SECTION 1.01. |
Defined Terms |
1 | ||
|
SECTION 1.02. |
Classification of Loans and Borrowings |
17 | ||
|
SECTION 1.03. |
Terms Generally |
17 | ||
|
SECTION 1.04. |
Accounting Terms; GAAP |
17 | ||
|
ARTICLE II The Credits |
18 | |||
|
SECTION 2.01. |
Commitments |
18 | ||
|
SECTION 2.02. |
Loans and Borrowings |
18 | ||
|
SECTION 2.03. |
Requests for Revolving Borrowings |
18 | ||
|
SECTION 2.04. |
Competitive Bid Procedure |
19 | ||
|
SECTION 2.05. |
[Intentionally Omitted]. |
21 | ||
|
SECTION 2.06. |
Funding of Borrowings |
21 | ||
|
SECTION 2.07. |
Interest Elections |
22 | ||
|
SECTION 2.08. |
Expiration, Termination and Reduction of Commitments |
23 | ||
|
SECTION 2.09. |
Repayment of Loans; Evidence of Debt |
24 | ||
|
SECTION 2.10. |
Optional and Mandatory Prepayment of Loans |
24 | ||
|
SECTION 2.11. |
Fees |
25 | ||
|
SECTION 2.12. |
Interest |
26 | ||
|
SECTION 2.13. |
Alternate Rate of Interest |
27 | ||
|
SECTION 2.14. |
Increased Costs |
28 | ||
|
SECTION 2.15. |
Break Funding Payments |
29 | ||
|
SECTION 2.16. |
Taxes |
29 | ||
|
SECTION 2.17. |
Payments Generally; Pro Rata Treatment; Sharing of Set-offs |
30 | ||
|
SECTION 2.18. |
Mitigation Obligations; Replacement of Lenders |
32 | ||
|
ARTICLE III Representations and Warranties |
33 | |||
|
SECTION 3.01. |
Organization; Powers |
33 | ||
|
SECTION 3.02. |
Authorization; Enforceability |
33 | ||
|
SECTION 3.03. |
Governmental Approvals; No Conflicts |
33 | ||
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SECTION 3.04. |
Financial Condition; No Material Adverse Change |
33 | ||
|
SECTION 3.05. |
Properties |
34 | ||
|
SECTION 3.06. |
Litigation and Environmental Matters |
34 | ||
|
SECTION 3.07. |
Compliance with Laws and Agreements |
34 | ||
|
SECTION 3.08. |
Investment and Holding Company Status |
34 | ||
|
SECTION 3.09. |
Taxes |
34 | ||
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SECTION 3.10. |
ERISA |
34 | ||
i
| Page | ||||
|
SECTION 3.11. |
Disclosure |
35 | ||
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ARTICLE IV Conditions |
35 | |||
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SECTION 4.01. |
Closing Date |
35 | ||
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SECTION 4.02. |
Each Credit Event |
36 | ||
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ARTICLE V Affirmative Covenants |
36 | |||
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SECTION 5.01. |
Financial Statements and Other Information |
36 | ||
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SECTION 5.02. |
Notices of Material Events |
38 | ||
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SECTION 5.03. |
Existence; Conduct of Business |
38 | ||
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SECTION 5.04. |
Payment of Obligations |
39 | ||
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SECTION 5.05. |
Maintenance of Properties; Insurance |
39 | ||
|
SECTION 5.06. |
Books and Records; Inspection Rights |
39 | ||
|
SECTION 5.07. |
Compliance with Laws |
39 | ||
|
SECTION 5.08. |
Use of Proceeds; Commitments |
39 | ||
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SECTION 5.09. |
Federal Regulations |
39 | ||
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ARTICLE VI Negative Covenants |
40 | |||
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SECTION 6.01. |
Limitation on Subsidiary Debt |
40 | ||
|
SECTION 6.02. |
Liens |
40 | ||
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SECTION 6.03. |
Limitation on Sale/Leaseback Transactions |
41 | ||
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SECTION 6.04. |
Fundamental Changes |
42 | ||
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SECTION 6.05. |
Financial Covenant |
43 | ||
|
SECTION 6.06. |
Ownership of Railroad Subsidiaries |
43 | ||
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SECTION 6.07. |
Sales of Unrestricted Margin Stock |
43 | ||
|
SECTION 6.08. |
Limitation on Guarantees and Liens of CSX/NS Entities |
43 | ||
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SECTION 6.09. |
CSX/NS Agreement |
43 | ||
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SECTION 6.10. |
Final Asset Division |
44 | ||
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ARTICLE VII Events of Default |
44 | |||
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ARTICLE VIII The Agents |
46 | |||
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ARTICLE IX Miscellaneous |
48 | |||
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SECTION 9.01. |
Notices |
48 | ||
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SECTION 9.02. |
Waivers; Amendments |
49 | ||
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SECTION 9.03. |
Expenses; Indemnity; Damage Waiver |
50 | ||
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SECTION 9.04. |
Successors and Assigns |
51 | ||
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SECTION 9.05. |
Survival |
53 | ||
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SECTION 9.06. |
Counterparts; Integration; Effectiveness |
53 | ||
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SECTION 9.07. |
Severability |
53 | ||
|
SECTION 9.08. |
Right of Setoff |
53 | ||
|
SECTION 9.09. |
Governing Law; Jurisdiction; Consent to Service of Process |
53 | ||
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