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Title: |
Credit Agreement |
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Entities: |
Hallwood Group Inc.; Hallwood Realty Partners LP; Bank of New York; Jenkens & Gilchrist; Vinson & Elkins; HWG LLC; First Bank & Trust |
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Date: |
2002 |
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Size: |
Preview shows 16KB of 313KB total |
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Price: |
$65 |
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ID: |
#291075 |
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CREDIT AGREEMENT
among
HWG LLC,
as Borrower,
THE HALLWOOD GROUP INCORPORATED,
as Parent Guarantor,
FIRST BANK & TRUST,
as Administrative Agent,
and
THE FINANCIAL INSTITUTIONS
NOW OR HEREAFTER PARTIES THERETO,
as Banks
$3,000,000 Term Loan
$4,000,000 Revolving Credit Loan
March 21, 2002
CLOSING BINDER INDEX
{TABLE}
{CAPTION}
-------------------------------------------------------------------------------------------------------------------
{S} {C}
The Hallwood Group Incorporated Parent
HWG LLC Borrower
Hallwood Realty Partners, L.P. HRY
First Bank & Trust, as Administrative Agent Administrative Agent
First Bank & Trust, as a Bank First Bank Texas
Jenkens & Gilchrist, L.L.P. JG
Vinson & Elkins L.L.P. VE
-------------------------------------------------------------------------------------------------------------------
{/TABLE}
{PAGE}
I. PRIMARY LOAN DOCUMENTS
1. Credit Agreement dated as of March 21, 2002, by and among Borrower, Parent,
Administrative Agent, and the financial institutions now or hereafter
parties thereto.
2. Term Note dated March 21, 2002, in the original principal amount of
$3,000,000, executed by Borrower and made payable to First Bank & Trust.
3. Revolving Credit Note dated March 21, 2002, in the original principal
amount of $4,000,000, executed by Borrower and made payable to First Bank &
Trust.
4. Guaranty dated as of March 21, 2002 executed by Parent in favor of First
Bank & Trust and the other financial institutions a party to the Credit
Agreement.
5. Pledge Agreement dated as of March 21, 2002, executed by Borrower in favor
of Administrative Agent.
6. Irrevocable Stock Power executed in connection with Stock Certificate No.
HRP 29410 representing 211,128 units of HRY owned by Borrower.
7. Irrevocable Stock Power executed in connection with Stock Certificate No.
HRP 20018 representing 17,440 units of HRY owned by Borrower.
8. Irrevocable Stock Power executed in connection with Stock Certificate No.
HRP 20019 representing 71,829 units of HRY owned by Borrower.
9. UCC-1 Financing Statement of Borrower, as Debtor, in favor of
Administrative Agent, as Secured Party, to be filed in connection with the
Pledge Agreement with the Delaware Secretary of State.
10. Officer's Certificate executed by Parent certifying as to the attached
Collateral Value Certificate.
11. Certificate of Chief Financial Officer of Parent dated as of March 21,
2002, certifying as to the absence of Defaults and solvency of each Credit
Party.
12. Promissory Note dated as of March 21, 2002, in the original principal
amount of $3,000,000.00, executed by Parent in favor of Borrower.
13. Promissory Note dated as of March 21, 2002, in the original principal
amount of $4,000,000.00, executed by Parent in favor of Borrower.
14. Collateral Assignment of Notes dated March 21, 2002, executed by Borrower
in favor of Administrative Agent.
15. UCC-1 Financing Statement executed by Borrower, as Debtor, in favor of
Administrative Agent, as Secured Party, in connection with the Collateral
Assignment of Note to be filed with the Texas Secretary of State.
{PAGE}
II. CORPORATE EXISTENCE/AUTHORITY
16. Secretary's Certificate of Parent certifying as to the Incumbency and the
attached Resolutions, Second Restated Certificate of Incorporation, Amended
and Restated Bylaws and Certificates of Existence and Good Standing from
Delaware and Texas, executed as of March 21, 2002.
17. Secretary's Certificate of Borrower certifying as to the Incumbency and the
attached Resolutions, Certificate of Formation, Limited Liability Company
Agreement and Certificates of Existence and Good Standing from Delaware,
California, Oklahoma and Texas executed as of March 21, 2002.
18. Certified Copy of Certificate of Limited Partnership of HRY issued on March
8, 2002, by the Secretary of State of Delaware.
19. Certificate of Existence of HRY issued on March 8, 2002, by the Secretary
of State of Delaware.
20. Amended and Restated Agreement of Limited Partnership of HRY dated as of
June 7, 1990.
III. LEGAL OPINION
21. Legal Opinion of JG, counsel to Borrower and Parent, in connection with the
Credit Agreement, dated March 21, 2002.
IV. MISCELLANEOUS
22. Federal Reserve Form U-1 Purpose Statement dated March 21, 2002, executed
by Borrower and Administrative Agent.
23. Notice of Designation of Senior Indebtedness dated March 21, 2002, executed
by Parent.
{PAGE}
DATED AS OF
MARCH 21, 2002
AMONG
HWG, LLC,
AS THE BORROWER,
THE HALLWOOD GROUP INCORPORATED,
AS PARENT GUARANTOR,
FIRST BANK & TRUST,
AS THE ADMINISTRATIVE AGENT,
AND
THE FINANCIAL INSTITUTIONS
NOW OR HEREAFTER PARTIES HERETO,
AS THE LENDERS
$3,000,000 TERM LOAN
$4,000,000 REVOLVING CREDIT FACILITY
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page No.
ARTICLE 1
DEFINITIONS; CONSTRUCTION
{S} {C} {C}
Section 1.1 Definitions.................................................................................1
Section 1.2 Accounting Terms and Determinations........................................................15
Section 1.3 Other Definitional Terms...................................................................15
ARTICLE 2
AMOUNT AND TERMS OF LOANS
Section 2.1 Loans and Commitments......................................................................15
Section 2.2 Borrowing Requests.........................................................................16
Section 2.3 Disbursement of Funds......................................................................17
Section 2.4 Notes and Amortization.....................................................................18
Section 2.5 Interest...................................................................................18
Section 2.6 Interest Periods...........................................................................19
Section 2.7 Repayment of Loans; Accounts and Register..................................................20
Section 2.8 Prepayments................................................................................21
Section 2.9 Continuation and Conversion Options........................................................22
Section 2.10 Fees.......................................................................................23
Section 2.11 Payments, etc..............................................................................23
Section 2.12 Interest Rate Not Ascertainable, etc.......................................................24
Section 2.13 Illegality.................................................................................24
Section 2.14 Increased Costs............................................................................25
Section 2.15 Change of Lending Office...................................................................26
Section 2.16 Funding Losses.............................................................................27
Section 2.17 Sharing of Payments, etc...................................................................27
Section 2.18 Taxes......................................................................................27
Section 2.19 Pro Rata Treatment.........................................................................28
ARTICLE 3
CONDITIONS TO BORROWINGS
Section 3.1 Closing....................................................................................29
Section 3.2 Conditions Precedent to All Loans..........................................................31
ARTICLE 4
SECURITY
Section 4.1 Security Granted...........................................................................32
Section 4.2 Collateral Value...........................................................................32
Section 4.3 Benchmark Collateral Deficiency............................................................33
Section 4.4 Substitution of Collateral.................................................................33
ARTICLE 5
REPRESENTATIONS AND WARRANTIES
Section 5.1 Existence..................................................................................33
Section 5.2 Power and Authorization....................................................................33
Section 5.3 Binding Obligations........................................................................34
{/TABLE}
i
{PAGE}
{TABLE}
{CAPTION}
Page No.
ARTICLE 1
DEFINITIONS; CONSTRUCTION
{S} {C} {C}
Section 5.4 No Legal Bar or Resultant Lien.............................................................34
Section 5.5 No Consent.................................................................................34
Section 5.6 Financial Information......................................................................34
Section 5.7 Investments and Guaranties.................................................................35
Section 5.8 Litigation.................................................................................35
Section 5.9 Use of Proceeds............................................................................35
Section 5.10 Employee Benefits..........................................................................36
Section 5.11 Taxes; Governmental Charges................................................................36
Section 5.12 Titles, etc................................................................................37
Section 5.13 Defaults...................................................................................37
Section 5.14 Casualties; Taking of Properties...........................................................37
Section 5.15 Compliance with the Law....................................................................37
Section 5.16 No Material Misstatements..................................................................37
Section 5.17 Investment Company Act.....................................................................38
Section 5.18 Public Utility Holding Company Act.........................................................38
Section 5.19 Subsidiaries...............................................................................38
Section 5.20 Insurance..................................................................................38
Section 5.21 Environmental Matters......................................................................38
Section 5.22 Solvency...................................................................................40
Section 5.23 Employee Matters...........................................................................40
Section 5.24 Subordinated Debenture Documents, etc......................................................40
Section 5.25 Ownership..................................................................................40
Section 5.26 Senior Indebtedness........................................................................40
ARTICLE 6
AFFIRMATIVE COVENANTS
Section 6.1 Maintenance and Compliance, etc............................................................41
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