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364-DAY CREDIT AGREEMENT
dated as of
April 25, 2001
among
METLIFE, INC.
METROPOLITAN LIFE INSURANCE COMPANY
METLIFE FUNDING, INC.,
as Borrowers
The LENDERS Party Hereto
LEHMAN COMMERCIAL PAPER, INC.,
THE CHASE MANHATTAN BANK,
CITIBANK, N.A.
and
CREDIT SUISSE FIRST BOSTON,
as Co-Syndication Agents
and
BANK OF AMERICA, N.A.
as Administrative Agent
$1,250,000,000
BANC OF AMERICA SECURITIES LLC,
as Sole Lead Arranger and Book Manager
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TABLE OF CONTENTS
Page
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ARTICLE I Definitions.......................................................1
SECTION 1.1 Defined Terms..............................................1
SECTION 1.2 Classification of Loans and Borrowings....................15
SECTION 1.3 Terms Generally...........................................15
SECTION 1.4 Accounting Terms; GAAP; SAP...............................16
ARTICLE II The Credits...............................................16
SECTION 2.1 Commitments...............................................16
SECTION 2.2 Loans and Borrowings......................................16
SECTION 2.3 Requests for Revolving Borrowings.........................17
SECTION 2.4 Competitive Bid Procedure.................................18
SECTION 2.5 Funding of Borrowings.....................................20
SECTION 2.6 Interest Elections........................................21
SECTION 2.7 Termination and Reduction of Commitments..................22
SECTION 2.8 Repayment of Loans; Evidence of Debt......................23
SECTION 2.9 Prepayment of Loans.......................................24
SECTION 2.10 Fees......................................................24
SECTION 2.11 Interest..................................................25
SECTION 2.12 Alternate Rate of Interest................................26
SECTION 2.13 Increased Costs...........................................26
SECTION 2.14 Break Funding Payments....................................27
SECTION 2.15 Taxes.....................................................28
SECTION 2.16 Payments Generally; Pro Rata Treatment;
Sharing of Set-offs.......................................29
SECTION 2.17 Mitigation Obligations; Replacement of Lenders............30
SECTION 2.18 Extension of Termination Date.............................31
SECTION 2.19 Extension of Maturity Date................................33
ARTICLE III THE LETTERS OF CREDIT............................................33
SECTION 3.1 Amounts and Terms of L/C Commitments......................33
SECTION 3.2 Issuance, Amendment and Renewal of Letters of Credit......34
SECTION 3.3 Drawing and Reimbursements................................35
SECTION 3.4 Repayment of L/C Advances ................................38
SECTION 3.5 Role of the Lenders ......................................38
(i)
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TABLE OF CONTENTS
(Continued)
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SECTION 3.6 Obligations Absolute .....................................39
SECTION 3.7 Risk Participations, Drawings and Reimbursements .........40
SECTION 3.8 Cash Collateral Pledge; Repayment of L/C Advances.........40
SECTION 3.9 Letter of Credit Fees.....................................40
SECTION 3.10 Uniform Customs and Practice .............................41
SECTION 3.11 Applicant.................................................41
ARTICLE IV REPRESENTATIONS AND WARRANTIES...................................41
SECTION 4.1 Organization; Powers......................................41
SECTION 4.2 Authorization; Enforceability.............................41
SECTION 4.3 Governmental Approvals; No Conflicts......................42
SECTION 4.4 Financial Condition; No Material Adverse Change...........42
SECTION 4.5 Properties................................................42
SECTION 4.6 Litigation and Environmental Matters......................42
SECTION 4.7 Compliance with Laws and Agreements.......................43
SECTION 4.8 Investment and Holding Company Status.....................43
SECTION 4.9 Taxes.....................................................43
SECTION 4.10 ERISA.....................................................43
SECTION 4.11 Disclosure................................................43
SECTION 4.12 Margin Stock..............................................44
ARTICLE V CONDITIONS.......................................................44
SECTION 5.1 Effective Date............................................44
SECTION 5.2 Each Credit Event.........................................45
ARTICLE VI AFFIRMATIVE COVENANTS............................................45
SECTION 6.1 Financial Statements and Other Information................45
SECTION 6.2 Notices of Defaults.......................................46
SECTION 6.3 Existence; Conduct of Business............................46
SECTION 6.4 Payment of Obligations....................................46
SECTION 6.5 Maintenance of Properties; Insurance......................46
SECTION 6.6 Books and Records; Inspection Rights......................47
SECTION 6.7 Compliance with Laws......................................47
SECTION 6.8 Use of Proceeds...........................................47
(ii)
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TABLE OF CONTENTS
(Continued)
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SECTION 6.9 Support Agreement.........................................47
ARTICLE VII NEGATIVE COVENANTS...............................................47
SECTION 7.1 Liens.....................................................47
SECTION 7.2 Fundamental Changes.......................................49
SECTION 7.3 Transactions with Affiliates..............................49
SECTION 7.4 Adjusted Statutory Surplus................................49
ARTICLE VIII EVENTS OF DEFAULT................................................49
ARTICLE IX AGENTS...........................................................52
SECTION 9.1 Administrative Agent......................................52
SECTION 9.2 L/C Administrator.........................................54
SECTION 9.3 Co-Syndication Agents.....................................54
ARTICLE X MISCELLANEOUS....................................................54
SECTION 10.1 Notices...................................................54
SECTION 10.2 Waivers; Amendments.......................................54
SECTION 10.3 Expenses; Indemnity: Damage; Waiver.......................55
SECTION 10.4 Successors and Assigns....................................56
SECTION 10.5 Survival..................................................59
SECTION 10.6 Counterparts; Integration; Effectiveness..................59
SECTION 10.7 Severability..............................................60
SECTION 10.8 Right of Setoff...........................................60
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