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Compuware Corporation |
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2007 |
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$61 |
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#3185283 |
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COMPUWARE CORPORATION
REVOLVING CREDIT AGREEMENT
DATED AS OF NOVEMBER 1, 2007
COMERICA BANK
AS ADMINISTRATIVE AGENT, LEAD ARRANGER AND
SYNDICATION AGENT
FIFTH THIRD BANK
AS DOCUMENTATION AGENT
BRANCH BANKING & TRUST COMPANY
AS DOCUMENTATION AGENT
================================================================================
{PAGE}
TABLE OF CONTENTS
{Table}
{Caption}
PAGE
----
{S} {C}
1. DEFINITIONS.......................................................... 1
1.1 CERTAIN DEFINED TERMS.......................................... 1
2. REVOLVING CREDIT..................................................... 21
2.1 COMMITMENT..................................................... 21
2.2 ACCRUAL OF INTEREST AND MATURITY; EVIDENCE OF INDEBTEDNESS..... 21
2.3 REQUESTS FOR AND REFUNDINGS AND CONVERSIONS OF ADVANCES........ 22
2.4 DISBURSEMENT OF ADVANCES....................................... 24
2.5 SWING LINE ADVANCES............................................ 26
2.6 INTEREST PAYMENTS; DEFAULT INTEREST............................ 31
2.7 OPTIONAL PREPAYMENTS........................................... 32
2.8 PRIME-BASED ADVANCE IN ABSENCE OF ELECTION OR UPON DEFAULT..... 33
2.9 REVOLVING CREDIT FACILITY FEE.................................. 33
2.10 MANDATORY REPAYMENT OF REVOLVING CREDIT ADVANCES............... 33
2.11 OPTIONAL REDUCTION OR TERMINATION OF REVOLVING CREDIT
AGGREGATE COMMITMENT........................................... 34
2.12 USE OF PROCEEDS OF ADVANCES.................................... 35
2.13 OPTIONAL INCREASE OF REVOLVING CREDIT AGGREGATE COMMITMENT..... 35
2.14 OPTIONAL EXTENSIONS OF REVOLVING CREDIT MATURITY DATE.......... 37
3. LETTERS OF CREDIT.................................................... 39
3.1 LETTERS OF CREDIT.............................................. 39
3.2 CONDITIONS TO ISSUANCE......................................... 39
3.3 NOTICE......................................................... 41
3.4 LETTER OF CREDIT FEES; INCREASED COSTS......................... 41
3.5 OTHER FEES..................................................... 42
3.6 DRAWINGS AND DEMANDS FOR PAYMENT UNDER LETTERS OF CREDIT....... 42
3.7 OBLIGATIONS IRREVOCABLE........................................ 44
3.8 RISK UNDER LETTERS OF CREDIT................................... 45
3.9 INDEMNIFICATION................................................ 46
3.10 RIGHT OF REIMBURSEMENT......................................... 47
3.11 EXISTING LETTERS OF CREDIT..................................... 47
4. [RESERVED]........................................................... 48
5. CONDITIONS........................................................... 48
5.1 CONDITIONS OF INITIAL ADVANCES................................. 48
5.2 CONTINUING CONDITIONS.......................................... 50
6. REPRESENTATIONS AND WARRANTIES....................................... 50
6.1 CORPORATE AUTHORITY............................................ 51
6.2 DUE AUTHORIZATION.............................................. 51
6.3 GOOD TITLE; LEASES; ASSETS; NO LIENS........................... 51
{/Table}
i
{PAGE}
{Table}
{S} {C}
6.4 TAXES.......................................................... 51
6.5 NO DEFAULTS.................................................... 52
6.6 ENFORCEABILITY OF AGREEMENT AND LOAN DOCUMENTS................. 52
6.7 COMPLIANCE WITH LAWS........................................... 52
6.8 NON-CONTRAVENTION.............................................. 52
6.9 LITIGATION..................................................... 52
6.10 CONSENTS, APPROVALS AND FILINGS, ETC........................... 53
6.11 AGREEMENTS AFFECTING FINANCIAL CONDITION....................... 53
6.12 NO INVESTMENT COMPANY OR MARGIN STOCK.......................... 53
6.13 ERISA.......................................................... 53
6.14 CONDITIONS AFFECTING BUSINESS OR PROPERTIES.................... 54
6.15 ENVIRONMENTAL AND SAFETY MATTERS............................... 54
6.16 SUBSIDIARIES................................................... 54
6.17 FRANCHISES, PATENTS, COPYRIGHTS, TRADENAMES, ETC............... 54
6.18 ACCURACY OF INFORMATION........................................ 54
6.19 SOLVENCY....................................................... 55
6.20 EMPLOYEE MATTERS............................................... 55
6.21 NO MISREPRESENTATION........................................... 55
6.22 CORPORATE DOCUMENTS AND CORPORATE EXISTENCE.................... 56
7. AFFIRMATIVE COVENANTS................................................ 56
7.1 FINANCIAL STATEMENTS........................................... 56
7.2 CERTIFICATES; OTHER INFORMATION................................ 57
7.3 PAYMENT OF OBLIGATIONS......................................... 58
7.4 CONDUCT OF BUSINESS AND MAINTENANCE OF EXISTENCE; COMPLIANCE
WITH LAWS...................................................... 58
7.5 MAINTENANCE OF PROPERTY; INSURANCE............................. 58
7.6 INSPECTION OF PROPERTY; BOOKS AND RECORDS, DISCUSSIONS......... 58
7.7 NOTICES........................................................ 59
7.8 HAZARDOUS MATERIAL LAWS........................................ 60
7.9 FINANCIAL COVENANTS............................................ 60
7.10 GOVERNMENTAL AND OTHER APPROVALS............................... 60
7.11 COMPLIANCE WITH ERISA; ERISA NOTICES........................... 61
7.12 [RESERVED]..................................................... 61
7.13 FUTURE SUBSIDIARIES............................................ 61
7.14 [RESERVED]..................................................... 61
7.15 USE OF PROCEEDS................................................ 61
7.16 FURTHER ASSURANCES AND INFORMATION............................. 62
8. NEGATIVE COVENANTS................................................... 62
8.1 LIMITATION ON DEBT............................................. 62
8.2 LIMITATION ON LIENS............................................ 63
8.3 ACQUISITIONS................................................... 64
8.4 LIMITATION ON MERGERS, DISSOLUTION OR SALE OF ASSETS........... 65
8.5 RESTRICTED PAYMENTS............................................ 66
8.6 [RESERVED]..................................................... 66
8.7 LIMITATION ON INVESTMENTS, LOANS AND ADVANCES.................. 66
8.8 TRANSACTIONS WITH AFFILIATES................................... 68
{/Table}
ii
{PAGE}
{Table}
{S} {C}
8.9 SALE-LEASEBACK TRANSACTIONS.................................... 68
8.10 LIMITATIONS ON OTHER RESTRICTIONS.............................. 68
8.11 MODIFICATION OF CERTAIN AGREEMENTS............................. 68
8.12 FISCAL YEAR.................................................... 68
9. DEFAULTS............................................................. 68
9.1 EVENTS OF DEFAULT.............................................. 68
9.2 EXERCISE OF REMEDIES........................................... 71
9.3 RIGHTS CUMULATIVE.............................................. 71
9.4 WAIVER BY BORROWER OF CERTAIN LAWS............................. 72
9.5 WAIVER OF DEFAULTS............................................. 72
9.6 SET OFF........................................................ 72
10. PAYMENTS, RECOVERIES AND COLLECTIONS................................. 72
10.1 PAYMENT PROCEDURE.............................................. 72
10.2 APPLICATION OF PAYMENTS AFTER EVENT OF DEFAULT................. 74
10.3 PRO-RATA RECOVERY.............................................. 74
11. CHANGES IN LAW OR CIRCUMSTANCES; INCREASED COSTS..................... 74
11.1 REIMBURSEMENT OF PREPAYMENT COSTS.............................. 74
11.2 EURODOLLAR LENDING OFFICE...................................... 75
11.3 CIRCUMSTANCES AFFECTING EURODOLLAR-BASED RATE AVAILABILITY..... 75
11.4 LAWS AFFECTING EURODOLLAR-BASED ADVANCE AVAILABILITY........... 76
11.5 INCREASED COST OF EURODOLLAR-BASED ADVANCES.................... 76
11.6 CAPITAL ADEQUACY AND OTHER INCREASED COSTS..................... 77
11.7 RIGHT OF LENDERS TO FUND THROUGH BRANCHES AND AFFILIATES....... 78
11.8 MARGIN ADJUSTMENT.............................................. 78
12. AGENT................................................................ 79
12.1 APPOINTMENT OF AGENT........................................... 79
12.2 DEPOSIT ACCOUNT WITH AGENT OR ANY LENDER....................... 80
12.3 SCOPE OF AGENT'S DUTIES........................................ 80
12.4 SUCCESSOR AGENT................................................ 80
12.5 CREDIT DECISIONS............................................... 81
12.6 AUTHORITY OF AGENT TO ENFORCE THIS AGREEMENT................... 81
12.7 INDEMNIFICATION OF AGENT....................................... 81
12.8 KNOWLEDGE OF DEFAULT........................................... 82
12.9 AGENT'S AUTHORIZATION; ACTION BY LENDERS....................... 82
12.10 ENFORCEMENT ACTIONS BY THE AGENT............................... 83
12.11 [RESERVED]..................................................... 83
12.12 AGENTS IN THEIR INDIVIDUAL CAPACITIES.......................... 83
12.13 AGENT'S FEES................................................... 83
12.14 DOCUMENTATION AGENT OR OTHER TITLES............................ 83
12.15 NO RELIANCE ON AGENT'S CUSTOMER IDENTIFICATION PROGRAM......... 83
13. MISCELLANEOUS........................................................ 84
13.1 ACCOUNTING PRINCIPLES.......................................... 84
{/Table}
iii
{PAGE}
{Table}
{S} {C}
13.2 CONSENT TO JURISDICTION........................................ 84
13.3 LAW OF MICHIGAN................................................ 85
13.4 INTEREST....................................................... 85
13.5 CLOSING COSTS AND OTHER COSTS; INDEMNIFICATION................. 85
13.6 NOTICES........................................................ 86
13.7 FURTHER ACTION................................................. 87
13.8 SUCCESSORS AND ASSIGNS; PARTICIPATIONS; ASSIGNMENTS............ 87
13.9 COUNTERPARTS................................................... 91
13.10 AMENDMENT AND WAIVER........................................... 91
13.11 CONFIDENTIALITY................................................ 92
13.12 SUBSTITUTION OF LENDERS........................................ 92
13.13 WITHHOLDING TAXES.............................................. 93
13.14 TAXES AND FEES................................................. 94
13.15 WAIVER OF JURY TRIAL........................................... 94
13.16 PATRIOT ACT NOTICE............................................. 94
13.17 COMPLETE AGREEMENT; CONFLICTS.................................. 94
13.18 SEVERABILITY................................................... 95
13.19 TABLE OF CONTENTS AND HEADINGS; SECTION REFERENCES............. 95
13.20 CONSTRUCTION OF CERTAIN PROVISIONS............................. 95
13.21 INDEPENDENCE OF COVENANTS...................................... 95
13.22 ELECTRONIC TRANSMISSIONS....................................... 95
13.23 ADVERTISEMENTS................................................. 96
13.24 RELIANCE ON AND SURVIVAL OF PROVISIONS......................... 96
{/Table}
iv
{PAGE}
SCHEDULES
SCHEDULE 1.1 PRICING MATRIX
SCHEDULE 1.2 PERCENTAGES AND COMMITMENTS
SCHEDULE 1.3 ORGANIZATIONAL INFORMATION FOR EACH CREDIT PARTY
SCHEDULE 1.4 EXISTING LETTERS OF CREDIT
SCHEDULE 1.5 BORROWER'S INVESTMENT GUIDELINES
SCHEDULE 5.1 LIST OF JURISDICTIONS IN WHICH BORROWER AND/OR
SUBSIDIARIES DO BUSINESS
SCHEDULE 6.4 TAX RETURNS
SCHEDULE 6.7 COMPLIANCE WITH LAWS
SCHEDULE 6.9 LITIGATION
SCHEDULE 6.10 NECESSARY CONSENTS/APPROVALS
SCHEDULE 6.13 ERISA
SCHEDULE 6.15 ENVIRONMENTAL MATTERS
SCHEDULE 6.16 SUBSIDIARIES
SCHEDULE 6.18 TRADE NAMES
SCHEDULE 6.22 UNION CONTRACTS
SCHEDULE 8.2 EXISTING LIENS
SCHEDULE 8.8 TRANSACTIONS WITH AFFILIATES
SCHEDULE 13.6 ADDRESSES FOR NOTICES
EXHIBITS
EXHIBIT A FORM OF REQUEST FOR REVOLVING CREDIT ADVANCE
EXHIBIT B FORM OF REVOLVING CREDIT NOTE
EXHIBIT C FORM OF SWING LINE NOTE
EXHIBIT D FORM OF REQUEST FOR SWING LINE ADVANCE
EXHIBIT E FORM OF NOTICE OF LETTER OF CREDIT PARTICIPATION
EXHIBIT F FORM OF ASSIGNMENT AGREEMENT
EXHIBIT G FORM OF GUARANTY
EXHIBIT H FORM OF COVENANT COMPLIANCE REPORT
EXHIBIT I FORM OF SWING LINE PARTICIPATION CERTIFICATE
EXHIBIT J FORM OF NEW LENDER ADDENDUM
v
{PAGE}
REVOLVING CREDIT AGREEMENT
This Revolving Credit Agreement ("Agreement") is made as of the 1st day of
November, 2007, by and among the financial institutions from time to time
signatory hereto (individually a "Lender," and any and all such financial
institutions collectively the "Lenders"), Comerica Bank, as Administrative Agent
for the Lenders (in such capacity, the "Agent"), Lead Arranger and Syndication
Agent, and Compuware Corporation, a Michigan corporation ("Borrower").
RECITALS
A. Borrower has requested that the Lenders extend to it credit and letters
of credit on the terms and conditions set forth herein.
B. The Lenders are prepared to extend such credit as aforesaid, but only on
the terms and conditions set forth in this Agreement.
NOW THEREFORE, in consideration of the covenants contained herein,
Borrower, the Lenders, and the Agent agree as follows:
1. DEFINITIONS.
1.1 Certain Defined Terms. For the purposes of this Agreement the following
terms will have the following meanings:
"Account(s)" shall mean any account or account receivable as defined under
the UCC, including without limitation, with respect to any Person, any right of
such Person to payment for goods sold or leased or for services rendered.
"Advance(s)" shall mean, as the context may indicate, a borrowing requested
by the Borrower, and made by the Revolving Credit Lenders under Section 2.1
hereof, or the Swing Line Lender under Section 2.5 hereof, including without
limitation any readvance, refunding or conversion of such borrowing pursuant to
Section 2.3 or 2.5 hereof, and any advance deemed to have been made in respect
of a Letter of Credit under Section 3.6(a) hereof, and shall include, as
applicable, a Eurodollar-based Advance, a Prime-based Advance and a Quoted Rate
Advance.
"Affiliate" shall mean, with respect to any Person, any other Person
directly or indirectly controlling (including but not limited to all directors
and officers of such Person), controlled by, or under direct or indirect common
control with such Person. A Person shall be deemed to control another Person for
the purposes of this definition if such Person possesses, directly or
indirectly, the power (i) to vote 10% or more of the Equity Interests having
ordinary voting power for the election of directors or managers of such other
Person or (ii) to direct or cause the direction of the management and policies
of such other Person, whether through the ownership of voting securities, by
contract or otherwise.
"Agent" shall have the meaning set forth in the preamble, and include any
successor agents appointed in accordance with Section 12.4 hereof.
{PAGE}
"Agent's Correspondent" shall mean for Eurodollar-based Advances, Agent's
Grand Cayman Branch (or for the account of said branch office, at Agent's main
office in Detroit, Michigan, United States).
"Alternate Base Rate" shall mean, for any day, an interest rate per annum
equal to the Federal Funds Effective Rate in effect on such day, plus one
percent (1.0%).
"Applicable Fee Percentage" shall mean, as of any date of determination
thereof, the applicable percentage used to calculate certain of the fees due and
payable hereunder, determined by reference to the appropriate columns in the
Pricing Matrix attached to this Agreement as Schedule 1.1.
"Applicable Interest Rate" shall mean, (i) with respect to each Revolving
Credit Advance, the Eurodollar-based Rate or the Prime-based Rate, and (ii) with
respect to each Swing Line Advance, the Prime-based Rate or, if made available
to the Borrower by the Swing Line Lender at its option, the Quoted Rate, in each
case as selected by the Borrower from time to time subject to the terms and
conditions of this Agreement.
"Applicable Margin" shall mean, as of any date of determination thereof,
the applicable interest rate margin, determined by reference to the appropriate
columns in the Pricing Matrix attached to this Agreement as Schedule 1.1, such
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