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Credit Agreement

 

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Title:

Credit Agreement

Entities:

CIBC World Markets Corp.; Comerica Bank; First Union National Bank; Lehman Commercial Paper Inc.; McGraw-Hill Companies Inc.; U.S. Bank, NA; Union Bank of California, NA; Wachovia Bank, NA; Wachovia Securities Inc.; Watson Pharmaceuticals Inc.; Wells Fargo Bank Minnesota, NA; Wells Fargo Bank, NA; Bank of America, NA; Bank of New York

Date:

2003

Size:

Preview shows 82KB of 305KB total

Price:

$94

ID:

#328772

 

 

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CREDIT AGREEMENT

 

Dated as of May 30, 2003

 

among

 

WATSON PHARMACEUTICALS, INC.,

as Borrower,

 

THE LENDERS FROM TIME TO TIME PARTIES HERETO,

 

WACHOVIA BANK, NATIONAL ASSOCIATION

as Administrative Agent,

 

BANK OF AMERICA, N.A. and CIBC WORLD MARKETS CORP.

as Co-Syndication Agents,

 

and

 

LEHMAN COMMERCIAL PAPER, INC. and MORGAN STANLEY BANK

as Co-Documentation Agents

 

 

$300,000,000 Senior Revolving Credit Facility

 

 

WACHOVIA SECURITIES, INC.

Lead Arranger and Sole Book-Runner

 

CIBC WORLD MARKETS CORP.

Co-Lead Arranger

 



 

TABLE OF CONTENTS

 

ARTICLE I

 

 

DEFINITIONS

 

1.01

Certain Defined Terms

1.02

Computation of Time Periods

1.03

Accounting Terms

1.04

Calculation of Financial Covenants

1.05

Other Terms

 

 

ARTICLE II

 

 

AMOUNTS AND TERMS OF LOANS

 

 

2.01

Revolving Loan Facility

2.02

Swing Loans

2.03

Letters of Credit

2.04

Promise to Pay; Evidence of Debt

2.05

Use of Proceeds of Loans

2.06

Authorized Officers, Employees and Administrative Agents

 

 

ARTICLE III

 

 

PAYMENTS AND PREPAYMENTS

 

 

3.01

Voluntary Prepayments; Reductions in Revolving Loan Commitments

3.02

Mandatory Prepayments

3.03

Payments

3.04

Taxes

3.05

Increased Capital

3.06

Mitigation; Replacement of Lenders

 

 

ARTICLE IV

 

 

INTEREST AND FEES

 

 

4.01

Interest on the Loans and other Obligations

4.02

Special Provisions Governing Eurodollar Rate Loans

4.03

Fees

 

i



 

ARTICLE V

 

 

CONDITIONS TO LOANS

 

 

5.01

Conditions Precedent to Initial Loans

5.02

Conditions Precedent to All Loans

 

 

ARTICLE VI

 

 

REPRESENTATIONS AND WARRANTIES

 

 

6.01

Representations and Warranties of the Borrower

 

 

ARTICLE VII

 

 

REPORTING COVENANTS

 

 

7.01

Financial Statements

7.02

Management Reports

7.03

Other Financial Information

7.04

Defaults and Other Events

7.05

Lawsuits

7.06

ERISA Notices

7.07

Environmental Notices

7.08

FDA Notices

7.09

Labor Matters

7.10

Other Information

 

 

ARTICLE VIII

 

 

AFFIRMATIVE COVENANTS

 

 

8.01

Existence, etc.

8.02

Powers; Conduct of Business

8.03

Compliance with Laws, etc.

8.04

Payment of Taxes and Claims

8.05

Insurance

8.06

Inspection of Property; Books and Records; Discussions

8.07

ERISA Compliance

8.08

Maintenance of Property

8.09

Maintenance of Licenses, Permits, etc.

8.10

Loan Party

 

 

ARTICLE IX

 

 

NEGATIVE COVENANTS

 

 

9.01

Indebtedness

 

ii



 

9.02

Sales of Assets

9.03

Liens

9.04

Investments

9.05

Accommodation Obligations

9.06

Restricted Payments

9.07

Change in Nature of Business

9.08

Transactions with Affiliates

9.09

Restriction on Fundamental Changes

9.10

Sales and Leasebacks

9.11

Margin Regulations

9.12

ERISA

9.13

Capital Expenditures

9.14

Amendment of Governing Documents

9.15

Environmental Liabilities