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Five Year Credit Agreement

 

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Title:

Five Year Credit Agreement

Entities:

Wisconsin Public Service Corp

Date:

2008

Size:

Preview shows 88KB of 244KB total

Price:

$66

ID:

#3284932

 

 

► Loans ► Credit ► Multi-Year ► Five-Year Credit Agreements

 

 

Start of Preview





FIVE YEAR
CREDIT AGREEMENT
among
WISCONSIN PUBLIC SERVICE CORPORATION,
as Borrower,
THE LENDERS IDENTIFIED HEREIN,
U.S. BANK NATIONAL ASSOCIATION,
as Syndication Agent
WELLS FARGO BANK NATIONAL ASSOCIATION,
as Co-Documentation Agent

JPMORGAN CHASE BANK, N.A.,
as Co-Documentation Agent

UBS SECURITIES LLC,
as Co-Documentation Agent

CITIBANK, N.A.,
as Administrative Agent

and

CITIGROUP GLOBAL MARKETS INC. and U.S. BANK NATIONAL ASSOCIATION,
as Co-Lead Arrangers and Book Managers

DATED AS OF JUNE 2, 2005


TABLE OF CONTENTS
Table of Contents
Page
SECTION 1.
DEFINITIONS AND ACCOUNTING TERMS 
1
 
1.1
Definitions 
1
 
1.2
Computation of Time Periods 
12
 
1.3
Accounting Terms 
13
SECTION 2.
LOANS 
13
 
2.1
Revolving Loan Commitment 
13
 
2.2
Method of Borrowing for Revolving Loans 
13
 
2.3
Funding of Revolving Loans 
13
 
2.4
Continuations and Conversions 
14
 
2.5
Minimum Amounts 
15
 
2.6
Reductions of Revolving Loan Commitment 
15
 
2.7
Notes 
15
 
2.8
Swing Line Loans 
15
 
2.9
Letters of Credit 
17
SECTION 3.
PAYMENTS 
23
 
3.1
Interest 
23
 
3.2
Prepayments 
23
 
3.3
Payment in Full at Maturity 
24
 
3.4
Fees 
24
 
3.5
Place and Manner of Payments 
24
 
3.6
Pro Rata Treatment 
25
 
3.7
Computations of Interest and Fees 
25
 
3.8
Sharing of Payments 
26
 
3.9
Evidence of Debt 
26
SECTION 4.
ADDITIONAL PROVISIONS REGARDING LOANS 
27 
 
4.1
Eurodollar Loan Provisions 
27
 
4.2
Capital Adequacy 
29
 
4.3
Compensation 
29
 
4.4
Taxes 
30
 
i
 
 
4.5
Replacement of Lenders 
32
SECTION 5.
CONDITIONS PRECEDENT 
32
 
5.1
Closing Conditions 
32
 
5.2
Conditions to Each Extension of Credit 
34
 
5.3
Conditions to Each Extension of Credit On and After Any Trigger Date 
35
SECTION 6.
REPRESENTATIONS AND WARRANTIES 
35
 
6.1
Organization and Good Standing; Assets 
35
 
6.2
Due Authorization 
36
 
6.3
No Conflicts 
36
 
6.4
Consents 
36
 
6.5
Enforceable Obligations 
36
 
6.6
Financial Condition 
37
 
6.7
No Material Change 
37
 
6.8
No Default 
37
 
6.9
Indebtedness 
37
 
6.10
Litigation 
37
 
6.11
Taxes 
38
 
6.12
Compliance with Law 
38
 
6.13
ERISA. 
38
 
6.14
Use of Proceeds; Margin Stock 
39
 
6.15
Government Regulation 
39
 
6.16
Disclosure 
39
SECTION 7.
AFFIRMATIVE COVENANTS 
40
 
7.1
Information Covenants 
40
 
7.2
Financial Covenant 
42
 
7.3
Preservation of Existence and Franchises 
42
 
7.4
Books and Records 
42
 
7.5
Compliance with Law 
42
 
7.6
Payment of Taxes and Other Indebtedness 
42
 
7.7
Insurance 
42
 
7.8
Use of Proceeds 
43
 
7.9
Audits/Inspections 
43
 
7.10
Restrictive Agreements 
43
 
ii
 
SECTION 8.
NEGATIVE COVENANTS 
43
 
8.1
Nature of Business 
44
 
8.2
Consolidation and Merger 
44
 
8.3
Sale or Lease of Assets 
44
 
8.4
Arm's-Length Transactions 
44
 
8.5
Fiscal Year 
45
 
8.6
Liens 
45
SECTION 9.
EVENTS OF DEFAULT 
46
 
9.1
Events of Default 
46
 
9.2
Acceleration; Remedies 
48
 
9.3
Allocation of Payments After Event of Default 
49
SECTION 10.
AGENCY PROVISIONS 
50
 
10.1
Appointment 
50
 
10.2
Delegation of Duties 
51
 
10.3
Exculpatory Provisions 
51
 
10.4
Reliance on Communications 
51
 
10.5
Notice of Default 
52
 
10.6
Non-Reliance on Agent and Other Lenders 
52
 
10.7
Indemnification 
53
 
10.8
Agent in Its Individual Capacity 
53
 
10.9
Successor Agent 
53
SECTION 11.
MISCELLANEOUS 
54
 
11.1
Notices 
54
 
11.2
Right of Set-Off 
55
 
11.3
Benefit of Agreement 
55
 
11.4
No Waiver; Remedies Cumulative 
58
 
11.5
Payment of Expenses, etc. 
58
 
11.6
Amendments, Waivers and Consents 
59
 
11.7
Counterparts/Telecopy 
60
 
11.8
Headings 
60
 
11.9
Defaulting Lender 
60
11.10  
Survival of Indemnification and Representations and Warranties 
60
11.11  
Confidentiality 
61
 
iii
 
11.12  
Governing Law; Venue 
61
11.13  
Waiver of Jury Trial; Waiver of Consequential Damages 
61
11.14  
Time 
62
11.15  
Severability 
62
11.16  
Assurances 
62
11.17  
USA Patriot Act Notification 
62
11.18  
Entirety 
62

SCHEDULES
 
Schedule 1.1                                            Commitment Percentages
Schedule 6.1(c)                                       Subsidiaries
Schedule 8.3                                            Asset Sales
Schedule 8.6                                            Existing Liens
Schedule 11.1                                          Notices

EXHIBITS
 
Exhibit 2.2                                            Form of Notice of Borrowing
Exhibit 2.4                                            Form of Notice of Continuation/Conversion
Exhibit 2.7                                            Form of Revolving Loan Note
Exhibit 7.1(c)                                       Form of Officer's Certificate
Exhibit 11.3                                         Form of Assignment Agreement

iv

FIVE YEAR
CREDIT AGREEMENT
 
THIS FIVE YEAR CREDIT AGREEMENT (this "Credit Agreement"), dated as of June 2, 2005, is entered into among WISCONSIN PUBLIC SERVICE CORPORATION, a Wisconsin corporation (the "Borrower"), the Lenders (as defined herein), CITIGROUP GLOBAL MARKETS INC. and U.S. BANK NATIONAL ASSOCIATION, as Co-Lead Arrangers and Book Managers, U.S. BANK NATIONAL ASSOCIATION, as Syndication Agent, WELLS FARGO BANK NATIONAL ASSOCIATION, JPMORGAN CHASE BANK, N.A. and UBS SECURITIES LLC, as Co-Documentation Agents, and CITIBANK, N.A., as administrative agent for the Lenders (in such capacity, the "Agent").
 
RECITALS
 
WHEREAS,the Borrower has requested that the Lenders provide a $115 million Five Year revolving credit facility to the Borrower for the purposes set forth herein; and.
 
WHEREAS,the Lenders have agreed to provide such Five Year revolving credit facility on the terms and conditions hereinafter set forth.
 
NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
 
Section 1.  DEFINITIONS AND ACCOUNTING TERMS
 
1.1  Definitions.
 
As used herein, the following terms shall have the meanings herein specified unless the context otherwise requires.  Defined terms herein shall include in the singular number the plural and in the plural the singular:
 
"2004 Credit Agreement" means the 364-Day Credit Agreement dated as of August 6, 2004, among the Borrower, the financial institutions identified as lenders therein, Wells Fargo Bank, N.A., as Syndication Agent, Citibank, N.A., J.P.Morgan Chase Bank and UBS AG, Stamford Branch, as co-documentation agents, and U.S. Bank National Association, as lead arranger, book manager and as agent for the lenders thereunder.

 

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