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Intercreditor Agreement
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Title:
Intercreditor Agreement
Entities:
JPMorgan Chase Bank; McGraw-Hill Companies Inc.; Milacron Inc.; U.S. Bank, NA
Date:
2004
Size:
Preview shows 9KB of 137KB total
Price:
$69
ID:
#352541
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                             INTERCREDITOR AGREEMENT



                                 BY AND BETWEEN



                               JPMORGAN CHASE BANK



                                  AS ABL AGENT



                                       AND



                   U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE



                                  AS TERM AGENT



                            DATED AS OF JUNE 10, 2004



================================================================================



{PAGE}



                                TABLE OF CONTENTS



{TABLE}

{CAPTION}

                                                                                                                     Page No.

                                                                                                                     --------

{S}                                                                                                                  {C}

ARTICLE 1 DEFINITIONS............................................................................................        2

Section 1.1       UCC Definitions................................................................................        2

Section 1.2       Other Definitions..............................................................................        2

Section 1.3       Rules of Construction..........................................................................       11



ARTICLE 2 LIEN PRIORITY..........................................................................................       12

Section 2.1       Agreement to Subordinate.......................................................................       12

Section 2.2       Waiver of Right to Contest Liens...............................................................       13

Section 2.3       Remedies Standstill............................................................................       14

Section 2.4       Exercise of Rights.............................................................................       15

Section 2.5       No New Liens...................................................................................       17



ARTICLE 3 ACTIONS OF THE PARTIES.................................................................................       17

Section 3.1       Certain Actions Permitted......................................................................       17

Section 3.2       Agent for Perfection...........................................................................       18

Section 3.3       Sharing of Information and Access..............................................................       18

Section 3.4       Insurance......................................................................................       19

Section 3.5       No Additional Rights For the Credit Parties Hereunder..........................................       19

Section 3.6       Actions Upon Breach............................................................................       19

Section 3.7       Inspection Rights and Insurance................................................................       19



ARTICLE 4 APPLICATION OF PROCEEDS................................................................................       20

Section 4.1       Application of Proceeds........................................................................       20

Section 4.2       Specific Performance...........................................................................       21



ARTICLE 5 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS.............................................................       22

Section 5.1       Notice of Acceptance and Other Waivers.........................................................       22

Section 5.2       Modifications to ABL Documents and Term Documents..............................................       23

Section 5.3       Reinstatement and Continuation of Agreement....................................................       25



ARTICLE 6 INSOLVENCY PROCEEDINGS.................................................................................       26

Section 6.1       DIP Financing..................................................................................       26

Section 6.2       Relief From Stay...............................................................................       26

Section 6.3       No Contest.....................................................................................       27

Section 6.4       Asset Sales....................................................................................       27

Section 6.5       Separate Grants of Security and Separate Classification........................................       27

Section 6.6       Enforceability.................................................................................       28

Section 6.7       ABL Obligations Unconditional..................................................................       28

Section 6.8       Term Obligations Unconditional.................................................................       28



ARTICLE 7 MISCELLANEOUS..........................................................................................       29

Section 7.1       Rights of Subrogation..........................................................................       29

Section 7.2       Further Assurances.............................................................................       29

Section 7.3       Representations................................................................................       29

{/TABLE}



                                        i

{PAGE}



{TABLE}

{S}                                                                                                                     {C}

Section 7.4       Amendments.....................................................................................       30

Section 7.5       Addresses for Notices..........................................................................       30

Section 7.6       No Waiver, Remedies............................................................................       30

Section 7.7       Continuing Agreement, Transfer of Secured Obligations..........................................       30

Section 7.8       Governing Law: Entire Agreement................................................................       31

Section 7.9       Counterparts...................................................................................       31

Section 7.10      No Third Party Beneficiaries...................................................................       31

Section 7.11      Headings.......................................................................................       31

Section 7.12      Severability...................................................................................       31

Section 7.13      Attorneys Fees.................................................................................       31

Section 7.14      VENUE; JURY TRIAL WAIVER.......................................................................       32

Section 7.15      Intercreditor Agreement........................................................................       32

Section 7.16      No Warranties or Liability.....................................................................       33

Section 7.17      Conflicts......................................................................................       33

Section 7.18      Information Concerning Financial Condition of the Credit Parties...............................       33

{/TABLE}



                                       ii

{PAGE}



                             INTERCREDITOR AGREEMENT



         THIS INTERCREDITOR AGREEMENT (this "AGREEMENT") is entered into as of

June 10, 2004 between JPMORGAN CHASE BANK, in its capacity as administrative

agent (in such capacity, the "ABL AGENT") for the financial institutions party
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