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Title: |
Credit Agreement |
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Entities: |
Huttig Building Products Inc.; JPMorgan Chase Bank; PNC Bank, NA; Bank of America, NA; Bank of New York |
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Date: |
2002 |
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Size: |
Preview shows 27KB of 574KB total |
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Price: |
$99 |
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ID: |
#381556 |
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CREDIT AGREEMENT
BY AND AMONG
HUTTIG BUILDING PRODUCTS, INC.,
AND
THE DOMESTIC SUBSIDIARIES OF HUTTIG BUILDING PRODUCTS, INC.
PARTY HERETO,
AS BORROWERS,
THE GUARANTORS FROM TIME TO TIME PARTY HERETO,
THE LENDING INSTITUTIONS PARTY HERETO,
AS LENDERS,
J.P. MORGAN BUSINESS CREDIT CORP., AS ADVISOR,
JPMORGAN CHASE BANK,
AS ADMINISTRATIVE AND COLLATERAL AGENT, ISSUING BANK AND ARRANGER,
BANK OF AMERICA, N.A.
AS SYNDICATION AGENT,
LASALLE BANK NATIONAL ASSOCIATION,
AS A MANAGING AGENT,
GENERAL ELECTRIC CAPITAL CORPORATION,
AS A MANAGING AGENT,
TRANSAMERICA BUSINESS CAPITAL CORPORATION,
AS CO-AGENT
AND
CONGRESS FINANCIAL CORPORATION (CENTRAL)
AS DOCUMENTATION AGENT
Dated as of August 12, 2002
{PAGE}
{TABLE}
{S} {C} {C}
ARTICLE 1 DEFINITIONS; ACCOUNTING TERMS
Section 1.01 Definitions........................................................................... 1
Section 1.02 Accounting Principles................................................................. 23
Section 1.03 Directly or Indirectly................................................................ 24
Section 1.04 Construction.......................................................................... 24
Section 1.05 Joint and Several Obligations; Borrowers' Agent....................................... 24
Section 1.06 Times of Day.......................................................................... 24
ARTICLE 2 THE CREDIT
Section 2.01 The Revolving Credit Loans and Letters of Credit...................................... 24
Section 2.02 Funding of Revolving Credit Loans..................................................... 25
Section 2.03 Principal Repayment of Revolving Credit Loans......................................... 26
Section 2.04 Mandatory Prepayments................................................................. 26
Section 2.05 Interest.............................................................................. 28
Section 2.06 Eurodollar Interest Periods........................................................... 29
Section 2.07 Conversions........................................................................... 29
Section 2.08 Voluntary Prepayments................................................................. 30
Section 2.09 Uncollected Funds Compensation........................................................ 30
Section 2.10 Voluntary Termination of Revolving Credit Commitments................................. 30
Section 2.11 Certain Notices....................................................................... 30
Section 2.12 Calculation of Borrowing Base......................................................... 30
Section 2.13 Letters of Credit..................................................................... 31
Section 2.14 Settlement Between Agent and Lenders.................................................. 32
Section 2.15 Fees. ............................................................................. 32
Section 2.16 Payments Generally.................................................................... 33
Section 2.17 Purpose ............................................................................. 34
Section 2.18 Extension of Revolving Credit Termination Date........................................ 34
Section 2.19 Commitment Increases.................................................................. 36
ARTICLE 3 YIELD PROTECTION; ILLEGALITY; ETC.
Section 3.01 Additional Costs...................................................................... 37
Section 3.02 Limitation on Types of Loans.......................................................... 38
Section 3.03 Illegality............................................................................ 39
Section 3.04 Certain Base Rate Loans pursuant to Sections 3.01 and 3.03............................ 39
Section 3.05 Certain Compensation.................................................................. 39
Section 3.06 Mitigation Obligations................................................................ 40
{/TABLE}
2
{PAGE}
{TABLE}
{S} {C} {C}
Section 3.07 Taxes................................................................................. 40
ARTICLE 4 CONDITIONS PRECEDENT
Section 4.01 Conditions Precedent to the Initial Loans............................................. 40
Section 4.02 Additional Conditions Precedent....................................................... 44
Section 4.03 Deemed Representations................................................................ 44
ARTICLE 5 REPRESENTATIONS AND WARRANTIES
Section 5.01 Incorporation, Good Standing and Due Qualification.................................... 45
Section 5.02 Corporate Power and Authority; No Conflicts........................................... 45
Section 5.03 Legally Enforceable Agreements........................................................ 45
Section 5.04 Litigation............................................................................ 45
Section 5.05 Financial Statements.................................................................. 45
Section 5.06 Ownership and Liens................................................................... 47
Section 5.07 Existing Indebtedness................................................................. 47
Section 5.08 Taxes................................................................................. 47
Section 5.09 ERISA................................................................................. 47
Section 5.10 Subsidiaries and Affiliates........................................................... 47
Section 5.11 Operation of Business................................................................. 48
Section 5.12 No Default on Outstanding Judgments or Orders......................................... 48
Section 5.13 No Defaults on Other Agreements....................................................... 48
Section 5.14 Labor Matters......................................................................... 49
Section 5.15 Investment Company Act; Holding Company Act........................................... 49
Section 5.16 Environmental Matters................................................................. 49
Section 5.17 Regulation U.......................................................................... 49
Section 5.18 No Guaranties or Indemnities.......................................................... 50
Section 5.19 Bank Accounts......................................................................... 50
Section 5.20 Trade Relations....................................................................... 50
Section 5.21 True and Complete Disclosure.......................................................... 50
ARTICLE 6 AFFIRMATIVE COVENANTS
Section 6.01 Maintenance of Existence.............................................................. 50
Section 6.02 Conduct of Business................................................................... 50
Section 6.03 Maintenance of Properties............................................................. 51
Section 6.04 Maintenance of Records; Fiscal Year................................................... 51
{/TABLE}
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{PAGE}
{TABLE}
{S} {C} {C}
Section 6.05 Maintenance of Insurance.............................................................. 51
Section 6.06 Compliance with Laws; Payment of Taxes................................................ 51
Section 6.07 Right of Inspection................................................................... 51
Section 6.08 Reporting Requirements................................................................ 51
Section 6.09 Special Periodic Reports.............................................................. 53
Section 6.10 [Intentionally Omitted]............................................................... 54
Section 6.11 Field Audits; Inventory Appraisals.................................................... 54
Section 6.12 Cooperation and Further Assurance..................................................... 54
Section 6.13 Deposits Into Collateral Account...................................................... 54
Section 6.14 Lock Box Operation.................................................................... 54
Section 6.15 Landlords Waivers..................................................................... 54
Section 6.16 Real Property Financing............................................................... 55
Section 6.17 Existing Leases....................................................................... 55
ARTICLE 7 NEGATIVE COVENANTS
Section 7.01 Sale of Assets........................................................................ 55
Section 7.02 Stock of Subsidiaries, Etc............................................................ 55
Section 7.03 Mergers, Etc.......................................................................... 55
Section 7.04 Dividends and Stock Repurchases; Management Fees...................................... 55
Section 7.05 Liens ............................................................................. 55
Section 7.06 Transactions with Affiliates.......................................................... 57
Section 7.07 Hazardous Materials; Indemnification.................................................. 58
Section 7.08 Acquisitions.......................................................................... 58
Section 7.09 Subsidiaries.......................................................................... 59
Section 7.10 Certain Investments................................................................... 59
Section 7.11 Indebtedness.......................................................................... 60
Section 7.12 Guaranties, Etc....................................................................... 60
Section 7.13 Other Indebtedness.................................................................... 60
Section 7.14 Restrictive Agreements................................................................ 61
ARTICLE 8 FINANCIAL COVENANTS
Section 8.01 Minimum Fixed Charge Coverage Ratio................................................... 61
Section 8.02 Minimum Revolving Availability........................................................ 61
ARTICLE 9 EVENTS OF DEFAULT
{/TABLE}
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{TABLE}
{S} {C} {C}
Section 9.01 Events of Default..................................................................... 61
Section 9.02 Remedies.............................................................................. 63
Section 9.03 Application of Funds.................................................................. 63
ARTICLE 10 GUARANTY
Section 10.01 The Guarantee........................................................................ 64
Section 10.02 Obligations Unconditional............................................................ 64
Section 10.03 Reinstatement........................................................................ 65
Section 10.04 Subrogation; Subordination........................................................... 66
Section 10.05 Remedies............................................................................. 66
Section 10.06 Instrument for the Payment of Money.................................................. 66
Section 10.07 Continuing Guarantee................................................................. 66
Section 10.08 General Limitation on Guarantee Obligations.......................................... 66
ARTICLE 11 RELATIONS AMONG AGENT AND LENDERS
Section 11.01 Appointment, Powers and Immunities of Agent.......................................... 67
Section 11.02 Reliance by Agent.................................................................... 67
Section 11.03 Defaults............................................................................. 67
Section 11.04 Rights of Agent as a Lender.......................................................... 68
Section 11.05 Indemnification of Agent............................................................. 68
Section 11.06 Documents............................................................................ 68
Section 11.07 Non-Reliance on Agent and Other Lenders.............................................. 68
Section 11.08 Failure of Agent to Act.............................................................. 69
Section 11.09 Resignation or Removal of Agent...................................................... 69
Section 11.10 Amendments Concerning Agency Function................................................ 69
Section 11.11 Liability of Agent................................................................... 69
Section 11.12 Transfer of Agency Function.......................................................... 70
Section 11.13 Non-Receipt of Funds by the Agent.................................................... 70
Section 11.14 Withholding Taxes.................................................................... 70
Section 11.15 Several Obligations and Rights of Lenders............................................ 70
Section 11.16 Pro Rata Treatment of Loans, Etc..................................................... 71
Section 11.17 Sharing of Payments Among Lenders.................................................... 71
Section 11.18 Enforcement of Facility Documents.................................................... 71
Section 11.19 Borrowing Base Statements, Etc....................................................... 72
Section 11.20 Field Audits and Inventory Appraisals................................................ 72
{/TABLE}
5
{PAGE}
{TABLE}
{S} {C} {C}
Section 11.21 Collateral and Guaranty Matters...................................................... 72
Section 11.22 Other Agents; Arrangers and Managers................................................. 73
ARTICLE 12 MISCELLANEOUS
Section 12.01 Amendments and Waivers............................................................... 73
Section 12.02 Usury................................................................................ 74
Section 12.03 Expenses; Indemnification............................................................ 74
Section 12.04 Survival............................................................................. 75
Section 12.05 Assignment; Participations........................................................... 75
Section 12.06 Confidentiality...................................................................... 78
Section 12.07 Table of Contents; Headings.......................................................... 78
Section 12.08 Severability......................................................................... 78
Section 12.09 Counterparts......................................................................... 78
Section 12.10 Governing Law........................................................................ 78
Section 12.11 Incorporation By Reference; Conflicts................................................ 79
Section 12.12 Jurisdiction, Venue and Service...................................................... 79
Section 12.13 Waiver of Jury Trial................................................................. 79
{/TABLE}
EXHIBITS AND SCHEDULES
{TABLE}
{S} {C} {C}
Exhibit A - Form of Note
Exhibit B - Form of Authorization Letter
Exhibit C - Form of Monthly Borrowing Base Certificate
Exhibit D - [Intentionally Omitted]
Exhibit E - Form of Security and Pledge Agreement
Exhibit F - Form of Solvency Certificate
Exhibit G - Form of Assignment and Acceptance
Exhibit H - Form of Compliance Certificate
Exhibit I - Form of Weekly Collateral Certificate
Schedule 2.01(a) - Lenders and Commitments
Schedule 2.17 - Indebtedness to be Refinanced
Schedule 4.01(b) - Foreign Jurisdictions
Schedule 5.04 - Litigation
Schedule 5.07 - Outstanding Indebtedness
Schedule 5.09 - Pension Plans
Schedule 5.10 - Subsidiaries and Affiliates; Capitalization
Schedule 5.11 - Properties
{/TABLE}
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{TABLE}
{S} {C} {C}
Schedule 5.14 - Labor and Employment Matters
Schedule 5.16 - Environmental Matters
Schedule 5.19 - Bank Accounts
Schedule 7.01 - New Hampshire Transfer
Schedule 7.05 - Outstanding Liens
Schedule 7.06 - Transactions with Affiliates
Schedule 7.11 - Certain Indebtedness Permitted to Remain Outstanding
{/TABLE}
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{PAGE}
CREDIT AGREEMENT
CREDIT AGREEMENT dated as of August 12, 2002 among Huttig Building
Products, Inc., a Delaware corporation ("HUTTIG"), the domestic subsidiaries of
Huttig party hereto (the "DOMESTIC SUBSIDIARIES"), as joint and several
borrowers, the Guarantors from time to time party hereto, the Lenders from time
to time party hereto, J.P. Morgan Business Credit Corp., as Advisor, JPMorgan
Chase Bank, as administrative and collateral agent for the Lenders (in such
capacities, together with its successors in such capacities, the "AGENT") and as
Issuing Bank, Bank of America, N.A. , as syndication agent (in such capacity,
together with its successors in such capacity, the "SYNDICATION AGENT") LaSalle
Bank National Association, as a managing agent, General Electric Capital
Corporation, as a managing agent (each in such capacity, together with its
successors in such capacity, a "MANAGING AGENT"), Transamerica Business Capital
Corporation, as co-agent (in such capacity together with its successors in such
capacity (the "CO-AGENT"), and Congress Financial Corporation, as Documentation
Agent (in such capacity, together with its successors in such capacity, the
"DOCUMENTATION AGENT"; and together with the Syndication Agent, the "OTHER
AGENTS").
ARTICLE 1
DEFINITIONS; ACCOUNTING TERMS
Section 1.01 Definitions. As used in this Agreement the following terms
have the following meanings (terms defined in the singular to have a correlative
meaning when used in the plural and vice versa):
"ACCOUNT" means (i) all "accounts" as defined in Article 9 of the UCC
(as defined in the Security and Pledge Agreement) of the Borrowers and their
Subsidiaries and (ii) shall include any account receivable or right of the
Borrowers or any of their Subsidiaries to payment for goods sold or leased or
for services rendered (whether secured or unsecured), regardless of whether
classified as an account under the UCC and regardless of how such right is
evidenced and whether or not it has been earned by performance, now existing or
hereafter arising, and all interest, late charges, penalties, collection fees
and other sums which shall be due and payable in connection with any Account and
the proceeds thereof.
"ACCOUNT DEBTOR" means each Person obligated in any way on or in
connection with an Account.
"ACQUISITION" means any transaction pursuant to which the Borrowers or
any of their Subsidiaries: (a) acquires a majority of the equity securities
(including warrants, options or other rights to acquire such securities) of any
Person (other than the Borrowers or any Person that is then a Wholly-Owned
Subsidiary of any Borrower), pursuant to a solicitation of tenders therefor, or
in one or more negotiated block, market or other transactions not involving a
tender offer, or a combination of any of the foregoing; (b) makes any Person a
Subsidiary of any Borrower or any of its Subsidiaries, or causes any such Person
to be merged into any Borrower or any of its Subsidiaries, in any case pursuant
to a merger, purchase of assets or any reorganization providing for the delivery
or issuance to the holders of such Person's then outstanding securities, in
exchange for such securities, of cash or securities of any Borrower or any of
its Subsidiaries, or a combination thereof; or (c) purchase any portion of the
business or assets of any Person, other
{PAGE}
HUTTIG CREDIT AGREEMENT
than equity securities (including warrants, options or other rights to acquire
such securities) and other than purchases of assets in the ordinary course of
business.
"ADJUSTED BASE RATE" means, for any day, an interest rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greater of
(a) the Prime Rate in effect on such day, and (b) the Federal Funds Rate in
effect on such day plus one-half of 1%. Any change in the Adjusted Base Rate due
to a change in the Prime Rate or the Federal Funds Rate shall be effective from
and including the effective date of such change in the Prime Rate or the Federal
Funds Rate, respectively.
"ADJUSTED EURODOLLAR RATE" means, with respect to any Borrowing for any
Eurodollar Interest Period, an interest rate per annum (rounded upwards, if
necessary, to the next 1/16 of 1%) equal to (a) the Eurodollar Rate for such
Eurodollar Interest Period multiplied by (b) the Statutory Reserve Rate.
"AFFECTED LOAN" has the meaning set forth in Section 3.04.
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