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Title: |
Credit Agreement |
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Entities: |
FLIR Systems, Inc.; Union Bank of California, NA; International Swaps & Derivatives Association, Inc.; Bank of America, NA; Keybank NA |
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Date: |
2002 |
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Size: |
Preview shows 19KB of 307KB total |
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Price: |
$67 |
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ID: |
#410562 |
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Bank of America [LOGO]
CREDIT AGREEMENT
Dated as of March 22, 2002
among
FLIR SYSTEMS, INC.
as the Borrower,
BANK OF AMERICA, N.A.,
as Administrative Agent, Swing Line Lender
and
L/C Issuer,
and
The Other Lenders Party Hereto
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Section Page
------- ----
{S} {C}
SECTION 1. DEFINITIONS AND ACCOUNTING TERMS ....................................... 1
1.01 Defined Terms ........................................................ 1
1.02 Other Interpretive Provisions ........................................ 17
1.03 Accounting Terms ..................................................... 18
1.04 Rounding ............................................................. 18
1.05 References to Agreements and Laws .................................... 18
SECTION 2. THE COMMITMENTS AND CREDIT EXTENSIONS .................................. 18
2.01 Committed Revolving Loans, Possible Increase in Aggregate
Commitents ........................................................... 18
2.02 Borrowings, Conversions and Continuations of Committed Loans ......... 19
2.03 This section intentionally left blank ................................ 21
2.04 Letters of Credit .................................................... 21
2.05 Swing Line Loans ..................................................... 28
2.06 Prepayments .......................................................... 31
2.07 Reduction or Termination of Commitments .............................. 32
2.08 Repayment of Loans ................................................... 32
2.09 Interest ............................................................. 32
2.10 Fees ................................................................. 33
2.11 Computation of Interest and Fees ..................................... 33
2.12 Evidence of Debt ..................................................... 34
2.13 Payments Generally ................................................... 34
2.14 Sharing of Payments .................................................. 36
SECTION 3. TAXES, YIELD PROTECTION AND ILLEGALITY ................................. 37
3.01 Taxes ................................................................ 37
3.02 Illegality ........................................................... 38
3.03 Inability to Determine Rates ......................................... 38
3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurodollar Rate Loans ................................................ 38
3.05 Funding Losses ....................................................... 39
3.06 Matters Applicable to all Requests for Compensation .................. 39
3.07 Survival ............................................................. 40
SECTION 4. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS .............................. 40
4.01 Conditions of Initial Credit Extension ............................... 40
4.02 Conditions to all Credit Extensions and Conversions and
Continuations ........................................................ 41
SECTION 5. REPRESENTATIONS AND WARRANTIES ......................................... 42
5.01 Existence, Qualification and Power; Compliance with Laws ............. 42
5.02 Authorization; No Contravention ...................................... 42
5.03 Governmental Authorization ........................................... 42
5.04 Binding Effect ....................................................... 43
5.05 Financial Statements; No Material Adverse Effect ..................... 43
5.06 Litigation ........................................................... 43
5.07 No Default ........................................................... 43
5.08 Ownership of Property; Liens ......................................... 44
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
5.09 Environmental Compliance ...................................................... 44
5.10 Insurance ..................................................................... 44
5.11 Taxes ......................................................................... 44
5.12 ERISA Compliance .............................................................. 44
5.13 Subsidiaries .................................................................. 45
5.14 Margin Regulations; Investment Company Act; Public Utility Holding Company
Act ........................................................................... 45
5.15 Disclosure .................................................................... 45
5.16 Intellectual Property; Licenses, Etc .......................................... 45
SECTION 6. AFFIRMATIVE COVENANTS .......................................................... 46
6.01 Financial Statements .......................................................... 46
6.02 Certificates; Other Information ............................................... 47
6.03 Notices ....................................................................... 47
6.04 Payment of Obligations ........................................................ 48
6.05 Preservation of Existence, Etc ................................................ 48
6.06 Maintenance of Properties ..................................................... 48
6.07 Maintenance of Insurance ...................................................... 48
6.08 Compliance with Laws .......................................................... 49
6.09 Books and Records ............................................................. 49
6.10 Inspection Rights ............................................................. 49
6.11 Compliance with ERISA ......................................................... 49
6.12 Use of Proceeds ............................................................... 49
6.13 Maintenance of Security Interests and Liens ................................... 49
6.14 Pledge of Stock of Certain Subsidiaries ....................................... 49
SECTION 7. NEGATIVE COVENANTS ............................................................. 50
7.01 Liens ......................................................................... 50
7.02 Investments ................................................................... 51
7.03 Indebtedness .................................................................. 51
7.04 Fundamental Changes ........................................................... 52
7.05 Dispositions .................................................................. 53
7.06 Lease Obligations ............................................................. 53
7.07 Restricted Payments ........................................................... 54
7.08 ERISA ......................................................................... 54
7.09 Change in Nature of Business .................................................. 54
7.10 Transactions with Affiliates .................................................. 54
7.11 Capital Expenditures .......................................................... 54
7.12 Burdensome Agreements ......................................................... 54
7.13 Use of Proceeds ............................................................... 54
7.14 Financial Covenants ........................................................... 54
SECTION 8. EVENTS OF DEFAULT AND REMEDIES ................................................. 55
8.01 Events of Default ............................................................. 55
8.02 Remedies Upon Event of Default ................................................ 57
SECTION 9. ADMINISTRATIVE AGENT ........................................................... 57
9.01 Appointment and Authorization of Administrative Agent ......................... 57
9.02 Delegation of Duties .......................................................... 58
9.03 Liability of Administrative Agent ............................................. 58
9.04 Reliance by Administrative Agent .............................................. 59
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
9.05 Notice of Default ................................................... 59
9.06 Credit Decision; Disclosure of Information by Administrative Agent .. 59
9.07 Indemnification of Administrative Agent ............................. 60
9.08 Administrative Agent in its Individual Capacity ..................... 61
9.09 Successor Administrative Agent ...................................... 61
SECTION 10. MISCELLANEOUS ....................................................... 62
10.01 Amendments, Etc ..................................................... 62
10.02 Notices and Other Communications; Facsimile Copies .................. 63
10.03 No Waiver; Cumulative Remedies ...................................... 64
10.04 Attorney Costs, Expenses and Taxes .................................. 64
10.05 Indemnification by the Borrower ..................................... 64
10.06 Payments Set Aside .................................................. 64
10.07 Successors and Assigns .............................................. 65
10.08 Confidentiality ..................................................... 65
10.09 Set-off ............................................................. 68
10.10 Interest Rate Limitation ............................................ 69
10.11 Counterparts ........................................................ 70
10.12 Integration ......................................................... 70
10.13 Survival of Representations and Warranties .......................... 70
10.14 Severability ........................................................ 70
10.15 Tax Forms ........................................................... 70
10.16 Governing Law ....................................................... 71
10.17 Arbitration and Waiver of Right to Trial by Jury .................... 72
10.18 Time of the Essence. Time is of the essence of the Loan Documents ... 73
10.19 Entire Agreement .................................................... 73
10.20 Certain agreements not enforceable .................................. 73
SIGNATURES ................................................................. S-1
{/TABLE}
iii
{PAGE}
SCHEDULES
1.01 Existing Letters of Credit
2.01 Commitments and Pro Rata Shares
5.06 Litigation
5.09 Environmental Matters
5.13 Subsidiaries and Other Equity Investments
5.16 Intellectual Property Matters
7.01 Existing Liens
7.02 Existing Investments
7.03 Existing Indebtedness
7.06 Existing Leases
10.02 Eurodollar and Domestic Lending Offices, Addresses for Notices
EXHIBITS
Form of
A Committed Loan Notice
B Swing Line Loan Notice
C-1 Committed Revolving Loan Note
C-2 Swing Line Note
D Compliance Certificate
E Assignment and Assumption
F Guaranty
G Opinion of Counsel
H-1 Security Agreement (FLIR Systems, Inc.)
H-2 Security Agreement (FLIR Systems-Boston, Inc.)
I Pledge Agreement
iv
{PAGE}
CREDIT AGREEMENT
This CREDIT AGREEMENT ("Agreement") is entered into as of March 22, 2002,
---------
among FLIR Systems, Inc., an Oregon corporation (the "Borrower"), each lender
--------
from time to time party hereto (collectively, the "Lenders" and individually, a
-------
"Lender"), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender
------
and L/C Issuer.
The Borrower has requested that the Lenders provide a revolving credit
facility, and the Lenders are willing to do so on the terms and conditions set
forth herein.
In consideration of the mutual covenants and agreements herein contained,
the parties hereto covenant and agree as follows:
SECTION 1.
DEFINITIONS AND ACCOUNTING TERMS
1.01 Defined Terms. As used in this Agreement, the following terms shall
have the meanings set forth below:
"Administrative Agent" means Bank of America in its capacity as
--------------------
administrative agent under any of the Loan Documents, or any successor
administrative agent.
"Administrative Agent's Office" means the Administrative Agent's address
-----------------------------
and, as appropriate, account as set forth on Schedule 10.02, or such other
--------------
address or account as the Administrative Agent may from time to time notify to
the Borrower and the Lenders.
"Affiliate" means, with respect to any Person, another Person that
---------
directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified. "Control"
-------
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise. "Controlling" and
-----------
"Controlled" have meanings correlative thereto. A Person shall be deemed to be
----------
Controlled by another Person if such other Person possesses, directly or
indirectly, power to vote 10% or more of the securities having ordinary voting
power for the election of directors or managing general partners.
"Agent/Arranger Fee Letter" has the meaning specified in Section 2.10(b).
------------------------- ---------------
"Agent-Related Persons" means the Administrative Agent (including any
---------------------
successor administrative agent), together with its Affiliates (including, in the
case of Bank of America in its capacity as the Administrative Agent, the
Arranger), and the officers, directors, employees, agents and attorneys-in-fact
of such Persons and Affiliates.
"Aggregate Commitments" means the sum of the Revolving Commitments.
---------------------
"Agreement" means this Credit Agreement.
---------
1
{PAGE}
"Applicable Rate" means, from time to time, the following percentages per
---------------
annum, based upon the Leverage Ratio as set forth below:
Applicable Rate Per Annum
{TABLE}
{CAPTION}
Standby
Pricing Leverage Base Rate Eurodollar Rate Letters of Commitment
Level Ratio + Rate + Credit Fee
------------- ------------------- ---------------- ----------------- --------------- ----------------------
{S} {C} {C} {C} {C} {C}
1 *1.50:1 .50% 2.25% 2.25% 0.45%
2 *1.00:1 but .25% 2.00% 2.0% 0.40%
**1.50:1
3 **1.00:1 .00% 1.625% 1.625% 0.35%
{/TABLE}
Any increase or decrease in the Applicable Rate resulting from a change in
the Leverage Ratio shall become effective as of the first day of the month
immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(b); provided, however, that if no Compliance certificate is
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