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Title: |
Credit Agreement |
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Date: |
2005 |
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Size: |
Preview shows 14KB of 282KB total |
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Price: |
$46 |
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ID: |
#572360 |
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CREDIT AGREEMENT
Dated as of May 18, 2005
among
OMNI ENERGY SERVICES CORP.
AMERICAN HELICOPTERS INC., and
TRUSSCO, INC., and
as Borrowers,
OMNI ENERGY SERVICES CORP.-MEXICO,
OMNI PROPERTIES CORP.,
OMNI OFFSHORE AVIATION CORP.,
OMNI SEISMIC AVIATION CORP.,
OMNI ENERGY SEISMIC SERVICES CORP.,
TRUSSCO PROPERTIES, L.L.C., and
THE OTHER CREDIT PARTIES SIGNATORY HERETO,
as Credit Parties,
THE LENDERS SIGNATORY HERETO
FROM TIME TO TIME,
as Lenders,
and
GENERAL ELECTRIC CAPITAL CORPORATION,
as Agent and Lender
Credit Agreement (Omni)
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
SECTION 1. AMOUNT AND TERMS OF CREDIT...................................................... 2
1.1 Credit Facility................................................................. 2
1.2 [INTENTIONALLY OMITTED]......................................................... 4
1.3 Prepayments..................................................................... 5
1.4 Use of Proceeds................................................................. 8
1.5 Interest and Applicable LIBOR Margin; Payment Computation....................... 8
1.6 [INTENTIONALLY OMITTED]......................................................... 10
1.7 [INTENTIONALLY OMITTED]......................................................... 10
1.8 Cash Management Systems......................................................... 10
1.9 Fees............................................................................ 11
1.10 Receipt of Payments............................................................. 11
1.11 Application and Allocation of Payments.......................................... 12
1.12 Loan Account and Accounting..................................................... 12
1.13 Indemnity....................................................................... 13
1.14 Access.......................................................................... 13
1.15 Taxes........................................................................... 14
1.16 Capital Adequacy; Increased Costs; Illegality................................... 14
1.17 Single Loan..................................................................... 15
SECTION 2. CONDITIONS PRECEDENT............................................................ 16
2.1 Conditions to the Closing....................................................... 16
2.2 Further Conditions to Each Advance.............................................. 18
2.3 Additional Conditions Precedent to Post-Closing Date Advances................... 19
SECTION 3. REPRESENTATIONS AND WARRANTIES.................................................. 20
3.1 Corporate Existence; Compliance with Law........................................ 20
3.2 Executive Offices, Collateral Locations, FEIN................................... 21
3.3 Corporate Power, Authorization, Enforceable Obligations......................... 21
3.4 Financial Statements and Projections............................................ 22
3.5 Material Adverse Effect......................................................... 23
3.6 Ownership of Property; Liens.................................................... 23
3.7 Labor Matters................................................................... 24
3.8 Ventures, Subsidiaries and Affiliates; Outstanding Stock and Indebtedness....... 24
3.9 Government Regulation........................................................... 24
3.10 Margin Regulations.............................................................. 25
3.11 Taxes........................................................................... 25
3.12 ERISA........................................................................... 25
3.13 No Litigation................................................................... 26
3.14 Brokers......................................................................... 26
3.15 Intellectual Property........................................................... 26
3.16 Full Disclosure................................................................. 27
3.17 Environmental Matters........................................................... 27
3.18 Insurance....................................................................... 28
3.19 Deposit and Disbursement Accounts............................................... 28
{/TABLE}
i Credit Agreement (Omni)
{PAGE}
{TABLE}
{S} {C}
3.20 Government Contracts............................................................ 28
3.21 Customer and Trade Relations.................................................... 28
3.22 Bonding; Licenses............................................................... 28
3.23 Solvency........................................................................ 28
3.24 Aircraft........................................................................ 29
3.25 Anti-Terrorism Laws............................................................. 29
3.26 Inactive Subsidiaries........................................................... 29
3.27 Nature of Business.............................................................. 29
3.28 Revolver Documents.............................................................. 30
3.29 Subordinated Debt............................................................... 30
3.30 Ownership of Property Identified in Pre-Closing Field Survey and Audit.......... 30
SECTION 4. FINANCIAL STATEMENTS AND INFORMATION............................................ 30
4.1 Reports and Notices............................................................. 30
4.2 Communication with Accountants.................................................. 30
SECTION 5. AFFIRMATIVE COVENANTS........................................................... 30
5.1 Maintenance of Existence and Conduct of Business................................ 30
5.2 Payment of Charges.............................................................. 31
5.3 Books and Records............................................................... 31
5.4 Insurance; Damage to or Destruction of Collateral............................... 31
5.5 Compliance with Laws............................................................ 35
5.6 Supplemental Disclosure......................................................... 35
5.7 Intellectual Property........................................................... 36
5.8 Environmental Matters........................................................... 36
5.9 Landlords' Agreements, Mortgagee Agreements, Bailee Letters and Real
Estate Purchases................................................................ 37
5.10 Obtaining of Permits, Etc....................................................... 37
5.11 FAA Matters; Citizenship........................................................ 37
5.12 Efforts With Respect to Permitted Term B Loan Facility.......................... 38
5.13 Explosives...................................................................... 38
5.14 Revolving Credit Facility....................................................... 38
5.15 Casualty Aircraft Proceeds...................................................... 38
5.16 Additional Proceeds of Preferred Stock Transaction.............................. 38
5.17 Further Assurances.............................................................. 38
SECTION 6. NEGATIVE COVENANTS.............................................................. 38
6.1 Mergers, Subsidiaries, Etc...................................................... 38
6.2 Investments; Loans and Advances................................................. 39
6.3 Indebtedness.................................................................... 39
6.4 Employee Loans and Affiliate Transactions....................................... 41
6.5 Capital Structure and Business.................................................. 41
6.6 Guaranteed Indebtedness......................................................... 42
6.7 Liens........................................................................... 42
6.8 Sale of Stock and Assets........................................................ 42
6.9 ERISA........................................................................... 42
6.10 Financial Covenants............................................................. 42
6.11 Hazardous Materials; Explosives................................................. 42
6.12 Sale-Leasebacks................................................................. 43
6.13 Restricted Payments............................................................. 43
{/TABLE}
ii Credit Agreement (Omni)
{PAGE}
{TABLE}
{S} {C}
6.14 Change of Corporate Name, State of Incorporation or Location; Change
of Fiscal Year.................................................................. 43
6.15 No Impairment of Intercompany Transfers......................................... 44
6.16 Changes Relating to Subordinated Debt; Material Contracts....................... 44
6.17 Anti-Terrorism Laws............................................................. 44
6.18 Inactive Subsidiaries........................................................... 45
SECTION 7. TERM............................................................................ 45
7.1 Termination..................................................................... 45
7.2 Survival of Obligations Upon Termination of Financing Arrangements.............. 45
SECTION 8. EVENTS OF DEFAULT; RIGHTS AND REMEDIES.......................................... 45
8.1 Events of Default............................................................... 45
8.2 Remedies........................................................................ 47
8.3 Waivers by Credit Parties....................................................... 48
SECTION 9. ASSIGNMENT AND PARTICIPATIONS; APPOINTMENT OF AGENT............................. 48
9.1 Assignment and Participations................................................... 48
9.2 Appointment of Agent............................................................ 50
9.3 Agent's Reliance, Etc........................................................... 51
9.4 GE Capital and Affiliates....................................................... 51
9.5 Lender Credit Decision.......................................................... 52
9.6 Indemnification................................................................. 52
9.7 Successor Agent................................................................. 52
9.8 Setoff and Sharing of Payments.................................................. 53
9.9 Advances; Payments; Non-Funding Lenders; Information; Actions in Concert........ 53
SECTION 10. SUCCESSORS AND ASSIGNS.......................................................... 55
10.1 Successors and Assigns.......................................................... 55
SECTION 11. MISCELLANEOUS................................................................... 56
11.1 Complete Agreement; Modification of Agreement................................... 56
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