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Title: |
Credit Agreement |
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Entities: |
Arch Coal, Inc.; Bank of Montreal; Natural Resource Partners LP; PNC Bank, NA; PNC Capital Markets, Inc.; Bank of New York; Buchanan Ingersoll PC; Vinson & Elkins |
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Date: |
2003 |
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Size: |
Preview shows 30KB of 281KB total |
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Price: |
$99 |
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ID: |
#808741 |
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CREDIT AGREEMENT
BY AND AMONG
NRP (OPERATING) LLC, AS BORROWER,
THE LENDERS PARTY HERETO,
PNC BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT,
BRANCH BANKING AND TRUST COMPANY, AS SYNDICATION AGENT, AND
BANK OF MONTREAL
AND
BNP PARIBAS,
AS DOCUMENTATION AGENTS,
DATED AS OF OCTOBER 17, 2002
PNC CAPITAL MARKETS, INC., AS LEAD ARRANGER
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
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{S} {C}
1. DEFINITIONS......................................................................................... 1
1.1 DEFINED TERMS................................................................................ 1
1.2 ACCOUNTING PRINCIPLES........................................................................ 16
1.3 OTHER DEFINITIONAL CONVENTIONS AND RULES OF CONSTRUCTION..................................... 16
2. THE REVOLVING CREDIT LOANS.......................................................................... 17
2.1 REVOLVING CREDIT LOANS....................................................................... 17
2.1a REVOLVING CREDIT FACILITY.................................................................... 17
2.1b REVOLVING CREDIT COMMITMENT OF EACH LENDER................................................... 17
2.1c REVOLVING CREDIT NOTES....................................................................... 17
2.1d REVOLVING CREDIT LOAN REQUEST................................................................ 17
2.1e MAKING REVOLVING CREDIT LOANS................................................................ 18
2.2 INTEREST RATES, INTEREST PAYMENT AND CERTAIN PROVISIONS RELATING TO INTEREST AND FEES........ 18
2.2a PAYMENTS OF INTEREST......................................................................... 18
2.2b INTEREST RATE OPTIONS........................................................................ 19
2.2c INTEREST PERIODS; LIMITATIONS ON ELECTIONS................................................... 19
2.2d ELECTION, CONVERSION OR RENEWAL OF INTEREST RATE OPTIONS..................................... 20
2.2e NOTIFICATION OF ELECTION OF AN INTEREST RATE OPTION.......................................... 20
2.2f INTEREST AFTER DEFAULT....................................................................... 20
2.3 YIELD-PROTECTION, CAPITAL ADEQUACY AND MISCELLANEOUS PROVISIONS RELATING TO EURO-RATE........ 21
2.3a YIELD PROTECTION............................................................................. 21
2.3b CAPITAL ADEQUACY............................................................................. 22
2.3c EURO-RATE UNASCERTAINABLE.................................................................... 23
2.3d ILLEGALITY................................................................................... 23
2.4 FEES......................................................................................... 24
2.4a COMMITMENT FEE............................................................................... 24
2.4b AGENT'S FEE.................................................................................. 24
2.4c LETTER OF CREDIT FEE AND FRONTING FEE........................................................ 24
2.5 CALCULATION OF INTEREST AND CERTAIN FEES..................................................... 24
2.6 LETTER OF CREDIT SUB-FACILITY................................................................ 24
2.6a ISSUANCE OF LETTERS OF CREDIT................................................................ 25
2.6b LETTER OF CREDIT FEES........................................................................ 25
2.6c LETTER OF CREDIT FEES UPON DEFAULT........................................................... 25
2.6d DISBURSEMENTS, REIMBURSEMENT................................................................. 25
2.6e REPAYMENT OF PARTICIPATION ADVANCES.......................................................... 27
2.6f DOCUMENTATION................................................................................ 27
2.6g DETERMINATIONS TO HONOR DRAWING REQUESTS..................................................... 27
2.6h NATURE OF PARTICIPATION AND REIMBURSEMENT OBLIGATIONS........................................ 27
2.6i INDEMNITY.................................................................................... 29
2.6j LIABILITY FOR ACTS AND OMISSIONS............................................................. 29
2.6k UNIFORM CUSTOMS.............................................................................. 29
2.7 SUBSTITUTION OR REPLACEMENT OF A LENDER...................................................... 30
2.8 LOAN REPAYMENT AND PREPAYMENT................................................................ 30
{/TABLE}
- i -
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
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{S} {C}
2.8a VOLUNTARY PREPAYMENTS........................................................................ 30
2.8b SCHEDULED REPAYMENT.......................................................................... 31
2.9 ADDITIONAL PAYMENTS BY THE BORROWER.......................................................... 31
2.10 CHANGES OF COMMITMENTS; VOLUNTARY REDUCTION OF AVAILABILITY.................................. 31
2.11 LOAN ACCOUNT................................................................................. 32
2.12 PAYMENT FROM ACCOUNTS MAINTAINED BY BORROWER................................................. 32
2.13 TIME, PLACE AND MANNER OF PAYMENTS........................................................... 32
2.14 GUARANTY..................................................................................... 33
3. REPRESENTATIONS AND WARRANTIES...................................................................... 33
3.1 EXISTENCE.................................................................................... 33
3.2 CAPITALIZATION: OWNERSHIP.................................................................... 33
3.3 SUBSIDIARIES AND OTHER INVESTMENTS........................................................... 33
3.4 CORPORATE AUTHORITY.......................................................................... 33
3.5 ENFORCEABILITY............................................................................... 34
3.6 NO RESTRICTIONS, NO DEFAULT.................................................................. 34
3.7 FINANCIAL MATTERS............................................................................ 34
3.7a FINANCIAL STATEMENTS......................................................................... 34
3.7b PRO FORMA FINANCIALS......................................................................... 35
3.8 ABSENCE OF LITIGATION........................................................................ 35
3.9 TAX RETURNS AND PAYMENTS..................................................................... 35
3.10 PENSION PLANS................................................................................ 35
3.11 FISCAL YEAR.................................................................................. 36
3.12 CONDITION OF AND TITLE TO ASSETS............................................................. 36
3.13 INSURANCE.................................................................................... 36
3.14 LABOR AND EMPLOYMENT MATTERS................................................................. 36
3.15 COMPLIANCE WITH APPLICABLE LAWS.............................................................. 36
3.16 ENVIRONMENTAL MATTERS........................................................................ 36
3.17 CONSENTS AND APPROVALS....................................................................... 37
3.18 REGULATIONS T, U AND X....................................................................... 37
3.19 INVESTMENT COMPANY ACT....................................................................... 37
3.20 PUBLIC UTILITY HOLDING COMPANY ACT........................................................... 37
3.21 SENIOR DEBT STATUS........................................................................... 37
3.22 INTELLECTUAL PROPERTY........................................................................ 37
3.23 LEASES....................................................................................... 37
3.24 SOLVENCY..................................................................................... 38
3.25 TAX TREATMENT................................................................................ 38
3.26 DISCLOSURE................................................................................... 38
3.27 TRANSACTIONS WITH AFFILIATES................................................................. 38
4. AFFIRMATIVE COVENANTS............................................................................... 38
4.1 USE OF PROCEEDS.............................................................................. 38
4.2 FURNISHING INFORMATION....................................................................... 39
4.3 VISITATION................................................................................... 42
4.4 PRESERVATION OF EXISTENCE; QUALIFICATION..................................................... 42
4.5 COMPLIANCE WITH LAWS AND CONTRACTS........................................................... 42
{/TABLE}
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{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
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{S} {C}
4.6 PAYMENT OF TAXES AND OTHER LIABILITIES....................................................... 42
4.7 INSURANCE.................................................................................... 42
4.8 MAINTENANCE OF PROPERTIES.................................................................... 43
4.9 PLANS AND BENEFIT ARRANGEMENT................................................................ 43
4.10 SENIOR DEBT STATUS........................................................................... 43
4.11 LEASES; MATERIAL CONTRACTS................................................................... 43
4.12 CLEAN-DOWN PERIOD............................................................................ 43
4.13 ENVIRONMENTAL INDEMNIFICATION................................................................ 44
5. NEGATIVE COVENANTS.................................................................................. 44
5.1 DIVIDENDS, ETC............................................................................... 44
5.2 ENCUMBRANCES................................................................................. 44
5.3 FINANCIAL COVENANTS.......................................................................... 45
5.3a LEVERAGE RATIO............................................................................... 45
5.3b INTEREST COVERAGE RATIO...................................................................... 45
5.3c CALCULATION OF CONSOLIDATED EBITDDA.......................................................... 45
5.4 ACQUISITIONS................................................................................. 45
5.5 INDEBTEDNESS................................................................................. 46
5.6 LOANS, ACQUISITIONS AND INVESTMENTS.......................................................... 46
5.7 SALES OF ASSETS.............................................................................. 47
5.8 MERGER....................................................................................... 47
5.9 REGULATION T, U AND X COMPLIANCE............................................................. 47
5.10 ERISA........................................................................................ 47
5.11 NO LIMITATION ON DIVIDENDS AND DISTRIBUTIONS................................................. 48
5.12 NEGATIVE PLEDGES............................................................................. 48
5.13 CHANGES IN ORGANIZATIONAL DOCUMENTS.......................................................... 48
5.14 CHANGE IN NATURE OF BUSINESS................................................................. 48
5.15 CHANGES IN OMNIBUS AGREEMENT................................................................. 48
5.16 TRANSACTIONS WITH AFFILIATES................................................................. 49
6. CONDITIONS PRECEDENT TO DISBURSEMENTS AND ISSUANCE OF LETTERS OF CREDIT............................. 49
6.1 ALL DISBURSEMENTS............................................................................ 49
6.1a NO DEFAULT................................................................................... 49
6.1b REPRESENTATIONS CORRECT...................................................................... 49
6.1c NO MATERIAL ADVERSE CHANGE................................................................... 49
6.1d LOAN REQUEST/APPLICATION..................................................................... 49
6.1d LOAN REQUEST/APPLICATION..................................................................... 49
6.2 CONDITIONS PRECEDENT TO INITIAL BORROWINGS................................................... 49
7. DEFAULTS............................................................................................ 52
7.1 PAYMENT DEFAULT.............................................................................. 52
7.2 NONPAYMENT OF OTHER INDEBTEDNESS............................................................. 52
7.3 INSOLVENCY................................................................................... 52
7.3a INVOLUNTARY PROCEEDINGS...................................................................... 52
7.3b VOLUNTARY PROCEEDINGS........................................................................ 52
{/TABLE}
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{PAGE}
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{TABLE}
{CAPTION}
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{S} {C}
7.4 TERMINATION OF EXISTENCE..................................................................... 52
7.5 FAILURE TO COMPLY WITH LOAN DOCUMENTS........................................................ 53
7.5a FAILURE TO COMPLY WITH ARTICLE V COVENANTS AND CERTAIN ARTICLE IV COVENANTS.................. 53
7.5b FAILURE TO COMPLY WITH OTHER COVENANTS AND LOAN DOCUMENTS.................................... 53
7.6 MISREPRESENTATION............................................................................ 53
7.7 ADVERSE JUDGMENTS, ETC....................................................................... 53
7.8 INVALIDITY OR UNENFORCEABILITY............................................................... 53
7.9 ERISA........................................................................................ 53
7.10 CHANGE IN CONTROL............................................................................ 53
7.11 CONSEQUENCES OF AN EVENT OF DEFAULT.......................................................... 54
7.12 REMEDIES UPON DEFAULT........................................................................ 54
7.13 CASH COLLATERAL.............................................................................. 54
8. AGREEMENT AMONG LENDERS............................................................................. 55
8.1 APPOINTMENT AND GRANT OF AUTHORITY........................................................... 55
8.2 DELEGATION OF DUTIES......................................................................... 55
8.3 RELIANCE BY AGENT ON LENDERS FOR FUNDING..................................................... 55
8.4 NON-RELIANCE ON AGENT........................................................................ 56
8.5 RESPONSIBILITY OF AGENT AND OTHER MATTERS.................................................... 56
8.5a MINISTERIAL NATURE OF DUTIES................................................................. 56
8.5b LIMITATION OF LIABILITY...................................................................... 56
8.5c RELIANCE..................................................................................... 57
8.6 ACTIONS IN DISCRETION OF AGENT: INSTRUCTIONS FROM THE LENDERS................................ 57
8.7 INDEMNIFICATION.............................................................................. 57
8.8 AGENT'S RIGHTS AS A LENDER................................................................... 58
8.9 PAYMENT TO LENDERS........................................................................... 58
8.10 PRO RATA SHARING............................................................................. 58
8.11 SUCCESSOR AGENT.............................................................................. 58
8.11a RESIGNATION OF AGENT......................................................................... 58
8.11b RIGHTS OF THE FORMER AGENT................................................................... 59
8.12 NOTICE OF DEFAULT............................................................................ 59
8.13 NOTICES...................................................................................... 59
8.14 HOLDERS OF REVOLVING CREDIT NOTES............................................................ 59
8.15 CALCULATIONS................................................................................. 59
8.16 BENEFICIARIES................................................................................ 59
9. GENERAL PROVISIONS.................................................................................. 60
9.1 AMENDMENTS AND WAIVERS....................................................................... 60
9.2 EXPENSES..................................................................................... 61
9.3 NOTICES...................................................................................... 61
9.3a NOTICE TO THE BORROWER....................................................................... 62
9.3b NOTICE TO THE AGENT.......................................................................... 62
9.3c NOTICE TO THE LENDERS........................................................................ 63
9.4 TAX WITHHOLDING.............................................................................. 63
9.5 SUCCESSORS AND ASSIGNS....................................................................... 64
{/TABLE}
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{TABLE}
{CAPTION}
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{S} {C}
9.6 ASSIGNMENTS AND PARTICIPATIONS............................................................... 64
9.6a ASSIGNMENTS.................................................................................. 64
9.6b ASSIGNMENT REGISTER.......................................................................... 66
9.6c PARTICIPATIONS............................................................................... 66
9.6d PROVISIONS FOR SPECIAL PURPOSE FUNDING VEHICLES.............................................. 66
9.7 SEVERABILITY................................................................................. 67
9.8 SURVIVAL..................................................................................... 67
9.9 GOVERNING LAW................................................................................ 67
9.10 NON-BUSINESS DAYS............................................................................ 67
9.11 INTEGRATION.................................................................................. 67
9.12 HEADINGS, ETC................................................................................ 68
9.13 SET-OFF...................................................................................... 68
9.14 CONSENT TO FORUM............................................................................. 68
9.15 WAIVER OF JURY TRIAL......................................................................... 68
9.16 INDEMNITY.................................................................................... 68
9.17 COUNTERPARTS................................................................................. 69
9.18 LIMITATION ON RECOURSE TO GENERAL PARTNER.................................................... 69
9.19 CONFIDENTIALITY.............................................................................. 69
{/TABLE}
Exhibit A - Form of Revolving Credit Notes
Exhibit B - Form of Revolving Credit Loan Request
Exhibit C - Form of Compliance Certificate
Exhibit D-1 - Form of Guaranty Agreement (Parent)
Exhibit D-2 - Form of Guaranty Agreement (Subsidiary)
Exhibit E - Form of Opinion of Special Counsel to the Borrower
Exhibit F - Form of Assignment and Assumption Agreement
Exhibit G - Form of Pro Forma Compliance Certificate
- v -
{PAGE}
CREDIT AGREEMENT
THIS CREDIT AGREEMENT, dated as of October 17, 2002, by and among NRP
(OPERATING) LLC, a Delaware limited liability company (as further defined below,
the "Borrower"), the financial institutions listed on the signature pages
hereto, and each other financial institution which, from time to time, becomes a
party hereto in accordance with Subsection 9.6a (individually, a "Lender" and
collectively, the "Lenders") and PNC BANK, NATIONAL ASSOCIATION, a national
banking association, as Administrative Agent for the Lenders (in such capacity,
and as further defined below, the "Agent"), BANK OF MONTREAL and BNP PARIBAS, as
Documentation Agents for the Lenders, and BRANCH BANKING AND TRUST COMPANY, as
Syndication Agent for the Lenders.
WITNESSETH:
WHEREAS, the Borrower desires to obtain a Revolving Credit Commitment (as
defined below) from each of the Lenders pursuant to which Revolving Credit
Loans, in a maximum aggregate principal amount at any one time outstanding not
to exceed $100,000,000, will be made to the Borrower from time to time prior to
the Termination Date (as defined below); and
WHEREAS, each Lender is willing, on the terms and subject to the
conditions hereinafter set forth, to extend such Revolving Credit Commitment and
make such Revolving Credit Loans to the Borrower.
NOW, THEREFORE, in consideration of mutual promises contained herein and
other valuable consideration and with the intent to be legally bound hereby, the
parties hereto agree as follows:
1. DEFINITIONS.
1.1 DEFINED TERMS. As used herein the following terms shall have the meaning
specified unless the context otherwise requires:
"Adjusted Euro-Rate" has the meaning set forth in item (ii) of Subsection
2.2b.
"Affiliate" as to any Person shall mean any other Person (i) which
directly or indirectly controls, is controlled by, or is under common control
with such Person, (ii) which beneficially owns or holds 10% or more of any class
of the voting or other equity interests of such Person, or (iii) 10% or more of
any class of voting interests or other equity interests of which is beneficially
owned or held, directly or indirectly, by such Person. Control, as used in this
definition, shall mean 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 ownership of voting securities, by contract or otherwise, including
the power to elect a majority of the directors or trustees of a corporation or
trust, as the case may be.
"Agent" means PNC Bank, National Association in its capacity as
Administrative Agent or its successor appointed pursuant to Section 8.11 hereof
and as the issuer of Letters of Credit.
{PAGE}
"Agent's Fees" means those certain fees for the sole account of the Agent
set forth in the Agent's Letter.
"Agent's Letter" has the meaning set forth in Subsection 2.4b.
"Agreement" means this Credit Agreement, together with the exhibits and
schedules hereto and all extensions, renewals, amendments, modifications,
substitutions and replacements hereto and hereof.
"Applicable Euro-Rate Margin" means for each Euro-Rate Portion of all
Revolving Credit Loans, the percentage expressed in basis points per annum
determined from time to time based upon the ratio of the Parent's Consolidated
Total Indebtedness as at the end of each Fiscal Quarter to the Parent's
Consolidated EBITDDA for the four most recently completed Fiscal Quarters
treated as a single accounting period set forth under the relevant column
heading below, all as determined by the Parent's financial statements and
Compliance Certificate for the preceding Fiscal Quarter or Fiscal Year delivered
to the Agent pursuant to Section 4.2 below:
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