|
|
|
|
Document Preview Credit Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Credit Agreement |
|||
|
Entities: |
Banc of America Securities LLC; Comerica Bank; Corinthian Colleges, Inc.; JPMorgan Chase Bank; Union Bank of California, NA; International Swaps & Derivatives Association, Inc.; Bank of America, NA; O’Melveny & Myers |
|||
|
Date: |
2002 |
|||
|
Size: |
Preview shows 23KB of 327KB total |
|||
|
Price: |
$59 |
|||
|
ID: |
#837551 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
CREDIT AGREEMENT
Dated as of June 26, 2002
among
CORINTHIAN COLLEGES, INC.,
a Delaware corporation,
as the Borrower,
BANK OF AMERICA, N.A.,
as
Administrative Agent, Swing Line Lender
and
L/C Issuer,
JP MORGAN CHASE BANK,
as
Documentation Agent,
UNION BANK OF CALIFORNIA, N.A.,
as
Syndication Agent
and
The Other Lenders Party Hereto
BANC OF AMERICA SECURITIES LLC,
as
Sole Lead Arranger and Sole Book Manager
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I DEFINITIONS AND ACCOUNTING TERMS ........................................................... 1
1.01 Defined Terms .............................................................................. 1
1.02 Other Interpretive Provisions .............................................................. 21
1.03 Accounting Terms ........................................................................... 22
1.04 Rounding ................................................................................... 23
1.05 References to Agreements and Laws .......................................................... 23
1.06 Times of Day ............................................................................... 23
ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS ...................................................... 23
2.01 Committed Loans ............................................................................ 23
2.02 Borrowings, Conversions and Continuations of Committed Loans ............................... 23
2.03 Intentionally Omitted ...................................................................... 25
2.04 Letters of Credit .......................................................................... 25
2.05 Swing Line Loans ........................................................................... 32
2.06 Prepayments ................................................................................ 35
2.07 Reduction or Termination of Commitments .................................................... 35
2.08 Repayment of Loans ......................................................................... 36
2.09 Interest ................................................................................... 36
2.10 Fees ....................................................................................... 37
2.11 Computation of Interest and Fees ........................................................... 37
2.12 Evidence of Debt ........................................................................... 37
2.13 Payments Generally ......................................................................... 38
2.14 Sharing of Payments ........................................................................ 40
ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY ..................................................... 41
3.01 Taxes ...................................................................................... 41
3.02 Illegality ................................................................................. 42
3.03 Inability to Determine Rates ............................................................... 42
3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans ..... 43
3.05 Funding Losses ............................................................................. 43
3.06 Matters Applicable to all Requests for Compensation ........................................ 44
3.07 Survival ................................................................................... 44
ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS .................................................. 44
4.01 Conditions of Initial Credit Extension ..................................................... 44
4.02 Conditions to all Credit Extensions ........................................................ 48
ARTICLE V REPRESENTATIONS AND WARRANTIES ............................................................. 49
5.01 Existence, Qualification and Power; Compliance with Laws ................................... 49
5.02 Authorization; No Contravention ............................................................ 49
5.03 Governmental Authorization; Other Consents ................................................. 49
5.04 Binding Effect ............................................................................. 50
5.05 Financial Statements; No Material Adverse Effect ........................................... 50
5.06 Litigation ................................................................................. 50
5.07 No Default ................................................................................. 51
5.08 Ownership of Property; Liens ............................................................... 51
5.09 Environmental Compliance ................................................................... 51
{/TABLE}
i
{PAGE}
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
Page
----
{S} {C}
5.10 Insurance .................................................................................. 51
5.11 Taxes ...................................................................................... 51
5.12 ERISA Compliance ........................................................................... 51
5.13 Subsidiaries ............................................................................... 52
5.14 Margin Regulations; Investment Company Act; Public Utility Holding Company Act ............. 52
5.15 Disclosure ................................................................................. 52
5.16 Intellectual Property; Licenses, Etc ....................................................... 53
5.17 Wyo-Tech Acquisition ....................................................................... 53
5.18 FAS 141 and 142 ............................................................................ 53
ARTICLE VI AFFIRMATIVE COVENANTS ...................................................................... 53
6.01 Financial Statements ....................................................................... 54
6.02 Certificates; Other Information ............................................................ 54
6.03 Notices .................................................................................... 56
6.04 Payment of Obligations ..................................................................... 56
6.05 Preservation of Existence, Etc ............................................................. 56
6.06 Maintenance of Properties .................................................................. 57
6.07 Maintenance of Insurance ................................................................... 57
6.08 Compliance with Laws ....................................................................... 57
6.09 Books and Records .......................................................................... 57
6.10 Inspection Rights .......................................................................... 57
6.11 Use of Proceeds ............................................................................ 57
6.12 Additional Guarantors ...................................................................... 57
6.13 Acquisitions ............................................................................... 58
6.14 Swap Contracts ............................................................................. 58
6.15 Concentration Account ...................................................................... 59
ARTICLE VII NEGATIVE COVENANTS ......................................................................... 59
7.01 Liens ...................................................................................... 59
7.02 Investments ................................................................................ 59
7.03 Indebtedness ............................................................................... 60
7.04 Fundamental Changes ........................................................................ 61
7.05 Dispositions ............................................................................... 61
7.06 Restricted Payments ........................................................................ 62
7.07 Change in Nature of Business ............................................................... 63
7.08 Transactions with Affiliates ............................................................... 63
7.09 Burdensome Agreements ...................................................................... 63
7.10 Use of Proceeds ............................................................................ 63
7.11 Financial Covenants ........................................................................ 63
7.12 Amendment of Wyo-Tech Acquisition Agreement ................................................ 64
7.13 Restrictive Agreements, etc ................................................................ 65
7.14 Corinthian Properties ...................................................................... 65
ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES ............................................................. 65
8.01 Events of Default .......................................................................... 65
8.02 Remedies Upon Event of Default ............................................................. 67
{/TABLE}
ii
{PAGE}
TABLE OF CONTENTS
(Continued)
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE IX ADMINISTRATIVE AGENT ....................................................................... 68
9.01 Appointment and Authorization of Administrative Agent ...................................... 68
9.02 Delegation of Duties ....................................................................... 68
9.03 Liability of Administrative Agent .......................................................... 68
9.04 Reliance by Administrative Agent ........................................................... 69
9.05 Notice of Default .......................................................................... 69
9.06 Credit Decision; Disclosure of Information by Administrative Agent ......................... 70
9.07 Indemnification of Administrative Agent .................................................... 70
9.08 Administrative Agent in its Individual Capacity ............................................ 71
9.09 Successor Administrative Agent ............................................................. 71
9.10 Administrative Agent May File Proofs of Claim .............................................. 72
9.11 Collateral and Guaranty Matters ............................................................ 72
9.12 Other Agents; Arrangers and Managers ....................................................... 73
ARTICLE X MISCELLANEOUS .............................................................................. 73
10.01 Amendments, Etc ............................................................................ 73
10.02 Notices and Other Communications; Facsimile Copies ......................................... 74
10.03 No Waiver; Cumulative Remedies ............................................................. 75
10.04 Attorney Costs, Expenses and Taxes ......................................................... 75
10.05 Indemnification by the Borrower ............................................................ 76
10.06 Payments Set Aside ......................................................................... 76
10.07 Successors and Assigns ..................................................................... 77
10.08 Confidentiality ............................................................................ 80
10.09 Set-off .................................................................................... 81
10.10 Interest Rate Limitation ................................................................... 82
10.11 Counterparts ............................................................................... 82
10.12 Integration ................................................................................ 82
10.13 Survival of Representations and Warranties ................................................. 82
10.14 Severability ............................................................................... 82
10.15 Tax Forms .................................................................................. 83
10.16 Replacement of Lenders ..................................................................... 84
10.17 Governing Law .............................................................................. 84
10.18 Waiver of Right to Trial by Jury ........................................................... 85
{/TABLE}
iii
{PAGE}
SCHEDULES
2.01 Commitments and Pro Rata Shares
5.05 Supplement to Interim Financial Statements
5.06 Litigation
5.09 Environmental Matters
5.13 Subsidiaries and Other Equity Investments
5.16 Intellectual Property Matters
7.01 Existing Liens
7.03 Existing Indebtedness
10.02 Eurodollar and Domestic Lending Offices, Addresses for Notices
EXHIBITS
Form of
A Committed Loan Notice
B Swing Line Loan Notice
C Note
D Guaranty
E Compliance Certificate
F Assignment and Assumption
G Pledge Agreement
H Security Agreement
I Form of Legal Opinion
iv
{PAGE}
CREDIT AGREEMENT
This CREDIT AGREEMENT ("Agreement") is entered into as of June 26,
2002, among Corinthian Colleges, Inc., a Delaware corporation (the "Borrower"),
each lender from time to time party hereto (collectively, the "Lenders" and
individually, a "Lender"), JP Morgan Chase Bank, as Documentation Agent, Union
Bank of California, N.A., as Syndication Agent, 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:
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
1.01 Defined Terms. As used in this Agreement, the following terms
shall have the meanings set forth below:
"Acquisition" means any transaction or series of related transactions
for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person, or of any line or segment
of business or division of a Person, (b) the acquisition of in excess of 50% of
the capital stock, partnership interests, membership interests or equity (or
securities convertible into or exchangeable for such capital stock, partnership
interests, membership interests or equity) of any Person, or otherwise causing
any Person to become a Subsidiary, or (c) a merger or consolidation or any other
combination with another Person (other than a Person that is a Subsidiary)
provided that (i) the Borrower or the Subsidiary is the surviving entity or (ii)
after giving effect to such merger or consolidation, such other Person has
become a Subsidiary of the Borrower; provided, further, that no acquisition
described in clauses (a) or (b) above shall constitute an Acquisition unless the
total consideration (including cash, assumed Indebtedness and equity) paid in
respect thereof exceeds $1,000,000; and provided further that in no event shall
the formation or establishment of a Subsidiary or the capitalization of or
transfer to such Subsidiary of any existing assets or business of the Borrower
or any Subsidiary constitute an Acquisition.
"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 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
1
{PAGE}
meanings correlative thereto. Without limiting the generality of the foregoing,
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, managing general
partners or the equivalent.
"Agent-Related Persons" means the 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.
|
End of Preview |
Home Intelligence Services Subscriptions News About Us