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Title: |
Credit Agreement |
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Entities: |
Bank One, NA; Barclays Bank plc; Comerica Bank; McGraw-Hill Companies Inc.; Varco International, Inc.; Bank of New York; Haynes and Boone |
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Date: |
2004 |
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Size: |
Preview shows 51KB of 291KB total |
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Price: |
$67 |
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ID: |
#899967 |
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Start of Preview |
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Execution Version
$150,000,000
CREDIT AGREEMENT
Dated as of June 30, 2004
Among
VARCO INTERNATIONAL, INC.
as the Borrower,
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent,
BANK ONE, NA AND COMERICA BANK,
as Co-Syndication Agents,
CREDIT SUISSE FIRST BOSTON
as Documentation Agent,
and
THE BANKS NAMED HEREIN
as the Banks
TABLE OF CONTENTS
| Page | ||||
|
ARTICLE I |
DEFINITIONS AND ACCOUNTING TERMS |
1 | ||
|
Section 1.1 |
Certain Defined Terms |
1 | ||
|
Section 1.2 |
Computation of Time Periods |
16 | ||
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Section 1.3 |
Accounting Terms; Changes in GAAP |
16 | ||
|
Section 1.4 |
Types of Advances |
16 | ||
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Section 1.5 |
Miscellaneous |
16 | ||
|
ARTICLE II |
THE ADVANCES AND THE LETTERS OF CREDIT |
17 | ||
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Section 2.1 |
The Advances |
17 | ||
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Section 2.2 |
Method of Borrowing |
18 | ||
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Section 2.3 |
Fees |
21 | ||
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Section 2.4 |
Reduction of the Revolving Commitments |
22 | ||
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Section 2.5 |
Repayment of Advances |
22 | ||
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Section 2.6 |
Interest |
22 | ||
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Section 2.7 |
Prepayments |
23 | ||
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Section 2.8 |
Breakage Costs |
24 | ||
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Section 2.9 |
Increased Costs |
24 | ||
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Section 2.10 |
Payments and Computations |
26 | ||
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Section 2.11 |
Taxes |
27 | ||
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Section 2.12 |
Illegality |
29 | ||
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Section 2.13 |
Letters of Credit |
29 | ||
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Section 2.14 |
Sharing of Payments, Etc |
32 | ||
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Section 2.15 |
Increase of Commitment |
33 | ||
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Section 2.16 |
Bank Replacement |
34 | ||
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ARTICLE III |
CONDITIONS OF LENDING |
35 | ||
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Section 3.1 |
Conditions Precedent to Effectiveness of this Agreement |
35 | ||
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Section 3.2 |
Conditions Precedent for each Borrowing or Letter of Credit |
36 | ||
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ARTICLE IV |
REPRESENTATIONS AND WARRANTIES |
37 | ||
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Section 4.1 |
Corporate Existence; Subsidiaries |
37 | ||
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Section 4.2 |
Authorization and Validity |
37 | ||
|
Section 4.3 |
Corporate Power |
38 | ||
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Section 4.4 |
Authorization and Approvals |
38 | ||
-i-
TABLE OF CONTENTS
(continued)
| Page | ||||
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Section 4.5 |
Enforceable Obligations |
38 | ||
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Section 4.6 |
Financial Statements |
38 | ||
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Section 4.7 |
True and Complete Disclosure |
39 | ||
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Section 4.8 |
Litigation |
39 | ||
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Section 4.9 |
Use of Proceeds |
39 | ||
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Section 4.10 |
Investment Company Act |
39 | ||
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Section 4.11 |
Public Utility Holding Company Act |
39 | ||
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Section 4.12 |
Taxes |
40 | ||
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Section 4.13 |
Pension Plans |
40 | ||
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Section 4.14 |
Condition of Property; Casualties |
40 | ||
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Section 4.15 |
Insurance |
40 | ||
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Section 4.16 |
No Burdensome Restrictions; No Defaults |
41 | ||
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Section 4.17 |
Environmental Condition |
41 | ||
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Section 4.18 |
Permits, Licenses, etc |
41 | ||
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Section 4.19 |
Compliance with Laws |
42 | ||
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Section 4.20 |
Existing Indebtedness |
42 | ||
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ARTICLE V |
AFFIRMATIVE COVENANTS |
42 | ||
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Section 5.1 |
Compliance with Laws, Etc |
42 | ||
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Section 5.2 |
Insurance |
42 | ||
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Section 5.3 |
Preservation of Existence, Etc |
42 | ||
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Section 5.4 |
Payment of Taxes, Etc |
43 | ||
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Section 5.5 |
Visitation Rights |
43 | ||
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Section 5.6 |
Reporting Requirements |
43 | ||
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Section 5.7 |
Maintenance of Property |
45 | ||
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Section 5.8 |
Conduct of Business |
45 | ||
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Section 5.9 |
Use of Proceeds |
46 | ||
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Section 5.10 |
New Subsidiaries |
46 | ||
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Section 5.11 |
Pari Passu |
46 | ||
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ARTICLE VI |
NEGATIVE COVENANTS |
46 | ||
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Section 6.1 |
Liens, Etc |
46 | ||
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Section 6.2 |
Indebtedness |
48 | ||
-ii-
TABLE OF CONTENTS
(continued)
| Page | ||||
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Section 6.3 |
Amendment of Organizational Documents; Senior Notes |
48 | ||
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Section 6.4 |
Limitation on Certain Restrictions |
49 | ||
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Section 6.5 |
Merger, Consolidation or Acquisition; Asset Sales |
49 | ||
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Section 6.6 |
Restricted Payments |
50 | ||
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Section 6.7 |
Investments, Loans, Advances |
51 | ||
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Section 6.8 |
Affiliate Transactions |
52 | ||
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Section 6.9 |
Other Businesses |
52 | ||
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Section 6.10 |
Capital Expenditures |
52 | ||
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Section 6.11 |
Sale and Leaseback Transactions and other Off-Balance Sheet Liabilities |
52 | ||
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Section 6.12 |
Contingent Obligations |
52 | ||
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Section 6.13 |
Maximum Leverage Ratio |
52 | ||
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Section 6.14 |
Minimum Interest Charge Coverage Ratio |
53 | ||
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ARTICLE VII |
REMEDIES |
53 | ||
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Section 7.1 |
Events of Default |
53 | ||
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Section 7.2 |
Optional Acceleration of Maturity |
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