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Title: |
Credit Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
Preview shows 19KB of 264KB total |
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Price: |
$87 |
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ID: |
#932210 |
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CREDIT AGREEMENT
AMONG
MOBILEPRO CORP.,
DAVEL ACQUISITION CORP.
-AND-
AIRLIE OPPORTUNITY MASTER FUND, LTD.
DATED AS OF NOVEMBER 15, 2004
$15,200,000
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
SECTION 1 THE LOAN............................................................................................... 1
1.01 Loan ....................................................................................................... 1
1.02 Closing..................................................................................................... 1
1.03 The Note and Credit and Security Documents.................................................................. 2
1.04 Interest.................................................................................................... 2
1.05 Collateral.................................................................................................. 3
SECTION 2 FEES AND WARRANTS...................................................................................... 4
2.01 Closing Fees................................................................................................ 4
2.02 Due Diligence Fee........................................................................................... 4
2.03 [Intentionally Omitted]..................................................................................... 4
2.04 Early Termination Fee....................................................................................... 4
2.05 Loan Extension Fee and Cash Interest Prepayment............................................................. 5
2.06 Warrants.................................................................................................... 5
SECTION 3 PREPAYMENT, PREPAYMENT PREMIUM AND OTHER COMPENSATION.................................................. 6
3.01 Voluntary Prepayments....................................................................................... 6
3.02 Prepayment Premium.......................................................................................... 6
3.03 Method and Place of Payment................................................................................. 6
3.04 Net Payments................................................................................................ 7
3.05 Increased Costs and Reduced Return.......................................................................... 7
3.06 Joint and Several Liability of the Borrowers and Davel Credit Parties....................................... 8
SECTION 4 CONDITIONS PRECEDENT TO LOAN........................................................................... 9
4.01 Conditions Precedent to Effectiveness....................................................................... 9
SECTION 5 REPRESENTATIONS, WARRANTIES AND AGREEMENTS ........................................................... 12
5.01 Status..................................................................................................... 13
5.02 Power and Authority........................................................................................ 13
5.03 No Violation .............................................................................................. 13
5.04 Litigation................................................................................................. 13
5.05 Margin Regulations......................................................................................... 13
5.06 Governmental Approvals..................................................................................... 14
5,07 Investment Company Act..................................................................................... 14
5.08 Public Utility Holding Company Act......................................................................... 14
5.09 True and Complete Disclosure............................................................................... 14
5.10 Financial Condition; Financial Statements.................................................................. 14
5.11 Security Interests......................................................................................... 15
5.12 Material Contracts and Davel Acquisition Documents......................................................... 16
5.13 Tax Returns and Payments................................................................................... 16
5.14 Compliance with ERISA...................................................................................... 16
5.15 Subsidiaries............................................................................................... 17
5.16 Intellectual Property...................................................................................... 17
5.17 Environmental Matters...................................................................................... 17
5.18 Properties ................................................................................................ 18
5.19 Capitalization............................................................................................. 18
5.20 Labor Relations............................................................................................ 18
</TABLE>
<PAGE>
<TABLE>
<S> <C>
5.21 Compliance with Statutes, etc.............................................................................. 19
5.22 Permits, etc............................................................................................... 19
5.23 [Intentionally Omitted].................................................................................... 19
5.24 Taxes, Etc................................................................................................. 19
5.25 Regulations T, U and X..................................................................................... 19
5.26 Adverse Agreements, Etc.................................................................................... 19
5.27 Full Disclosure............................................................................................ 19
5.28 Operative Lease Obligations................................................................................ 20
5.29 Solvency................................................................................................... 20
5.30 Location of Bank Accounts.................................................................................. 20
5.31 Customers and Suppliers.................................................................................... 20
5.32 No Bankruptcy Filing....................................................................................... 20
5.33 Existence.................................................................................................. 20
5.34 Name; Jurisdiction of Organization; Organizational ID Number; Chief Place of Business; Chief Executive
Office; FEIN............................................................................................... 20
5.35 Patents and Tradenames..................................................................................... 20
5.36 Locations of Collateral.................................................................................... 21
5.37 Security Interests......................................................................................... 21
5.38 The SEDA................................................................................................... 21
5.39 Schedules.................................................................................................. 21
5.40 Representations and Warranties in Documents; No Default.................................................... 21
SECTION 6 AFFIRMATIVE COVENANTS................................................................................. 21
6.01 Information Covenants...................................................................................... 21
6.02 Books, Records and Inspections............................................................................. 23
6.03 Insurance.................................................................................................. 23
6.04 Payment of Taxes........................................................................................... 24
6.05 Corporate Franchises....................................................................................... 24
6.06 Compliance with Statutes, etc.............................................................................. 24
6.07 ERISA...................................................................................................... 24
6.08 Good Repair................................................................................................ 25
6.09 Maintenance of Fiscal Year and Fiscal Quarters............................................................. 25
6.10 Additional Security; Further Assurances.................................................................... 25
6.11 Compliance with Environmental Laws......................................................................... 26
6.12 Use of Proceeds............................................................................................ 26
6.13 Locations, Etc............................................................................................. 27
6.14 Payment and Allocation of Extraordinary Receipts........................................................... 27
6.15 Master Depositary Account.................................................................................. 27
6.16 The Registrable Securities................................................................................. 28
6.17 Joinder Agreement.......................................................................................... 28
6.18 Other Matters.............................................................................................. 29
6.19 Post Closing Obligations................................................................................... 29
SECTION 7 NEGATIVE COVENANTS.................................................................................... 29
7.01 Changes in Business........................................................................................ 29
7.02 Consolidation, Merger, Sale or Purchase of Assets, etc..................................................... 29
7.03 Liens...................................................................................................... 31
7.04 Indebtedness............................................................................................... 32
7.05 Limitation of Total Indebtedness and Capital Expenditures.................................................. 33
7.06 Advances, Investments and Loans............................................................................ 33
</TABLE>
ii
<PAGE>
<TABLE>
<S> <C>
7.07 Limitation on Creation of Subsidiaries..................................................................... 34
7.08 Prepayments; Modifications................................................................................. 35
7.09 Dividends and Distributions, etc........................................................................... 35
7.10 Transactions with Affiliates............................................................................... 36
7.11 Consolidated EBITDA of Davel Group......................................................................... 36
7.12 Tangible Net Worth......................................................................................... 37
7.13 Minimum Consolidated EBITDA of MobilePro................................................................... 37
SECTION 8 EVENTS OF DEFAULT..................................................................................... 37
8.01 Payments................................................................................................... 37
8.02 Representations, etc....................................................................................... 37
8.03 Covenants.................................................................................................. 38
8.04 Default under Other Agreements............................................................................. 38
8.05 Bankruptcy, etc............................................................................................ 38
8.06 ERISA...................................................................................................... 38
8.07 Credit and Security Documents.............................................................................. 39
8.08 Guaranty................................................................................................... 39
8.09 Judgments.................................................................................................. 39
8.10 Litigation................................................................................................. 39
8.11 Change of Control.......................................................................................... 39
8.12 Change in Management....................................................................................... 39
SECTION 9. DEFINITIONS.......................................................................................... 40
SECTION 10. MISCELLANEOUS ...................................................................................... 49
10.01 Payment of Expenses, etc.................................................................................. 49
10.02 Right of Setoff........................................................................................... 50
10.03 Notices................................................................................................... 50
10.04 Benefit of Agreement...................................................................................... 50
10.05 No Waiver; Remedies Cumulative............................................................................ 51
10.06 Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial.................................... 51
10.07 Counterparts.............................................................................................. 52
10.08 Effectiveness............................................................................................. 52
10.09 Headings Descriptive...................................................................................... 52
10.10 Amendment or Waiver....................................................................................... 52
10.11 Survival.................................................................................................. 52
10.12 Domicile of Loan.......................................................................................... 52
10.13 Confidentiality........................................................................................... 52
10.14 Insurance................................................................................................. 53
10.15 Construction.............................................................................................. 53
</TABLE>
iii
<PAGE>
EXHIBITS:
EXHIBIT A Schedule of Additional Davel Credit Parties
EXHIBIT B Form of Note
EXHIBIT C Form of MobilePro Pledge Agreement
EXHIBIT D Form of Purchaser Pledge Agreement
EXHIBIT E Form of Collateral Debt and Security Assignment Agreement
EXHIBIT F-1 Form of Existing MobilePro Subsidiaries Guaranty
EXHIBIT F-2 Form of Borrowers Security Agreement
EXHIBIT G Form of Davel Credit Parties Guaranty
EXHIBIT H Form of Davel Credit Parties Security Agreement
EXHIBIT I Form of Intellectual Property Assignment Agreement
EXHIBIT J Form of Intercreditor Agreement
EXHIBIT K Form of Cornell Assignment Agreement
EXHIBIT L Form of Warrant
EXHIBIT M Form of Forbearance Agreement
EXHIBIT N Form of Legal Opinion
EXHIBIT O Form of Registration Rights Agreement
EXHIBIT P Form of Depositary Account Agreement
EXHIBIT Q Form of Joinder Agreement
iv
<PAGE>
CREDIT AGREEMENT
THIS CREDIT AGREEMENT ("AGREEMENT" or "CREDIT AGREEMENT") dated as of
November 15, 2004, is made and entered into by and among MOBILEPRO CORP., a
Delaware corporation ("MOBILEPRO"); DAVEL ACQUISITION CORP., a Delaware
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