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Credit Agreement

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Title:

Credit Agreement

Entities:

Banc One Capital Markets, Inc.; Bank of Montreal; Bank One, NA; Citicorp USA, Inc.; Lehman Brothers Bank; Maytag Corp.; Royal Bank of Canada; U.S. Bank, NA; Bank of New York; Keybank NA

Date:

2004

Size:

Preview shows 86KB of 246KB total

Price:

$54

ID:

#937053

► Loans ► Credit Agreements
► Financial
► Consumer ► Appliances & Tools
► Financial ► Money Center Banks
► Financial ► Regional Banks

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CONFORMED COPY

CREDIT AGREEMENT

DATED AS OF MARCH 5, 2004

AMONG

MAYTAG CORPORATION,

THE LENDERS,

BANK OF MONTREAL,

AS SYNDICATION AGENT,

KEYBANK NATIONAL ASSOCIATION,

AS DOCUMENTATION AGENT,

ROYAL BANK OF CANADA,

AS DOCUMENTATION AGENT,

SUMITOMO MITSUI BANKING CORPORATION,

AS DOCUMENTATION AGENT,

BANK ONE, NA

AS ADMINISTRATIVE AGENT

AND

BANC ONE CAPITAL MARKETS, INC.

AND HARRIS NESBITT

AS CO-LEAD ARRANGERS AND JOINT BOOK RUNNERS

TABLE OF CONTENTS


ARTICLE I. DEFINITIONS			1

ARTICLE II. THE CREDITS			11

2.1.		Commitment	11
2.2.		Required Payments; Termination	12
2.3.		Ratable Loans	12
2.4.		Types of Advances	12
2.5.		Facility Fee, Utilization Fee; Reductions in Aggregate Commitment	12
2.6.		Minimum Amount of Each Advance	12
2.7.		Optional Principal Payments	12
2.8.		Method of Selecting Types and Interest Periods for New Advances	13
2.9.		Conversion and Continuation of Outstanding Advances	13
2.10.		Changes in Interest Rate, etc.	14
2.11.		Rates Applicable After Default	14
2.12.		Method of Payment	15
2.13.		Noteless Agreement; Evidence of Indebtedness	15
2.14.		Telephonic Notices	16
2.15.		Interest Payment Dates; Interest and Fee Basis	16
2.16.		Notification of Advances, Interest Rates, Prepayments and Commitment Reductions	16
2.17.		Lending Installations	16
2.18.		Non-Receipt of Funds by the Administrative Agent	17
2.19.		Facility LCs	17
	2.19.1.	Issuance	17
	2.19.2.	Participations	17
	2.19.3.	Notice	18
	2.19.4.	LC Fees	18
	2.19.5.	Administration; Reimbursement by Lenders	18
	2.19.6.	Reimbursement by Borrower	19
	2.19.7.	Obligations Absolute	19
	2.19.8.	Actions of LC Issuer	20
	2.19.9.	Indemnification	20
	2.19.10.	Lenders Indemnification	21
	2.19.11.	Facility LC Collateral Account	21
	2.19.12.	Rights as a Lender	21
	2.19.13.	Extended Facility LCs	21
2.20.		Replacement of Lender	22
2.21.		Increase in Aggregate Commitment; Additional Lenders	22

- 1 -


ARTICLE III.	YIELD PROTECTION; TAXES	23

3.1.	Yield Protection	23
3.2.	Changes in Capital Adequacy Regulations	24
3.3.	Availability of Types of Advances	24
3.4.	Funding Indemnification	25
3.5.	Taxes	25
3.6.	Lender Statements; Survival of Indemnity	27

ARTICLE IV.	CONDITIONS PRECEDENT	27

4.1.	Initial Credit Extension	27
4.2.	Each Credit Extension	28

ARTICLE V.	REPRESENTATIONS AND WARRANTIES	29

5.1.	Existence and Standing	29
5.2.	Authorization and Validity	29
5.3.	No Conflict; Government Consent	29
5.4.	Financial Statements	30
5.5.	Material Adverse Change	30
5.6.	Taxes	30
5.7.	Litigation and Contingent Obligations	30
5.8.	Subsidiaries	30
5.9.	ERISA	31
5.10.	Regulation U	31
5.11.	Compliance With Environmental Laws	31
5.12.	Ownership of Properties	32
5.13.	Plan Assets; Prohibited Transactions	32
5.14.	Investment Company Act	32
5.15.	Public Utility Holding Company Act	32
5.16.	Insurance	32
5.17.	No Default	32
5.18.	Accuracy of Information	32

ARTICLE VI.	COVENANTS	33

6.1.	Financial Reporting	33
6.2.	Use of Proceeds	34
6.3.	Notice of Default	34
6.4.	Existence	34
6.5.	Conduct of Business	34
6.6.	Maintenance	34
6.7.	Taxes	35
6.8.	Insurance	35
6.9.	Compliance with Laws	35
6.10.	Inspection	35
6.11.	ERISA	35
6.12.	Mergers, Consolidations, Leases, and Sales	36
6.13.	Liens	36

Page 2


6.14.		Financial Covenants	38
	6.14.1.	Interest Coverage Ratio	38
	6.14.2.	Leverage Ratio	38

ARTICLE VII. DEFAULTS			39

ARTICLE VIII. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES			40

8.1.		Acceleration; Facility LC Collateral Account	40
8.2.		Amendments	41
8.3.		Preservation of Rights	42

ARTICLE IX. GENERAL PROVISIONS			43

9.1.		Survival of Representations	43
9.2.		Governmental Regulation	43
9.3.		Headings	43
9.4.		Entire Agreement	43
9.5.		Several Obligations; Benefits of this Agreement	43
9.6.		Expenses; Indemnification	43
9.7.		Numbers of Documents	44
9.8.		Accounting	44
9.9.		Severability of Provisions	44
9.10.		Nonliability of Lenders	44
9.11.		Confidentiality	45
9.12.		Nonreliance	45
9.13.		Disclosure	45
9.14.		USA PATRIOT ACT NOTIFICATION	45

ARTICLE X. THE ADMINISTRATIVE AGENT			46

10.1.		Appointment; Nature of Relationship	46
10.2.		Powers	46
10.3.		General Immunity	46
10.4.		No Responsibility for Loans, Recitals, etc.	46
10.5.		Action on Instructions of Lenders	47
10.6.		Employment of Agents and Counsel	47
10.7.		Reliance on Documents; Counsel	47
10.8.		Administrative Agents Reimbursement and Indemnification	47
10.9.		Notice of Default	48
10.10.		Rights as a Lender	48
10.11.		Lender Credit Decision	48
10.12.		Successor Administrative Agent	49
10.13.		Administrative Agent and Arranger Fees	49
10.14.		Delegation to Affiliates	49

Page 3


10.15.		Co-Administrative Agents, Documentation Agent, Syndication Agent, etc	50

ARTICLE XI. SETOFF; RATABLE PAYMENTS			50

11.1.		Setoff	50
11.2.		Ratable Payments	50

ARTICLE XII. BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS			51

12.1.		Successors and Assigns	51
12.2.		Participations	51
	12.2.1.	Permitted Participants; Effect	51
	12.2.2.	Voting Rights	52
	12.2.3.	Benefit of Certain Provisions	52
12.3.		Assignments	52
	12.3.1.	Permitted Assignments	52
	12.3.2.	Consents	52
	12.3.3.	Effect; Effective Date	53
	12.3.4.	Register	53
12.4.		Dissemination of Information	54
12.5.		Tax Treatment	54

ARTICLE XIII. NOTICES			54

13.1.		Notices; Effectiveness; Electronic Communication	54

ARTICLE XIV. COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION			55

14.1.		Counterparts; Effectiveness	55
14.2.		Electronic Execution of Assignments	55

ARTICLE XV. CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL			56

15.1.		CHOICE OF LAW	56
15.2.		CONSENT TO JURISDICTION	56
15.3.		WAIVER OF JURY TRIAL	56

EXHIBIT A-1. FORM OF OPINION OF SIDLEY AUSTIN BROWN & WOOD			1

EXHIBIT A-2. FORM OF OPINION OF GENERAL COUNSEL OF MAYTAG CORPORATION			1

EXHIBIT B. COMPLIANCE CERTIFICATE			1

Page 4


EXHIBIT C.	ASSIGNMENT AND ASSUMPTION AGREEMENT	1

EXHIBIT D.	LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION	1

EXHIBIT E.	NOTE	1

SCHEDULE 2.19.	EXISTING LETTERS OF CREDIT	1

SCHEDULE 5.7.	LITIGATION AND CONTINGENT OBLIGATIONS	1

SCHEDULE 5.8.	SUBSIDIARIES	1

SCHEDULE 5.11.	ENVIRONMENTAL MATTERS	1

SCHEDULE 5.12.	LIENS	1

SCHEDULE 6.7.	TAXES	1

Page 5

Conformed Copy

CREDIT AGREEMENT

This Agreement, dated as of March 5, 2004, is among Maytag Corporation, a Delaware corporation, the Lenders and Bank One, NA, a national banking association having its principal office in Chicago, Illinois, as LC Issuer and as Administrative Agent. The parties hereto agree as follows:

ARTICLE I

DEFINITIONS

As used in this Agreement:

Additional Lender is defined in Section 2.21.

Administrative Agent means Bank One in its capacity as contractual representative of the Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X.

Advance means a group of Loans, (i) made by the Lenders on the same Borrowing Date, or (ii) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans of the same Type and, in the case of Eurodollar Loans, for the same Interest Period.

Affiliate of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise.

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