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Credit Agreement

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Title:

Credit Agreement

Entities:

ABN AMRO Bank N.V.; Bowater Inc.; Centex Corp.; Chase Manhattan Bank; ChevronTexaco Corp.; Computer Services, Inc.; FBL Financial Group Inc.; First Union National Bank; Leucadia National Corp.; MBNA Corp.; McGraw-Hill Companies Inc.; Middlesex Water Co.; NorthWestern Corp.; Nucor Corp.; Pentair, Inc.; Phelps Dodge Corp.; Royal Group Technologies Ltd.; SLM Corp.; Southwest Gas Corp.; Taylor Capital Group, Inc.; Universal Corp.; Federal National Mortgage Association; Bank of New York; U.S. Bancorp

Date:

2004

Size:

Preview shows 101KB of 353KB total

Price:

$80

ID:

#983696

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CREDIT AGREEMENT

DATED AS OF DECEMBER 18, 2003

AMONG

FBL FINANCIAL GROUP, INC.,

as the Borrower

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTIES HERETO,

as Lenders,

and

LASALLE BANK NATIONAL ASSOCIATION,

as Administrative Agent

TABLE OF CONTENTS


			Page
ARTICLE I	DEFINITIONS		1

1.1.	Certain Defined Terms		1
1.2.	References		17
1.3.	Supplemental Disclosure		17

ARTICLE II	THE CREDITS		17

2.1.	Description of Facility; Commitment		17
2.2.	Required Payments; Termination Date		17
	2.2.1.	Required Payments	17
	2.2.2.	Termination Date	17
2.3.	Ratable Loans		18
2.4.	Types of Advances		18
2.5.	Commitment Fee; Reductions in Aggregate Commitment		18
	2.5.1.	Commitment Fee	18
	2.5.2.	Reductions in Aggregate Commitment	18
2.6.	Minimum Amount of Each Advance		18
2.7.	Optional Principal Payments; Mandatory Principal Prepayments		18
	2.7.1.	Optional Principal Payments	18
	2.7.2.	Mandatory Principal Prepayments	19
2.8.	Method of Selecting Types and Interest Periods for New Advances		19
2.9.	Conversion and Continuation of Outstanding Advances		19
2.10.	Interest Rates		20
2.11.	Rates Applicable After Default		20
2.12.	Method of Payment		20
2.13.	Noteless Agreement; Evidence of Indebtedness		21
2.14.	Telephonic Notices		21
2.15.	Interest Payment Dates; Interest and Fee Basis		22
2.16.	Notification of Advances, Interest Rates, Prepayments and Commitment Reductions; Availability of Loans		22
2.17.	Lending Offices		22
2.18.	Non-Receipt of Funds by the Administrative Agent		22
2.19.	Replacement of Lender		23

ARTICLE III	YIELD PROTECTION; TAXES		24

3.1.	Yield Protection		24
3.2.	Changes in Capital Adequacy Regulations		24
3.3.	Availability of Types of Advances		25
3.4.	Funding Indemnification		25
3.5.	Taxes.		25

SIDLEY AUSTIN BROWN & WOOD LLP


3.6.	Lender Statements; Survival of Indemnity		27

ARTICLE IV	CONDITIONS PRECEDENT		27

4.1.	Initial Advance		27
4.2.	Each Advance		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; No Default		30
5.6.	Taxes		30
5.7.	Litigation and Contingent Obligations		30
5.8.	Subsidiaries		31
5.9.	Accuracy of Information		31
5.10.	Regulation U		31
5.11.	Material Agreements		31
5.12.	Compliance With Laws		31
5.13.	Ownership of Properties		31
5.14.	ERISA		32
5.15.	Plan Assets; Prohibited Transactions		32
5.16.	Environmental Matters		32
5.17.	Investment Company Act: Other Regulation		32
5.18.	Indebtedness		32
5.19.	Insurance		32
5.20.	Solvency		33
5.21.	Permits; Intellectual Property		33
5.22.	Labor Matters		33
5.23.	OFAC		33

ARTICLE VI	COVENANTS		33

6.1.	Financial Reporting		33
6.2.	Use of Proceeds		37
6.3.	Notice of Default		37
6.4.	Conduct of Business; Charter Amendments; Accounting Changes		37
	6.4.1.	Conduct of Business	37
	6.4.2.	Charter Amendments	37
	6.4.3.	Accounting Changes	37
6.5.	Taxes; Claims, Judgments, Etc		38
6.6.	Insurance		38
6.7.	Compliance with Laws		38
6.8.	Maintenance of Properties		38
6.9.	Further Assurances		39

SIDLEY AUSTIN BROWN & WOOD LLP


6.10.	Restricted Payments		39
6.11.	Indebtedness		40
6.12.	Merger		40
6.13.	Sale of Assets		41
6.14.	Investments and Acquisitions		41
6.15.	Liens		41
6.16.	Affiliate Transactions		42
6.17.	ERISA		42
6.18.	Financial Covenants		43
	6.18.1.	Interest Coverage Ratio	43
	6.18.2.	Statutory Capital and Surplus	43
	6.18.3.	Minimum Net Worth	43
	6.18.4.	Insurance Risk Based Capital	43
6.19.	Sale and Leaseback Transactions and other Off-Balance Sheet Liabilities		44
6.20.	Insurance Licenses and Permits		44
6.21.	Senior Indebtedness under Note Agreement		44

ARTICLE VII	DEFAULTS		44

7.1.	Breach of Representations or Warranties		44
7.2.	Failure to Make Payments When Due		44
7.3.	Breach of Covenants		44
7.4.	Other Breaches		44
7.5.	Default as to Other Indebtedness		45
7.6.	Voluntary Bankruptcy; Appointment of Receiver; Etc		45
7.7.	Involuntary Bankruptcy; Appointment of Receiver; Etc		45
7.8.	Custody or Control of Property		46
7.9.	Judgments		46
7.10.	Unfunded Liabilities		46
7.11.	Other ERISA Liabilities		46
7.12.	Environmental Matters		46
7.13.	Change in Control		46
7.14.	Other Default		46
7.15.	Rate Management Obligation		47
7.16.	Loss of Licenses		47
7.17.	Material Adverse Effect		47

ARTICLE VIII	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES		47

8.1.	Acceleration		47
8.2.	Amendments		47
8.3.	Preservation of Rights		48

ARTICLE IX	GENERAL PROVISIONS		48

9.1.	Survival of Representations		48
9.2.	Governmental Regulation		48

SIDLEY AUSTIN BROWN & WOOD LLP

iii


9.3.	Headings	48
9.4.	Entire Agreement	49
9.5.	Several Obligations; Benefits of this Agreement	49
9.6.	Expenses; Indemnification	49
9.7.	Numbers of Documents	50
9.8.	Accounting	50
9.9.	Severability of Provisions	50
9.10.	Nonliability of Lenders	50
9.11.	Confidentiality	51
9.12.	Lenders Not Utilizing Plan Assets	51
9.13.	Nonreliance	51
9.14.	Disclosure	51

ARTICLE X	THE AGENT	52

10.1.	Appointment; Nature of Relationship	52
10.2.	Powers	52
10.3.	General Immunity	52
10.4.	No Responsibility for Loans, Recitals, etc	52
10.5.	Action on Instructions of Lenders	53
10.6.