\n CATEGORY 4
\nBBB by S&P; 0.0000% 0.5000% 0.1250%
\nBaa2 by Moody’s
\n– ————————————————————————-
\n CATEGORY 5
\nBBB- or lower by S&P; 0.0000% 0.6500% 0.1500%
\nBaa3 or lower by Moody’s
\n– ————————————————————————-
\n CATEGORY 6 0.0000% 0.8000% 0.2000%
\nBB+ or lower by S&P;
\nBa1 or lower by Moody’s
\n– ————————————————————————-
\n<\/c><\/c><\/c><\/s><\/caption>\n<\/table>\n (a) For purposes of determining the Applicable Margin, (i) if neither
\nMoody’s nor S&P shall have in effect a rating for Index Debt (other than by
\nreason of the circumstances referred to in the last sentence of this
\ndefinition), then both such rating agencies will be deemed to have established
\nratings for Index Debt in Category 6; (ii) if only one of Moody’s or S&P shall
\nhave in effect a rating for Index Debt, Borrower and Lenders will negotiate in
\ngood faith to agree upon another rating agency to be substituted by an agreement
\nfor the rating agency which shall not have a rating in effect, and in the
\nabsence of such agreement the Applicable Margin will be determined by reference
\nto the available rating; (iii) if the ratings established by Moody’s and S&P
\nshall differ by one Category, the Applicable Margin shall be determined by
\nreference to the higher Category (with Category 1 being the highest and Category
\n6 being the lowest); (iv) if the ratings established by Moody’s and S&P shall
\ndiffer by more than one Category, the Applicable Margin shall be determined by
\nreference to the Category that is one Category higher than the lower of the
\nactual debt ratings established by the two rating agencies: (FOR EXAMPLE, if the
\nrating from S&P is in Category 2 and the rating from Moody’s is in Category 5,
\nthe Applicable Margin shall be determined by reference to Category 4); and (v)
\nif any rating established by Moody’s or S&P shall be changed (other than as a
\nresult of a change in the rating system of either Moody’s or S&P), such change
\nshall be effective as of the date on which such change is first publicly
\nannounced by the rating agency making such change. If the rating system of
\neither Moody’s or S&P shall change prior to the payment in full of the
\nObligation and the cancellation of all commitments to lend hereunder, Borrower
\nand Lenders shall negotiate in good faith to amend the references to specific
\nratings in this definition to reflect such changed rating system. If both
\nMoody’s and S&P shall cease to be in the business of rating corporate debt
\nobligations, Borrower and Lenders shall negotiate in good faith to agree upon a
\nsubstitute rating agency and to amend the references to specific ratings in this
\ndefinition to reflect the ratings used by such substitute rating agency.<\/p>\n
(b) Notwithstanding the foregoing, on any date of determination of the
\nApplicable Margin for Eurodollar Rate Borrowings, if the sum of the Principal
\nDebt and the “COMMITMENT USAGE” (as such term is defined in the Multi-Year
\nAgreement) exceeds 50% of the Total Commitment, then the Applicable Margin for
\nEurodollar Rate Borrowings shall be increased by .075% (such increased amount
\nbeing herein referred to as, the “UTILIZATION FEE”).<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
3<\/p>\n
APPROVED FUND means any Fund that is administered or managed by (a) a
\nLender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of an
\nentity that administers or manages a Lender.<\/p>\n
ARRANGERS means Banc of America Securities LLC and J.P. Morgan Securities
\nInc. and their respective successors and assigns, in their capacity as joint
\nlead arrangers and joint book managers.<\/p>\n
AUTHORIZATIONS means all filings, recordings, and registrations with, and
\nall validations or exemptions, approvals, orders, authorizations, consents,
\nfranchises, licenses, certificates, and permits from, any Governmental Authority
\n(including, without limitation, the FCC and applicable PUCs), including without
\nlimitation, any of the foregoing authorizing or permitting the acquisition,
\nconstruction, or operation of network facilities or any other telecommunications
\nsystem.<\/p>\n
BANK OF AMERICA means Bank of America, N.A., in its individual capacity as
\na Lender, and its permitted successors and assigns.<\/p>\n
BASE RATE means, for any day, a fluctuating rate per annum equal to the
\nHIGHER of (a) the Federal Funds Rate for such day plus one-half of one percent
\n(.5%) and (b) the rate of interest in effect for such day as publicly announced
\nfrom time to time by Bank of America as its “PRIME RATE.” Such rate is a rate
\nset by Bank of America based upon various factors including Bank of America’s
\ncosts and desired return, general economic conditions and other factors, and is
\nused as a reference point for pricing some loans, which may be priced at, above,
\nor below such announced rate. Any change in such rate announced by Bank of
\nAmerica shall take effect at the opening of business on the day specified in the
\npublic announcement of such change.<\/p>\n
BASE RATE BORROWING means a Borrowing bearing interest at the SUM of the
\nBase Rate PLUS the Applicable Margin for Base Rate Borrowings.<\/p>\n
BORROWER is defined in the preamble to this Agreement.<\/p>\n
BORROWING means any amount disbursed (a) by one or more Lenders to
\nBorrower under the Loan Papers, whether such amount constitutes an original
\ndisbursement of funds (as a Committed Borrowing, Competitive Borrowing, or
\notherwise) or the continuation of an amount outstanding, or (b) by any Lender in
\naccordance with, and to satisfy the obligations of any Restricted Company under,
\nany Loan Paper.<\/p>\n
BORROWING DATE is defined in SECTION 2.6(a).<\/p>\n
BUSINESS DAY means (a) for all purposes, any day OTHER THAN Saturday,
\nSunday, and any other day on which commercial banking institutions are required
\nor authorized by Law to be closed in Dallas, Texas, or New York, New York, and
\n(b) in addition to the foregoing, in respect of any Eurodollar Rate Borrowing, a
\nday on which dealings in United States dollars are conducted in the London
\ninterbank market and commercial banks are open for international business in
\nLondon.<\/p>\n
CAPITAL LEASE means any capital lease or sublease which should be
\ncapitalized on a balance sheet in accordance with GAAP.<\/p>\n
CLOSING DATE means the date upon which this Agreement has been executed by
\nBorrower, Administrative Agent, and Lenders, and all conditions precedent
\nspecified in SECTION 5.1 have been satisfied or waived.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
4<\/p>\n
CO-ADMINISTRATIVE AGENTS means Bank of America, N.A. and The Chase
\nManhattan Bank, and their respective permitted successors or assigns as
\n“CO-ADMINISTRATIVE AGENTS” for Lenders under the Loan Papers.<\/p>\n
CO-ARRANGERS means Banc of America Securities LLC, J.P. Morgan Securities
\nInc., Salomon Smith Barney Inc., ABN AMRO Bank N.V., and Deutsche Banc Alex.
\nBrown Inc., and their respective permitted successors or assigns as
\n“CO-ARRANGERS” under this Agreement.<\/p>\n
CO-DOCUMENTATION AGENTS means ABN AMRO Bank N.V. and Deutsche Bank AG New
\nYork Branch, and their respective permitted successors or assigns as
\n“CO-DOCUMENTATION AGENTS” under the Loan Papers.<\/p>\n
CODE means the INTERNAL REVENUE CODE OF 1986, as amended, TOGETHER WITH
\nrules and regulations promulgated thereunder.<\/p>\n
COMMITMENT means an amount (subject to availability, reduction, or
\ncancellation as provided in this Agreement) equal to $2,650,000,000.<\/p>\n
COMMITMENT PERCENTAGE means, on any date of determination for any Lender,
\nthe proportion which any Lender’s Committed Sum bears to the Commitment then in
\neffect (without reference to any Competitive Bids or Competitive Borrowing then
\noutstanding).<\/p>\n
COMMITTED BORROWING means any Borrowing under the credit facility
\ndescribed in SECTION 2.1, other than a Competitive Borrowing.<\/p>\n
COMMITTED SUM means, on any date of determination for any Lender, the
\namount stated beside its name on SCHEDULE 2.1 (as such amount may be subject to
\navailability, increase, reduction, adjustment, or cancellation from time to time
\nin accordance with this Agreement.)<\/p>\n
COMPETITIVE BID means an offer by a Lender to fund a Borrowing under the
\nCompetitive Bid Subfacility pursuant to SECTION 2.2.<\/p>\n
COMPETITIVE BID NOTE means a promissory note in substantially the form of
\nEXHIBIT A-2 and all renewals and extensions of all or any part thereof.<\/p>\n
COMPETITIVE BID RATE means, as to any Competitive Bid made by a Lender
\npursuant to SECTION 2.2, (a) in the case of a Eurodollar Rate Borrowing, the
\nmargin which shall be added to or subtracted from the Adjusted Eurodollar Rate,
\nand (b) in the case of a Fixed Rate Borrowing, the fixed rate of interest, in
\neach case offered by the Lender making such Competitive Bid.<\/p>\n
COMPETITIVE BID REQUEST means a request for Competitive Bids made pursuant
\nto SECTION 2.2(B) substantially in the form of EXHIBIT B-4.<\/p>\n
COMPETITIVE BID SUBFACILITY means a subfacility under this Agreement as
\ndescribed in and subject to the limitations of SECTION 2.2.<\/p>\n
COMPETITIVE BORROWING means any Borrowing under the Competitive Bid
\nSubfacility.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
5<\/p>\n
COMPLIANCE CERTIFICATE means a certificate signed by a Responsible
\nOfficer, substantially in the form of EXHIBIT D.<\/p>\n
CONSEQUENTIAL LOSS means any loss, cost, or expense which any Lender may
\nreasonably incur as a result of (a) any continuation, conversion, payment or
\nprepayment of any Borrowing (other than a Base Rate Borrowing) on a day other
\nthan the last day of the Interest Period for such Borrowing (whether voluntary,
\nmandatory, automatic, by reason of acceleration, or otherwise), or (b) any
\nfailure by Borrower (for a reason other than the failure of such Lender to make
\na Borrowing) to prepay, borrow, continue or convert any Borrowing (other than a
\nBase Rate Borrowing) on the date or in the amount notified by Borrower.<\/p>\n
CONSOLIDATED COMPANIES means, at any date of determination thereof,
\nBorrower and each of its Subsidiaries (including the Unrestricted Subsidiaries).<\/p>\n
CONSOLIDATED NET WORTH means, for any period, the consolidated
\nstockholders’ equity of the Restricted Companies as determined in accordance
\nwith GAAP.<\/p>\n
CURRENT FINANCIALS means, at the time of any determination thereof, the
\nmore recently delivered to Lenders of (a) the Financial Statements of Borrower
\nfor the fiscal year ended December 31, 2000, and the three-month period ended
\nMarch 31, 2001, calculated on a consolidated basis for Borrower and the
\nConsolidated Companies; or (b) the Financial Statements required to be delivered
\nunder SECTION 7.3(a) or 7.3(b), as the case may be, calculated on a consolidated
\nbasis for the Consolidated Companies.<\/p>\n
DEBT means (without duplication), for any Person, the sum of the
\nfollowing: (a) all liabilities, obligations, and indebtedness of such Person
\nwhich in accordance with GAAP should be classified upon such Person’s balance
\nsheet as liabilities in respect of (i) money borrowed, including, without
\nlimitation, the Principal Debt, (ii) obligations of such Person under Capital
\nLeases, and (iii) obligations of such Person issued or assumed as the deferred
\npurchase price of property, all conditional sale obligations, and obligations
\nunder any title retention agreement (but excluding trade accounts payable
\narising in the ordinary course of business); (b) all obligations of the type
\nreferred to in CLAUSES (a)(i) through (a)(iii) preceding of other Persons for
\nthe payment of which such Person is responsible or liable as obligor, guarantor,
\nor otherwise; (c) all obligations of the type referred to in CLAUSES (a)(i)
\nthrough CLAUSE (a)(iii) and CLAUSE (b) preceding of other Persons secured by any
\nLien on any property or asset of such Person (whether or not such obligation is
\nassumed by such Person), the amount of such obligation being deemed to be the
\nlesser of the value of such property or assets or the amount of the obligation
\nso secured; (d) the face amount of all letters of credit and banker’s
\nacceptances issued for the account of such Person, and without duplication, all
\ndrafts drawn and unpaid thereunder; and (e) obligations arising under any
\nAccounts Receivable Financing which in accordance with GAAP should be classified
\nupon such Person’s balance sheet as liabilities; PROVIDED, HOWEVER, THAT Debt
\nshall not include obligations of Borrower which are owed to a trust or other
\nspecial purpose entity, all of whose common equity is beneficially owned by
\nBorrower, SO LONG AS such obligations are held by such trusts or their
\nrepresentatives and are subordinate in right of payment to the Obligation.<\/p>\n
DEBTOR RELIEF LAWS means the BANKRUPTCY CODE OF THE UNITED STATES OF
\nAMERICA and all other applicable liquidation, conservatorship, bankruptcy,
\nmoratorium, rearrangement, receivership, insolvency, reorganization, fraudulent
\ntransfer or conveyance, suspension of payments or similar Laws from time to time
\nin effect affecting the Rights of creditors generally.<\/p>\n
DEFAULT is defined in SECTION 8.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
6<\/p>\n
DEFAULT RATE means a per annum rate of interest equal from day to day to
\nthe LESSER of (a) the sum of the Base Rate plus the Applicable Margin for Base
\nRate Borrowings plus 2% AND (b) the Maximum Rate.<\/p>\n
DETERMINING LENDERS means, for all purposes under the Loan Papers, (i) on
\nany date of determination occurring prior to the earlier of the Term Conversion
\nDate or the Termination Date, those Lenders who collectively hold at least 51%
\nof the Commitment; and (ii) on any date of determination occurring on or after
\nthe earlier of the Termination Date or the Term Conversion Date, those Lenders
\nwho collectively hold at least 51% of the Principal Debt.<\/p>\n
DISTRIBUTION for any Person means, with respect to any shares of any
\ncapital stock or other equity securities issued by such Person, (a) the
\nretirement, redemption, purchase, or other acquisition for value of any such
\nsecurities, (b) the declaration or payment of any dividend on or with respect to
\nany such securities, and (c) any other payment by such Person with respect to
\nsuch securities.<\/p>\n
DOLLARS and the symbol $ shall mean lawful money of the United States of
\nAmerica.<\/p>\n
ELIGIBLE ASSIGNEE means (a) a Lender; (b) an Affiliate of any Lender (so
\nlong as such assignment is not made in conjunction with the sale of such
\nAffiliate); (c) an Approved Fund; and (d) any other Person approved by
\nAdministrative Agent (which approval will not be unreasonably withheld or
\ndelayed by Administrative Agent) and, unless a Default has occurred and is
\ncontinuing at the time any assignment is effected in accordance with SECTION
\n11.13, Borrower, such approval not to be unreasonably withheld or delayed by
\nBorrower and such approval to be deemed given by Borrower if no objection is
\nreceived by the assigning Lender and Administrative Agent from Borrower within
\nfive Business Days after notice of such proposed assignment has been provided by
\nthe assigning Lender to Borrower; PROVIDED, HOWEVER, that neither Borrower nor
\nany Affiliate of Borrower shall qualify as an Eligible Assignee.<\/p>\n
EMPLOYEE PLAN means an employee pension benefit plan covered by TITLE IV
\nof ERISA and established or maintained by Borrower or any ERISA Affiliate, but
\nnot including any Multiemployer Plan.<\/p>\n
ENVIRONMENTAL LAW means any applicable Law that relates to (a) the
\ncondition or protection of air, groundwater, surface water, soil, or other
\nenvironmental media, (b) the environment, including natural resources or any
\nactivity which affects the environment, (c) the regulation of any pollutants,
\ncontaminants, wastes, substances, and Hazardous Substances, including, without
\nlimitation, the Comprehensive Environmental Response, Compensation, and
\nLiability Act (42 U.S.C. ss. 9601 ET SEQ.) (“CERCLA”), the Hazardous Materials
\nTransportation Act (49 U.S.C. ss. 1801 ET SEQ.), the Resource Conservation and
\nRecovery Act (42 U.S.C. ss. 6901 ET SEQ.) (“RCRA”), the Clean Water Act (33
\nU.S.C.ss.1251 ET SEQ.), the Clean Air Act (42 U.S.C. ss. 7401 ET SEQ.), the
\nToxic Substances Control Act (15 U.S.C. ss. 2601 ET SEQ.), the Federal
\nInsecticide, Fungicide, and Rodenticide Act (7 U.S.C. ss. 136 ET SEQ.), the Safe
\nDrinking Water Act (42 U.S.C. ss. 201 and ss. 300f ET SEQ.) and the Rivers and
\nHarbors Act (33 U.S.C. ss. 401 ET SEQ.), the Oil Pollution Act (33 U.S.C. ss.
\n2701 ET SEQ.) and analogous state and local Laws, as any of the foregoing may
\nhave been and may be amended or supplemented from time to time, and any
\nanalogous future enacted or adopted Law, or (d) the Release or threatened
\nRelease of Hazardous Substances.<\/p>\n
ERISA means the EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, as
\namended, and the regulations and rulings thereunder.<\/p>\n
ERISA AFFILIATE means, with respect to Borrower or any of its
\nSubsidiaries, any company, trade, or business (whether or not incorporated)
\nwhich, for purposes of TITLE IV of ERISA, is a member of Borrower’s<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
7<\/p>\n
controlled group or which is under common control with Borrower within the
\nmeaning of SECTION 414(b), (c) or (m) of the Code.<\/p>\n
EURODOLLAR RATE means, for any Eurodollar Rate Borrowing for any Interest
\nPeriod therefor:<\/p>\n
(a) the rate per annum (rounded upwards, if necessary, to the
\n nearest 1\/100 of 1%) equal to the rate determined by Administrative Agent
\n to be the offered rate that appears on the page of the Telerate screen
\n (and any successor thereto) that displays an average British Bankers
\n Association Interest Settlement Rate for deposits in Dollars (for delivery
\n on the first day of such Interest Period) with a term equivalent to such
\n Interest Period, determined as of approximately 11:00 a.m. (London time)
\n two Business Days prior to the first day of such Interest Period; or<\/p>\n
(b) if for any reason the rate in the preceding CLAUSE (a) does not
\n appear on such page or service or such page or service shall cease to be
\n available, the rate per annum (rounded upwards, if necessary, to the
\n nearest 1\/100 of 1%) equal to the rate determined by Administrative Agent
\n to be the offered rate on such other page or other service that displays
\n an average British Bankers Association Interest Settlement Rate for
\n deposits in Dollars (for delivery on the first day of such Interest
\n Period) with a term equivalent to such Interest Period, determined as of
\n approximately 11:00 a.m. (London time) two Business Days prior to the
\n first day of such Interest Period; or<\/p>\n
(c) if the rates referenced in the preceding CLAUSES (a) and (b)are
\n not available, the rate per annum (rounded upwards, if necessary, to the
\n nearest 1\/100 of 1%) determined by Administrative Agent to be the rate of
\n interest at which deposits in Dollars for delivery on the first day of
\n such Interest Period in same day funds in the approximate amount of the
\n Eurodollar Rate Borrowing being made, continued, or converted and with a
\n term equivalent to such Interest Period would be offered by Bank of
\n America’s London Branch to major banks in the offshore Dollar market at
\n their request at approximately 11:00 a.m. (London time) two Business Days
\n prior to the first day of such Interest Period.<\/p>\n
EURODOLLAR RATE BORROWING means, as the case may be, either (a) a
\nBorrowing (OTHER THAN a Competitive Borrowing) bearing interest at the SUM of
\nthe Adjusted Eurodollar Rate PLUS the Applicable Margin for Eurodollar Rate
\nBorrowings or (b) a Competitive Borrowing bearing interest at the SUM of the
\nAdjusted Eurodollar Rate PLUS or MINUS the margin indicated for such Competitive
\nBorrowing in the related Competitive Bid.<\/p>\n
EXHIBIT means an exhibit to this Agreement unless otherwise specified.<\/p>\n
EXISTING AGREEMENT means the Amended and Restated Facility A Revolving
\nCredit Agreement dated as of August 6, 1998, among Borrower, various lenders,
\nand Bank of America, N.A., f\/k\/a Bank of America National Trust and Savings
\nAssociation, successor by merger to Bank of America, N.A., f\/k\/a NationsBank,
\nN.A., successor by merger to NationsBank of Texas, N.A., as “ADMINISTRATIVE
\nAGENT” thereunder (as such agreement has been or may be amended, extended,
\nmodified, or restated from time to time).<\/p>\n
EXISTING DEBT means on any date of determination, (a) the secured and
\nunsecured Debt of Borrower and its Restricted Subsidiaries existing on the
\nClosing Date and described in PART A of SCHEDULE 7.12; (b) on and after the
\neffective date of any designation of Intermedia and its Subsidiaries as
\n“Restricted Subsidiaries,” the secured and unsecured Debt of Intermedia and its
\nSubsidiaries existing on the Intermedia Merger Date and described in PART B of
\nSCHEDULE 7.12; and (c) renewals, extensions, and refinancings of any of the<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
8<\/p>\n
Existing Debt described in CLAUSES (A) and (B) TO THE EXTENT that the principal
\namount under (or the maximum principal amount that may be borrowed under) such
\nExisting Debt is not increased on or after the Closing Date (with respect to
\nExisting Debt listed in PART A of SCHEDULE 7.12) or on or after the Intermedia
\nMerger Date (with respect to Existing Debt listed in PART B of SCHEDULE 7.12).<\/p>\n
FACILITY FEE is defined in SECTION 4.3.<\/p>\n
FCC means the Federal Communications Commission and any successor
\nregulatory body.<\/p>\n
FEDERAL FUNDS RATE means, for any day, the rate per annum (rounded
\nupwards, if necessary, to the nearest 1\/100 of 1%) determined (which
\ndetermination shall be conclusive and binding, absent manifest error) by
\nAdministrative Agent to be equal to the weighted average of the rates on
\novernight Federal funds transactions with member banks of the Federal Reserve
\nSystem arranged by Federal funds brokers on such day, as published by the
\nFederal Reserve Bank of New York on the Business Day next succeeding such day;
\nPROVIDED THAT (a) if such day is not a Business Day, the Federal Funds Rate for
\nsuch day shall be such rate on such transactions on the next preceding Business
\nDay as so published on the next succeeding Business Day, and (b) if no such rate
\nis so published on such next succeeding Business Day, the Federal Funds Rate for
\nsuch day shall be the average rate charged to Bank of America on such day on
\nsuch transactions as determined by Administrative Agent (which determination
\nshall be conclusive and binding, absent manifest error).<\/p>\n
FINANCIAL HEDGE means either (a) a swap, collar, floor, cap, or other
\ncontract which is intended to reduce or eliminate the risk of fluctuations in
\ninterest rates, or (b) a foreign exchange, currency hedging, commodity hedging,
\nor other contract which is intended to reduce or eliminate the market risk of
\nholding currency or a commodity in either the cash or futures markets, which
\nFinancial Hedge under either CLAUSE (a) or CLAUSE (b) is entered into by any
\nRestricted Company with any Person under the Laws of a jurisdiction in which
\nsuch contracts are legal and enforceable (EXCEPT as enforceability may be
\nlimited by applicable Debtor Relief Laws and general principles of equity);
\nPROVIDED THAT, all documentation for Financial Hedges must conform to ISDA
\nstandards.<\/p>\n
FINANCIAL STATEMENTS means balance sheets, statements of operations,
\nstatements of shareholders’ investments, and statements of cash flows prepared
\nin accordance with GAAP, which statements of operations and statements of cash
\nflows shall be in comparative form to the corresponding period of the preceding
\nfiscal year, and which balance sheets and statements of shareholders’
\ninvestments shall be in comparative form to the prior fiscal year-end figures.<\/p>\n
FIXED RATE BORROWING means any Competitive Borrowing made from a Lender
\npursuant to SECTION 2.2 based upon an actual percentage rate per annum offered
\nby such Lender, expressed as a decimal (to no more than four decimal places) and
\naccepted by Borrower.<\/p>\n
FUND means any Person (other than a natural Person) that is (or will be)
\nengaged in making, purchasing, holding, or otherwise investing in commercial
\nloans and similar extensions of credit in the ordinary course of its business.<\/p>\n
GAAP means generally accepted accounting principles of the Accounting
\nPrinciples Board of the American Institute of Certified Public Accountants and
\nthe Financial Accounting Standards Board which (a) with respect to the covenant
\ncontained in SECTION 7.22 (and, to the extent used in or relating to such<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
9<\/p>\n
covenant, any defined terms), are in effect on the date hereof, and (b) for all
\nother purposes hereunder, are applicable from time to time.<\/p>\n
GOVERNMENTAL AUTHORITY means any (a) local, state, municipal, or federal
\njudicial, executive, or legislative instrumentality, (b) private arbitration
\nboard or panel, or (c) central bank.<\/p>\n
HAZARDOUS SUBSTANCE means (a) any substance that is designated, defined or
\nclassified as a hazardous waste, hazardous material, pollutant, contaminant or
\ntoxic or hazardous substance under any Environmental Law, including without
\nlimitation, any hazardous substance within the meaning of SECTION 101(14) of
\nCERCLA, (b) petroleum, oil, gasoline, natural gas, fuel oil, motor oil, waste
\noil, diesel fuel, jet fuel, and other petroleum hydrocarbons, (c) regulated
\nasbestos and asbestos-containing materials in any form, (d) polychlorinated
\nbiphenyls, or (e) urea formaldehyde foam.<\/p>\n
INDENTURES means any indentures or other agreements pursuant to which
\nnotes, debentures, bonds, or debt securities are issued by any Restricted
\nCompany, including, without limitation, the following: Indenture dated as of May
\n15, 2000, between Borrower and The Chase Manhattan Trust Company, N.A., as
\ntrustee; Indenture dated as of March 1, 1997, between Borrower and The Chase
\nManhattan Trust Company, N.A., as successor trustee; Indenture dated as of
\nJanuary 26, 1994, between MFS Communications Company, Inc. and IBJ Schroder Bank
\n& Trust Co., as trustee; Indenture dated as of January 23, 1996 between MFS
\nCommunications Company, Inc. and IBJ Schroder Bank & Trust Co., as trustee;
\nIndenture dated as of February 26, 1996, between Brooks Fiber Properties, Inc.
\nand The Bank of New York, as trustee; and Indenture dated as of May 29, 1997,
\nbetween Brooks Fiber Properties, Inc. and The Bank of New York, as trustee;
\nIndenture dated as of October 15, 1989, between MCI and Citibank, N.A., as
\ntrustee; Indenture dated as of February 17, 1995, between MCI and Citibank,
\nN.A., as trustee; and Junior Subordinated Indenture dated as of May 29, 1996,
\nbetween MCI and Wilmington Trust Company, as trustee, in each case as the same
\nhave been or may be amended, modified, supplemented, or restated from time to
\ntime; and on and after the effective date of any designation of Intermedia and
\nits Subsidiaries as “RESTRICTED SUBSIDIARIES,” references to “INDENTURES” shall
\nalso include the Indenture dated as of May 14, 1996, between Intermedia and
\nSunTrust Bank; Indenture dated as of July 9, 1997, between Intermedia and
\nSunTrust Bank; Indenture dated as of October 30, 1997, between Intermedia and
\nSunTrust Bank; Indenture dated as of December 23, 1997, between Intermedia and
\nSunTrust Bank; Indenture dated as of May 27, 1998, between Intermedia and
\nSunTrust Bank; Senior Note Indenture dated February 24, 1999, between Intermedia
\nand SunTrust Bank; and Senior Subordinated Note Indenture dated February 24,
\n1999, between Intermedia and SunTrust Bank, in each case as the same may have
\nbeen amended, modified, supplemented, or restated from time to time.<\/p>\n
INTEREST PERIOD is determined in accordance with SECTION 3.9.<\/p>\n
INTERMEDIA means Intermedia Communications Inc. and its successors by
\nmerger.<\/p>\n
INTERMEDIA MERGER means the merger of Intermedia with and into Wildcat
\nAcquisition Corp., a Wholly-owned Subsidiary of Borrower, in accordance with the
\nterms of the Intermedia Merger Agreement.<\/p>\n
INTERMEDIA MERGER AGREEMENT means the Agreement and Plan of Merger dated
\nas of September 1, 2000, among Borrower, Intermedia, and Wildcat Acquisition
\nCorp. (as amended to date and as hereinafter amended subject to the consent of
\nAdministrative Agent to any material amendment thereof, which consent shall not
\nbe unreasonably withheld).<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
10<\/p>\n
INTERMEDIA MERGER DATE means the date upon which the Intermedia Merger
\ncloses in accordance with the Intermedia Merger Agreement.<\/p>\n
LAWS means all applicable statutes, laws, treaties, ordinances, tariff
\nrequirements, rules, regulations, orders, writs, injunctions, decrees,
\njudgments, opinions, or interpretations of any Governmental Authority.<\/p>\n
LENDERS means, on any date of determination, the financial institutions
\nnamed on SCHEDULE 2.1, and subject to the terms and conditions of this
\nAgreement, their respective successors and assigns, but not any Participant who
\nis not otherwise a party to this Agreement.<\/p>\n
LIEN means any lien, mortgage, security interest, pledge, assignment,
\ncharge, title retention agreement, or encumbrance of any kind, and any other
\nRight of or arrangement with any creditor (other than under or relating to
\nsubordination or other intercreditor arrangements) to have its claim satisfied
\nout of any property or assets, or the proceeds therefrom, prior to the general
\ncreditors of the owner thereof.<\/p>\n
LITIGATION means any action by or before any Governmental Authority.<\/p>\n
LOAN PAPERS means (a) this Agreement, certificates delivered pursuant to
\nthis Agreement, and Exhibits and Schedules hereto, (b) all agreements,
\ndocuments, or instruments in favor of Agents or Lenders (or Administrative Agent
\non behalf of Lenders) ever delivered pursuant to this Agreement, or otherwise
\ndelivered in connection with all or any part of the Obligation, and (c) all
\nrenewals, extensions, or restatements of, or amendments or supplements to, any
\nof the foregoing.<\/p>\n
MATERIAL ADVERSE EVENT means any set of one or more circumstances or
\nevents which, individually or collectively, could reasonably be expected to
\nresult in any (a) material impairment of the ability of any Restricted Company
\nto perform any of its payment or other material obligations under the Loan
\nPapers or the ability of Administrative Agent or any Lender to enforce any such
\nobligations or any of their respective Rights under the Loan Papers, (b)
\nmaterial and adverse effect on the business, properties, condition (financial or
\notherwise) or results of operations of the Restricted Companies, in each case
\nconsidered as a whole, or (c) material and adverse effect on the business,
\nproperties, condition (financial or otherwise) or results of operations of the
\nConsolidated Companies, in each case considered as a whole. The phrase “COULD BE
\nA MATERIAL ADVERSE EVENT” (and any similar phrase herein) means that there is a
\nmaterial probability of such Material Adverse Event occurring, and the phrase
\n“COULD NOT BE A MATERIAL ADVERSE EVENT” (and any similar phrase herein) means
\nthat there is not a material probability of such Material Adverse Event
\noccurring.<\/p>\n
MATERIAL SUBSIDIARY means, for purposes of SECTION 8.3, any Subsidiary of
\nBorrower (or any group of Subsidiaries of Borrower) that individually or
\ncollectively own 10% or more of the book value of the consolidated assets of the
\nRestricted Companies determined as of the date of, and with respect to, the
\nCurrent Financials and the related Compliance Certificate.<\/p>\n
MAXIMUM AMOUNT and MAXIMUM RATE respectively mean, for each Lender, the
\nmaximum non-usurious amount and the maximum non-usurious rate of interest
\nwhich, under applicable Law, such Lender is permitted to contract for, charge,
\ntake, reserve, or receive on the Obligation.<\/p>\n
MCI means MCI Communications Corporation.<\/p>\n
MOODY’S means Moody’s Investors Service, Inc. or any successor thereto.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
11<\/p>\n
MULTI-YEAR AGREEMENT means the Revolving Credit Agreement dated June 8,
\n2001 among Borrower, Bank of America, N.A. and The Chase Manhattan Bank, as
\n“CO-ADMINISTRATIVE AGENTS” thereunder, and the lenders party thereto (as the
\nsame may be amended, modified, supplemented, or restated from time to time).<\/p>\n
MULTI-YEAR COMMITMENT means an amount (subject to availability, reduction,
\nor cancellation as provided in the Multi-Year Agreement) equal to
\n$1,600,000,000.<\/p>\n
MULTIEMPLOYER PLAN means a multiemployer plan as defined in SECTIONS 3(37)
\nor 4001(A)(3) of ERISA or SECTION 414(f) of the Code to which any Restricted
\nCompany or any ERISA Affiliate is making, or has made, or is accruing, or has
\naccrued, an obligation to make contributions.<\/p>\n
NOTES means, at the time of any determination thereof, all outstanding and
\nunpaid Revolving Notes, Competitive Bid Notes, and Term Notes.<\/p>\n
NOTICE OF BORROWING is defined in SECTION 2.6(a).<\/p>\n
NOTICE OF CONVERSION is defined in SECTION 3.10.<\/p>\n
OBLIGATION means all present and future indebtedness, liabilities, and
\nobligations, and all renewals and extensions thereof, or any part thereof, now
\nor hereafter owed to any Agent, or any Lender by any Restricted Company arising
\nfrom, by virtue of, or pursuant to any Loan Paper, TOGETHER WITH all interest
\naccruing thereon, fees, costs, and expenses (including, without limitation, all
\nreasonable attorneys’ fees and expenses incurred in the enforcement or
\ncollection thereof) payable under the Loan Papers.<\/p>\n
PARTICIPANT is defined in SECTION 11.13(e).<\/p>\n
PBGC means the Pension Benefit Guaranty Corporation, or any successor
\nthereof, established pursuant to ERISA.<\/p>\n
PERMITTED SUCCESSOR CORPORATION means any corporation into which Borrower
\nis merged or consolidated, SO LONG AS:<\/p>\n
(a) immediately after giving effect to such merger or consolidation,
\n the surviving corporation shall have then-effective debt ratings (or
\n implied debt ratings) published by Moody’s and S&P applicable to such
\n surviving corporation’s senior, unsecured, non-credit-enhanced, long term
\n Debt, equal to or higher than BBB- by S&P, and Baa3 by Moody’s;<\/p>\n
(b) such surviving corporation shall be a corporation organized and
\n existing under the laws of the United States of America, any state thereof
\n or the District of Columbia, and shall expressly assume all of Borrower’s
\n obligations for the due and punctual payment of the Obligation and the
\n performance or observance of the Loan Papers;<\/p>\n
(c) immediately after giving effect to such merger or consolidation,
\n no Default or Potential Default shall have occurred and be continuing;<\/p>\n
(d) Borrower shall have delivered to Administrative Agent a
\n certificate signed by a Responsible Officer of Borrower and a written
\n opinion of counsel satisfactory to Administrative Agent (and its counsel),
\n each stating that such merger or consolidation complies with the<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
12<\/p>\n
requirements for a Permitted Successor Corporation and that all conditions
\n precedent herein provided for relating to such merger or consolidation
\n have been satisfied;<\/p>\n
(e) no “CHANGE OF CONTROL” (as described in SECTION 8.6) has
\n occurred as a result of such merger or consolidation; and<\/p>\n
(f) on and prior to the closing of any such merger or consolidation,
\n such merger and consolidation shall have been approved and recommended by
\n the Board of Directors of Borrower.<\/p>\n
PERSON means any individual, entity, or Governmental Authority.<\/p>\n
POTENTIAL DEFAULT means the occurrence of any event or existence of any
\ncircumstance which, with the giving of notice or lapse of time or both, would
\nbecome a Default.<\/p>\n
PRINCIPAL DEBT means, on any date of determination, the aggregate unpaid
\nprincipal balance of all Borrowings under this Agreement.<\/p>\n
PRO RATA or PRO RATA PART means on any date of determination for any
\nLender, (a) at any time prior to the earlier of the Termination Date or the Term
\nConversion Date, the proportion that such Lender’s Committed Sum bears to the
\nCommitment Percentage, or (b) at any time on or after the earlier of the
\nTermination Date or the Term Conversion Date, the proportion that the Principal
\nDebt owed to such Lender bears to the Principal Debt owed to all Lenders.<\/p>\n
PUC means any state or local regulatory agency or Governmental Authority
\nthat exercises jurisdiction over the rates or services or the ownership,
\nconstruction, or operation of network facilities or telecommunications systems
\nor over Persons who own, construct, or operate network facilities or
\ntelecommunications systems.<\/p>\n
RECEIVABLES means all Rights of any Consolidated Company (as a “SELLER”
\nunder Receivables Documents) to payments (whether constituting accounts, chattel
\npaper, instruments, general intangibles, or otherwise, and including the Right
\nto payment of any interest or finance charges) with respect to dedicated
\ntelecommunications services provided by any such Consolidated Company to its
\ncustomers between designated customer premises.<\/p>\n
RECEIVABLES DOCUMENTS means one or more receivables purchase agreements
\nentered into by one or more Consolidated Companies and each other instrument,
\nagreement, and document entered into by such Consolidated Companies evidencing
\nAccounts Receivable Financings.<\/p>\n
RECEIVABLES PROGRAM ASSETS means (a) all Receivables in which undivided
\npercentage interests are transferred by any Consolidated Company pursuant to the
\nReceivables Documents, (b) all Receivables Related Assets with respect to the
\nReceivables described in CLAUSE (a) of this definition, and (c) all collections
\n(including recoveries) and other proceeds of the assets described in the
\nforegoing clauses.<\/p>\n
RECEIVABLES RELATED ASSETS means (a) any Rights arising under the
\ndocumentation governing or relating to Receivables (including Rights in respect
\nof Liens securing such Receivables and other credit support in respect of such
\nReceivables), (b) any proceeds of such Receivables and any lockboxes or accounts
\nin which such proceeds are deposited, and (c) spread accounts and other similar
\naccounts (and any amounts on deposit therein) established in connection with an
\nAccounts Receivable Financing.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
13<\/p>\n
RECEIVABLES SUBSIDIARY means a special purpose Wholly-owned Subsidiary
\ncreated in connection with the transactions contemplated by an Accounts
\nReceivable Financing, which Subsidiary engages in no activities, has no material
\nliabilities, or owns no other assets, other than those incidental to such
\nAccounts Receivable Financing.<\/p>\n
REGISTER is defined in SECTION 11.13(c).<\/p>\n
REGULATION D means Regulation D of the Board of Governors of the Federal
\nReserve System, as amended.<\/p>\n
REGULATION U means Regulation U of the Board of Governors of the Federal
\nReserve System, as amended.<\/p>\n
RELEASE means any spilling, leaking, pumping, pouring, emitting, emptying,
\ndischarging, injecting, escaping, leaching, dumping, disposal, deposit,
\ndispersal, migrating, or other movement into the air, ground, or surface water,
\nor soil.<\/p>\n
REPORTABLE EVENT shall have the meaning specified in SECTION 4043 of ERISA
\nor the regulations issued thereunder in connection with an Employee Plan,
\nexcluding events for which the notice requirement is waived under applicable
\nPBGC regulations other than those events described in SECTIONS 4043.21, 4043.24
\nAND 4043.28 of such regulations, including each such provision as it may
\nsubsequently be renumbered.<\/p>\n
REPRESENTATIVES means representatives, officers, directors, employees,
\nattorneys, and agents.<\/p>\n
RESERVE REQUIREMENT means, for any day during an Interest Period, the
\nreserve percentage (expressed as a decimal, rounded upward to the next 1\/100 of
\n1%) at which reserves (including, without limitation, any marginal, special,
\nsupplemental, or emergency reserves) in effect on such day, whether or not
\napplicable to any Lender, under regulations issued from time to time by the
\nBoard of Governors of the Federal Reserve System (or any successor) for
\ndetermining the maximum reserve requirement with respect to, “EUROCURRENCY
\nLIABILITIES” (as such term is used in Regulation D). Without limiting the effect
\nof the foregoing, the Reserve Requirement shall reflect any other reserves
\nrequired to be maintained by such member banks with respect to (a) any category
\nof liabilities which includes deposits by reference to which the Adjusted
\nEurodollar Rate is to be determined, or (b) any category of extensions of credit
\nor other assets which include Eurodollar Rate Borrowings. The Adjusted
\nEurodollar Rate for each outstanding Eurodollar Rate Borrowing shall be adjusted
\nautomatically on and as of the effective date of any change in the Reserve
\nRequirement.<\/p>\n
RESPONSIBLE OFFICER means the chairman, president, chief executive
\nofficer, chief financial officer, senior vice president, or treasurer of
\nBorrower, or, for all purposes under the Loan Papers other than SECTION 8.6, any
\nother officer designated from time to time by the Board of Directors of
\nBorrower, which designated officer is acceptable to Administrative Agent.<\/p>\n
RESTRICTED COMPANIES, at any time of determination thereof, means Borrower
\nand the Restricted Subsidiaries.<\/p>\n
RESTRICTED SUBSIDIARIES means each of the Subsidiaries of Borrower (other
\nthan the Unrestricted Subsidiaries).<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
14<\/p>\n
REVOLVING NOTE means a promissory note substantially in the form of
\nEXHIBIT A-1, and all renewals and extensions of all or any part thereof.<\/p>\n
RIGHTS means rights, remedies, powers, privileges, and benefits.<\/p>\n
RIGHTS OF WAY means the easements, rights of way, and other rights
\nentitling the Restricted Companies to own, use, operate, and maintain the
\nnetwork facilities.<\/p>\n
S&P means Standard & Poor’s Ratings Services, a division of The McGraw
\nHill Companies, Inc.<\/p>\n
SCHEDULE means, unless specified otherwise, a schedule attached to this
\nAgreement, as the same may be supplemented and modified from time to time in
\naccordance with the terms of the Loan Papers.<\/p>\n
SOLVENT means, as to a Person, that (a) the aggregate fair market value of
\nsuch Person’s assets exceeds its liabilities (whether contingent, subordinated,
\nunmatured, unliquidated, or otherwise), (b) such Person has sufficient cash flow
\nto enable it to pay its Debts as they mature, and (c) such Person does not have
\nunreasonably small capital to conduct such Person’s businesses.<\/p>\n
SUBSIDIARY of any Person means any entity of which an aggregate of more
\nthan 50% of the Voting Stock issued by such Person is owned of record or
\nbeneficially, directly or indirectly, by such Person.<\/p>\n
SYNDICATION AGENT means Citibank, N.A.<\/p>\n
TAXES means, for any Person, taxes, assessments, or other governmental
\ncharges or levies imposed upon such Person, its income, or any of its
\nproperties, franchises, or assets.<\/p>\n
TERM CONVERSION DATE means the date upon which the Principal Debt is
\nconverted to a Term Loan in accordance with SECTION 2.4.<\/p>\n
TERM CONVERSION REQUEST is defined in SECTION 2.4(a).<\/p>\n
TERM LOAN means loans made by Lenders pursuant to SECTION 2.4.<\/p>\n
TERM LOAN MATURITY DATE has the meaning set forth in SECTION 2.4.<\/p>\n
TERM NOTE means a promissory note in substantially the form of EXHIBIT
\nA-3, and all renewals and extensions of all or any part thereof.<\/p>\n
TERMINATION DATE means the earlier of (a) June 7, 2002, as such date may
\nbe extended pursuant to SECTION 2.3, and (b) the effective date of any other
\ntermination or cancellation of Lenders’ commitments to lend under, and in
\naccordance with, this Agreement.<\/p>\n
TOTAL CAPITALIZATION means, on any date of determination, the SUM of Total
\nDebt and Consolidated Net Worth.<\/p>\n
TOTAL COMMITMENT means, on any date of determination, the sum of the
\nCommitment hereunder and the Multi-Year Commitment.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
15<\/p>\n
TOTAL DEBT means (without duplication) all Debt of the Restricted
\nCompanies on a consolidated basis; PROVIDED THAT, in determining “TOTAL DEBT,”
\nDebt arising under the 8.00% Junior Subordinated Deferrable Interest Debentures
\n(the “DEBENTURES”) issued by MCI pursuant to Supplemental Indenture No. 1 to the
\nJunior Subordinated Indenture dated as of May 29, 1996, between MCI and
\nWilmington Trust Company, as Trustee (as the same have been or may be amended,
\nmodified, supplemented, or restated, but not increased from time to time) shall
\nnot be included, SO LONG AS no “EVENT OF DEFAULT” under such Debentures or the
\nrelated Indenture has occurred and is continuing on any date of determination.<\/p>\n
TYPE means any type of Borrowing determined with respect to the interest
\noption applicable thereto.<\/p>\n
UNRESTRICTED SUBSIDIARIES, at any time of determination thereof, shall
\nmean (a) the Receivables Subsidiary and (b) any Subsidiary of Borrower
\ndesignated as an “UNRESTRICTED SUBSIDIARY” from time to time in accordance with
\nSECTION 7.21. UNRESTRICTED SUBSIDIARY, at any time of determination, shall mean
\nany of the Unrestricted Subsidiaries.<\/p>\n
UTILIZATION FEE has the meaning set forth in CLAUSE (b) of the definition
\nof “APPLICABLE MARGIN” in this SECTION 1.1.<\/p>\n
VOTING STOCK shall mean securities (as such term is defined in SECTION
\n2(1) of the Securities Act of 1933, as amended) of any class or classes or other
\ninterests, the holders of which are ordinarily, in the absence of contingencies,
\nentitled to elect a majority of the corporate directors or other governing body
\nof the issuer of such securities or interests.<\/p>\n
WHOLLY-OWNED when used in connection with any Subsidiary shall mean a
\nSubsidiary of which all of the issued and outstanding shares of securities or
\nother equity interests (EXCEPT shares required as directors’ qualifying shares)
\nissued by such Subsidiary shall be owned by Borrower or one or more of its
\nWholly-owned Subsidiaries.<\/p>\n
1.2 NUMBER AND GENDER OF WORDS; OTHER REFERENCES. Unless otherwise
\nspecified, in the Loan Papers (a) where appropriate, the singular includes the
\nplural and VICE VERSA, and words of any gender include each other gender, (b)
\nheading and caption references may not be construed in interpreting provisions,
\n(c) monetary references are to currency of the United States of America, (d)
\nsection, paragraph, annex, schedule, exhibit, and similar references are to the
\nparticular Loan Paper in which they are used, (e) references to “TELECOPY,”
\n“FACSIMILE,” “FAX,” or similar terms are to facsimile or telecopy transmissions,
\n(f) references to “INCLUDING” mean including without limiting the generality of
\nany description preceding that word, (g) the rule of construction that
\nreferences to general items that follow references to specific items are limited
\nto the same type or character of those specific items is not applicable in the
\nLoan Papers, (h) references to any Person include that Person’s heirs, personal
\nrepresentatives, successors, trustees, receivers, and permitted assigns, (i)
\nreferences to any Law include every amendment or supplement to it, rule and
\nregulation adopted under it, and successor or replacement for it, and (j)
\nreferences to any Loan Paper or other document include every renewal and
\nextension of it, amendment and supplement to it, and replacement or substitution
\nfor it.<\/p>\n
1.3 ACCOUNTING PRINCIPLES. All accounting and financial terms used in the
\nLoan Papers and the compliance with each financial covenant therein shall be
\ndetermined in accordance with GAAP, and, all accounting principles shall be
\napplied on a consistent basis so that the accounting principles in a current
\nperiod are comparable in all material respects to those applied during the
\npreceding comparable period.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
16<\/p>\n
SECTION 2 BORROWING PROVISIONS.<\/p>\n
2.1 THE FACILITYSubject to and in reliance upon the terms, conditions,
\nrepresentations, and warranties in the Loan Papers, each Lender, severally and
\nnot jointly, agrees to lend to Borrower such Lender’s Commitment Percentage of
\none or more Committed Borrowings under this Agreement not to exceed such
\nLender’s Committed Sum under this Agreement, which, subject to the Loan Papers,
\nBorrower may borrow, repay, and reborrow under this Agreement; PROVIDED THAT (i)
\neach such Committed Borrowing must occur on a Business Day and no later than the
\nBusiness Day immediately preceding the Termination Date; (ii) each such
\nCommitted Borrowing shall be in an amount not less than (A) $5,000,000 or a
\ngreater integral multiple of $1,000,000 (if a Base Rate Borrowing), or (B)
\n$10,000,000 or a greater integral multiple of $1,000,000 (if a Eurodollar Rate
\nBorrowing); and (iii) on any date of determination, after giving effect to any
\nrequested Committed Borrowing, the Principal Debt shall never exceed the
\nCommitment.<\/p>\n
2.2 COMPETITIVE BID SUBFACILITY.<\/p>\n
(a) In addition to Committed Borrowings under this Agreement
\n otherwise provided for herein, but subject to the terms and conditions of
\n the Loan Papers, Borrower may, as set forth in this SECTION 2.2, request
\n Lenders to make offers to make Competitive Borrowings under this
\n Agreement. Lenders may, but shall have no obligation to, make any such
\n offers, and Borrower may, but shall have no obligation to, accept any such
\n offers. Any Competitive Borrowings made available to Borrower hereunder
\n shall be subject, however, to the conditions that on any date of
\n determination: (i) the aggregate principal outstanding under all
\n Competitive Borrowings under this Agreement made by all Lenders shall not
\n exceed the Commitment then in effect; (ii) on any date of determination,
\n the Principal Debt shall not exceed the Commitment; and (iii) each
\n Competitive Borrowing under the Competitive Bid Subfacility in respect of
\n this Agreement must occur on a Business Day and prior to the Business Day
\n immediately preceding the Termination Date.<\/p>\n
(b) In order to request Competitive Bids, Borrower shall deliver a
\n Competitive Bid Request to Administrative Agent (i) not later than 10:00
\n a.m. Dallas, Texas time on the fourth Business Day preceding the Borrowing
\n Date for any requested Competitive Borrowing that will be comprised of
\n Eurodollar Rate Borrowings, or (ii) not later than 10:00 a.m. Dallas,
\n Texas time one Business Day before the Borrowing Date for any requested
\n Competitive Borrowing that will be comprised of Fixed Rate Borrowings. A
\n Competitive Bid Request that does not conform substantially to the format
\n of EXHIBIT B-4 may be rejected by Administrative Agent, and Administrative
\n Agent shall promptly notify Borrower of such rejection. Each Competitive
\n Bid Request shall refer to this Agreement and shall specify (i) whether
\n the Competitive Borrowing then being requested will be comprised of
\n Eurodollar Rate Borrowings or Fixed Rate Borrowings, (ii) the Borrowing
\n Date of such Competitive Borrowing (which shall be a Business Day) and the
\n aggregate principal amount thereof (which shall not be less than
\n $5,000,000 or a greater integral multiple of $1,000,000), and (iii) the
\n Interest Period with respect thereto (which may not be more than six
\n months and which may not extend beyond the Termination Date). Promptly
\n after its receipt of a Competitive Bid Request that is not rejected as
\n aforesaid, Administrative Agent shall notify Lenders of the Competitive
\n Bid Request on a form substantially similar to EXHIBIT B-5 hereto,
\n pursuant to which the Lenders are invited to bid, subject to the terms and
\n conditions of this Agreement, to make Competitive Borrowings pursuant to
\n such Competitive Bid Request. Notwithstanding the foregoing,
\n Administrative Agent shall have no obligation to invite any Lender to make
\n a Competitive Bid<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
17<\/p>\n
pursuant to this SECTION 2.2 until such Lender has delivered a completed
\n Administrative Questionnaire to Administrative Agent.<\/p>\n
(c) Each Lender may make one or more Competitive Bids to Borrower
\n responsive to each respective Competitive Bid Request. Each Competitive
\n Bid by a Lender must be received by Administrative Agent substantially in
\n the form of EXHIBIT B-6, (i) no later than 11:00 a.m. Dallas, Texas time
\n on the third Business Day preceding the Borrowing Date for any requested
\n Competitive Borrowing that will be comprised of Eurodollar Rate
\n Borrowings, or (ii) prior to 10:00 a.m. Dallas, Texas time on the
\n Borrowing Date for any requested Competitive Borrowing that will be
\n comprised of Fixed Rate Borrowings. Competitive Bids that do not conform
\n substantially to the format of EXHIBIT B-6 may be rejected by
\n Administrative Agent after conferring with, and upon the instruction of,
\n Borrower, and Administrative Agent shall notify the appropriate Lender of
\n such rejection as soon as practicable. Each Competitive Bid shall refer to
\n this Agreement and shall (x) specify the principal amount (which shall be
\n in a minimum principal amount of $5,000,000 or a greater integral multiple
\n of $1,000,000 and which may equal the entire principal amount of the
\n Competitive Borrowing requested by Borrower and may exceed such Lender’s
\n Committed Sum, subject to the limitations set forth in SECTION 2.2(a)
\n hereof) of the Competitive Borrowing such Lender is willing to make to
\n Borrower, (y) specify the Competitive Bid Rate at which such Lender is
\n prepared to make its Competitive Borrowing, and (z) confirm the Interest
\n Period with respect thereto specified by Borrower in its Competitive Bid
\n Request. A Competitive Bid submitted by a Lender pursuant to this SECTION
\n 2.2(C) shall be irrevocable.<\/p>\n
(d) Administrative Agent shall promptly notify Borrower of all
\n Competitive Bids made and the Competitive Bid Rate and the principal
\n amount of each Competitive Borrowing in respect of which a Competitive Bid
\n was made and the identity of the Lender that made each bid.<\/p>\n
(e) Borrower may, subject only to the provisions of this SECTION
\n 2.2(e), accept or reject any or all of the Competitive Bids referred to in
\n SECTION 2.2(c); PROVIDED, HOWEVER, that the aggregate amount of the
\n Competitive Bids so accepted by Borrower may not exceed the principal
\n amount of the Competitive Borrowing requested by Borrower (subject to the
\n further limitations of SECTION 2.2(a) hereof). Borrower shall notify
\n Administrative Agent whether and to what extent it has decided to accept
\n or reject any or all of the bids referred to in SECTION 2.2(c), (i) not
\n later than 10:45 a.m. Dallas, Texas time three Business Days before the
\n Borrowing Date specified for a proposed Competitive Borrowing that is
\n deemed a Eurodollar Rate Borrowing or (ii) not later than 11:00 a.m.,
\n Dallas, Texas time on the day specified for a proposed Competitive
\n Borrowing that is deemed a Fixed Rate Borrowing; PROVIDED, HOWEVER, that
\n (w) the failure by Borrower to give such notice shall be deemed to be a
\n rejection of all the bids referred to in SECTION 2.2(c), (x) Borrower
\n shall not accept a bid under this Agreement in the same or lower principal
\n amount made at a particular Competitive Bid Rate if Borrower has decided
\n to reject a bid made at a lower Competitive Bid Rate, (y) if Borrower
\n shall accept bids made at a particular Competitive Bid Rate but shall be
\n restricted by other conditions hereof from borrowing the principal amount
\n of the Competitive Borrowing in respect of which bids at such Competitive
\n Bid Rate have been made, then Borrower shall accept a ratable portion of
\n each bid made at such Competitive Bid Rate based as nearly as possible on
\n the respective principal amounts of the Competitive Borrowing for which
\n such bids were made, and (z) no bid shall be accepted for a Competitive
\n Borrowing unless the aggregate principal amount to be funded pursuant to
\n all accepted bids under this Agreement shall be in a minimum amount of
\n $5,000,000 or a greater integral multiple of $1,000,000 for each
\n respective Lender whose bid is accepted. Notwithstanding the foregoing, if
\n it is necessary for Borrower to accept a ratable<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
18<\/p>\n
allocation of the bids for this Agreement made in response to a
\n Competitive Bid Request (whether pursuant to the events specified in
\n CLAUSE (y) above or otherwise) and the available principal amount of the
\n Competitive Borrowing to be allocated among Lenders submitting Competitive
\n Bids is not sufficient to enable Competitive Borrowings to be allocated to
\n each such Lender in a minimum principal amount of $5,000,000 or a greater
\n integral multiple of $1,000,000, then Borrower shall select the Lenders to
\n be allocated such Competitive Borrowings and shall round allocations up or
\n down to the next higher or lower multiple of $500,000 as it shall deem
\n appropriate. A notice given by Borrower pursuant to this SECTION 2.2(e)
\n shall be irrevocable.<\/p>\n
(f) Administrative Agent shall promptly notify each bidding Lender
\n whether or not its Competitive Bid has been accepted (which notice to
\n those Lenders whose Competitive Bids have been accepted will be given
\n within one hour from the time such bid was accepted by Borrower and shall
\n further indicate in what amount and at what Competitive Bid Rate), and
\n each successful bidder will thereupon become bound, subject to the other
\n applicable conditions hereof, to advance the Competitive Borrowing in
\n respect of which its bid has been accepted. After completing the
\n notifications referred to in the immediately preceding sentence,
\n Administrative Agent shall notify each bidding Lender of the aggregate
\n principal amount of all Competitive Bids under this Agreement accepted for
\n and the range of Competitive Bid Rates submitted in connection with that
\n Competitive Borrowing.<\/p>\n
(g) If any Competitive Borrowing is to consist of Eurodollar Rate
\n Borrowings, Administrative Agent shall determine the Adjusted Eurodollar
\n Rate for the relevant Interest Period, and promptly after making such
\n determination, shall notify Borrower and Lenders that will be
\n participating in such Competitive Borrowing of such Adjusted Eurodollar
\n Rate.<\/p>\n
(h) Each Lender that has received notice pursuant to SECTION 2.2(f)
\n that all or a portion of its Competitive Bid has been accepted by Borrower
\n shall make the amount of its Competitive Borrowing available to
\n Administrative Agent in immediately available funds at Administrative
\n Agent’s office not later than 1:00 p.m., Dallas, Texas time, on the date
\n of the requested Competitive Borrowing. Upon satisfaction of the
\n applicable conditions set forth in SECTION 5.2, Administrative Agent shall
\n make all funds so received available to Borrower in like funds as received
\n by Administrative Agent. No Lender shall be responsible for the failure of
\n any other Lender to advance its Competitive Borrowing.<\/p>\n
(i) If Administrative Agent shall at any time elect to submit a
\n Competitive Bid in its capacity as a Lender, it shall submit such bid
\n directly to Borrower one-half hour earlier than the latest time at which
\n the other Lenders are required to submit their bids to Administrative
\n Agent pursuant to SECTION 2.2(c).<\/p>\n
(j) Each Competitive Borrowing shall be due and payable on the last
\n day of the applicable Interest Period; PROVIDED THAT if Borrower fails to
\n repay any Competitive Borrowing on such day, Borrower shall be deemed to
\n have given a Notice of Borrowing requesting the Lenders to make a Base
\n Rate Borrowing under this Agreement in the amount of such Competitive
\n Borrowing, subject to satisfaction of the conditions specified in SECTION
\n 5.2; PROVIDED THAT failure to repay such Competitive Borrowing on the last
\n day of the applicable Interest Period shall not constitute a failure to
\n satisfy such conditions.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
19<\/p>\n
2.3 OPTIONAL RENEWAL OF COMMITMENTS.<\/p>\n
(a) OPTIONAL RENEWAL PROCEDURES. Borrower may request that the
\n Termination Date be extended for all or a portion of the Commitment to a
\n date which is no later than the 364th day after the then-current
\n Termination Date; PROVIDED THAT, (i) any such extension request shall be
\n made in writing (an “EXTENSION REQUEST”) by Borrower and delivered to
\n Administrative Agent no more than 60 days prior to (but no later than 30
\n days prior to) the then-current Termination Date; (ii) no Extension
\n Request may be made after the Term Conversion Date or which would have the
\n effect of extending the Termination Date to a date later than the
\n then-applicable “TERMINATION DATE” under the Multi-Year Agreement.
\n Promptly upon receipt of an Extension Request, Administrative Agent shall
\n notify Lenders of such request.<\/p>\n
(i) LENDERS’ RESPONSE TO EXTENSION REQUEST. Lenders may, at
\n their option, accept or reject such Extension Request by giving
\n written notice to Administrative Agent delivered no earlier than 30
\n days prior to (but no later than 25 days prior to) the then-
\n effective Termination Date (such 25th day being the “RESPONSE
\n DATE”). If any Lender shall fail to give such notice to
\n Administrative Agent by the Response Date, such Lender shall be
\n deemed to have rejected the requested extension. If the Extension
\n Request is not consented to by Determining Lenders by the Response
\n Date, the Extension Request will be rejected, and this Commitment
\n will terminate on the then-effective Termination Date (unless prior
\n to such Termination Date, Borrower elects to convert the Principal
\n Debt, or a portion thereof, in accordance with SECTION 2.4 hereof).
\n If Determining Lenders consent to the Extension Request by the
\n Response Date, the Termination Date for those Lenders consenting to
\n the extension (for purposes of this SECTION 2.3(a), the “ACCEPTING
\n LENDERS”) shall be automatically extended to the date which is the
\n 364th day after the then-current Termination Date; PROVIDED THAT,
\n the Termination Date may never be extended on any one date for a
\n period greater than 364 days.<\/p>\n
(ii) ADDITIONAL PROCEDURES TO EXTEND THE REJECTED AMOUNT. If
\n the Extension Request is consented to by Determining Lenders, but
\n fewer than all Lenders (any Lender not consenting to the Extension
\n Request being referred to in this SECTION 2.3(a) as a “REJECTING
\n LENDER”), then Administrative Agent shall, within 48 hours of making
\n such determination, notify the Accepting Lenders and Borrower of the
\n aggregate Committed Sums held by the Rejecting Lenders (as used in
\n this SECTION 2.3(a), the “REJECTED AMOUNT”). Each Accepting Lender
\n shall have the Right, but not the obligation, to elect to increase
\n its respective Committed Sum by an amount not to exceed the Rejected
\n Amount, which election shall be made by notice from each Accepting
\n Lender to Administrative Agent given not later than ten days after
\n the date notified by Administrative Agent, specifying the amount of
\n such proposed increase in such Accepting Lender’s Committed Sum. If
\n the aggregate amount of the proposed increases in the Committed Sums
\n of all Accepting Lenders making such an election does not equal or
\n exceed the Rejected Amount, then Borrower shall have the Right to
\n add one or more financial institutions (which are not Rejecting
\n Lenders and which are Eligible Assignees) as Lenders (as used in
\n this SECTION 2.3(a), a “PURCHASING LENDER”) to replace such
\n Rejecting Lenders, which Purchasing Lenders shall have aggregate
\n Committed Sums not greater than those of the Rejecting Lenders (less
\n any increases in the Committed Sums of Accepting Lenders, as
\n described in the following CLAUSE (iii)). The transfer of Committed
\n Sums and outstanding Borrowings from Rejecting Lenders to Purchasing
\n Lenders or Accepting Lenders shall take place on the effective date
\n of, and pursuant to the<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
20<\/p>\n
execution, delivery, and acceptance of, Assignment and Acceptance
\n Agreements in accordance with the procedures set forth in SECTION
\n 11.13(b).<\/p>\n
(iii) ADJUSTMENTS TO, AND TERMINATIONS OF, COMMITMENTS.<\/p>\n
(A) If less than 100% (but more than 51%) of the
\n Commitment is extended (whether by virtue of Borrower’s
\n failure to request an extension of the full Commitment or by
\n virtue of any Lender not consenting to any Extension Request),
\n then the Commitment shall automatically be reduced on the
\n Termination Date on which the applicable approved extension is
\n effective by an amount equal to (as the case may be) (i) the
\n portion of the Commitment not requested to be extended by
\n Borrower in its Extension Request (which terminated portion of
\n the Commitment shall be allocated Pro Rata among the Lenders)
\n or (ii) the amount of the Rejected Amount (to the extent not
\n replaced by Accepting Lenders or Purchasing Lenders pursuant
\n to the procedures set forth in the foregoing SECTION
\n 2.3(A)(II)). Each Rejecting Lender shall have no further
\n obligation or Committed Sum following the Termination Date on
\n which the applicable approved extension is effective, other
\n than any obligation accruing prior to such date as provided
\n herein.<\/p>\n
(B) If the aggregate amount of the proposed increases in
\n the Committed Sums of all Accepting Lenders making an election
\n to increase their respective Committed Sums is in excess of
\n the Rejected Amount, then (i) the Rejected Amount shall be
\n allocated ratably among such Accepting Lenders based on the
\n respective amounts of the proposed increases to Committed Sums
\n elected by such Accepting Lenders; and (ii) the respective
\n Committed Sums of each such Accepting Lender shall be
\n increased by the respective amount allocated pursuant to
\n CLAUSE (I) of this SECTION 2.3(a)(iii)(B), such that, after
\n giving effect to the approved extensions and all such
\n terminations and increases, no reduction will occur in the
\n aggregate amount of the Commitment.<\/p>\n
(C) If the aggregate amount of the proposed increases to
\n the Committed Sums of all Accepting Lenders making such an
\n election to so increase their respective Committed Sums equals
\n the Rejected Amount, then the respective Committed Sums of
\n such Accepting Lenders shall be increased by the respective
\n amounts of their proposed increases, such that, after giving
\n effect to the approved extensions and all such terminations
\n and increases, no reduction will occur in the aggregate amount
\n of the Commitment.<\/p>\n
(D) If the aggregate amount of the proposed increases to
\n the Committed Sums of all Accepting Lenders making such an
\n election is less than the Rejected Amount, then (i) the
\n respective Committed Sums of each such Accepting Lender shall
\n be increased by the respective amount of its proposed
\n increase; and (ii) the amount of the Commitment shall be
\n reduced by the amount of the Rejected Amount (to the extent
\n not replaced by the Accepting Lenders or the Purchasing
\n Lenders, if any).<\/p>\n
(b) NO OBLIGATION TO RENEW. Borrower acknowledges that (i) neither
\n Administrative Agent nor any Lender has made any representations to
\n Borrower regarding its intent to agree to any<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
21<\/p>\n
extensions set forth in this Section, (ii) neither Administrative Agent
\n nor any Lender shall have any obligation to extend the Commitment (or any
\n portion thereof), and (iii) Administrative Agent’s and Lenders’ agreement
\n to one or more extensions shall not commit Administrative Agent or the
\n Lenders to any additional extensions.<\/p>\n
2.4 CONVERSION TO TERM LOANS. Borrower shall have the option to convert
\nthe Principal Debt outstanding on the Termination Date (after giving effect to
\nany loan repayments on or prior to the Termination Date) to a Term Loan maturing
\nno later than one year after the Term Conversion Date (the “TERM LOAN MATURITY
\nDATE”); PROVIDED, HOWEVER, that (i) no Term Loan Conversion may be made on any
\ndate on which all or any portion of the Commitment is available to be borrowed
\nas revolving Borrowings under the 364-Day Facility, and (ii) no Term Loan
\nConversion may be made which would have the effect of extending the Termination
\nDate to a date later than the then-applicable “TERMINATION DATE” under the
\nMulti-Year Agreement. Such Term Loan conversion is subject to and on the terms
\nand conditions set forth below:<\/p>\n
(a) No sooner than 90 days (and not later than 10 days) preceding
\n the Termination Date, Borrower shall deliver to Administrative Agent a
\n Term Conversion Request in substantially the form of EXHIBIT B-3 (a “TERM
\n CONVERSION REQUEST”), which, among other things, shall (i) specify
\n Borrower’s election to make such conversion to a Term Loan, and (ii)
\n specify the Type of Borrowing or Borrowings to which the Principal Debt
\n shall be converted and the Interest Periods therefor (if applicable) on
\n the Term Conversion Date; and<\/p>\n
(b) No Default or Potential Default shall exist on either the date
\n such Term Conversion Request is delivered or on the Term Conversion Date;
\n and no Default or Potential Default shall exist after giving effect to the
\n Term Loan conversion.<\/p>\n
2.5 TERMINATION OF COMMITMENTS. Without premium or penalty, and upon
\ngiving not less than three (3) Business Days prior written and irrevocable
\nnotice to Administrative Agent, Borrower may permanently terminate in whole or
\nin part the unused portion of the Commitment; PROVIDED THAT: (a) each partial
\ntermination shall be in an amount of not less than $5,000,000 or a greater
\nintegral multiple of $1,000,000; (b) the amount of the Commitment may not be
\nreduced below the Principal Debt then outstanding; and (c) each reduction shall
\nbe allocated among the Lenders in accordance with their respective Commitment
\nPercentages. Promptly after receipt of such notice of termination or reduction,
\nAdministrative Agent shall notify each Lender of the proposed cancellation or
\nreduction. Such termination or partial reduction of the Commitment shall be
\neffective on the Business Day specified in Borrower’s notice (which date must be
\nat least three (3) Business Days after Borrower’s delivery of such notice). In
\nthe event that the Commitment is reduced to zero at a time when there is no
\noutstanding Principal Debt, this Agreement shall be terminated to the extent
\nspecified in SECTION 11.14, and all Facility Fees and other fees then earned and
\nunpaid hereunder and all other amounts of the Obligation relating to this
\nAgreement then due and owing shall be immediately due and payable, without
\nnotice or demand by Administrative Agent or any Lender.<\/p>\n
2.6 BORROWING PROCEDURE. The following procedures apply to Committed
\nBorrowings:<\/p>\n
(a) Each Borrowing shall be made on Borrower’s notice (a “NOTICE OF
\n BORROWING,” substantially in the form of EXHIBIT B-1) to Administrative
\n Agent requesting that Lenders fund a Committed Borrowing on a certain date
\n (the “BORROWING DATE”), which notice (i) shall be irrevocable and binding
\n on Borrower, (ii) shall specify the Borrowing Date, amount, Type, and (for
\n a Committed Borrowing comprised of Eurodollar Rate Borrowings) Interest
\n Period, and (iii) must<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
22<\/p>\n
be received by Administrative Agent no later than 10:00 a.m. Dallas, Texas
\n time on the third Business Day preceding the Borrowing Date for any
\n Eurodollar Rate Borrowing or on the Business Day immediately preceding the
\n Borrowing Date for any Base Rate Borrowing. Administrative Agent shall
\n timely notify each Lender with respect to each Notice of Borrowing.<\/p>\n
(b) Each Lender shall remit its Commitment Percentage of each
\n requested Committed Borrowing to Administrative Agent’s principal office
\n in Dallas, Texas, in funds which are or will be available for immediate
\n use by Administrative Agent by 1:00 p.m. Dallas, Texas time on the
\n Borrowing Date therefor. Subject to receipt of such funds, Administrative
\n Agent shall (unless to its actual knowledge any of the conditions
\n precedent therefor have not been satisfied by Borrower or waived by
\n Determining Lenders) make such funds available to Borrower by causing such
\n funds to be deposited to Borrower’s account as designated to
\n Administrative Agent by Borrower. Notwithstanding the foregoing, unless
\n Administrative Agent shall have been notified by a Lender prior to a
\n Borrowing Date that such Lender does not intend to make available to
\n Administrative Agent such Lender’s Commitment Percentage of the applicable
\n Committed Borrowing, Administrative Agent may assume that such Lender has
\n made such proceeds available to Administrative Agent on such date, as
\n required herein, and Administrative Agent may (unless to its actual
\n knowledge any of the conditions precedent therefor have not been satisfied
\n by Borrower or waived by Determining Lenders), in reliance upon such
\n assumption (but shall not be required to), make available to Borrower a
\n corresponding amount in accordance with the foregoing terms, but, if such
\n corresponding amount is not in fact made available to Administrative Agent
\n by such Lender on such Borrowing Date, Administrative Agent shall be
\n entitled to recover such corresponding amount on demand (i) from such
\n Lender, together with interest at the Federal Funds Rate during the period
\n commencing on the date such corresponding amount was made available to
\n Borrower and ending on (but excluding) the date Administrative Agent
\n recovers such corresponding amount from such Lender, or (ii) if such
\n Lender fails to pay such corresponding amount forthwith upon such demand,
\n then from Borrower, TOGETHER WITH interest at a rate per annum equal to
\n the applicable rate for such Committed Borrowing during the period
\n commencing on such Borrowing Date and ending on (but excluding) the date
\n Administrative Agent recovers such corresponding amount from Borrower. No
\n Lender shall be responsible for the failure of any other Lender to make
\n its Commitment Percentage of any Committed Borrowing.<\/p>\n
SECTION 3 TERMS OF PAYMENT.<\/p>\n
3.1 LOAN ACCOUNTS, NOTES, AND PAYMENTS.<\/p>\n
(a) The Principal Debt owed to each Lender shall be evidenced by one
\n or more loan accounts or records maintained by such Lender in the ordinary
\n course of business. The loan accounts or records maintained by
\n Administrative Agent (including, without limitation, the Register) and
\n each Lender shall be conclusive evidence absent manifest error of the
\n amount of the Borrowings made by Borrower from each Lender under this
\n Agreement (and subfacilities thereunder) and the interest and principal
\n payments thereon. Any failure to so record or any error in doing so shall
\n not, however, limit or otherwise affect the obligation of Borrower under
\n the Loan Papers to pay any amount owing with respect to the Obligation.<\/p>\n
(b) Upon the request of any Lender made through Administrative
\n Agent, the Principal Debt owed to such Lender may be evidenced by one or
\n more of the following Notes (as the case may be): (i) a Revolving Note
\n (with respect to Principal Debt, prior to the Term Conversion Date, other<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
23<\/p>\n
than under the Competitive Bid Subfacility); (ii) a Competitive Bid Note
\n (with respect to Principal Debt arising and outstanding under the
\n Competitive Bid Subfacility under this 364-Day Facility); and (iii) a Term
\n Note (with respect to Principal Debt on and after the Term Conversion
\n Date).<\/p>\n
(c) All payments of principal, interest, and other amounts to be
\n made by Borrower under this Agreement and the other Loan Papers shall be
\n made to Administrative Agent at its principal office in Dallas, Texas in
\n Dollars which are or will be available for immediate use by Administrative
\n Agent by 12:00 noon Dallas, Texas time on the day due, without condition
\n or deduction for setoff, counterclaim, defense, or recoupment. Subject to
\n the definition of “INTEREST PERIOD” herein, whenever any payment under
\n this Agreement or any other Loan Paper shall be stated to be due on a day
\n that is not a Business Day, such payment may be made on the next
\n succeeding Business Day, and such extension of time in such case shall be
\n included in the computation of interest and fees, as applicable and as the
\n case may be. Payments made after 12:00 noon, Dallas, Texas, time shall be
\n deemed made on the Business Day next following. Administrative Agent shall
\n pay to each Lender any payment of principal, interest, or other amount to
\n which such Lender is entitled hereunder on the same day Administrative
\n Agent shall have received the same from Borrower; PROVIDED such payment is
\n received by Administrative Agent prior to 12:00 noon Dallas, Texas time,
\n and otherwise before 12:00 noon Dallas, Texas time on the Business Day
\n next following. If and to the extent Administrative Agent shall not make
\n such payments to Lenders when due as set forth in the preceding sentence,
\n such unpaid amounts shall accrue interest, payable by Administrative
\n Agent, at the Federal Funds Rate from the due date until (but not
\n including) the date on which Administrative Agent makes such payments to
\n Lenders.<\/p>\n
(d) Unless Borrower has notified Administrative Agent prior to the
\n date any payment is required to be made by it to Administrative Agent
\n hereunder that Borrower will not make such payment, Administrative Agent
\n may assume that Borrower has timely made such payment and may (but shall
\n not be so required to), in reliance thereon, make available a
\n corresponding amount to Lenders entitled thereto. If and to the extent
\n that such payment was not in fact made to Administrative Agent in
\n immediately available funds, then each Lender shall forthwith on demand
\n repay to Administrative Agent the portion of such assumed payment that was
\n made available to such Lender in immediately available funds, together
\n with interest thereon in respect of each day from and including the date
\n such amount was made available by Administrative Agent to such Lender to
\n the date such amount is repaid to Administrative Agent in immediately
\n available funds, at the Federal Funds Rate from time to time in effect. A
\n notice of Administrative Agent to any Lender with respect to any amount
\n owing under this CLAUSE (d) shall be conclusive, absent manifest error.<\/p>\n
3.2 INTEREST AND PRINCIPAL PAYMENTS.<\/p>\n
(a) Interest on each Eurodollar Rate Borrowing or on each Fixed Rate
\n Borrowing shall be due and payable as it accrues on the last day of its
\n respective Interest Period and on the Termination Date and the Term Loan
\n Maturity Date, as applicable; PROVIDED THAT if any Interest Period is a
\n period greater than three (3) months, then accrued interest shall also be
\n due and payable on each date that is a multiple of three (3) months after
\n the commencement of such Interest Period. Interest on each Base Rate
\n Borrowing shall be due and payable as it accrues on each March 31, June
\n 30, September 30, and December 31, and on the Termination Date and Term
\n Loan Maturity Date.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
24<\/p>\n
(b) To the extent that the Principal Debt is not converted to a Term
\n Loan on or prior to the Termination Date, Borrower shall pay on such
\n Termination Date all outstanding Principal Debt not so converted to a Term
\n Loan, TOGETHER WITH all accrued and unpaid interest and fees.<\/p>\n
(c) To the extent any portion of the Principal Debt is converted to
\n a Term Loan, the Principal Debt outstanding under the Term Loan shall be
\n due and payable in a single installment on the Term Loan Maturity Date.<\/p>\n
(d) On any date of determination, if the Principal Debt exceeds the
\n Commitment then in effect, then Borrower shall make a mandatory prepayment
\n of the Principal Debt in at least the amount of such excess, TOGETHER WITH
\n (i) all accrued and unpaid interest on the principal amount so prepaid and
\n (ii) any Consequential Loss arising as a result thereof.<\/p>\n
(e) After giving Administrative Agent advance written notice of the
\n intent to prepay, Borrower may voluntarily prepay all or any part of the
\n Principal Debt from time to time and at any time, in whole or in part,
\n without premium or penalty; PROVIDED THAT: (i) such notice must be
\n received by Administrative Agent by 12:00 noon Dallas, Texas time on (A)
\n the third Business Day preceding the date of prepayment of a Eurodollar
\n Rate Borrowing, and (B) one Business Day preceding the date of prepayment
\n of a Base Rate Borrowing; (ii) each such partial prepayment must be in a
\n minimum amount of at least $5,000,000 or a greater integral multiple of
\n $1,000,000 thereof (if a Eurodollar Rate Borrowing or a Base Rate
\n Borrowing); (iii) all accrued interest on the Obligation must also be paid
\n in full, to the date of such prepayment; and (iv) Borrower shall pay any
\n related Consequential Loss within ten (10) days after demand therefor.
\n Each notice of prepayment shall specify the prepayment date, the facility
\n or the subfacility hereunder being prepaid, the Type of Borrowing(s) and
\n amount(s) of such Borrowing(s) to be prepaid and shall constitute a
\n binding obligation of Borrower to make a prepayment on the date stated
\n therein. Notwithstanding the foregoing, Borrower shall not voluntarily
\n prepay any Competitive Borrowing prior to the last day of the Interest
\n Period therefor.<\/p>\n
3.3 INTEREST OPTIONS. Except where specifically otherwise provided,
\nBorrowings shall bear interest at a rate per annum equal to the LESSER OF (a) as
\nto the respective Type of Borrowing (as designated by Borrower in accordance
\nwith this Agreement), the Base Rate plus the Applicable Margin for Base Rate
\nBorrowings, the Adjusted Eurodollar Rate plus the Applicable Margin for
\nEurodollar Rate Borrowings, the Adjusted Eurodollar Rate plus the Competitive
\nBid Rate for Eurodollar Rate Borrowings under the Competitive Bid Subfacility,
\nor any other Competitive Bid Rate under the Competitive Bid Subfacility, as the
\ncase may be, AND (b) the Maximum Rate. Each change in the Base Rate or the
\nMaximum Rate, subject to the terms of this Agreement, will become effective,
\nwithout notice to Borrower or any other Person, upon the effective date of such
\nchange.<\/p>\n
3.4 QUOTATION OF RATES. It is hereby acknowledged that a Responsible
\nOfficer or other appropriately designated employee of Borrower may call
\nAdministrative Agent on or before the date on which a Notice of Borrowing is to
\nbe delivered by Borrower in order to receive an indication of the rates then in
\neffect, but such indicated rates shall neither be binding upon Administrative
\nAgent or Lenders nor affect the rate of interest which thereafter is actually in
\neffect when the Notice of Borrowing is given.<\/p>\n
3.5 DEFAULT RATE. At the option of Determining Lenders and to the extent
\npermitted by Law, all past-due Principal Debt and accrued interest thereon shall
\nbear interest from maturity (stated or by acceleration) at the Default Rate
\nuntil paid, regardless whether such payment is made before or after entry of a
\njudgment.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
25<\/p>\n
3.6 INTEREST RECAPTURE. If the designated rate applicable to any Borrowing
\nexceeds the Maximum Rate, the rate of interest on such Borrowing shall be
\nlimited to the Maximum Rate, but any subsequent reductions in such designated
\nrate shall not reduce the rate of interest thereon below the Maximum Rate until
\nthe total amount of interest accrued thereon equals the amount of interest which
\nwould have accrued thereon if such designated rate had at all times been in
\neffect. In the event that at maturity (stated or by acceleration), or at final
\npayment of the Principal Debt, the total amount of interest paid or accrued is
\nless than the amount of interest which would have accrued if such designated
\nrates had at all times been in effect, then, at such time and to the extent
\npermitted by Law, Borrower shall pay an amount equal to the difference between
\n(a) the LESSER OF the amount of interest which would have accrued if such
\ndesignated rates had at all times been in effect AND the amount of interest
\nwhich would have accrued if the Maximum Rate had at all times been in effect,
\nand (b) the amount of interest actually paid or accrued on the Principal Debt.<\/p>\n
3.7 INTEREST CALCULATIONS.<\/p>\n
(a) All payments of interest shall be calculated on the basis of
\n actual number of days (including the first day but excluding the last day)
\n elapsed but computed as if each calendar year consisted of 360 days in the
\n case of a Eurodollar Rate Borrowing, a Fixed Rate Borrowing, or Base Rate
\n Borrowings calculated with reference to the Federal Funds Rate (unless
\n such calculation would result in the interest on the Borrowings exceeding
\n the Maximum Rate in which event such interest shall be calculated on the
\n basis of a year of 365 or 366 days, as the case may be) and 365 or 366
\n days, as the case may be, in the case of a Base Rate Borrowing calculated
\n with reference to the Base Rate. All interest rate determinations and
\n calculations by Administrative Agent shall be conclusive and binding
\n absent manifest error.<\/p>\n
(b) The provisions of this Agreement relating to calculation of the
\n Base Rate, the Adjusted Eurodollar Rate, and Competitive Bid Rates are
\n included only for the purpose of determining the rate of interest or other
\n amounts to be paid hereunder that are based upon such rate.<\/p>\n
3.8 MAXIMUM RATE. Regardless of any provision contained in any Loan Paper,
\nno Lender shall ever be entitled to contract for, charge, take, reserve,
\nreceive, or apply, as interest on the Obligation, or any part thereof, any
\namount in excess of the Maximum Rate, and, if Lenders ever do so, then such
\nexcess shall be deemed a partial prepayment of principal and treated hereunder
\nas such and any remaining excess shall be refunded to Borrower. In determining
\nif the interest paid or payable exceeds the Maximum Rate, Borrower and Lenders
\nshall, to the maximum extent permitted under applicable Law, (a) treat all
\nBorrowings as but a single extension of credit (and Lenders and Borrower agree
\nthat such is the case and that provision herein for multiple Borrowings is for
\nconvenience only), (b) characterize any nonprincipal payment as an expense, fee,
\nor premium rather than as interest, (c) exclude voluntary prepayments and the
\neffects thereof, and (d) amortize, prorate, allocate, and spread the total
\namount of interest throughout the entire contemplated term of the Obligation;
\nPROVIDED THAT, if the Obligation is paid and performed in full prior to the end
\nof the full contemplated term thereof, and if the interest received for the
\nactual period of existence thereof exceeds the Maximum Amount, Lenders shall
\nrefund such excess, and, in such event, Lenders shall not, to the extent
\npermitted by Law, be subject to any penalties provided by any Laws for
\ncontracting for, charging, taking, reserving, or receiving interest in excess of
\nthe Maximum Amount.<\/p>\n
3.9 INTEREST PERIODS. When Borrower requests any Eurodollar Rate Borrowing
\nor a Fixed Rate Borrowing, Borrower may elect the interest period (each an
\n“INTEREST PERIOD”) applicable thereto, which shall be, at Borrower’s option,
\none, two, three, or six months or, if available to all Lenders, nine or twelve
\nmonths (in respect of any Eurodollar Rate Borrowing) and any period of up to six
\n(6) months (with respect<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
26<\/p>\n
to any Fixed Rate Borrowing); PROVIDED, HOWEVER, THAT: (a) the initial Interest
\nPeriod for a Eurodollar Rate Borrowing shall commence on the date of such
\nBorrowing (including the date of any conversion thereto), and each Interest
\nPeriod occurring thereafter in respect of such Borrowing shall commence on the
\nday on which the next preceding Interest Period applicable thereto expires; (b)
\nif any Interest Period for a Eurodollar Rate Borrowing begins on a day for which
\nthere is no numerically corresponding Business Day in the calendar month at the
\nend of such Interest Period, such Interest Period shall end on the next Business
\nDay immediately following what otherwise would have been such numerically
\ncorresponding day in the calendar month at the end of such Interest Period
\n(UNLESS such date would be in a different calendar month from what would have
\nbeen the month at the end of such Interest Period, or UNLESS there is no
\nnumerically corresponding day in the calendar month at the end of the Interest
\nPeriod; whereupon, such Interest Period shall end on the last Business Day in
\nthe calendar month at the end of such Interest Period); (c) no Interest Period
\nmay be chosen with respect to any portion of the Principal Debt which would
\nextend beyond the scheduled repayment date (including any dates on which
\nmandatory prepayments are required to be made) for such portion of the Principal
\nDebt; and (d) no more than an aggregate of ten (10) Interest Periods shall be in
\neffect at one time.<\/p>\n
3.10 CONVERSIONS. Borrower may (a) convert a Eurodollar Rate Borrowing on
\nthe last day of an Interest Period to a Base Rate Borrowing, (b) convert a Base
\nRate Borrowing at any time to a Eurodollar Rate Borrowing, and (c) elect a new
\nInterest Period (in the case of a Eurodollar Rate Borrowing), by giving notice
\n(a “NOTICE OF CONVERSION,” substantially in the form of EXHIBIT B-2) of such
\nintent no later than 10:00 a.m. Dallas, Texas time on the third Business Day
\nprior to the date of conversion or the last day of the Interest Period, as the
\ncase may be (in the case of a conversion to a Eurodollar Rate Borrowing or an
\nelection of a new Interest Period), and no later than 10:00 a.m. Dallas, Texas
\ntime one Business Day prior to the last day of the Interest Period (in the case
\nof a conversion to a Base Rate Borrowing); PROVIDED THAT the principal amount
\nconverted to, or continued as, a Eurodollar Rate Borrowing shall be in an amount
\nnot less than $10,000,000 or a greater integral multiple of $1,000,000.
\nAdministrative Agent shall timely notify each Lender with respect to each Notice
\nof Conversion. Absent Borrower’s Notice of Conversion or election of a new
\nInterest Period, a Eurodollar Rate Borrowing shall be deemed converted to a Base
\nRate Borrowing effective as of the expiration of the Interest Period applicable
\nthereto. No Eurodollar Rate Borrowing may be either made or continued as a
\nEurodollar Rate Borrowing, and no Base Rate Borrowing may be converted to a
\nEurodollar Rate Borrowing, if the interest rate for such Eurodollar Rate
\nBorrowing would exceed the Maximum Rate.<\/p>\n
3.11 ORDER OF APPLICATION.<\/p>\n
(a) So long as no Default or Potential Default has occurred and is
\n continuing, payments and prepayments of the Obligation shall be applied in
\n the order and manner as Borrower may direct; PROVIDED THAT, each such
\n payment or prepayment (other than payments of fees payable solely to
\n Administrative Agent or a specific Lender) shall be allocated to each
\n Lender in the proportion that the Principal Debt owed to such Lender bears
\n to the Principal Debt owed to all Lenders under this Agreement (or any
\n subfacility hereunder) in respect of which such payment was made.<\/p>\n
(b) If a Default or Potential Default has occurred and is continuing
\n (or if Borrower fails to give directions as permitted under SECTION
\n 3.11(a)), any payment or prepayment (including proceeds from the exercise
\n of any Rights) shall be applied in the following order:<\/p>\n
(i) to the ratable payment of all fees, reasonable expenses,
\n and indemnities for which Agents or Lenders have not been paid or
\n reimbursed in accordance with the Loan<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
27<\/p>\n
Papers; (as used in this SECTION 3.11(b)(i), a “RATABLE PAYMENT” for
\n any Lender or any Agent shall be, on any date of determination, that
\n proportion which the portion of the total fees, expenses, and
\n indemnities owed to such Lender or Agent bears to the total
\n aggregate fees, expenses, and indemnities owed to all Lenders and
\n Agents on such date of determination);<\/p>\n
(ii) to the Pro Rata payment of all accrued and unpaid
\n interest on the Principal Debt;<\/p>\n
(iii) to the Pro Rata payment of the remaining Principal Debt
\n in such order as Determining Lenders may elect (PROVIDED THAT,
\n Determining Lenders will apply such proceeds in an order that will
\n minimize any Consequential Loss); and<\/p>\n
(iv) to the payment of the remaining Obligation in the order
\n and manner Determining Lenders deem appropriate.<\/p>\n
Subject to the provisions of SECTION 10 and provided that Administrative Agent
\nshall in any event not be bound to inquire into or to determine the validity,
\nscope, or priority of any interest or entitlement of any Lender and may suspend
\nall payments or seek appropriate relief (including, without limitation,
\ninstructions from Determining Lenders or an action in the nature of
\ninterpleader) in the event of any doubt or dispute as to any apportionment or
\ndistribution contemplated hereby, Administrative Agent shall promptly distribute
\nsuch amounts to each Lender in accordance with this Agreement and the related
\nLoan Papers.<\/p>\n
3.12 SHARING OF PAYMENTS, ETC. If any Lender shall obtain any payment
\n(whether voluntary, involuntary, or otherwise, including, without limitation, as
\na result of exercising its Rights under SECTION 3.13) (other than pursuant to
\nSECTION 3.15, 3.19, or 3.20) which is in excess of its ratable share of any such
\npayment, such Lender shall purchase from the other Lenders such participations
\nas shall be necessary to cause such purchasing Lender to share the excess
\npayment ratably with each of them; PROVIDED, HOWEVER, that if all or any portion
\nof such excess payment is thereafter recovered from such purchasing Lender, the
\npurchase shall be rescinded and the purchase price restored to the extent of
\nsuch recovery. Borrower agrees that any Lender so purchasing a participation
\nfrom another Lender pursuant to this section may to the fullest extent permitted
\nby Law, exercise all of its Rights of payment (including the Right of offset)
\nwith respect to such participation as fully as if such Lender were the direct
\ncreditor of Borrower in the amount of such participation.<\/p>\n
3.13 OFFSET. Upon the occurrence and during the continuance of a Default,
\neach Lender shall be entitled to exercise (for the benefit of all Lenders in
\naccordance with SECTION 3.12) the Rights of offset and\/or banker’s Lien against
\neach and every account and other property, or any interest therein, which
\nBorrower may now or hereafter have with, or which is now or hereafter in the
\npossession of, such Lender to the extent of the full amount of the Obligation
\nowed to such Lender.<\/p>\n
3.14 BOOKING BORROWINGS. To the extent permitted by Law, any Lender may
\nmake, carry, or transfer its Borrowings at, to, or for the account of any of its
\nbranch offices or the office of any of its Affiliates; PROVIDED THAT no
\nAffiliate shall be entitled to receive any greater payment under SECTION 3.15
\nthan the transferor Lender would have been entitled to receive with respect to
\nsuch Borrowings.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
28<\/p>\n
3.15 INCREASED COST AND REDUCED RETURN.<\/p>\n
(a) CHANGES IN LAW. If, after the date hereof, the adoption of any
\n applicable Law or any change in any applicable Law, or any change in the
\n interpretation or administration thereof by any Governmental Authority, or
\n compliance by any Lender (or its Applicable Lending Office) with any
\n request or directive (whether or not having the force of law) of any such
\n Governmental Authority:<\/p>\n
(i) shall subject such Lender (or its Applicable Lending
\n Office) to any Tax with respect to any Eurodollar Rate Borrowing,
\n its Notes, or its obligation to loan Eurodollar Rate Borrowings, or
\n change the basis of taxation of any amounts payable to such Lender
\n (or its Applicable Lending Office) under the Loan Papers in respect
\n of any Eurodollar Rate Borrowings (other than with respect to Taxes
\n imposed on the overall net income of such Lender by any jurisdiction
\n and other than liabilities, interest, and penalties incurred as a
\n result of the gross negligence or wilful misconduct of such Lender);<\/p>\n
(ii) shall impose, modify, or deem applicable any reserve,
\n special deposit, assessment, or similar requirement (other than the
\n Reserve Requirement utilized in the determination of the Adjusted
\n Eurodollar Rate) relating to any extensions of credit or other
\n assets of, or any deposits with or other liabilities or commitments
\n of, such Lender (or its Applicable Lending Office), including the
\n commitment of such Lender hereunder; or<\/p>\n
(iii) shall impose on such Lender (or its Applicable Lending
\n Office) or the London interbank market any other condition affecting
\n the Loan Papers or any of such extensions of credit or liabilities
\n or commitments;<\/p>\n
and the result of any of the foregoing is to increase the actual cost to
\n such Lender (or its Applicable Lending Office) of making, converting into,
\n continuing, or maintaining any Eurodollar Rate Borrowings or to reduce any
\n sum received or receivable by such Lender (or its Applicable Lending
\n Office) under the Loan Papers with respect to any Eurodollar Rate
\n Borrowing, then Borrower shall pay to such Lender on demand such amount or
\n amounts as will compensate such Lender for such increased cost or
\n reduction as provided in SECTION 3.15(c) below. If any Lender requests
\n compensation by Borrower under this SECTION 3.15(a), Borrower may, by
\n notice to such Lender (with a copy to Administrative Agent), suspend the
\n obligation of such Lender to loan or continue Borrowings of the Type with
\n respect to which such compensation is requested, or to convert Borrowings
\n of any other Type into Borrowings of such Type, until the event or
\n condition giving rise to such request ceases to be in effect (in which
\n case the provisions of SECTION 3.18 shall be applicable); PROVIDED, THAT
\n such suspension shall not affect the Right of such Lender to receive the
\n compensation so requested.<\/p>\n
(b) CAPITAL ADEQUACY. If, after the date hereof, any Lender shall
\n have determined that the adoption of any applicable Law regarding capital
\n adequacy or any change therein or in the interpretation or administration
\n thereof by any Governmental Authority charged with the interpretation or
\n administration thereof, or any request or directive regarding capital
\n adequacy (whether or not having the force of law) of any such Governmental
\n Authority has or would have the effect of reducing the rate of return by
\n an amount deemed by it to be material on the capital of such Lender or any
\n corporation controlling such Lender as a consequence of such Lender’s
\n obligations hereunder to a level below that which such Lender or such
\n corporation could have achieved but for such adoption, change, request, or
\n directive (taking into consideration its policies with respect to<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
29<\/p>\n
capital adequacy), then from time to time upon demand Borrower shall pay
\n to such Lender such additional amount or amounts as will compensate such
\n Lender for such reduction.<\/p>\n
(c) CHANGES IN APPLICABLE LENDING OFFICE. COMPENSATION STATEMENT.
\n Each Lender shall promptly notify Borrower and Administrative Agent of any
\n event of which it has knowledge, occurring after the date hereof, which
\n will entitle such Lender to compensation pursuant to this Section and will
\n designate a different Applicable Lending Office if such designation will
\n avoid the need for, or reduce the amount of, such compensation and will
\n not, in the reasonable judgment of such Lender, be otherwise
\n disadvantageous to it. Any Lender claiming compensation under this Section
\n shall furnish to Borrower and Administrative Agent a statement setting
\n forth in reasonable detail the additional amount or amounts to be paid
\n hereunder which shall be presumed correct in the absence of manifest
\n error. In determining such amount, such Lender may use any reasonable
\n averaging and attribution methods.<\/p>\n
3.16 LIMITATION ON TYPES OF LOANS. If on or prior to the first day of any
\nInterest Period for any Eurodollar Rate Borrowing:<\/p>\n
(a) INABILITY TO DETERMINE EURODOLLAR RATE. Administrative Agent
\n determines (which determination shall be conclusive absent manifest error)
\n that by reason of circumstances affecting the relevant market, adequate
\n and reasonable means do not exist for ascertaining the Eurodollar Rate for
\n such Interest Period; or<\/p>\n
(b) COSTS OF FUNDS. Determining Lenders determine (which
\n determination shall be conclusive absent manifest error) and notify
\n Administrative Agent that the Adjusted Eurodollar Rate will not adequately
\n and fairly reflect the cost to the Lenders of funding Eurodollar Rate
\n Borrowings for such Interest Period;<\/p>\n
then Administrative Agent shall give Borrower prompt notice thereof specifying
\nthe relevant amounts or periods, and so long as such condition remains in
\neffect, the Lenders shall be under no obligation to fund additional Eurodollar
\nRate Borrowings, continue Eurodollar Rate Borrowings, or to convert Base Rate
\nBorrowings into Eurodollar Rate Borrowings, and Borrower shall, on the last
\nday(s) of the then current Interest Period(s) for the outstanding Eurodollar
\nRate Borrowings, either prepay such Borrowings or convert such Borrowings into
\nBase Rate Borrowings in accordance with the terms of this Agreement.<\/p>\n
3.17 ILLEGALITY. Notwithstanding any other provision of this Agreement, in
\nthe event that it becomes unlawful for any Lender or its Applicable Lending
\nOffice to make, maintain, or fund Eurodollar Rate Borrowings hereunder, then
\nsuch Lender shall promptly notify Borrower thereof and such Lender’s obligation
\nto make or continue Eurodollar Rate Borrowings and to convert other Base Rate
\nBorrowings into Eurodollar Rate Borrowings shall be suspended until such time as
\nsuch Lender may again make, maintain, and fund Eurodollar Rate Borrowings (in
\nwhich case the provisions of SECTION 3.18 shall be applicable); PROVIDED THAT,
\nsuch Lender will use best efforts (consistent with legal and regulatory
\nrestrictions) to change the jurisdiction of its Applicable Lending Office so as
\nto eliminate any illegality, if such change, in the reasonable judgment of such
\nLender, is not otherwise disadvantageous to such Lender.<\/p>\n
3.18 TREATMENT OF AFFECTED LOANS. If the obligation of any Lender to fund
\nEurodollar Rate Borrowings or to continue, or to convert Base Rate Borrowings
\ninto Eurodollar Rate Borrowings, shall be suspended pursuant to SECTIONS 3.15,
\n3.16, or 3.17 hereof, such Lender’s Eurodollar Rate Borrowings shall be
\nautomatically converted into Base Rate Borrowings on the last day(s) of the then
\ncurrent Interest Period(s)<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
30<\/p>\n
for Eurodollar Rate Borrowings (or, in the case of a conversion required by
\nSECTION 3.17 hereof, on such earlier date as such Lender may specify to Borrower
\nwith a copy to Administrative Agent) and, unless and until such Lender gives
\nnotice as provided below that the circumstances specified in SECTIONS 3.15,
\n3.16, or 3.17 hereof that gave rise to such conversion no longer exist:<\/p>\n
(a) to the extent that such Lender’s Eurodollar Rate Borrowings have
\n been so converted, all payments and prepayments of principal that would
\n otherwise be applied to such Lender’s Eurodollar Rate Borrowings shall be
\n applied instead to its Base Rate Borrowings; and<\/p>\n
(b) all Borrowings that would otherwise be made or continued by such
\n Lender as Eurodollar Rate Borrowings shall be made or continued instead as
\n Base Rate Borrowings, and all Borrowings of such Lender that would
\n otherwise be converted into Eurodollar Rate Borrowings shall be converted
\n instead into (or shall remain as) Base Rate Borrowings.<\/p>\n
If such Lender gives notice to Borrower (with a copy to Administrative Agent)
\nthat the circumstances specified in SECTIONS 3.15, 3.16, or 3.17 hereof that
\ngave rise to the conversion of such Lender’s Eurodollar Rate Borrowings pursuant
\nto this SECTION 3.18 no longer exist (which such Lender agrees to do promptly
\nupon such circumstances ceasing to exist) at a time when Eurodollar Rate
\nBorrowings made by other Lenders are outstanding, such Lender’s Base Rate
\nBorrowings shall be automatically converted, on the first day(s) of the next
\nsucceeding Interest Period(s) for such outstanding Eurodollar Rate Borrowings,
\nto the extent necessary so that, after giving effect thereto, all Eurodollar
\nRate Borrowings held by the Lenders and by such Lender are held ratably (as to
\nprincipal amounts, Types, and Interest Periods) in accordance with their
\nrespective Commitments.<\/p>\n
3.19 COMPENSATION; REPLACEMENT OF LENDERS.<\/p>\n
(a) Upon the request of any Lender (with a copy to Administrative
\n Agent), Borrower shall pay to such Lender such amount or amounts as shall
\n be sufficient (in the reasonable opinion of such Lender) to compensate it
\n for and shall hold such Lender harmless from, any Consequential Loss;
\n PROVIDED THAT, in each case, the Person claiming such Consequential Loss
\n has furnished Borrower with a reasonably detailed statement of such loss,
\n which statement shall be conclusive in the absence of manifest error.<\/p>\n
(b) If any Lender requests compensation under SECTION 3.15 or if
\n Borrower is required to pay additional amounts to or for the account of
\n any Lender pursuant to SECTION 3.20 (collectively, “ADDITIONAL AMOUNTS”),
\n then Borrower may, at its sole expense and effort, upon written notice to
\n such Lender and Administrative Agent, require such Lender to assign and
\n delegate, without recourse, all its interests, Rights, and obligations
\n under this Agreement and the other Loan Papers (other than any outstanding
\n Competitive Borrowings held by such Lender) to an Eligible Assignee that
\n shall assume such obligations; PROVIDED THAT, (i) Borrower shall have
\n received the prior written consent of Administrative Agent to any such
\n assignment; (ii) such Lender shall have received payment from Borrower of
\n any Additional Amounts owed to such Lender by Borrower for periods prior
\n to the replacement of such Lender and any actual costs incurred as a
\n result of such replacement of a Lender; (iii) such assignment will result
\n in reduction or elimination of the Additional Amounts; and (iv) such
\n assignment and acceptance shall be made in accordance with, and subject to
\n the requirements and restrictions contained in, SECTION 11.13(b). A Lender
\n shall not be required to make any such assignment and delegation if, prior
\n thereto, as a result of a waiver by such Lender or<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
31<\/p>\n
otherwise, the circumstances entitling such Borrowing to require such
\n assignment and delegation cease to apply.<\/p>\n
3.20 TAXES.<\/p>\n
(a) GENERAL. Any and all payments by Borrower to or for the account
\n of any Lender or Administrative Agent hereunder or under any other Loan
\n Paper shall be made free and clear of and without deduction for any and
\n all present or future Taxes, EXCLUDING, in the case of each Lender and
\n Administrative Agent, Taxes imposed on its income and franchise Taxes
\n imposed on it by any jurisdiction under the laws of which such Lender (or
\n its Applicable Lending Office) or Administrative Agent (as the case may
\n be) is organized or any political subdivision thereof and other
\n liabilities, interest, and penalties incurred as a result of the gross
\n negligence or wilful misconduct of such Lender or Administrative Agent
\n (all such non-excluded Taxes referred to as “NON-EXCLUDED TAXES”). If
\n Borrower shall be required by law to deduct any Non-Excluded Taxes from or
\n in respect of any sum payable under this Agreement or any other Loan Paper
\n to any Lender or Administrative Agent, (i) the sum payable shall be
\n increased as necessary so that after making all required deductions
\n (including deductions applicable to additional sums payable under this
\n SECTION 3.20) such Lender or Administrative Agent receives an amount equal
\n to the sum it would have received had no such deductions been made, (ii)
\n Borrower shall make such deductions, (iii) Borrower shall pay the full
\n amount deducted to the relevant taxation authority or other authority in
\n accordance with applicable law, and (iv) Borrower shall furnish to
\n Administrative Agent, at its address listed in SCHEDULE 2.1, the original
\n or a certified copy of a receipt evidencing payment thereof.<\/p>\n
(b) STAMP AND DOCUMENTARY TAX. In addition, Borrower agrees to pay
\n any and all present or future stamp or documentary taxes and any other
\n excise or property Taxes which arise from any payment made under this
\n Agreement or any other Loan Paper or from the execution or delivery of, or
\n otherwise with respect to, this Agreement or any other Loan Paper
\n (hereinafter referred to as “OTHER TAXES”).<\/p>\n
(c) INDEMNIFICATION FOR TAXES. BORROWER AGREES TO INDEMNIFY EACH
\n LENDER AND EACH AGENT FOR THE FULL AMOUNT OF NON-EXCLUDED TAXES THAT
\n SHOULD HAVE BEEN WITHHELD BY BORROWER AND OTHER TAXES (INCLUDING, WITHOUT
\n LIMITATION, ANY NON-EXCLUDED TAXES THAT SHOULD HAVE BEEN WITHHELD BY
\n BORROWER OR OTHER TAXES IMPOSED OR ASSERTED BY ANY JURISDICTION ON AMOUNTS
\n PAYABLE UNDER THIS SECTION 3.20) PAID BY SUCH LENDER OR SUCH AGENT (AS THE
\n CASE MAY BE) AND ANY LIABILITY (INCLUDING PENALTIES, INTEREST, AND
\n EXPENSES OTHER THAN THOSE INCURRED AS A RESULT OF THE GROSS NEGLIGENCE OR
\n WILFUL MISCONDUCT OF SUCH LENDER OR SUCH AGENT) ARISING THEREFROM OR WITH
\n RESPECT THERETO.<\/p>\n
(d) WITHHOLDING TAX FORMS. Each Lender organized under the Laws of a
\n jurisdiction outside the United States, on or prior to the date of its
\n execution and delivery of this Agreement in the case of each Lender listed
\n on the signature pages hereof and on or prior to the date on which it
\n becomes a Lender in the case of each other Lender, and from time to time
\n thereafter, including, without limitation, upon the expiration or
\n obsolescence of any previously delivered form or upon the written request
\n of Borrower or Administrative Agent (but only so long as such Lender
\n remains lawfully able to do so) shall provide Borrower and Administrative
\n Agent with (i) two duly completed copies of INTERNAL REVENUE SERVICE FORM
\n W-BEN, W-8ECI, W-8IMY, W-9, or other applicable form, as the case may be,
\n certifying in each case that such Lender is entitled to benefits under an
\n income tax treaty to which the United States is a party which reduces the
\n rate of withholding tax on<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
32<\/p>\n
payments of interest or certifying that the income receivable pursuant to
\n this Agreement is effectively connected with the conduct of a trade or
\n business in the United States, or certifying that such Lender is entitled
\n to an exemption from or a reduced rate of tax on payment pursuant to the
\n “portfolio interest” exception under section 871(h) or 881(c) of the Code,
\n (ii) if applicable, a statement indicating that such Lender is entitled to
\n the “portfolio interest” exception under Section 871(h) or 881(c)(3) of
\n the Code, and (iii) any other governmental forms or certificates which are
\n necessary or required under an applicable tax treaty or otherwise by law
\n to reduce or eliminate withholding tax, which has been reasonably
\n requested by Borrower or Administrative Agent. If an event (including
\n without limitation any change in treaty, law, or regulation) has occurred
\n prior to the date on which any delivery required by the preceding sentence
\n would otherwise be required which renders all such forms inapplicable or
\n which would prevent any Lender from duly completing and delivering any
\n such form with respect to it and such Lender advises Borrower and
\n Administrative Agent that it is not capable of receiving payments without
\n any deduction or withholding of United States federal income tax, such
\n Lender shall not be required to deliver such forms.<\/p>\n
(e) FAILURE TO PROVIDE WITHHOLDING FORMS; CHANGE IN TAX LAW. For any
\n period with respect to which a Lender has failed to provide Borrower and
\n Administrative Agent with the appropriate form pursuant to SECTION 3.20(d)
\n (unless such failure is due to a change in Law occurring subsequent to the
\n date on which a form originally was required to be provided), such Lender
\n shall not be entitled to indemnification under this SECTION 3.20 with
\n respect to Non-Excluded Taxes imposed by the United States; PROVIDED,
\n HOWEVER, that should a Lender, which is otherwise exempt from or subject
\n to a reduced rate of withholding tax, become subject to Non-Excluded Taxes
\n because of its failure to deliver a form required hereunder, Borrower
\n shall take such steps as such Lender shall reasonably request to assist
\n such Lender to recover such Non-Excluded Taxes. Each Lender which fails to
\n provide to Borrower in a timely manner such forms shall reimburse Borrower
\n or Administrative Agent upon demand for any penalties paid by Borrower or
\n Administrative Agent as a result of any failure of Borrower to withhold
\n the required amounts that are caused by such Lender’s failure to provide
\n the required forms in a timely manner.<\/p>\n
(f) CHANGES IN APPLICABLE LENDING OFFICE. If Borrower is required to
\n pay additional amounts to or for the account of any Lender pursuant to
\n this SECTION 3.20, then such Lender will use best efforts (consistent with
\n legal and regulatory restrictions) to change the jurisdiction of its
\n Applicable Lending Office so as to eliminate or reduce any such additional
\n payment which may thereafter accrue if such change, in the judgment of
\n such Lender, is not otherwise disadvantageous to such Lender.<\/p>\n
(g) TAX PAYMENT RECEIPTS. Within thirty (30) days after the date of
\n any payment of Non-Excluded Taxes or Other Taxes, Borrower shall furnish
\n to Administrative Agent the original or a certified copy of a receipt
\n evidencing such payment.<\/p>\n
(h) SURVIVAL. Without prejudice to the survival of any other
\n agreement of Borrower hereunder, the agreements and obligations of
\n Borrower contained in this SECTION 3.20 shall survive the termination of
\n the Commitment and the payment in full of the Obligation.<\/p>\n
SECTION 4 FEES.<\/p>\n
4.1 TREATMENT OF FEES. Except as otherwise provided by Law, the fees
\ndescribed in this SECTION 4: (a) do not constitute compensation for the use,
\ndetention, or forbearance of money, (b) are in addition to, and not in lieu of,
\ninterest and expenses otherwise described in this Agreement, (c) shall be<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
33<\/p>\n
payable in accordance with SECTION 3.1, (d) shall be non-refundable, (e) shall,
\nto the fullest extent permitted by Law, bear interest, if not paid when due, at
\nthe Default Rate, and (f) shall be calculated on the basis of actual number of
\ndays (including the first day, but excluding the last day) elapsed, but computed
\nas if each calendar year consisted of 360 days, unless such computation would
\nresult in interest being computed in excess of the Maximum Rate in which event
\nsuch computation shall be made on the basis of a year of 365 or 366 days, as the
\ncase may be.<\/p>\n
4.2 FEES OF ADMINISTRATIVE AGENT. Borrower shall pay to Administrative
\nAgent the fees described in that certain separate letter agreement dated as of
\nMay 10, 2001 (as thereafter amended or modified from time to time), among
\nBorrower, Administrative Agent, and Banc of America Securities, LLC, which
\npayments shall be made on the dates specified, and in amounts calculated in
\naccordance with, such letter agreement.<\/p>\n
4.3 FACILITY FEES. Following the Closing Date, Borrower shall pay to
\nAdministrative Agent, for the ratable account of Lenders, a facility fee
\n(“FACILITY FEE”), payable in installments in arrears, on each March 31, June 30,
\nSeptember 30, and December 31 and on the Termination Date or the Term Conversion
\nDate, in each case, commencing September 30, 2001. Each installment shall be in
\nan amount equal to the Applicable Margin designated in SECTION 1.1 for Facility
\nFees MULTIPLIED BY the amount of the average daily Commitment (whether used or
\nunused), in each case during the period from and including the last payment date
\nto and excluding the payment date for such installment; provided that each such
\ninstallment shall be calculated in accordance with Section 4.1(f). Solely for
\nthe purposes of this SECTION 4.3, “RATABLE” shall mean, for any period of
\ncalculation, with respect to any Lender, that proportion which (i) the average
\ndaily Committed Sum of such Lender during such period bears to (ii) the amount
\nof the average daily Commitment ( used or unused) during such period. If there
\nis any change in the Applicable Margin during any quarter, the actual daily
\namount shall be computed and multiplied by the Applicable Margin separately for
\neach period during such quarter that such Applicable Margin was in effect. The
\nFacility Fee shall accrue at all times, including at any time during which one
\nor more of the conditions in SECTION 5 is not met.<\/p>\n
SECTION 5 CONDITIONS PRECEDENT.<\/p>\n
5.1 CONDITIONS PRECEDENT TO CLOSING. This Agreement shall not become
\neffective unless and until Administrative Agent has received (a) all of the
\nagreements, documents, instruments, and other items described on SCHEDULE 5.1,
\nand (b) a certificate signed by a Responsible Officer of Borrower dated the
\nClosing Date (in form and substance satisfactory to Administrative Agent),
\ncertifying that as of the Closing Date, (i) there has been no material adverse
\nchange since December 31, 2000 in the business, assets, liabilities (actual or
\ncontingent), operations, condition (financial or otherwise), or prospects of
\nBorrower and its Subsidiaries taken as a whole or in the facts and information
\nregarding such entities as represented to Lenders or Agents on or prior to the
\nClosing Date, and (ii) there is no Litigation pending or threatened before any
\nGovernmental Authority which (A) is reasonably likely to be a Material Adverse
\nEvent, or (B) purports to affect any transaction contemplated in the Loan Papers
\nor the ability of the Consolidated Companies to perform their respective
\nobligations under the Loan Papers.<\/p>\n
5.2 CONDITIONS PRECEDENT TO EACH BORROWING. In addition to the conditions
\nstated in SECTION 5.1 (other than SECTION 5.1(b)), Lenders will not be obligated
\nto fund (as opposed to continue or convert) any Borrowing, as the case may be,
\nunless on the date of such Borrowing (and after giving effect thereto), as the
\ncase may be:<\/p>\n
(a) Administrative Agent shall have timely received therefor a
\n Notice of Borrowing or Notice of Competitive Borrowing as the case may be;<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
34<\/p>\n
(b) Administrative Agent shall have received, as applicable, the
\n fees provided for in SECTION 4.3 hereof or any fees then payable as
\n provided for in SECTION 4.2, if applicable;<\/p>\n
(c) all of the representations and warranties of any Consolidated
\n Company set forth in the Loan Papers are true and correct in all material
\n respects (except to the extent that (i) the representations and warranties
\n speak to a specific date or (ii) the facts on which such representations
\n and warranties are based have been changed by transactions contemplated or
\n permitted by the Loan Papers);<\/p>\n
(d) no Default or Potential Default shall have occurred and be
\n continuing;<\/p>\n
(e) the funding of such Borrowing is permitted by Law; and<\/p>\n
(f) all matters related to such Borrowing must be satisfactory to
\n Determining Lenders and their respective counsel in their reasonable
\n determination, and upon the reasonable request of Administrative Agent,
\n Borrower shall deliver to Administrative Agent evidence substantiating any
\n of the matters in the Loan Papers which are necessary to enable Borrower
\n to qualify for such Borrowing.<\/p>\n
Each Notice of Borrowing delivered to Administrative Agent shall constitute the
\nrepresentation and warranty by Borrower to Administrative Agent that the
\nstatements in CLAUSES (c) and (d) above are true and correct in all respects.
\nEach condition precedent in this Agreement is material to the transactions
\ncontemplated in this Agreement, and time is of the essence in respect of each
\nthereof. Subject to the prior approval of Determining Lenders, Lenders may fund
\nany Borrowing without all conditions being satisfied, but, to the extent
\npermitted by Law, the same shall not be deemed to be a waiver of the requirement
\nthat each such condition precedent be satisfied as a prerequisite for any
\nsubsequent funding unless Determining Lenders specifically waive each such item
\nin writing.<\/p>\n
SECTION 6 REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to
\nAdministrative Agent and Lenders as follows:<\/p>\n
6.1 PURPOSE OF CREDIT FACILITY. Borrower will use all proceeds of
\nBorrowings for general corporate purposes of the Restricted Companies,
\nincluding, without limitation, liquidity support for commercial paper. No
\nRestricted Company is engaged principally, or as one of its important
\nactivities, in the business of extending credit for the purpose of purchasing or
\ncarrying any “MARGIN STOCK” within the meaning of REGULATION U. No part of the
\nproceeds of any Borrowing will be used, directly or indirectly, for a purpose
\nwhich violates any Law, including, without limitation, the provisions of
\nRegulations T, U, and X (as enacted by the Board of Governors of the Federal
\nReserve System, as amended). “MARGIN STOCK” (as defined in REGULATION U)
\nconstitutes less than 25% of those assets of the Restricted Companies which are
\nsubject to any limitation on sale, pledge, or other similar restrictions
\nhereunder.<\/p>\n
6.2 EXISTENCE, GOOD STANDING, AUTHORITY, AND AUTHORIZATIONS. Each
\nRestricted Company is duly organized, validly existing, and in good standing
\nunder the Laws of its jurisdiction of organization. Except where failure could
\nnot be a Material Adverse Event, each Restricted Company (a) is duly qualified
\nto transact business and is in good standing in each jurisdiction where the
\nnature and extent of its business and properties require the same, and (b)
\npossesses all requisite authority, power, licenses, approvals, permits,
\nAuthorizations, and franchises to use its assets and conduct its business as is
\nnow being, or is contemplated herein to be, conducted, except where failure
\ncould not be a Material Adverse Event. No Authorization is required to
\nauthorize, or is required in connection with, the execution, delivery, legality,
\nvalidity, binding<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
35<\/p>\n
effect, performance, or enforceability of the Loan Papers consummated on or
\nprior to the date this representation or warranty (or reconfirmation thereof) is
\nmade under the Loan Papers, EXCEPT those Authorizations the failure of which to
\nbe obtained or made could not be a Material Adverse Event. The Restricted
\nCompanies have obtained all Authorizations of the FCC and any applicable PUC
\nnecessary to conduct their businesses, and all such Authorizations are in full
\nforce and effect, without conditions, EXCEPT such conditions as are generally
\napplicable to holders of such Authorizations. There are no violations of any
\nsuch Authorizations which could, individually or collectively, be a Material
\nAdverse Event, nor are there any proceedings pending or, to the knowledge of
\nBorrower, threatened against the Restricted Companies to revoke or limit any
\nsuch Authorization which could, individually or collectively, be a Material
\nAdverse Event, and Borrower has no knowledge that any such Authorizations will
\nnot be renewed in the ordinary course, EXCEPT for any nonrenewals that could not
\nbe a Material Adverse Event.<\/p>\n
6.3 AUTHORIZATION AND CONTRAVENTION. The execution, delivery, and
\nperformance by Borrower of each Loan Paper and its obligations thereunder (a)
\nare within the corporate power of Borrower, (b) will have been duly authorized
\nby all necessary corporate action on the part of Borrower when such Loan Paper
\nis executed and delivered, (c) require no action by or in respect of, consent
\nof, or filing with, any Governmental Authority, which action, consent, or filing
\nhas not been taken or made on or prior to the Closing Date, (d) will not violate
\nany provision of the charter or bylaws of Borrower, (e) will not violate any
\nprovision of Law applicable to it, other than such violations which individually
\nor collectively could not be a Material Adverse Event, (f) will not violate any
\nmaterial written or oral agreements, contracts, commitments, or undertakings to
\nwhich it is a party, other than such violations which could not be a Material
\nAdverse Event, and (g) will not result in the creation or imposition of any Lien
\non any asset of any Consolidated Company that is material in relation to the
\nConsolidated Companies taken as a whole.<\/p>\n
6.4 BINDING EFFECT. Upon execution and delivery by all parties thereto,
\neach Loan Paper will constitute a legal, valid, and binding obligation of
\nBorrower, enforceable against Borrower in accordance with its terms, except as
\nenforceability may be limited by applicable Debtor Relief Laws and general
\nprinciples of equity.<\/p>\n
6.5 FINANCIAL STATEMENTS. The Current Financials were prepared in
\naccordance with GAAP and present fairly, in all material respects, the
\nconsolidated financial condition, results of operations, and cash flows of the
\nConsolidated Companies as of and for the portion of the fiscal year ending on
\nthe date or dates thereof (subject only to normal year-end audit adjustments).
\nThere were no material liabilities, direct or indirect, fixed or contingent, of
\nthe Consolidated Companies as of the date or dates of the Current Financials
\nwhich are required under GAAP to be reflected therein or in the notes thereto,
\nand are not so reflected.<\/p>\n
6.6 LITIGATION, CLAIMS, INVESTIGATIONS. No Restricted Company is subject
\nto, or aware of the threat of, any Litigation which is reasonably likely to be
\ndetermined adversely to any Restricted Company, and, if so adversely determined,
\ncould (individually or collectively with other Litigation) be a Material Adverse
\nEvent. There are no judgments, decrees, or orders of any Governmental Authority
\noutstanding against any Restricted Company that could be a Material Adverse
\nEvent.<\/p>\n
6.7 TAXES. All Tax returns of each Consolidated Company required to be
\nfiled have been filed (or extensions have been granted) prior to delinquency,
\nexcept for any such returns for which the failure to so file could not be a
\nMaterial Adverse Event, and all Taxes imposed upon each Consolidated Company
\nwhich are due and payable have been paid prior to delinquency, OTHER THAN Taxes
\nfor which the criteria for Liens permitted under SECTION 7.13(f) have been
\nsatisfied or for which nonpayment thereof could not constitute a Material
\nAdverse Event.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
36<\/p>\n
6.8 ENVIRONMENTAL MATTERS. No Consolidated Company (a) knows of any
\nenvironmental condition or circumstance, such as the presence or Release of any
\nHazardous Substance, on any property presently or previously owned by any
\nConsolidated Company that could be a Material Adverse Event, (b) knows of any
\nviolation by any Consolidated Company of any Environmental Law, except for such
\nviolations that could not be a Material Adverse Event, or (c) knows that any
\nConsolidated Company is under any obligation to remedy any violation of any
\nEnvironmental Law, except for such obligations that could not be a Material
\nAdverse Event; PROVIDED, HOWEVER, THAT each Consolidated Company (x) to the best
\nof its knowledge, has in full force and effect all environmental permits,
\nlicenses, and approvals required to conduct its operations and is operating in
\nsubstantial compliance thereunder, and (y) has taken prudent steps to determine
\nthat its properties and operations are not in violation of any Environmental
\nLaw.<\/p>\n
6.9 ERISA COMPLIANCE. (a) No Employee Plan has incurred an accumulated
\nfunding deficiency, as defined in SECTION 302 of ERISA and SECTION 412 of the
\nCode, (b) neither Borrower nor any ERISA Affiliate has incurred material
\nliability which is currently due and remains unpaid under TITLE IV of ERISA to
\nthe PBGC or to an Employee Plan in connection with any such Employee Plan, (c)
\nneither Borrower nor any ERISA Affiliate has withdrawn in whole or in part from
\nparticipation in a Multiemployer Plan, (d) Borrower has not engaged in any
\n“PROHIBITED TRANSACTION” (as defined in SECTION 406 of ERISA or SECTION 4975 of
\nthe Code) which would be a Material Adverse Event, and (e) no Reportable Event
\nhas occurred which is likely to result in the termination of an Employee Plan.
\nThe present value of all benefit liabilities within the meaning of TITLE IV of
\nERISA under each Employee Plan (based on those actuarial assumptions used to
\nfund such Employee Plan) did not, as of the last annual valuation date for the
\n1999 plan year of such Plan, exceed the value of the assets of such Employee
\nPlan, and the total present values of all benefit liabilities within the meaning
\nof TITLE IV of ERISA of all Employee Plans (based on the actuarial assumptions
\nused to fund each such Plan) did not, as of the respective annual valuation
\ndates for the 1999 plan year of each such Plan, exceed the value of the assets
\nof all such plans.<\/p>\n
6.10 PROPERTIES; LIENS. Each Restricted Company has good and marketable
\ntitle to (or, in the case of Rights of Way, the right to use) all its property
\nreflected on the Current Financials, EXCEPT for (a) property that is obsolete,
\n(b) property that has been disposed of in the ordinary course of business, (c)
\nproperty with title defects or failures in title which would not be a Material
\nAdverse Event, or (d) as otherwise permitted by the Loan Papers. Except for
\nLiens permitted in SECTION 7.13, there is no Lien on any property of any
\nRestricted Company, and the execution, delivery, performance, or observance of
\nthe Loan Papers will not require or result in the creation of any Lien on such
\nproperty.<\/p>\n
6.11 GOVERNMENT REGULATIONS. No Restricted Company is subject to
\nregulation under the INVESTMENT COMPANY ACT OF 1940, as amended, the PUBLIC
\nUTILITY HOLDING COMPANY ACT OF 1935, as amended, or any other Law (other than
\nREGULATIONS T, U, and X of the Board of Governors of the Federal Reserve System
\nand the requirements of any PUC or public service commission) which regulates
\nthe incurrence of Debt.<\/p>\n
6.12 NO DEFAULT. No event has occurred and is continuing or would result
\nfrom the incurring of obligations by Borrower under this Agreement or any other
\nLoan Paper which constitutes a Default or a Potential Default. No Restricted
\nCompany is in default under or with respect to any material written or oral
\nagreements, contracts, commitments, or undertakings to which any Restricted
\nCompany is party (including without limitation, the Existing Agreement), which
\ncould, individually or together with all such defaults, be a Material Adverse
\nEvent.<\/p>\n
6.13 SENIOR INDEBTEDNESS. All of the Obligation constitutes “SENIOR
\nINDEBTEDNESS” or “SENIOR DEBT” (or ranks at least PARI PASSU with other senior
\nand unsubordinated indebtedness) under the terms of<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
37<\/p>\n
the Indentures to which Borrower is a party or any other unsecured senior Debt
\nor secured or unsecured subordinated Debt of Borrower.<\/p>\n
SECTION 7 COVENANTS. Borrower covenants and agrees (and agrees to cause each
\nother Restricted Company and Consolidated Company to the extent any covenant is
\napplicable to such Restricted Company or Consolidated Company) to perform,
\nobserve, and comply with each of the following covenants, from the Closing Date
\nand SO LONG THEREAFTER AS Lenders are committed to fund Borrowings under this
\nAgreement and thereafter until the payment in full of the Principal Debt and
\npayment in full of all other interest, fees, and other amounts of the Obligation
\nthen due and owing, UNLESS Borrower receives a prior written consent to the
\ncontrary by Administrative Agent as authorized by Determining Lenders:<\/p>\n
7.1 USE OF PROCEEDS. Borrower shall use the proceeds of Borrowings only
\nfor the purposes represented herein.<\/p>\n
7.2 BOOKS AND RECORDS. The Consolidated Companies shall maintain books,
\nrecords, and accounts necessary to prepare financial statements in accordance
\nwith GAAP (with such exceptions as may be noted in the Current Financials
\nprovided to Administrative Agent).<\/p>\n
7.3 ITEMS TO BE FURNISHED. Borrower shall cause the following to be
\nfurnished to Administrative Agent for delivery to Lenders:<\/p>\n
(a) Promptly after preparation, and no later than 110 days after the
\n last day of each fiscal year of Borrower, Financial Statements showing the
\n consolidated financial condition and results of operations calculated for
\n the Consolidated Companies (or in lieu thereof the FORM 10-K of the
\n Consolidated Companies filed with the Securities and Exchange Commission
\n for such fiscal year), accompanied by:<\/p>\n
(i) the unqualified opinion of a firm of nationally-recognized
\n independent certified public accountants, based on an audit using
\n generally accepted auditing standards, that such Financial
\n Statements (calculated with respect to the Consolidated Companies)
\n were prepared in accordance with GAAP and present fairly the
\n consolidated financial condition and results of operations of the
\n Consolidated Companies;<\/p>\n
(ii) a certificate from such accounting firm to Administrative
\n Agent indicating that during its audit it obtained no knowledge of
\n any Default or Potential Default or, if it obtained such knowledge,
\n the nature and period of existence thereof; and<\/p>\n
(iii) a Compliance Certificate with respect to such Financial
\n Statements.<\/p>\n
(b) Promptly after preparation, and no later than 65 days after the
\n last day of each fiscal quarter of Borrower (other than the fourth fiscal
\n quarter of each fiscal year), Financial Statements showing the
\n consolidated financial condition and results of operations calculated for
\n the Consolidated Companies (or in lieu thereof the FORM 10-Q of the
\n Consolidated Companies filed with the Securities and Exchange Commission
\n for such fiscal quarter), accompanied by a Compliance Certificate with
\n respect to such Financial Statements.<\/p>\n
(c) Notice, promptly after Borrower knows or has reason to know of
\n (i) the existence and status of any Litigation which could be a Material
\n Adverse Event, or of any order or judgment for the payment of money which
\n (individually or collectively) is in excess of $100,000,000, or any<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
38<\/p>\n
warrant of attachment, sequestration or similar proceeding against a
\n Consolidated Company’s assets having a value (individually or
\n collectively) of $100,000,000; (ii) any other Litigation affecting the
\n Restricted Companies which Borrower would be required to report to the
\n Securities and Exchange Commission pursuant to the Securities and Exchange
\n Act of 1934, as amended, within four Business Days after reporting the
\n same to the Securities and Exchange Commission; (iii) a Default or
\n Potential Default, specifying the nature thereof and what action Borrower
\n or any other Consolidated Company has taken, is taking, or proposes to
\n take with respect thereto; (iv) the receipt by any Consolidated Company of
\n any notice from any Governmental Authority of the expiration without
\n renewal, termination, material modification or suspension of, or
\n institution of any proceedings to terminate, materially modify, or
\n suspend, any Authorization granted by the FCC or any applicable PUC, or
\n any other Authorization which any Consolidated Company is required to hold
\n in order to operate its business in compliance with all applicable Laws,
\n other than such expirations, terminations, suspensions, or modifications
\n which individually or in the aggregate would not constitute a Material
\n Adverse Event; (v) a default or event of default under any material
\n agreement of any Restricted Company which could be a Material Adverse
\n Event; (vi) the receipt by any Consolidated Company of notice of any
\n violation or alleged violation of any Environmental Law, which violation
\n or alleged violation could individually or collectively with other such
\n violations or allegations, constitute a Material Adverse Event; or (vii)
\n (A) the occurrence of a Reportable Event that, alone or TOGETHER WITH any
\n other Reportable Event, could reasonably be expected to result in
\n liability of Borrower to the PBGC in an aggregate amount exceeding
\n $100,000,000; (B) any expressed statement in writing on the part of the
\n PBGC of its intention to terminate any Employee Plan or Plans; (C)
\n Borrower’s or an ERISA Affiliate’s becoming obligated to file with the
\n PBGC a notice of failure to make a required installment or other payment
\n with respect to an Employee Plan; or (D) the receipt by Borrower or an
\n ERISA Affiliate from the sponsor of a Multiemployer Plan of either a
\n notice concerning the imposition of withdrawal liability in an aggregate
\n amount exceeding $100,000,000 or of the impending termination or
\n reorganization of such Multiemployer Plan.<\/p>\n
(d) Promptly upon request therefor by Administrative Agent or
\n Lenders holding, in the aggregate, at least 25% of the Commitment (prior
\n to the Term Conversion Date) or 25% of the Principal Debt (on and after
\n the Term Conversion Date) (through Administrative Agent), such information
\n (not otherwise required to be furnished under the Loan Papers) respecting
\n the business affairs, assets, and liabilities of the Consolidated
\n Companies, and such opinions, certifications and documents, in addition to
\n those mentioned in this Agreement, as reasonably requested.<\/p>\n
7.4 INSPECTIONS. On and after the occurrence of any Potential Default or
\nDefault, the Consolidated Companies shall allow Administrative Agent or any
\nLender (or their respective Representatives) to inspect any of their properties,
\nto review reports, files, and other records and to make and take away copies
\nthereof, to conduct tests or investigations, and to discuss any of their
\naffairs, conditions, and finances with the Consolidated Companies’ other
\ncreditors, directors, officers, employees, other representatives, and
\nindependent accountants, from time to time, during reasonable business hours, as
\noften as may be desired, and all at the expense of Borrower.<\/p>\n
7.5 TAXES. Each Consolidated Company (a) shall promptly pay when due any
\nand all Taxes OTHER THAN Taxes the applicability, amount, or validity of which
\nis being contested in good faith by lawful proceedings diligently conducted, and
\nagainst which reserve or other provision required by GAAP has been made, and in
\nrespect of which levy and execution of any lien securing same have been and
\ncontinue to be stayed, and (b) shall not, directly or indirectly, use any
\nportion of the proceeds of any Borrowing to pay the wages of employees unless a
\ntimely payment to or deposit with the appropriate Governmental Authorities of
\nall amounts of Tax required to be deducted and withheld with respect to such
\nwages is also made.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
39<\/p>\n
7.6 PAYMENT OF OBLIGATIONS. Borrower shall pay the Obligation in
\naccordance with the terms and provisions of the Loan Papers. Each Restricted
\nCompany shall promptly pay (or renew and extend) all of its material obligations
\nas the same become due (unless such obligations [other than the Obligation
\narising under the Loan Papers] are being contested in good faith by appropriate
\nproceedings).<\/p>\n
7.7 MAINTENANCE OF EXISTENCE, ASSETS, AND BUSINESS. Except as otherwise
\npermitted by SECTION 7.20, each Restricted Company shall at all times: (a)
\nmaintain its existence and good standing in the jurisdiction of its organization
\nand its authority to transact business in all other jurisdictions where the
\nfailure to so maintain its authority to transact business could be a Material
\nAdverse Event; (b) maintain all licenses, permits, and franchises necessary for
\nits business where the failure to so maintain could be a Material Adverse Event;
\n(c) keep all of its assets which are useful in and necessary to its business in
\ngood working order and condition (ordinary wear and tear excepted) and make all
\nnecessary repairs thereto and replacements thereof, except where the failure to
\ndo so would not be a Material Adverse Event; and (d) do all things necessary to
\nobtain, renew, extend, and continue in effect all Authorizations issued by the
\nFCC or any applicable PUC which may at any time and from time to time be
\nnecessary for the Consolidated Companies to operate their businesses in
\ncompliance with applicable Law, where the failure to so renew, extend, or
\ncontinue in effect could be a Material Adverse Event.<\/p>\n
7.8 INSURANCE. Each Consolidated Company shall, at its cost and expense,
\nmaintain insurance with financially sound and reputable insurers, in such
\namounts, and covering such risks, as shall be ordinary and customary for similar
\ncompanies in the industry, EXCEPT where the failure to so maintain would not be
\na Material Adverse Event.<\/p>\n
7.9 PRESERVATION AND PROTECTION OF RIGHTS. Each Consolidated Company shall
\nperform such acts and duly authorize, execute, acknowledge, deliver, file, and
\nrecord any additional agreements, documents, instruments, and certificates as
\nAdministrative Agent or Determining Lenders may reasonably deem necessary or
\nappropriate in order to preserve and protect the Rights of Administrative Agent
\nand Lenders under any Loan Paper.<\/p>\n
7.10 EMPLOYEE BENEFIT PLANS. Borrower shall not directly or indirectly,
\nengage in any “PROHIBITED TRANSACTION” (as defined in SECTION 406 of ERISA or
\nSECTION 4975 of the Code), and Borrower and its ERISA Affiliates shall not,
\ndirectly or indirectly, (a) incur any “ACCUMULATED FUNDING DEFICIENCY” as such
\nterm is defined in SECTION 302 of ERISA and SECTION 412 of the Code with respect
\nto any Employee Plan, (b) permit any Employee Plan to be subject to involuntary
\ntermination proceedings pursuant to TITLE IV of ERISA, or (c) fully or partially
\nwithdraw from any Multiemployer Plan, if such prohibited transaction,
\naccumulated funding deficiency, termination proceeding, or withdrawal would
\nresult in liability on the part of Borrower in excess of $100,000,000.<\/p>\n
7.11 ENVIRONMENTAL LAWS. Each Consolidated Company shall (a) conduct its
\nbusiness so as to comply with all applicable Environmental Laws and shall
\npromptly take corrective action to remedy any non-compliance with any
\nEnvironmental Law, except where the failure to so comply or correct would not be
\na Material Adverse Event; (b) shall promptly investigate and remediate any known
\nRelease or threatened Release of any Hazardous Substance on any property owned
\nby any Consolidated Company or at any facility operated by any Consolidated
\nCompany to the extent and degree necessary to comply with Law and to assure that
\nany Release or threatened Release does not result in a substantial endangerment
\nto human health or the environment, except where the failure to do so would not
\nbe a Material Adverse Event; and (c) establish and maintain a management system
\ndesigned to ensure compliance with applicable Environmental Laws and
\nminimize financial and other risks to each Consolidated Company arising under
\napplicable Environmental Laws or as a result of environmentally-related injuries
\nto Persons or property.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
40<\/p>\n
7.12 DEBT. No Restricted Company shall, directly or indirectly, create,
\nincur, or suffer to exist any direct, indirect, fixed, or contingent liability
\nfor any Debt, OTHER THAN:<\/p>\n
(a) The Obligation;<\/p>\n
(b) Existing Debt;<\/p>\n
(c) Debt incurred by any Restricted Company under the Multi-Year
\n Agreement;<\/p>\n
(d) Debt arising under the Existing Agreement;<\/p>\n
(e) Debt incurred by any Restricted Company under any Financial
\n Hedge with any Lender or an Affiliate of any Lender;<\/p>\n
(f) Debt between Restricted Companies, SO LONG AS any such
\n inter-company Debt owed by Borrower to any other Restricted Company is
\n unsecured; or Debt of any Restricted Company to the Receivables
\n Subsidiary; and<\/p>\n
(g) Debt of any Restricted Company not otherwise permitted by this
\n SECTION 7.12, SO LONG AS (i) no Default or Potential Default exists on the
\n date any such Debt is created, incurred, or assumed or arises after giving
\n effect to such Debt incurrence; and (ii) if such Debt is secured, on the
\n date any such secured Debt is created, incurred, or assumed, the principal
\n amount of such secured Debt, when aggregated with the principal amount of
\n all other secured Debt of the Restricted Companies incurred in accordance
\n with this SECTION 7.12(g), does not exceed 10% of the book value of the
\n consolidated assets of the Restricted Companies determined as of the date
\n of, and with respect to, the Current Financials and the related Compliance
\n Certificate.<\/p>\n
Notwithstanding anything in this SECTION 7.12 to the contrary, the aggregate
\nprincipal amount of all Debt of the Restricted Subsidiaries may not exceed, on
\nany date of determination, the SUM of (i) 10% of the book value of the
\nconsolidated assets of the Restricted Companies, determined as of the date of,
\nand with respect to, the Current Financials and the related Compliance
\nCertificate, PLUS, (ii) on and after the effective date of any designation of
\nIntermedia and its Subsidiaries as “RESTRICTED SUBSIDIARIES” hereunder, the
\nprincipal amount of all Existing Debt of Intermedia and its Subsidiaries
\nexisting on the Intermedia Merger Date (as renewed, refinanced, or extended, but
\nnot increased).<\/p>\n
7.13 LIENS. No Restricted Company will, directly or indirectly, create,
\nincur, or suffer or permit to be created or incurred or to exist any Lien upon
\nany of its assets, EXCEPT:<\/p>\n
(a) Liens securing Debt permitted to be incurred or outstanding
\n under SECTION 7.12(b) and SECTION 7.12(g), SO LONG AS (i) with respect to
\n Liens securing Existing Debt, such Liens are limited to the assets
\n securing such Existing Debt on the Closing Date (in the case of Existing
\n Debt described in Part A of Schedule 7.12) or on the Intermedia Merger
\n Date (in the case of Existing Debt described in Part B of Schedule 7.12),
\n (ii) no Default or Potential Default exists on the date any such Lien is
\n granted or created, (iii) the aggregate amount of all Debt secured by such
\n Liens does not exceed the aggregate amount of secured Debt permitted by
\n SECTIONS 7.12(b) and 7.12(G)(ii); and (iv) the aggregate amount of Debt of
\n Restricted Subsidiaries secured by such Liens does not exceed the amount
\n of Restricted Subsidiary Debt permitted under SECTION 7.12;<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
41<\/p>\n
(b) Pledges or deposits made to secure payment of worker’s
\n compensation, or to participate in any fund in connection with worker’s
\n compensation, unemployment insurance, pensions, or other social security
\n programs, other than Liens imposed by ERISA;<\/p>\n
(c) Good-faith pledges or deposits made to secure performance of
\n bids, tenders, insurance, or other contracts (OTHER THAN for the repayment
\n of borrowed money), or leases, or to secure statutory obligations, surety
\n or appeal bonds, or indemnity, performance, or other similar bonds as all
\n such Liens arise in the ordinary course of business of the Restricted
\n Companies;<\/p>\n
(d) Encumbrances consisting of zoning restrictions, easements, or
\n other restrictions on the use of real property, none of which impair in
\n any material respect the use of such property by the Person in question in
\n the operation of its business, and none of which is violated by existing
\n or proposed structures or land use;<\/p>\n
(e) If no Lien has been agreed to or filed in any jurisdiction, (i)
\n claims and Liens for Taxes not yet due and payable, (ii) mechanic’s Liens
\n and materialmen’s Liens for services or materials and similar Liens
\n incident to construction and maintenance of real property, in each case
\n for which payment is not yet due and payable, (iii) landlord Liens for
\n rental not yet due and payable, and (iv) Liens of warehousemen and
\n carriers and similar Liens securing obligations that are not yet due and
\n payable;<\/p>\n
(f) The following, SO LONG AS the validity or amount thereof is
\n being contested in good faith and by appropriate and lawful proceedings
\n diligently conducted, reserve or other appropriate provision (if any)
\n required by GAAP shall have been made, levy and execution thereon have
\n been stayed and continue to be stayed, and they do not in the aggregate
\n materially detract from the value of the property of the Person in
\n question, or materially impair the use thereof in the operation of its
\n business: (i) claims and Liens for Taxes (other than Liens relating to
\n Environmental Laws or ERISA); (ii) claims and Liens upon, and defects of
\n title to, real or personal property, including any attachment of personal
\n or real property or other legal process prior to adjudication of a dispute
\n of the merits; (iii) claims and Liens of mechanics, materialmen,
\n warehousemen, carriers, landlords, or other like Liens; and (iv) adverse
\n judgments on appeal;<\/p>\n
(g) Liens on the Receivables Program Assets created pursuant to any
\n Receivables Documents evidencing Accounts Receivable Financing permitted
\n by SECTION 7.19(d) and reasonable and customary reserves established in
\n connection with the sale of Receivables permitted under SECTION 7.19(d);
\n and<\/p>\n
(h) Any attachment or judgment Lien not constituting a Default or
\n Potential Default.<\/p>\n
7.14 TRANSACTIONS WITH AFFILIATES. Except for those transactions listed on
\nSCHEDULE 7.14, no Restricted Company shall enter into any material transaction
\nwith any of its Affiliates (excluding transactions among or between Restricted
\nCompanies), OTHER THAN (i) transactions in the ordinary course of business and
\nupon fair and reasonable terms not materially less favorable than such
\nRestricted Company could obtain or could become entitled to in an arm’s-length
\ntransaction with a Person that was not its Affiliate and (ii) sales and
\ncontributions of Receivables Program Assets from Borrower or certain Restricted
\nSubsidiaries to the Receivables Subsidiary pursuant to an Accounts Receivable
\nFinancing permitted by SECTION 7.19(d); PROVIDED, THAT, for the purposes hereof,
\ndeterminations of materiality shall be made in the good faith judgment of
\nBorrower with respect to the Restricted Companies taken as a whole.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
42<\/p>\n
7.15 COMPLIANCE WITH LAWS AND DOCUMENTS. No Restricted Company shall
\nviolate the provisions of any Laws applicable to it, including, without
\nlimitation, all rules and regulations promulgated by the FCC or any applicable
\nPUC, or any material written or oral agreement, contract, commitment, or
\nundertaking to which it is a party, if such violation alone, or when aggregated
\nwith all other such violations, could be a Material Adverse Event; no
\nConsolidated Company shall violate the provisions of its charter or bylaws, or
\nmodify, repeal, replace, or amend any provision of its charter or bylaws, if
\nsuch action could adversely affect the Rights of Lenders.<\/p>\n
7.16 ASSIGNMENT. Without the express written consent of all Lenders,
\nBorrower shall not assign or transfer any of its Rights, duties, or obligations
\nunder any of the Loan Papers.<\/p>\n
7.17 PERMITTED DISTRIBUTIONS. Borrower may not, directly or indirectly,
\ndeclare, make, or pay any Distributions if any Default or Potential Default
\nexists or will exist after giving effect to any such Distribution. Any
\nDistribution permitted hereunder is permitted only to the extent such
\nDistribution is made in accordance with applicable Law and constitutes a valid,
\nnon-voidable transaction.<\/p>\n
7.18 RESTRICTIONS ON SUBSIDIARIES. No Restricted Subsidiary shall,
\ndirectly or indirectly, enter into or permit to exist any material arrangement
\nor agreement (other than the Loan Papers) which directly or indirectly prohibits
\nany such Restricted Subsidiary from (a) declaring, making, or paying, directly
\nor indirectly, any Distribution to Borrower or any other Restricted Subsidiary,
\n(b) paying any Debt owed to Borrower or any other Restricted Subsidiary, (c)
\nmaking loans, advances, or investments to Borrower or any other Restricted
\nSubsidiary, or (d) transferring any of its property or assets to Borrower or any
\nother Restricted Subsidiary.<\/p>\n
7.19 SALE OF ASSETS. No Restricted Company shall, directly or indirectly,
\nsell, assign, transfer, or otherwise dispose of any of its assets except: (a)
\ndisposition of obsolete or worn-out property or real property no longer used or
\nuseful in its business; (b) the sale, discount, or transfer of delinquent
\naccounts receivable in the ordinary course of business for purposes of
\ncollection; (c) sales of inventory in the ordinary course of business; (d) the
\nsale, assignment, transfer, or other disposition of undivided percentage
\ninterests in the Receivables Program Assets pursuant to any Accounts Receivables
\nFinancing, SO LONG AS the aggregate Accounts Receivable Financing Amount payable
\nfrom the Receivables Program Assets to the purchasers under all such Accounts
\nReceivable Financings does not exceed $2,000,000,000 on any date of
\ndetermination; (e) asset sales between Restricted Companies; and (f) if no
\nDefault or Potential Default then exists or arises as a result thereof,
\nadditional sales or disposition of other assets, if after giving effect to such
\nsales or disposition, the aggregate book value of assets sold on and after the
\nClosing Date, does not exceed 20% of the book value of the consolidated assets
\nof the Restricted Companies determined as of the date of, and with respect to,
\nthe Current Financials and the related Compliance Certificate.<\/p>\n
7.20 MERGERS AND DISSOLUTIONS. No Restricted Company will, directly or
\nindirectly, merge or consolidate with any other Person, other than (a) mergers
\nor consolidations by Borrower with another Person; (b) mergers or consolidations
\nby any Restricted Subsidiary with another Person, if a Restricted Subsidiary is
\nthe surviving or resulting entity; (c) mergers or consolidations among
\nRestricted Companies; (d) as previously approved by Determining Lenders; and (e)
\nmergers or consolidations between Restricted Companies and Unrestricted
\nSubsidiaries; PROVIDED THAT, under this SECTION 7.20, unless previously approved
\nby Determining Lenders, (i) in any merger or consolidation involving Borrower,
\nBorrower or a Permitted Successor Corporation must be the surviving or resulting
\nentity, (ii) in any merger or consolidation involving a Wholly-owned Restricted
\nSubsidiary, a Wholly-owned Subsidiary must be the surviving or resulting entity;
\nand, (iii) in any merger or consolidation involving any other Restricted Company
\n(including any acquisition effected as a merger), a Restricted Subsidiary must
\nbe the surviving or resulting entity. No Restricted<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
43<\/p>\n
Company shall liquidate, wind up, or dissolve (or suffer any liquidation or
\ndissolution), other than (x) liquidations, wind ups, or dissolutions incident to
\nmergers or consolidations permitted under this SECTION 7.20, or (y)
\nliquidations, wind ups, or dissolutions of a Restricted Subsidiary if no Default
\nor Potential Default exists or would result therefrom and its proportionate
\nshare of assets (if any) are transferred to a Restricted Company.<\/p>\n
7.21 DESIGNATION OF UNRESTRICTED COMPANIES. So long as no Default or
\nPotential Default exists or arises as a result thereof, Borrower may from time
\nto time designate a Subsidiary as an Unrestricted Subsidiary or designate an
\nUnrestricted Subsidiary as a Restricted Subsidiary; PROVIDED THAT, Borrower
\nshall (a) provide Administrative Agent written notification of such designation,
\nand (b) deliver to Administrative Agent a Compliance Certificate demonstrating
\npro-forma compliance with SECTIONS 7.12 and 7.22 immediately prior to and after
\ngiving effect to such designation.<\/p>\n
7.22 FINANCIAL COVENANT. As calculated on a consolidated basis for the
\nRestricted Companies, Borrower shall never permit the ratio of Total Debt to
\nTotal Capitalization, on any date of determination, to exceed 0.68 to 1.00.<\/p>\n
SECTION 8 DEFAULT. The term “DEFAULT” means the occurrence of any one or more of
\nthe following events:<\/p>\n
8.1 PAYMENT OF OBLIGATION. The failure or refusal of (a) Borrower to pay
\n(i) Principal Debt within three days after the same becomes due in accordance
\nwith the Loan Papers; (ii) interest, fees, or any other part of the Obligation
\nwithin five days after the same becomes due and payable in accordance with the
\nLoan Papers; or (iii) the indemnifications and reimbursements provided for in
\nSECTIONS 3.15, 3.19, and 3.20 within ten days after demand therefor as required
\nby such Sections; or (b) any Restricted Company to punctually and properly
\nperform, observe, and comply with SECTION 9.12 or with any other provision in
\nthe Loan Papers setting forth indemnification or reimbursement obligations
\n(other than pursuant to SECTIONS 3.15, 3.19, and 3.20) of the Restricted
\nCompanies, and such failure or refusal continues for 15 days.<\/p>\n
8.2 COVENANTS. The failure or refusal of Borrower (and, if applicable, any
\nother Consolidated Company) to punctually and properly perform, observe, and
\ncomply with: (a) any covenant, agreement, or condition contained in SECTIONS
\n7.1, 7.12, 7.13 (other than by reason of attachment or involuntary Lien), 7.16,
\n7.17, and 7.19 through 7.21;, (b) any covenant, agreement, or condition
\ncontained in SECTION 7.13 (if by reason of an attachment or involuntary Lien),
\n7.18, and 7.22, which failure or refusal continues for 15 days; or (c) any other
\ncovenant, agreement, or condition contained in any Loan Paper (OTHER THAN the
\ncovenants to pay the Obligation set forth in SECTION 8.1 and the covenants in
\nCLAUSES (a) and (b) hereof), which failure or refusal continues for 30 days.<\/p>\n
8.3 DEBTOR RELIEF. Borrower or any Material Subsidiary (a) shall not be
\nSolvent, (b) fails to pay its Debts generally as they become due, (c)
\nvoluntarily seeks, consents to, or acquiesces in the benefit of any Debtor
\nRelief Law, OTHER THAN as a creditor or claimant, or (d) becomes a party to or
\nis made the subject of any proceeding provided for by any Debtor Relief Law,
\nOTHER THAN as a creditor or claimant, that could suspend or otherwise adversely
\naffect the Rights of Administrative Agent or any Lender granted in the Loan
\nPapers (UNLESS, in the event such proceeding is involuntary, the petition
\ninstituting same is dismissed within 60 days after its filing).<\/p>\n
8.4 JUDGMENTS AND ATTACHMENTS. Any Restricted Company fails, within 60
\ndays after entry, to pay, bond, or otherwise discharge any one or more judgments
\nor orders for the payment of money (not paid or fully covered by insurance) in
\nexcess of $100,000,000 (individually or collectively) or the equivalent<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
44<\/p>\n
thereof in another currency or currencies, or any warrant of attachment,
\nsequestration, or similar proceeding against any Restricted Company’s assets
\nhaving a value (individually or collectively) of $100,000,000 or the equivalent
\nthereof in another currency or currencies, which is not either (a) stayed on
\nappeals; (b) being diligently contested in good faith by appropriate proceedings
\nwith adequate reserves having been set aside on the books of such Restricted
\nCompany in accordance with GAAP, or (c) dismissed by a court of competent
\njurisdiction.<\/p>\n
8.5 MISREPRESENTATION. Any representation or warranty made by any
\nConsolidated Company contained in any Loan Paper shall at any time prove to have
\nbeen incorrect in any material respect when made.<\/p>\n
8.6 CHANGE OF CONTROL. (a) A Responsible Officer or Officers become the
\n“BENEFICIAL OWNER” (as defined in RULE 13(D)(3) under the 1934 Act and herein so
\ncalled) of 50% or more of the Voting Stock of Borrower; (b) any Special
\nShareholder or Special Shareholders become beneficial owners of 50% or more of
\nthe Voting Stock of Borrower; or (c) any other Person or two or more Persons
\n(acting within the meaning of RULE 13(D)(3) under the 1934 Act), OTHER THAN
\nPersons described in CLAUSE (A) hereof, become the beneficial owner of 20% or
\nmore of the Voting Stock of Borrower. As used herein, “SPECIAL SHAREHOLDERS”
\nshall mean (i) any Person or two or more Persons (acting within the meaning of
\nRULE 13(D)(3) under the 1934 Act) who were on December 4, 1992 (or prior to any
\nchange in beneficial ownership were) beneficial owners of 20% or more of the
\nVoting Stock of LDDS Communications, Inc., a Tennessee corporation and the
\npredecessor of Borrower, or immediately prior to the merger between LDDS
\nCommunications, Inc., a Tennessee corporation, and Advanced Telecommunications
\nCorporation, a Delaware corporation, were beneficial owners of 20% or more of
\nthe Voting Stock of either such company, and (ii) Metromedia Company, a Delaware
\ngeneral partnership.<\/p>\n
8.7 DEFAULT UNDER OTHER AGREEMENTS. (a) The occurrence and continuance of
\na “DEFAULT” under the Multi-Year Agreement or the Existing Agreement; (b) any
\ndefault exists under any agreement to which a Restricted Company is a party, the
\neffect of which is to cause, or to permit any Person to cause, an amount of Debt
\nof such Restricted Company in excess (individually or collectively) of
\n$100,000,000 (or the equivalent thereof in another currency or currencies) to
\nbecome due and payable by any Restricted Company (whether by acceleration or by
\nits terms); or (c) any default exists under any material written or oral
\nagreement, contract, commitment, or undertaking to which a Restricted Company is
\na party, the effect of which would be a Material Adverse Event, unless, in the
\ncase of this CLAUSE (C), and SO LONG AS, such default is being contested by such
\nRestricted Company in good faith by appropriate proceedings, and adequate
\nreserves in respect thereof have been established on the books of such
\nRestricted Company to the extent required by GAAP.<\/p>\n
8.8 EMPLOYEE BENEFIT PLANS. (a) A Reportable Event or Reportable Events,
\nor a failure to make a required installment or other payment (within the meaning
\nof SECTION 412(N)(1) of the Code), shall have occurred with respect to any
\nEmployee Plan or Plans that is expected to result in liability of Borrower to
\nthe PBGC or to a Plan in an aggregate amount exceeding $100,000,000 and, within
\n30 days after the reporting of any such Reportable Event to Administrative Agent
\nor after the receipt by Administrative Agent of a statement required pursuant to
\nSECTION 7.3(C) hereof, Administrative Agent shall have notified Borrower in
\nwriting that (i) Determining Lenders have made a reasonable determination that,
\non the basis of such Reportable Event or Reportable Events or the failure to
\nmake a required payment, there are grounds under TITLE IV of ERISA for the
\ntermination of such Employee Plan or Plans by the PBGC, or the appointment by
\nthe appropriate United States district court of a trustee to administer such
\nEmployee Plan or Plans or the imposition of a Lien pursuant to SECTION 412(N) of
\nthe Code in favor of an Employee Plan and (ii) as a result thereof a Default
\nexists hereunder; or (b) Borrower or any ERISA Affiliate has provided to any
\naffected party<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
46<\/p>\n
a 60-day notice of intent to terminate an Employee Plan pursuant to a distress
\ntermination in accordance with SECTION 4041(C) of ERISA if the liability
\nexpected to be incurred as a result of such termination will exceed
\n$100,000,000; or (c) a trustee shall be appointed by a United States district
\ncourt to administer any such Employee Plan; or (d) the PBGC shall institute
\nproceedings (including giving notice of intent thereof) to terminate any such
\nEmployee Plan; or (e)(i) Borrower or any ERISA Affiliate shall have been
\nnotified by the sponsor of a Multiemployer Plan that it has incurred withdrawal
\nliability (within the meaning of SECTION 4201 of ERISA) to such Multiemployer
\nPlan, (ii) Borrower or such ERISA Affiliate does not have reasonable grounds for
\ncontesting such withdrawal liability or is not contesting such withdrawal
\nliability in a timely and appropriate manner and (iii) the amount of such
\nwithdrawal liability specified in such notice, when aggregated with all other
\namounts required to be paid to Multiemployer Plans in connection with withdrawal
\nliabilities (determined as of the date or dates of such notification), exceeds
\n$100,000,000; or (f) Borrower or any ERISA Affiliate shall have been notified by
\nthe sponsor of a Multiemployer Plan that such Multiemployer Plan is in
\nreorganization or is being terminated, within the meaning of TITLE IV of ERISA,
\nif solely as a result of such reorganization or termination the aggregate annual
\ncontributions of Borrower and its ERISA Affiliates to all Multiemployer Plans
\nthat are then in reorganization or have been or are being terminated have been
\nor will be increased over the amounts required to be contributed to such
\nMultiemployer Plans for their most recently completed plan years by an amount
\nexceeding $100,000,000.<\/p>\n
8.9 VALIDITY AND ENFORCEABILITY OF LOAN PAPERS. Any Loan Paper shall, at
\nany time after its execution and delivery and for any reason, cease to be in
\nfull force and effect in any material respect or be declared to be null and void
\n(other than in accordance with the terms hereof or thereof) or the validity or
\nenforceability thereof be contested by any Restricted Company party thereto or
\nany Restricted Company shall deny in writing that it has any or any further
\nliability or obligations under any Loan Paper to which it is a party.<\/p>\n
SECTION 9 RIGHTS AND REMEDIES.<\/p>\n
9.1 REMEDIES UPON DEFAULT.<\/p>\n
(a) If a Default exists under SECTION 8.3(C) or 8.3(D), the
\n commitment to extend credit hereunder shall automatically terminate and
\n the entire unpaid balance of the Obligation under this Agreement shall
\n automatically become due and payable without any action or notice of any
\n kind whatsoever.<\/p>\n
(b) If any Default exists, Administrative Agent may (and, subject to
\n the terms of SECTION 10, shall upon the request of Determining Lenders) or
\n Determining Lenders may, do any one or more of the following: (i) if the
\n maturity of the Obligation under this Agreement has not already been
\n accelerated under SECTION 9.1(A), declare the entire unpaid balance of the
\n Obligation under this Agreement, or any part thereof, immediately due and
\n payable, whereupon it shall be due and payable; (ii) terminate the
\n commitments of Lenders to extend credit hereunder; (iii) reduce any claim
\n to judgment; (iv) to the extent permitted by Law, exercise (or request
\n each Lender to, and each Lender shall be entitled to, exercise) the Rights
\n of offset or banker’s Lien against the interest of Borrower in and to
\n every account and other property of Borrower which are in the possession
\n of Administrative Agent or any Lender to the extent of the full amount of
\n the Obligation (to the extent permitted by Law, Borrower being deemed
\n directly obligated to each Lender in the full amount of the Obligation for
\n such purposes); and (v) exercise any and all other legal or equitable
\n Rights afforded by the Loan Papers, the Laws of the State of New York, or
\n any other applicable jurisdiction as Administrative Agent shall deem
\n appropriate, or otherwise, including, but not limited to, the Right to
\n bring suit or other proceedings before any Governmental Authority either
\n for specific performance<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
46<\/p>\n
of any covenant or condition contained in any of the Loan Papers or in aid
\n of the exercise of any Right granted to Administrative Agent or any Lender
\n in any of the Loan Papers.<\/p>\n
9.2 COMPANY WAIVERS. To the extent permitted by Law, Borrower hereby
\nwaives presentment and demand for payment, protest, notice of intention to
\naccelerate, notice of acceleration, and notice of protest and nonpayment, and
\nagrees that its liability with respect to the Obligation (or any part thereof),
\nshall not be affected by any renewal or extension in the time of payment of the
\nObligation (or any part thereof), by any indulgence, or by any release or change
\nin any security for the payment of the Obligation (or any part thereof).<\/p>\n
9.3 PERFORMANCE BY ADMINISTRATIVE AGENT. If any covenant, duty, or
\nagreement of any Consolidated Company is not performed in accordance with the
\nterms of the Loan Papers, after the occurrence and during the continuance of a
\nDefault, Administrative Agent may, at its option (but subject to the approval of
\nDetermining Lenders), perform or attempt to perform such covenant, duty, or
\nagreement on behalf of such Consolidated Company. In such event, any amount
\nexpended by Administrative Agent in such performance or attempted performance
\nshall be payable by Borrower to Administrative Agent on demand, shall become
\npart of the Obligation, and shall bear interest at the Default Rate from the
\ndate of such expenditure by Administrative Agent until paid. Notwithstanding the
\nforegoing, it is expressly understood that Administrative Agent does not assume
\nand shall never have, except by its express written consent, any liability or
\nresponsibility for the performance of any covenant, duty, or agreement of any
\nConsolidated Company.<\/p>\n
9.4 DELEGATION OF DUTIES AND RIGHTS. Agents and Lenders may perform any of
\ntheir duties or exercise any of their Rights under the Loan Papers by or through
\ntheir respective Representatives.<\/p>\n
9.5 NOT IN CONTROL. Nothing in any Loan Paper shall, or shall be deemed to
\n(a) give any Agent, or any Lender the Right to exercise control over the assets
\n(including real property), affairs, or management of any Consolidated Company,
\n(b) preclude or interfere with compliance by any Consolidated Company with any
\nLaw, or (c) require any act or omission by any Consolidated Company that may be
\nharmful to Persons or property. Any “MATERIAL ADVERSE EVENT” or other
\nmateriality qualifier in any representation, warranty, covenant, or other
\nprovision of any Loan Paper is included for credit documentation purposes only
\nand shall not, and shall not be deemed to, mean that any Agent, or any Lender
\nacquiesces in any non-compliance by any Consolidated Company with any Law or
\ndocument, or that any Agent, or any Lender does not expect the Consolidated
\nCompanies to promptly, diligently, and continuously carry out all appropriate
\nremoval, remediation, and termination activities required or appropriate in
\naccordance with all Environmental Laws. Neither Agents nor any Lender has any
\nfiduciary relationship with or fiduciary duty to Borrower or any Consolidated
\nCompany arising out of or in connection with the Loan Papers, and the
\nrelationship between Agents and Lenders, on the one hand, and Borrower, on the
\nother hand, in connection with the Loan Papers is solely that of debtor and
\ncreditor. The power of Agents and Lenders under the Loan Papers is limited to
\nthe Rights provided in the Loan Papers, which Rights exist solely to assure
\npayment and performance of the Obligation and may be exercised in a manner
\ncalculated by Agents and Lenders in their respective good faith business
\njudgment.<\/p>\n
9.6 COURSE OF DEALING. The acceptance by Administrative Agent or Lenders
\nat any time and from time to time of partial payment on the Obligation shall not
\nbe deemed to be a waiver of any Default then existing. No waiver by
\nAdministrative Agent, Determining Lenders, or Lenders of any Default shall be
\ndeemed to be a waiver of any other then-existing or subsequent Default. No delay
\nor omission by Administrative Agent, Determining Lenders, or Lenders in
\nexercising any Right under the Loan Papers shall impair such Right or be
\nconstrued as a waiver thereof or any acquiescence therein, nor shall any single
\nor<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
48<\/p>\n
partial exercise of any such Right preclude other or further exercise
\nthereof, or the exercise of any other Right under the Loan Papers or otherwise.<\/p>\n
9.7 CUMULATIVE RIGHTS. All Rights available to Administrative Agent and
\nLenders under the Loan Papers are cumulative of and in addition to all other
\nRights granted to Administrative Agent and Lenders at law or in equity, whether
\nor not the Obligation is due and payable and whether or not Administrative Agent
\nor Lenders have instituted any suit for collection, foreclosure, or other action
\nin connection with the Loan Papers.<\/p>\n
9.8 APPLICATION OF PROCEEDS. Any and all proceeds ever received by
\nAdministrative Agent or Lenders from the exercise of any Rights pertaining to
\nthe Obligation shall be applied to the Obligation in the order and manner set
\nforth in SECTION 3.11.<\/p>\n
9.9 CERTAIN PROCEEDINGS. Borrower will promptly execute and deliver, or
\ncause the execution and delivery of, all applications, certificates,
\ninstruments, registration statements, and all other documents and papers
\nAdministrative Agent or Lenders may reasonably request in connection with the
\nobtaining of any consent, approval, registration, qualification, permit,
\nlicense, or authorization of any Governmental Authority or other Person
\nnecessary or appropriate for the effective exercise of any Rights under the Loan
\nPapers. Because Borrower agrees that Administrative Agent’s and Lenders’
\nremedies at Law for failure of Borrower to comply with the provisions of this
\nparagraph would be inadequate and that such failure would not be adequately
\ncompensable in damages, Borrower agrees that the covenants of this paragraph may
\nbe specifically enforced.<\/p>\n
9.10 LIMITATION OF RIGHTS. Notwithstanding any other provision of this
\nAgreement or any other Loan Paper, any action taken or proposed to be taken by
\nAdministrative Agent or any other Agent or any Lender under any Loan Paper which
\nwould affect the operational, voting, or other control of any Consolidated
\nCompany, shall be pursuant to SECTION 310(d) of the COMMUNICATIONS ACT OF 1934
\n(as amended), any applicable state Law, and the applicable rules and regulations
\nthereunder and, if and to the extent required thereby, subject to the prior
\nconsent of the FCC or any applicable PUC.<\/p>\n
9.11 EXPENDITURES BY LENDERS. Borrower shall promptly pay within fifteen
\n(15) Business Days after request therefor (a) all reasonable costs, fees, and
\nexpenses paid or incurred by Administrative Agent and each Arranger incident to
\nany Loan Paper (including, but not limited to, the reasonable fees and expenses
\nof counsel to Administrative Agent and each Arranger and the allocated cost of
\ninternal counsel in connection with the negotiation, preparation, delivery,
\nexecution, coordination, and administration of the Loan Papers and any related
\namendment, waiver, or consent) and (b) all reasonable costs and expenses of
\nLenders, and Administrative Agent incurred by Administrative Agent, or any
\nLender in connection with the enforcement of the obligations of any Restricted
\nCompany arising under the Loan Papers (including, without limitation, costs and
\nexpenses incurred in connection with any workout or bankruptcy) or the exercise
\nof any Rights arising under the Loan Papers (including, but not limited to,
\nreasonable attorneys’ fees including allocated cost of internal counsel, court
\ncosts and other costs of collection), all of which shall be a part of the
\nObligation and shall bear interest at the Default Rate from the date due until
\nthe date repaid by Borrower.<\/p>\n
9.12 INDEMNIFICATION. BORROWER, FOR ITSELF AND ON BEHALF OF THE OTHER
\nRESTRICTED COMPANIES, INDEMNIFIES, PROTECTS, AND HOLDS EACH AGENT, EACH
\nARRANGER, EACH CO-ARRANGER, AND EACH LENDER AND THEIR RESPECTIVE AFFILIATES,
\nPARENTS, AND SUBSIDIARIES, AND EACH OF THE FOREGOING PARTIES’ RESPECTIVE
\nDIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, AGENTS, SUCCESSORS, ASSIGNS,
\nAND ATTORNEYS (COLLECTIVELY, THE “INDEMNIFIED PARTIES”) HARMLESS FROM AND
\nAGAINST ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES,
\nACTIONS,<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
48<\/p>\n
JUDGMENTS, SUITS, CLAIMS, AND PROCEEDINGS AND ALL REASONABLE AND NECESSARY
\nCOSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, ALL REASONABLE ATTORNEYS’ FEES
\nAND LEGAL EXPENSES INCLUDING ALLOCATED COST OF INTERNAL COUNSEL, AND AMOUNTS
\nPAID IN SETTLEMENT WHETHER OR NOT SUIT IS BROUGHT), AND DISBURSEMENTS OF ANY
\nKIND OR NATURE WHATSOEVER, AND AMOUNTS PAID IN SETTLEMENT (THE “INDEMNIFIED
\nLIABILITIES”) WHICH MAY AT ANY TIME BE IMPOSED ON, INCURRED BY, OR ASSERTED
\nAGAINST THE INDEMNIFIED PARTIES, IN ANY WAY RELATING TO OR ARISING OUT OF (A)
\nTHE DIRECT OR INDIRECT RESULT OF THE VIOLATION BY ANY CONSOLIDATED COMPANY OF
\nANY ENVIRONMENTAL LAW, AS WELL AS ANY AMENDMENT AND SUPPLEMENT THERETO AND ANY
\nSTATE COUNTERPART THEREOF; (B) ANY CONSOLIDATED COMPANY’S GENERATION,
\nMANUFACTURE, PRODUCTION, STORAGE, TRANSPORTATION, RELEASE, THREATENED RELEASE,
\nDISCHARGE, DISPOSAL OR PRESENCE IN CONNECTION WITH ITS PROPERTIES OF A HAZARDOUS
\nSUBSTANCE (INCLUDING, WITHOUT LIMITATION, (I) ALL DAMAGES ARISING FROM ANY SUCH
\nUSE, GENERATION, MANUFACTURE, PRODUCTION, STORAGE, RELEASE, THREATENED RELEASE,
\nDISCHARGE, DISPOSAL, OR PRESENCE, OR (II) THE COSTS OF ANY REQUIRED OR NECESSARY
\nENVIRONMENTAL INVESTIGATION, MONITORING, REPAIR, CLEANUP, OR DETOXIFICATION AND
\nTHE PREPARATION AND IMPLEMENTATION OF ANY CLOSURE, REMEDIAL, OR OTHER PLANS); OR
\n(C) THE LOAN PAPERS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN OR THE USE
\nOF PROCEEDS OF ANY BORROWING, TO THE EXTENT THAT ANY OF THE INDEMNIFIED
\nLIABILITIES RESULTS, DIRECTLY OR INDIRECTLY, FROM ANY CLAIM MADE OR ACTION,
\nSUIT, OR PROCEEDING COMMENCED BY OR ON BEHALF OF ANY PERSON OTHER THAN BY THE
\nINDEMNIFIED PARTIES; (PROVIDED THAT, NONE OF THE RESTRICTED COMPANIES SHALL HAVE
\nANY OBLIGATION HEREUNDER TO ANY INDEMNIFIED PARTY WITH RESPECT TO ANY
\nINDEMNIFIED LIABILITY ARISING FROM (I) THE FRAUD, GROSS NEGLIGENCE OR WILLFUL
\nMISCONDUCT OF SUCH INDEMNIFIED PARTY OR ANY ASSOCIATED PERSON OF SUCH
\nINDEMNIFIED PARTY, OR (II) LEGAL PROCEEDINGS COMMENCED AGAINST ANY INDEMNIFIED
\nPARTY BY ANY SECURITY HOLDER OR CREDITOR THEREOF ARISING OUT OF AND BASED UPON
\nRIGHTS AFFORDED TO SUCH PERSON SOLELY IN SUCH CAPACITY). AS USED IN THIS
\nPARAGRAPH, THE TERM “ASSOCIATED PERSON” MEANS, WITH RESPECT TO ANY PERSON, THE
\nAFFILIATES, PARENTS, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES,
\nREPRESENTATIVES, AGENTS, SUCCESSORS, ASSIGNS, AND ATTORNEYS OF SUCH PERSON, OR
\nOF ANOTHER PERSON OF WHICH SUCH PERSON IS ALSO AN ASSOCIATED PERSON. THE
\nPROVISIONS OF AND UNDERTAKINGS AND INDEMNIFICATION SET FORTH IN THIS PARAGRAPH
\nSHALL SURVIVE THE SATISFACTION AND PAYMENT OF THE OBLIGATION AND TERMINATION OF
\nTHIS AGREEMENT. AN INDEMNIFIED PARTY WILL PROMPTLY NOTIFY THE RESTRICTED
\nCOMPANIES UPON RECEIPT OF WRITTEN NOTICE OF ANY CLAIM, ACTION, SUIT, OR
\nPROCEEDING MADE, COMMENCED, OR THREATENED THAT COULD GIVE RISE TO AN INDEMNIFIED
\nLIABILITY AND AFFORD THE RESTRICTED COMPANIES FIRST RIGHT TO DEFEND OR RESOLVE
\nTHE SAME (WITH COUNSEL REASONABLY SATISFACTORY TO SUCH INDEMNIFIED PARTY);
\nPROVIDED THAT, ANY FAILURE BY SUCH INDEMNIFIED PARTY TO GIVE SUCH NOTICE SHALL
\nNOT RELIEVE THE RESTRICTED COMPANIES FROM THEIR OBLIGATIONS TO INDEMNIFY THE
\nINDEMNIFIED PARTY TO THE EXTENT SUCH FAILURE DOES NOT PREJUDICE THE ABILITY OF
\nTHE RESTRICTED COMPANIES TO DEFEND OR RESOLVE ANY SUCH CLAIM, ACTION, SUIT, OR
\nPROCEEDING. THE RESTRICTED COMPANIES SHALL NOT SETTLE ANY SUCH CLAIM OR ACTION
\nWITHOUT THE CONSENT OF SUCH INDEMNIFIED PARTY, WHICH CONSENT WILL NOT BE
\nUNREASONABLY WITHHELD OR DELAYED. IF THE RESTRICTED COMPANIES ASSUME ANY
\nDEFENSE, THEY SHALL KEEP THE APPLICABLE INDEMNIFIED PARTIES FULLY ADVISED OF THE
\nSTATUS OF, AND SHALL CONSULT WITH THOSE INDEMNIFIED PARTIES BEFORE TAKING ANY
\nMATERIAL POSITION IN RESPECT OF, THAT PROCEEDING. IF (I) COUNSEL FOR ANY
\nINDEMNIFIED PARTY DETERMINES IN GOOD FAITH THAT THERE IS A CONFLICT WHICH
\nREQUIRES SEPARATE REPRESENTATION FOR THE RESTRICTED COMPANIES AND SUCH
\nINDEMNIFIED PARTY OR FOR SUCH INDEMNIFIED PARTY AND ANY OTHER INDEMNIFIED PARTY
\nOR (II) THE RESTRICTED COMPANIES FAIL TO ASSUME OR PROCEED IN A TIMELY AND
\nREASONABLE MANNER WITH THE DEFENSE OF SUCH ACTION OR FAIL TO EMPLOY COUNSEL
\nREASONABLY SATISFACTORY TO SUCH INDEMNIFIED PARTY IN ANY SUCH ACTION, THEN IN
\nEITHER SUCH EVENT THE INDEMNIFIED PARTY SHALL BE ENTITLED TO SELECT<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
49<\/p>\n
COUNSEL OF ITS OWN CHOICE TO REPRESENT THE INDEMNIFIED PARTY, AND THE RESTRICTED
\nCOMPANIES SHALL NO LONGER BE ENTITLED TO ASSUME THE DEFENSE THEREOF ON BEHALF OF
\nSUCH INDEMNIFIED PARTY, AND SUCH INDEMNIFIED PARTY SHALL CONTINUE TO BE ENTITLED
\nTO INDEMNIFICATION (INCLUDING, WITHOUT LIMITATION, REASONABLE FEES AND
\nDISBURSEMENTS OF COUNSEL INCLUDING ALLOCATED COST OF INTERNAL COUNSEL) TO THE
\nEXTENT PROVIDED IN THIS INDEMNIFICATION PROVISION. NOTHING HEREIN SHALL PRECLUDE
\nANY INDEMNIFIED PARTY, AT ITS OWN EXPENSE, FROM RETAINING ADDITIONAL COUNSEL TO
\nREPRESENT SUCH PARTY IN ANY ACTION WITH RESPECT TO WHICH INDEMNITY MAY BE SOUGHT
\nFROM THE RESTRICTED COMPANIES HEREUNDER. NO INDEMNIFIED PARTY SHALL SETTLE ANY
\nSUCH CLAIM OR ACTION WITHOUT THE CONSENT OF THE RESTRICTED COMPANIES, WHICH
\nCONSENT WILL NOT BE UNREASONABLY WITHHELD OR DELAYED.<\/p>\n
SECTION 10 AGREEMENT AMONG LENDERS.<\/p>\n
10.1 ADMINISTRATIVE AGENT.<\/p>\n
(a) Each Lender hereby appoints Bank of America (and Bank of America
\n hereby accepts such appointment) as its nominee and agent, in its name and
\n on its behalf: (i) to act as nominee for and on behalf of such Lender in
\n and under all Loan Papers; (ii) to arrange the means whereby the funds of
\n Lenders are to be made available to Borrower under the Loan Papers; (iii)
\n to take such action as may be requested by any Lender under the Loan
\n Papers (when such Lender is entitled to make such request under the Loan
\n Papers and after such requesting Lender has obtained the concurrence of
\n such other Lenders as may be required under the Loan Papers); (iv) to
\n receive all documents and items to be furnished to Lenders under the Loan
\n Papers; (v) to be the secured party, mortgagee, beneficiary, and similar
\n party in respect of, and to receive, as the case may be, any collateral
\n for the benefit of Lenders; (vi) to timely distribute, and Administrative
\n Agent agrees to so distribute, to each Lender all material information,
\n requests, documents, and items received from Borrower under the Loan
\n Papers; (vii) to promptly distribute to each Lender its ratable part of
\n each payment or prepayment (whether voluntary, as proceeds of collateral
\n upon or after foreclosure, as proceeds of insurance thereon, or otherwise)
\n in accordance with the terms of the Loan Papers; (viii) to deliver to the
\n appropriate Persons requests, demands, approvals, and consents received
\n from Lenders; and (ix) to execute, on behalf of Lenders, such releases or
\n other documents or instruments as are permitted by the Loan Papers or as
\n directed by Lenders from time to time; PROVIDED, HOWEVER, Administrative
\n Agent shall not be required to take any action which exposes
\n Administrative Agent to personal liability or which is contrary to the
\n Loan Papers or applicable Law.<\/p>\n
(b) Administrative Agent may resign at any time as Administrative
\n Agent under the Loan Papers by giving written notice thereof to Lenders
\n and may be removed as Administrative Agent under the Loan Papers at any
\n time with cause by Determining Lenders. Should the initial or any
\n successor Administrative Agent ever cease to be a party hereto or should
\n the initial or any successor Administrative Agent ever resign or be
\n removed as Administrative Agent, then Determining Lenders shall elect the
\n successor Administrative Agent from among the Lenders (other than the
\n resigning Administrative Agent). If no successor Administrative Agent
\n shall have been so appointed by Determining Lenders, within 30 days after
\n the retiring Administrative Agent’s giving of notice of resignation or
\n Determining Lenders’ removal of the retiring Administrative Agent, then
\n the retiring Administrative Agent may, on behalf of Lenders, appoint a
\n successor Administrative Agent, which shall be a commercial bank having a
\n combined capital and surplus of at least $1,000,000,000. Upon the
\n acceptance of any appointment as Administrative Agent under the Loan
\n Papers by a successor Administrative Agent, such successor Administrative
\n Agent shall thereupon<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
50<\/p>\n
succeed to and become vested with all the Rights of the retiring
\n Administrative Agent, and the retiring Administrative Agent shall be
\n discharged from its duties and obligations of Administrative Agent under
\n the Loan Papers, and each Lender shall execute such documents as any
\n Lender may reasonably request to reflect such change in and under the Loan
\n Papers. After any retiring Administrative Agent’s resignation or removal
\n as Administrative Agent under the Loan Papers, the provisions of this
\n SECTION 10 shall inure to its benefit as to any actions taken or omitted
\n to be taken by it while it was Administrative Agent under the Loan Papers.<\/p>\n
(c) Administrative Agent, in its capacity as a Lender, shall have
\n the same Rights under the Loan Papers as any other Lender and may exercise
\n the same as though it were not acting as Administrative Agent; the term
\n “LENDER” shall, unless the context otherwise indicates, include
\n Administrative Agent; and any resignation, or removal of Administrative
\n Agent hereunder shall not impair or otherwise affect any Rights which it
\n has or may have in its capacity as an individual Lender. Each Lender and
\n Borrower agree that Administrative Agent is not a fiduciary for Lenders or
\n for Borrower but simply is acting in the capacity described herein to
\n alleviate administrative burdens for both Borrower and Lenders, that
\n Administrative Agent has no duties or responsibilities to Lenders or
\n Borrower except those expressly set forth herein, and that Administrative
\n Agent in its capacity as a Lender has all Rights of any other Lender.<\/p>\n
(d) Administrative Agent and its Affiliates may now or hereafter be
\n engaged in one or more loan, letter of credit, leasing, or other financing
\n transactions with Borrower, act as trustee or depositary for Borrower, or
\n otherwise be engaged in other transactions with Borrower (collectively,
\n the “OTHER ACTIVITIES”) not the subject of the Loan Papers. Without
\n limiting the Rights of Lenders specifically set forth in the Loan Papers,
\n Administrative Agent and its Affiliates shall not be responsible to
\n account to Lenders for such other activities, and no Lender shall have any
\n interest in any other activities, any present or future guaranties by or
\n for the account of Borrower which are not contemplated or included in the
\n Loan Papers, any present or future offset exercised by Administrative
\n Agent and its Affiliates in respect of such other activities, any present
\n or future property taken as security for any such other activities, or any
\n property now or hereafter in the possession or control of Administrative
\n Agent or its Affiliates which may be or become security for the
\n obligations of Borrower arising under the Loan Papers by reason of the
\n general description of indebtedness secured or of property contained in
\n any other agreements, documents or instruments related to any such other
\n activities; PROVIDED THAT, if any payments in respect of such guaranties
\n or such property or the proceeds thereof shall be applied to reduction of
\n the obligations of Borrower arising under the Loan Papers, then each
\n Lender shall be entitled to share in such application ratably.<\/p>\n
(e) Each Lender acknowledges that, and consents to, Bank of America
\n also serving as the “ADMINISTRATIVE AGENT” under the Multi-Year Agreement
\n and the Existing Agreement.<\/p>\n
10.2 EXPENSES. Upon demand by Administrative Agent, each Lender shall pay
\nits ratable portion of any reasonable expenses (including, without limitation,
\ncourt costs, reasonable attorneys’ fees and other costs of collection) incurred
\nby Administrative Agent in connection with any of the Loan Papers if and to the
\nextent Administrative Agent does not receive reimbursement therefor from other
\nsources within 60 days after incurred; PROVIDED THAT each Lender shall be
\nentitled to receive its ratable portion of any reimbursement for such expenses,
\nor part thereof, which Administrative Agent subsequently receives from such
\nother sources.<\/p>\n
10.3 PROPORTIONATE ABSORPTION OF LOSSES. Except for Competitive Borrowings
\nor as otherwise provided in the Loan Papers, nothing in the Loan Papers shall be
\ndeemed to give any Lender any advantage
\n 364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
51<\/p>\n
over any other Lender insofar as the Obligation arising under the Loan Papers is
\nconcerned, or to relieve any Lender from absorbing its ratable portion of any
\nlosses sustained with respect to the Obligation (except to the extent such
\nlosses result from unilateral actions or inactions of any Lender that are not
\nmade in accordance with the terms and provisions of the Loan Papers).<\/p>\n
10.4 DELEGATION OF DUTIES; RELIANCE. Administrative Agent may perform any
\nof its duties or exercise any of its Rights under the Loan Papers by or through
\nits Representatives. Administrative Agent and its Representatives shall (a) be
\nentitled to rely upon (and shall be protected in relying upon) any writing,
\nresolution, notice, consent, certificate, affidavit, letter, cablegram,
\ntelecopy, telegram, telex or teletype message, statement, order, or other
\ndocuments or conversation believed by it or them to be genuine and correct and
\nto have been signed or made by the proper Person and, with respect to legal
\nmatters, upon opinion of counsel selected by Administrative Agent, (b) be
\nentitled to deem and treat each Lender as the owner and holder of the Principal
\nDebt owed to such Lender for all purposes until, subject to SECTION 11.13,
\nwritten notice of the assignment or transfer thereof shall have been given to
\nand received by Administrative Agent (and any request, authorization, consent,
\nor approval of any Lender shall be conclusive and binding on each subsequent
\nholder, assignee, or transferee of the Principal Debt owed to such Lender or
\nportion thereof until such notice is given and received), (c) not be deemed to
\nhave notice of the occurrence of a Default unless a responsible officer of
\nAdministrative Agent, who handles matters associated with the Loan Papers and
\ntransactions thereunder, has actual knowledge thereof or Administrative Agent
\nhas been notified thereof by a Lender or Borrower, and (d) be entitled to
\nconsult with legal counsel (including counsel for Borrower), independent
\naccountants and other experts selected by Administrative Agent and shall not be
\nliable for any action taken or omitted to be taken in good faith by it in
\naccordance with the advice of such counsel, accountants or experts.<\/p>\n
10.5 LIMITATION OF LIABILITY.<\/p>\n
(a) None of the Agents or any of their respective Representatives
\n shall be liable for any action taken or omitted to be taken by it or them
\n under the Loan Papers in good faith and reasonably believed by it or them
\n to be within the discretion or power conferred upon it or them by the Loan
\n Papers or be responsible for the consequences of any error of judgment,
\n except for fraud, gross negligence, or willful misconduct as found in a
\n final, non-appealable judgment by a court of competent jurisdiction; and
\n none of the Agents or any of their respective Representatives has a
\n fiduciary relationship with any Lender by virtue of the Loan Papers
\n (PROVIDED THAT nothing herein shall negate the obligation of
\n Administrative Agent to account for funds received by it for the account
\n of any Lender).<\/p>\n
(b) Unless indemnified to its satisfaction against loss, cost,
\n liability, and expense, no Agent shall be compelled to do any act under
\n the Loan Papers or to take any action toward the execution or enforcement
\n of the powers thereby created or to prosecute or defend any suit in
\n respect of the Loan Papers. If any Agent requests instructions from
\n Lenders or Determining Lenders, as the case may be, with respect to any
\n act or action (including, but not limited to, any failure to act) in
\n connection with any Loan Paper, such Agent shall be entitled (but shall
\n not be required) to refrain (without incurring any liability to any Person
\n by so refraining) from such act or action unless and until it has received
\n such instructions. In no event, however, shall any Agent or any of its
\n respective Representatives be required to take any action which it or they
\n determine could incur for it or them criminal or onerous civil liability.
\n Without limiting the generality of the foregoing, no Lender shall have any
\n right of action against any Agent as a result of such Agent’s acting or
\n refraining from acting hereunder in accordance with the instructions of
\n Determining Lenders.
\n 364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
52<\/p>\n
(c) Agents shall not be responsible in any manner to any Lender or
\n any Participant for, and each Lender represents and warrants that it has
\n not relied upon Agents in respect of, (i) the creditworthiness of any
\n Restricted Company and the risks involved to such Lender, (ii) the
\n effectiveness, enforceability, genuineness, validity, or the due execution
\n of any Loan Paper, (iii) any representation, warranty, document,
\n certificate, report, or statement made therein or furnished thereunder or
\n in connection therewith, (iv) the existence, priority, or perfection of
\n any Lien hereafter granted or purported to be granted under any Loan
\n Paper, or (v) observation of or compliance with any of the terms,
\n covenants, or conditions of any Loan Paper on the part of any Restricted
\n Company. Each Lender agrees to indemnify each Agent and its respective
\n Representatives and hold them harmless from and against (but limited to
\n such Lender’s ratable portion of) any and all liabilities, obligations,
\n losses, damages, penalties, actions, judgments, suits, costs, reasonable
\n expenses, and reasonable disbursements of any kind or nature whatsoever
\n which may be imposed on, asserted against, or incurred by them in any way
\n relating to or arising out of the Loan Papers or any action taken or
\n omitted by them under the Loan Papers, to the extent any Agent and its
\n respective Representatives are not reimbursed for such amounts by any
\n Restricted Company (PROVIDED THAT, no Agent and its respective
\n Representatives shall have the right to be indemnified hereunder for its
\n or their own fraud, gross negligence, or willful misconduct as found in a
\n final, non-appealable judgment by a court of competent jurisdiction).<\/p>\n
10.6 DEFAULT; COLLATERAL. Upon the occurrence and continuance of a
\nDefault, Lenders agree to promptly confer in order that Determining Lenders or
\nLenders, as the case may be, may agree upon a course of action for the
\nenforcement of the Rights of Lenders; and Administrative Agent shall be entitled
\nto refrain from taking any action (without incurring any liability to any Person
\nfor so refraining) unless and until Administrative Agent shall have received
\ninstructions from Determining Lenders. In actions with respect to any property
\nof Borrower, Administrative Agent is acting for the ratable benefit of each
\nLender. Any and all agreements to subordinate (whether made heretofore or
\nhereafter) other indebtedness or obligations of Borrower to the Obligation shall
\nbe construed as being for the ratable benefit of each Lender. If Administrative
\nAgent acquires any security for the Obligation or any guaranty of the Obligation
\nupon or in lieu of foreclosure, the same shall be held for the ratable benefit
\nof all Lenders in proportion to the Principal Debt respectively owed to each
\nLender.<\/p>\n
10.7 LIMITATION OF LIABILITY. To the extent permitted by Law, (a) no Agent
\n(acting in its respective agent capacity) shall incur any liability to any other
\nLender, Agent, or Participant, except for acts or omissions resulting from its
\nown fraud, gross negligence or wilful misconduct as found in a final, non-
\nappealable judgment by a court of competent jurisdiction, and (b) no Agent, nor
\nany Lender or Participant shall incur any liability to any other Person for any
\nact or omission of any other Lender or any other Participant.<\/p>\n
10.8 RELATIONSHIP OF LENDERS. Nothing herein shall be construed as
\ncreating a partnership or joint venture among Agents and Lenders or among
\nLenders.<\/p>\n
10.9 BENEFITS OF AGREEMENT. Except for the representations and covenants
\nin SECTION 10.1(C) in favor of Borrower, none of the provisions of this SECTION
\n10 shall inure to the benefit of any Restricted Company or any other Person
\nother than Lenders and Agents; consequently, neither any Restricted Company nor
\nany other Person shall be entitled to rely upon, or to raise as a defense, in
\nany manner whatsoever, the failure of any Lender or Agent to comply with such
\nprovisions.<\/p>\n
10.10 AGENTS. None of the Lenders identified in this Agreement as
\n“CO-ADMINISTRATIVE AGENT” (OTHER THAN Administrative Agent), “SYNDICATION
\nAGENT,” and “CO-DOCUMENTATION AGENT” shall have any<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
53<\/p>\n
Rights, powers, obligations, liabilities, responsibilities, or duties under the
\nLoan Papers, other than those applicable to all Lenders as such. Without
\nlimiting the foregoing, none of the Lenders so identified as “CO-ADMINISTRATIVE
\nAGENT,” “SYNDICATION AGENT,” or”CO-DOCUMENTATION AGENT” shall have or be deemed
\nto have any fiduciary relationship with any Lender. Any Lender that is a
\n“CO-ADMINISTRATIVE AGENT” (OTHER THAN Administrative Agent which shall be
\ngoverned by SECTION 10.1(b)), “SYNDICATION AGENT,” or “CO-DOCUMENTATION AGENT”
\nmay voluntarily relinquish its title by giving written notice thereof to
\nAdministrative Agent and Borrower. Upon such relinquishments, a successor
\n“CO-ADMINISTRATIVE AGENT” (OTHER THAN Administrative Agent which shall be
\ngoverned by SECTION 10.1(b)), “SYNDICATION AGENT,” or “CO-DOCUMENTATION AGENT”
\nmay be appointed upon the mutual agreement of Borrower and Administrative Agent.<\/p>\n
SECTION 11 MISCELLANEOUS.<\/p>\n
11.1 HEADINGS. The headings, captions, and arrangements used in any of the
\nLoan Papers are, unless specified otherwise, for convenience only and shall not
\nbe deemed to limit, amplify, or modify the terms of the Loan Papers, nor affect
\nthe meaning thereof.<\/p>\n
11.2 NONBUSINESS DAYS. In any case where any payment or action is due
\nunder any Loan Paper on a day which is not a Business Day, such payment or
\naction may be delayed until the next-succeeding Business Day, but interest and
\nfees shall continue to accrue in respect of any payment to which they are
\napplicable until such payment is in fact made; PROVIDED THAT, if in the case of
\nany such payment in respect of a Eurodollar Rate Borrowing the next-succeeding
\nBusiness Day is in the next calendar month, then such payment shall be made on
\nthe next-preceding Business Day.<\/p>\n
11.3 COMMUNICATIONS. Unless specifically otherwise provided, whenever any
\nLoan Paper requires or permits any consent, approval, notice, request, or demand
\nfrom one party to another, such communication must be in writing (which may be
\nby telex or telecopy) to be effective and shall be deemed to have been given (a)
\nif by telex, when transmitted to the telex number, if any, for such party, and
\nthe appropriate answer back is received, (b) if by telecopy, when transmitted to
\nthe telecopy number for such party (and all such communications sent by telecopy
\nshall be confirmed promptly thereafter by personal delivery or mailing in
\naccordance with the provisions of this section; PROVIDED, THAT any requirement
\nin this parenthetical shall not affect the date on which such telecopy shall be
\ndeemed to have been delivered), (c) if by mail, on the third Business Day after
\nit is enclosed in an envelope, properly addressed to such party, properly
\nstamped, sealed, and deposited in the appropriate official postal service, or
\n(d) if by any other means, when actually delivered to such party. Until changed
\nby notice pursuant hereto, the address (and telex and telecopy numbers, if any)
\nfor Administrative Agent and each other Agent and each Lender is set forth on
\nSCHEDULE 2.1, and for Borrower and each Restricted Company is the address set
\nforth by Borrower’s signature on the signature page of this Agreement. A copy of
\neach communication to Administrative Agent shall also be sent to Haynes and
\nBoone, LLP, 901 Main Street, Dallas, Texas 75202, Fax: 214\/651-5940, Attn: Karen
\nS. Nelson; a copy of each communication to any Consolidated Company shall also
\nbe sent to WorldCom, Inc., 1133 19th Street, NW, Washington D.C. 20036, Attn:
\nSusan Mayer, Fax: 202\/887-3226, and to WorldCom, Inc., 10777 Sunset Office
\nDrive, St. Louis, MO 63127, Attn: Bruce Borghardt, Fax: 314\/909-4101.<\/p>\n
11.4 FORM AND NUMBER OF DOCUMENTS. Each agreement, document, instrument,
\nor other writing to be furnished under any provision of this Agreement must be
\nin form and substance and in such number of counterparts as may be reasonably
\nsatisfactory to Administrative Agent and its counsel.<\/p>\n
11.5 EXCEPTIONS TO COVENANTS. No Restricted Company shall take any action
\nor fail to take any action which is permitted as an exception to any of the
\ncovenants contained in any Loan Paper if such action or omission would result in
\nthe breach of any other covenant contained in any of the Loan Papers.<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
54<\/p>\n
11.6 SURVIVAL. All covenants, agreements, undertakings, representations,
\nand warranties made in any of the Loan Papers shall survive all closings under
\nthe Loan Papers and, except as otherwise indicated, shall not be affected by any
\ninvestigation made by any party. All rights of, and provisions relating to,
\nreimbursement and indemnification of Administrative Agent, any Agent, or any
\nLender shall survive termination of this Agreement and payment in full of the
\nObligation.<\/p>\n
11.7 GOVERNING LAW. THE LOAN PAPERS HAVE BEEN ENTERED INTO PURSUANT TO
\nSECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE LAWS (OTHER THAN
\nCONFLICT-OF-LAWS PROVISIONS THEREOF) OF THE STATE OF NEW YORK AND OF THE UNITED
\nSTATES OF AMERICA SHALL GOVERN THE RIGHTS AND DUTIES OF THE PARTIES TO THE LOAN
\nPAPERS AND THE VALIDITY, CONSTRUCTION, ENFORCEMENT, AND INTERPRETATION OF THE
\nLOAN PAPERS.<\/p>\n
11.8 INVALID PROVISIONS. If any provision in any Loan Paper is held to be
\nillegal, invalid, or unenforceable, such provision shall be fully severable; the
\nappropriate Loan Paper shall be construed and enforced as if such provision had
\nnever comprised a part thereof; and the remaining provisions thereof shall
\nremain in full force and effect and shall not be affected by such provision or
\nby its severance therefrom. Administrative Agent, Lenders, and each Restricted
\nCompany party to such Loan Paper agree to negotiate, in good faith, the terms of
\na replacement provision as similar to the severed provision as may be possible
\nand be legal, valid, and enforceable.<\/p>\n
11.9 ENTIRETY. THE RIGHTS AND OBLIGATIONS OF THE RESTRICTED COMPANIES,
\nLENDERS, AND ADMINISTRATIVE AGENT SHALL BE DETERMINED SOLELY FROM WRITTEN
\nAGREEMENTS, DOCUMENTS, AND INSTRUMENTS, AND ANY PRIOR ORAL AGREEMENTS BETWEEN
\nSUCH PARTIES ARE SUPERSEDED BY AND MERGED INTO SUCH WRITINGS. THIS AGREEMENT (AS
\nAMENDED IN WRITING FROM TIME TO TIME) AND THE OTHER WRITTEN LOAN PAPERS EXECUTED
\nBY ANY RESTRICTED COMPANY, ANY LENDER, AND ANY AGENT (TOGETHER WITH ALL FEE
\nLETTERS AS THEY RELATE TO THE PAYMENT OF FEES AFTER THE CLOSING DATE) REPRESENT
\nTHE FINAL AGREEMENT BETWEEN THE RESTRICTED COMPANIES, LENDERS, AND AGENTS, AND
\nMAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
\nORAL AGREEMENTS BY SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
\nSUCH PARTIES.<\/p>\n
11.10 JURISDICTION; VENUE; SERVICE OF PROCESS; JURY TRIAL. EACH PARTY
\nHERETO, IN EACH CASE FOR ITSELF, ITS SUCCESSORS AND ASSIGNS (AND IN THE CASE OF
\nBORROWER, FOR EACH OF ITS SUBSIDIARIES), HEREBY (A) IRREVOCABLY SUBMITS TO THE
\nNONEXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN NEW YORK,
\nAND AGREES AND CONSENTS THAT SERVICE OF PROCESS MAY BE MADE UPON IT IN ANY LEGAL
\nPROCEEDING ARISING OUT OF OR IN CONNECTION WITH THE LOAN PAPERS AND THE
\nOBLIGATION BY SERVICE OF PROCESS AS PROVIDED BY NEW YORK LAW, (B) IRREVOCABLY
\nWAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW
\nOR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY LITIGATION ARISING OUT OF OR IN
\nCONNECTION WITH THE LOAN PAPERS AND THE OBLIGATION BROUGHT IN ANY SUCH COURT,
\n(C) IRREVOCABLY WAIVES ANY CLAIMS THAT ANY LITIGATION BROUGHT IN ANY SUCH COURT
\nHAS BEEN BROUGHT IN AN INCONVENIENT FORUM, (D) AGREES TO DESIGNATE AND MAINTAIN
\nAN AGENT FOR SERVICE OF PROCESS IN NEW YORK, NEW YORK IN CONNECTION WITH ANY
\nSUCH LITIGATION AND TO DELIVER TO ADMINISTRATIVE AGENT EVIDENCE THEREOF, IF
\nREQUESTED, (E) IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE
\nAFOREMENTIONED COURTS IN ANY SUCH LITIGATION BY THE MAILING OF COPIES THEREOF BY
\nCERTIFIED MAIL, RETURN RECEIPT REQUESTED, POSTAGE PREPAID, AT ITS ADDRESS SET
\nFORTH HEREIN, (F) IRREVOCABLY AGREES THAT ANY LEGAL PROCEEDING AGAINST ANY PARTY
\nHERETO ARISING OUT OF OR IN CONNECTION WITH THE LOAN PAPERS OR THE OBLIGATION
\nSHALL BE BROUGHT IN ONE OF THE AFOREMENTIONED COURTS, AND (G) IRREVOCABLY
\nWAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW,<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
55<\/p>\n
ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
\nOR ARISING OUT OF ANY LOAN PAPER OR THE TRANSACTIONS CONTEMPLATED THEREBY. The
\nscope of each of the foregoing waivers is intended to be all-encompassing of any
\nand all disputes that may be filed in any court and that relate to the subject
\nmatter of this transaction, including, without limitation, contract claims, tort
\nclaims, breach of duty claims, and all other common law and statutory claims.
\nBorrower (for itself and on behalf of each of its Subsidiaries) and each other
\nparty to this Agreement acknowledge that this waiver is a material inducement to
\nthe agreement of each party hereto to enter into a business relationship, that
\neach has already relied on this waiver in entering into this Agreement, and each
\nwill continue to rely on each of such waivers in related future dealings.
\nBorrower (for itself and on behalf of each of its Subsidiaries) and each other
\nparty to this Agreement warrant and represent that they have reviewed these
\nwaivers with their legal counsel, and that they knowingly and voluntarily agree
\nto each such waiver following consultation with legal counsel. THE WAIVERS IN
\nTHIS SECTION 11.10 ARE IRREVOCABLE, MEANING THAT THEY MAY NOT BE MODIFIED EITHER
\nORALLY OR IN WRITING, AND THESE WAIVERS SHALL APPLY TO ANY SUBSEQUENT
\nAMENDMENTS, SUPPLEMENTS, AND REPLACEMENTS TO OR OF THIS OR ANY OTHER LOAN PAPER.
\nIn the event of Litigation, this Agreement may be filed as a written consent to
\na trial by the court.<\/p>\n
11.11 AMENDMENTS, CONSENTS, CONFLICTS, AND WAIVERS.<\/p>\n
(a) Except as otherwise specifically provided, the Loan Papers may
\n only be amended, modified or waived by an instrument in writing executed
\n jointly by Borrower and Determining Lenders, and, in the case of any
\n matter affecting Administrative Agent (EXCEPT removal of Administrative
\n Agent as provided in SECTION 10), by Administrative Agent, and may only be
\n supplemented by documents delivered or to be delivered in accordance with
\n the express terms hereof.<\/p>\n
(b) Any amendment to or consent or waiver under this Agreement or
\n any Loan Paper which purports to accomplish any of the following must be
\n by an instrument in writing executed by Borrower and executed (or
\n approved, as the case may be) by each Lender directly affected thereby,
\n and, in the case of any matter affecting Administrative Agent, by
\n Administrative Agent: (i) extends the due date or decreases the amount of
\n any scheduled payment (other than mandatory prepayments) of the Obligation
\n arising under the Loan Papers beyond the date specified in the Loan
\n Papers; (ii) reduces the interest rate or decreases the amount of
\n interest, fees, or other sums payable to Administrative Agent or Lenders
\n hereunder (except such reductions as are contemplated by this Agreement);
\n (iii) changes the percentage of the Commitment or of the Principal Debt
\n which is required for Lenders or any Lender to take any action hereunder;
\n or (iv) except as otherwise permitted by any Loan Paper, waives compliance
\n with, amends, or releases (in whole or in part) any guaranty (if any) or
\n releases (in whole or in part) any collateral, if any, for the Obligation;
\n or (v) changes this CLAUSE (b), or any other matter specifically requiring
\n the consent of all Lenders hereunder. Without the consent of such Lender,
\n no Lender’s “COMMITTED SUM” under this 364-Day Facility may be increased.<\/p>\n
(c) Any conflict or ambiguity between the terms and provisions
\n herein and terms and provisions in any other Loan Paper shall be
\n controlled by the terms and provisions herein.<\/p>\n
(d) No course of dealing nor any failure or delay by Administrative
\n Agent, any Lender, or any of their respective Representatives with respect
\n to exercising any Right of Administrative Agent or any Lender hereunder
\n shall operate as a waiver thereof. A waiver must be in writing and signed
\n by Administrative Agent and Determining Lenders (or by all Lenders, if
\n required hereunder)
\n 364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
56<\/p>\n
to be effective, and such waiver will be effective only in the specific
\n instance and for the specific purpose for which it is given.<\/p>\n
11.12 MULTIPLE COUNTERPARTS. This Agreement may be executed in a number of
\nidentical counterparts, each of which shall be deemed an original for all
\npurposes and all of which constitute, collectively, one agreement; but, in
\nmaking proof of this Agreement, it shall not be necessary to produce or account
\nfor more than one such counterpart. It is not necessary that each Lender execute
\nthe same counterpart so long as identical counterparts are executed by Borrower,
\neach Lender, and Administrative Agent. This Agreement shall become effective
\nwhen counterparts hereof shall have been executed and delivered to
\nAdministrative Agent by each Lender, Administrative Agent, and Borrower, or,
\nwhen Administrative Agent shall have received telecopied, telexed, or other
\nevidence satisfactory to it that such party has executed and is delivering to
\nAdministrative Agent a counterpart hereof.<\/p>\n
11.13 SUCCESSORS AND ASSIGNS; ASSIGNMENTS AND PARTICIPATIONS.<\/p>\n
(a) This Agreement shall be binding upon, and inure to the benefit
\n of the parties hereto and their respective successors and assigns, EXCEPT
\n THAT (i) assignments by Borrower are subject to the restrictions of
\n SECTION 7.16, and (ii) EXCEPT as permitted under this Section, no Lender
\n may transfer, pledge, assign, sell any participation in, or otherwise
\n encumber its portion of the Obligation.<\/p>\n
(b) Each Lender may assign to one or more Eligible Assignees all or
\n a portion of its Rights and obligations under this Agreement and the other
\n Loan Papers (including, without limitation, all or a portion of its
\n Committed Sum, its Borrowings, its Notes [to the extent such Principal
\n Debt owed to such Lender is evidenced by Notes]); PROVIDED, HOWEVER, that:<\/p>\n
(i) each such assignment shall be to an Eligible Assignee;<\/p>\n
(ii) except in the case of an assignment to another Lender or
\n an assignment of all of a Lender’s Rights and obligations under this
\n Agreement and the other Loan Papers, any such partial assignment
\n shall be in an amount at least equal to $10,000,000, unless each of
\n Administrative Agent and, so long as no Default or Potential Default
\n has occurred and is continuing, Borrower otherwise consents (each
\n such consent not to be unreasonably withheld or delayed);<\/p>\n
(iii) each such assignment by a Lender shall be of a constant,
\n and not varying, percentage of all of its Rights and obligations
\n under this Agreement and the Notes (to the extent the Principal Debt
\n owed to the assigning Lender is evidenced by any Notes);<\/p>\n
(iv) each such assignment shall exclude Competitive
\n Borrowings, unless the assigning Lender is selling all of its Rights
\n and obligations under the Loan Papers;<\/p>\n
(v) the parties to such assignment shall execute and deliver
\n to Administrative Agent for its acceptance an Assignment and
\n Acceptance Agreement in the form of EXHIBIT E hereto, together with
\n any Notes subject to such assignment (to the extent the Principal
\n Debt owed to the assigning Lender is evidenced by any Notes) and a
\n processing fee of $3,500.<\/p>\n
Upon execution, delivery, and acceptance of such Assignment and Acceptance
\n Agreement, the assignee thereunder shall be a party hereto and, to the
\n extent of such assignment, have the<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
57<\/p>\n
obligations, Rights, and benefits of a Lender under the Loan Papers and
\n the assigning Lender shall, to the extent of such assignment, relinquish
\n its rights (except for indemnity rights arising out of the period prior to
\n assignment) and be released from its obligations under the Loan Papers.
\n Upon the consummation of any assignment pursuant to this Section, but only
\n upon the request of the assignor or assignee made through Administrative
\n Agent, Borrower shall issue appropriate Notes to the assignor and the
\n assignee, reflecting such assignment and acceptance. If the assignee is
\n not incorporated under the laws of the United States of America or a state
\n thereof, it shall deliver to Borrower and Administrative Agent
\n certification as to exemption from deduction or withholding of Taxes in
\n accordance with SECTION 3.20(d).<\/p>\n
(c) Administrative Agent, acting solely for this purpose as an agent
\n of Borrower, shall maintain at the office of Administrative Agent referred
\n to in SECTION 11.3 a copy of each Assignment and Acceptance delivered to
\n it and a register for the recordation of the names and addresses of the
\n Lenders, and the Commitments of, and principal amount of the Borrowings
\n owing to, each Lender pursuant to the terms hereof from time to time (the
\n “REGISTER”). The entries in the Register shall be conclusive and binding
\n for all purposes, absent manifest error, and Borrower, Administrative
\n Agent and Lenders may treat each Person whose name is recorded in the
\n Register as a Lender hereunder for all purposes of the Loan Papers. The
\n Register shall be available for inspection by Borrower or any Lender at
\n any reasonable time and from time to time upon reasonable prior notice.
\n Upon the consummation of any assignment in accordance with this SECTION
\n 11.13, SCHEDULE 2.1 shall automatically be deemed amended (to the extent
\n required) by Administrative Agent to reflect the name, address, and
\n respective Committed Sums of the assignor and assignee.<\/p>\n
(d) Upon its receipt of an Assignment and Acceptance Agreement
\n executed by the parties thereto, together with any Notes subject to such
\n assignment (to the extent the Principal Debt owed to the assigning Lender
\n is evidenced by any Notes) and payment of the processing fee,
\n Administrative Agent shall, if such assignment and acceptance has been
\n completed and is in substantially the form of EXHIBIT E hereto, (i) accept
\n such Assignment and Acceptance Agreement, (ii) record the information
\n contained therein in the Register and (iii) give prompt notice thereof to
\n the parties thereto.<\/p>\n
(e) Each Lender may sell participations to one or more Persons (each
\n a “PARTICIPANT”) in all or a portion of its Rights, obligations, or Rights
\n and obligations under this Agreement and related Loan Papers (including
\n all or a portion of its Committed Sum or its portion of Borrowings
\n advanced under this Agreement); PROVIDED, HOWEVER, that (i) such Lender’s
\n obligations under this Agreement shall remain unchanged; (ii) such Lender
\n shall remain solely responsible to the other parties hereto for the
\n performance of such obligations; (iii) the Participant shall be entitled
\n to the benefit of the yield protection provisions contained in SECTIONS
\n 3.15, 3.19, and 3.20 (SO LONG AS Borrower shall not be obligated to pay
\n any amount in excess of the amount that would be due to such Lender under
\n such Sections as though no participations have been made) and the right of
\n set-off contained in SECTION 3.13; (iv) Borrower shall continue to deal
\n solely and directly with such Lender in connection with such Lender’s
\n Rights and obligations under this Agreement and the other Loan Papers and
\n such Lender shall retain the sole Right to enforce the obligations of
\n Borrower relating to Borrowings under this Agreement and its Notes (to the
\n extent the Principal Debt owed to such Lender is evidenced by Notes) and
\n to approve any amendment, modification, or waiver of any provision of this
\n Agreement (other than amendments, modifications, or waivers decreasing the
\n amount of principal of or the rate at which interest is payable on the
\n Principal Debt, extending any scheduled principal payment date or date
\n fixed for the payment of interest on the Principal Debt, or extending such
\n Lender’s Committed Sum); and (v) such Lender shall be solely responsible
\n for any<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
58<\/p>\n
withholding taxes or any filing or reporting requirements relating to such
\n participation and shall hold Borrower and Administrative Agent and their
\n respective successors, permitted assigns, officers, directors, employees,
\n agents, and representatives harmless against the same. Except in the case
\n of the sale of a participating interest to another Lender, the relevant
\n participation agreement shall not permit the Participant to transfer,
\n pledge, assign, sell participations in, or otherwise encumber its portion
\n of the Obligation, unless the consent of the transferring Lender (which
\n consent will not be unreasonably withheld) has been obtained.<\/p>\n
(f) Notwithstanding any other provision set forth in this Agreement,
\n any Lender may at any time assign and pledge all or any portion of its
\n Borrowings and its Notes (to the extent the Principal Debt owed to such
\n Lender is evidenced by any Notes) to any Federal Reserve Bank as
\n collateral security pursuant to Regulation A and any Operating Circular
\n issued by such Federal Reserve Bank. No such assignment shall release the
\n assigning Lender from its obligations hereunder.<\/p>\n
(g) Any Lender may furnish any information concerning the
\n Consolidated Companies in the possession of such Lender from time to time
\n to Eligible Assignees and Participants (including prospective Eligible
\n Assignees and Participants), subject, however, to the provisions of
\n SECTION 11.15 hereof.<\/p>\n
11.14 DISCHARGE ONLY UPON PAYMENT IN FULL; REINSTATEMENT IN CERTAIN
\nCIRCUMSTANCES. Each Restricted Company’s obligations under the Loan Papers shall
\nremain in full force and effect until termination of the Commitment and payment
\nin full of the Principal Debt and of all interest, fees, and other amounts of
\nthe Obligation then due and owing, EXCEPT that SECTIONS 3.15, 3.19, 3.20,
\nSECTION 9, and SECTION 11, and any other provisions under the Loan Papers
\nexpressly intended to survive by the terms hereof or by the terms of the
\napplicable Loan Papers, shall survive such termination. If at any time any
\npayment of the principal of or interest on any Note or any other amount payable
\nby Borrower under any Loan Paper is rescinded or must be otherwise restored or
\nreturned upon the insolvency, bankruptcy, or reorganization of Borrower or
\notherwise, the obligations of each Restricted Company under the Loan Papers with
\nrespect to such payment shall be reinstated as though such payment had been due
\nbut not made at such time.<\/p>\n
11.15 CONFIDENTIALAll information furnished by or on behalf of any
\nRestricted Company in connection with or pursuant to this Agreement or any of
\nthe Loan Papers (including but not limited to in connection with or pursuant to
\nthe negotiation, preparation, or requirements of the Loan Papers), which
\ninformation has been identified as confidential by any Restricted Company, shall
\nbe held by Administrative Agent, each other Agent, each Lender, (collectively,
\nthe “LENDER PARTIES”) in accordance with their respective customary procedures
\nfor handling confidential information of this nature and in accordance with safe
\nand sound business practices, and no Lender Party shall disclose any of such
\ninformation to any other Person; PROVIDED THAT any Lender Party may make
\ndisclosure (a) to any other party to this Agreement; (b) to its directors,
\nofficers, employees, agents, including attorneys, accountants, and other
\nadvisors; PROVIDED THAT such Lender Party shall direct such parties to whom
\ndisclosure is made to maintain such information in confidence in accordance with
\nthe provisions of this SECTION 11.15 and shall be responsible if such parties
\nfail to do so; (c) to any affiliate of any Lender Party or as reasonably
\nrequired by any Eligible Assignee or Participant (or any prospective bona fide
\nEligible Assignee or Participant) in connection with the contemplated transfer
\nof any interest in the Obligation or participation, SO LONG AS any such Eligible
\nAssignee or Participant (or contemplated Eligible Assignee or Participant) shall
\nbe advised to maintain the information in confidence in accordance with this
\nSECTION 11.15; (d) as required or requested by any Governmental Authority or
\nrepresentative thereof or as required pursuant to any Law or legal process;
\nPROVIDED THAT, UNLESS prohibited by Law or court order, such Lender Party shall
\ngive prior notice to Borrower of such disclosure<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
59<\/p>\n
as far in advance thereof as is practicable (OTHER THAN disclosure in connection
\nwith an examination of the financial condition of such Person by a Governmental
\nAuthority); (e) in connection with (i) proceedings to enforce the obligation of
\nany Restricted Company under the Loan Papers or (ii) any other suit, action, or
\nproceeding relating to any of the Loan Papers (PROVIDED THAT, with respect to
\nany proceeding under CLAUSE (ii), any disclosing Party shall give prior notice
\nto Borrower as far in advance thereof as is practicable, unless prohibited by
\nLaw or court order); (f) as reasonably required by the National Association of
\nInsurance Commissioners, any regulatory or self-regulatory body having or
\nclaiming authority to regulate or oversee any aspect of such Person’s business
\nor that of any of its Affiliates, or any other similar organization or any
\nnationally recognized rating agency that requires access to information about a
\nLender’s or its affiliates’ investment portfolio in connection with ratings
\nissued with respect to such Lender or its affiliates; PROVIDED THAT, unless
\nprohibited by Law or court order, such disclosing party shall give prior notice
\nto Borrower as far in advance thereof as is practicable; (g) of any such
\ninformation that has become generally available to the public, OTHER THAN
\nthrough a breach of this SECTION 11.15 (or of any agreement or obligation to be
\nbound by this SECTION 11.15) by any Lender Party, any affiliate of any Lender
\nParty, or their respective attorneys or advisors; or (h) with the consent of
\nBorrower.<\/p>\n
EXECUTED on the respective dates shown on the signature pages hereto, but
\neffective as of the Closing Date.<\/p>\n
[REMAINDER OF PAGE INTENTIONALLY BLANK.
\n SIGNATURE PAGES FOLLOW.]<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
60<\/p>\n
Signature Page to that certain 364-DAY REVOLVING CREDIT AGREEMENT dated as
\nof the date first set forth above, among WorldCom, Inc., as Borrower, Bank of
\nAmerica, N.A. and The Chase Manhattan Bank, as Co-Administrative Agents, and
\ncertain other Agents and Lenders named therein.<\/p>\n
EXECUTED to be effective as of the Closing Date.<\/p>\n
WORLDCOM, INC., AS BORROWER<\/p>\n
Notice Address: By: \/s\/ SUSAN MAYER
\n ————————————
\n WorldCom, Inc. Susan Mayer
\n 500 Clinton Center Drive Senior Vice President and Treasurer
\n Clinton, MS 39056
\n Attn: Chief Financial Officer
\n Fax: (601) 460-8190<\/p>\n
BANK OF AMERICA, N.A., AS ADMINISTRATIVE
\n AGENT AND CO-ADMINISTRATIVE AGENT<\/p>\n
By: \/s\/ MICHAEL R. PAVELL
\n ——————————
\n Michael R. Pavell
\n Vice President<\/p>\n
THE CHASE MANHATTAN BANK, AS CO-
\n ADMINISTRATIVE AGENT AND A LENDER<\/p>\n
By: \/s\/ JOHN J. HUBER III
\n ——————————
\n John J. Huber III
\n Managing Director<\/p>\n
364-DAY REVOLVING
\n CREDIT AGREEMENT<\/p>\n
61<\/p>\n
Signature Page to that certain 364-DAY REVOLVING CREDIT AGREEMENT dated as
\nof the date first set forth above, among WorldCom, Inc., as Borrower, Bank of
\nAmerica, N.A. and The Chase Manhattan Bank, as Co-Administrative Agents, and
\ncertain other Agents and Lenders named therein.<\/p>\n
EXECUTED to be effective as of the Closing Date.<\/p>\n
ABN AMRO BANK N.V., AS A LENDER BANCO BILBAO VIZCAYA
\n ARGENTARIA, AS A LENDER
\nBy \/s\/ FRANCES O’R. LOGAN
\n ——————————— By \/s\/ JOHN MARTINI
\n Frances O’R. Logan ———————————
\n Senior Vice President John Martini
\n Vice President Corporate Banking
\nBy \/s\/ SHILPA PARANDEKAR
\n ——————————— By \/s\/ ALBERTO CONDE
\n Shilpa Parandekar ———————————
\n Assistant Vice President Alberto Conde
\n Vice President Corporate Banking<\/p>\n
ALLFIRST BANK, AS A LENDER
\n THE BANK OF NOVA SCOTIA, AS A LENDER
\nBy \/s\/ JANET C. BURESH
\n ——————————— By \/s\/ M. D. SMITH
\n Janet C. Buresh ———————————
\n Vice President M. D. Smith
\n Agent<\/p>\n
ARAB BANK PLC, AS A LENDER
\n THE BANK OF TOKYO-MITSUBISHI,
\nBy \/s\/ EMMANUEL CARAVANOS LTD., NY BRANCH, AS A LENDER
\n ———————————
\n Emmanuel Caravanos By \/s\/ SEIICHIRO AKITA
\n Vice President ———————————
\n Seiichiro Akita
\n Attorney-In-Fact
\nBANCA DI ROMA – CHICAGO BRANCH,
\nAS A LENDER
\n BANK ONE, NA, AS A LENDER
\nBy \/s\/ AURORA PENSA
\n ——————————— By \/s\/ JENNIFER L. JONES
\n Aurora Pensa ———————————
\n Vice President Jennifer L. Jones
\n Assistant Vice President
\nBy \/s\/ ENRICO VERDOSCIA
\n ———————————
\n Enrico Verdoscia
\n Senior Vice President & Branch Manager<\/p>\n
364-DAY REVOLVING CREDIT AGREEMENT<\/p>\n
62<\/p>\n
Signature Page to that certain 364-DAY REVOLVING CREDIT AGREEMENT dated as
\nof the date first set forth above, among WorldCom, Inc., as Borrower, Bank of
\nAmerica, N.A. and The Chase Manhattan Bank, as Co-Administrative Agents, and
\ncertain other Agents and Lenders named therein.<\/p>\n
EXECUTED to be effective as of the Closing Date.<\/p>\n
BAYERISCHE LANDESBANK THE DAI-ICHI KANGYO BANK, LTD., AS
\nGIROZENTRALE CAYMAN ISLANDS A LENDER
\nBRANCH, AS A LENDER
\n By \/s\/ AZLAN S. AHMAD
\nBy \/s\/ HEREWARD DRUMMOND —————————-
\n —————————- Azlan S. Ahmad
\n Hereward Drummond Assistant Vice President
\n Senior Vice President<\/p>\n
By \/s\/ JAMES H. BOYLE DEUTSCHE BANK AG NEW YORK
\n —————————- BRANCH AND\/OR CAYMAN ISLANDS
\n James H. Boyle BRANCH, AS A LENDER
\n Vice President
\n By \/s\/ PHILIPPE SANDMEIER
\n —————————-
\nBNP PARIBAS, AS A LENDER Philippe Sandmeier
\n Director
\nBy \/s\/ NUALA MARLEY
\n —————————- By \/s\/ ANDREAS NEUMEIER
\n Nuala Marley —————————-
\n Director Andreas Neumeier
\n Director
\nBy \/s\/ BRIAN FOSTER
\n —————————-
\n Brian Foster FLEET NATIONAL BANK, AS A LENDER
\n Vice President
\n By \/s\/ KAY CAMPBELL
\n —————————-
\nCITIBANK, N.A., AS A LENDER Kay Campbell
\n Vice President
\nBy \/s\/ JULIO OJEA-QUINTANA
\n —————————-
\n Julio Olea-Quintana THE FUJI BANK, LTD., AS A LENDER
\n Vice President
\n By \/s\/ RAYMOND VENTURA
\n —————————-
\nCREDIT LYONNAIS NEW YORK Raymond Ventura
\nBRANCH, AS A LENDER Senior Vice President<\/p>\n
By \/s\/ BRUCE M. YEAGER
\n —————————-
\n Bruce M. Yeager
\n Senior Vice President<\/p>\n
364-DAY REVOLVING CREDIT AGREEMENT<\/p>\n
63<\/p>\n
Signature Page to that certain 364-DAY REVOLVING CREDIT AGREEMENT dated as
\nof the date first set forth above, among WorldCom, Inc., as Borrower, Bank of
\nAmerica, N.A. and The Chase Manhattan Bank, as Co-Administrative Agents, and
\ncertain other Agents and Lenders named therein.<\/p>\n
EXECUTED to be effective as of the Closing Date.<\/p>\n
THE INDUSTRIAL BANK OF JAPAN, By \/s\/ STEPHEN K. HUNTER
\nLIMITED, AS A LENDER ———————————
\n Stephen K. Hunter
\nBy \/s\/ JAMES W. MASTERS Senior Vice President and Deputy
\n ——————————— General Manager
\n James W. Masters
\n Senior Vice President By \/s\/ STEPHANIE FINNEN
\n ———————————
\nINTESABCI-CHICAGO BRANCH, AS A Stephanie Finnen
\nLENDER Vice President<\/p>\n
By \/s\/ CHARLES DOUGHERTY THE ROYAL BANK OF SCOTLAND PLC,
\n ——————————— AS A LENDER
\n C. Dougherty
\n Vice President By \/s\/ CLARK MCGINN
\n ———————————
\nBy \/s\/ J. DICKERHOF Clark McGinn
\n ——————————— Senior Vice President
\n J. Dickerhof
\n Vice President THE SANWA BANK, LIMITED, AS A
\n LENDER
\nLLOYDS TSB BANK PLC, AS A LENDER
\n By \/s\/ MASAHITO OKUBO
\nBy \/s\/ WINDSOR R. DAVIES ———————————
\n ——————————— Masahito Okubo
\n Windsor R. Davies Vice President
\n Director, Corporate Banking, USA
\n WELLS FARGO BANK, N.A., AS A LENDER
\nBy \/s\/ MARK GRANT
\n ——————————— By \/s\/ LORI A. ROSS
\n Mark Grant ———————————
\n Senior Vice President & Chief Credit Lori Ross
\n Officer Vice President<\/p>\n
MELLON BANK, N.A., AS A LENDER By \/s\/ ROY H. ROBERTS
\n ———————————
\nBy \/s\/ THOMAS J. TARASOVICH, JR. Roy Roberts
\n ——————————— Vice President
\n Thomas J. Tarasovich, Jr.
\n Lending Officer
\n WESTPAC BANKING CORPORATION, AS
\nNORDDEUTSCHE LANDESBANK A LENDER
\nGIROZENTRALE NEW YORK BRANCH
\nAND\/OR CAYMAN ISLANDS BRANCH, By \/s\/ LISA PORTER
\nAS A LENDER ———————————
\n Lisa Porter
\n Relationship Manager<\/p>\n
364-DAY REVOLVING CREDIT AGREEMENT<\/p>\n
64<\/p>\n
Signature Page to that certain 364-DAY REVOLVING CREDIT AGREEMENT dated as
\nof the date first set forth above, among WorldCom, Inc., as Borrower, Bank of
\nAmerica, N.A. and The Chase Manhattan Bank, as Co-Administrative Agents, and
\ncertain other Agents and Lenders named therein.<\/p>\n
EXECUTED to be effective as of the Closing Date.<\/p>\n
WESTDEUTSCHE LANDESBANK
\nGIROZENTRALE, NEW YORK BRANCH,
\nAS A LENDER<\/p>\n
By \/s\/ CYNTHIA M. NIESEN
\n ———————————
\n Cynthia M. Niesen
\n Managing Director<\/p>\n
By \/s\/ BARRY S. WADLER
\n ———————————
\n Barry S. Wadler
\n Associate Director<\/p>\n
364-DAY REVOLVING CREDIT AGREEMENT<\/p>\n
65<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6550,6846,7104,8182,9312,9361],"corporate_contracts_industries":[9415,9519],"corporate_contracts_types":[9561,9560],"class_list":["post-40873","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-abn-amro-holding-nv","corporate_contracts_companies-bank-of-america-corp","corporate_contracts_companies-citigroup-inc","corporate_contracts_companies-mellon-financial-corp","corporate_contracts_companies-wells-fargo---co","corporate_contracts_companies-worldcom-inc","corporate_contracts_industries-financial__banks","corporate_contracts_industries-telecommunications__telephone","corporate_contracts_types-finance__credit","corporate_contracts_types-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40873"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40873"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40873"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}