| Richard Wight, now retired, was a partner from 1985 to 2007 in the Global Finance Group of Milbank, Tweed, Hadley & McCloy LLP. Mr. White has extensive experience representing banks and other institutional investors in complex financing transactions, corporate restructurings and workouts, leveraged acquisitions, letters of credit, and tax-oriented financings. |
| Preface 1 THE CREDIT AGREEMENT 2 COMMITMENTS, LOANS, AND LETTERS OF CREDIT 2.1 Credit Variants 2.1.1 Loans 2.1.1.1 Revolving Credit versus Term Loans 2.1.1.2 A and B Loan Tranches 2.1.1.3 Competitive Bid Loans 2.1.1.4 Swingline Loans 2.1.2 Letters of Credit 2.1.2.1 Application for Issuance 2.1.2.2 Form of Letter of credit 2.1.2.3 Expiration Date 2.1.2.4 Limitations on Amount 2.1.2.5 Examination of Documents 2.1.2.6 Borrower's Reimbursement Obligation 2.1.2.7 Participations by Lenders 2.1.2.8 Strict versus Substantial Compliance 2.1.2.9 Indemnification 2.1.2.10 Cash Collateral 2.1.3 Synthetic Letters of Credit 2.1.4 Bankers' Acceptances 2.2 Commitments 2.2.1 Several Liability 2.2.2 Reducing Revolving Credit Commitments 2.2.3 Terminating Commitments 2.2.4 Increasing Commitments: Accordion Features and Incremental Facilities 2.2.4.1 Accordion Feature 2.2.4.2 Incremental Facilities 2.2.5 "Termout" of Revolving Credit Commitments 2.3 Multicurrency Facilities 2.3.1 Ratable Committed Dollar/FX Loans 2.3.2 Nonratable Committed Loans 2.3.3 Local Currency Tranches 2.3.4 Uncommitted FX Loans 2.3.5 Multicurrency Competitive Bid Loans 2.4 Second Lien Facilities 2.4.1 General Observations 2.4.2 Bankruptcy Issues 2.4.2.1 Post-Petition Interest 2.4.2.2 Debtor-in-Possession Financing and Use of Cash Collateral 2.4.2.3 Automatic Stay 2.4.2.4 Contest Rights 2.4.2.5 Plan Confirmation 2.4.2.6 Aggregate Effect 2.5 Minimums, Multiples, and Frequency 2.6 Notices and Mechanics of Funding 3 INTEREST AND FEES 3.1 Interest 3.1.1 Base Rate Interest 3.1.2 LIBOR Interest 3.1.2.1 General Principles 3.1.2.2 Interest Periods 3.1.2.3 Reserve Requirements 3.1.2.4 Why LIBOR? 3.1.3 Competitive Bid Loans 3.1.4 Other Pricing Options 3.1.5 Applicable Margins 3.1.5.1 General Principles 3.1.5.2 Margins Based upon Credit Ratings 3.1.5.3 Margins Based upon Financial Tests 3.1.6 Interest Payment Dates 3.1.7 PIK Interest and "Toggle" Loans 3.1.8 Default Interest 3.2 Fees 3.2.1 Commitment Fees 3.2.2 Facility Fees 3.2.3 Utilization Fees 3.2.4 Letter of Credit Fees 3.2.5 Swingline Fronting Fees …… 4 AMORTIZATION AND MATURITY 5 CONDITIONS PRECEDENT 6 REPRESENTATIONS 7 COVENANTS 8 GUARANTEES AND SECURITY 9 DEFAULTS AND ENFORCEMENT 10 INTERLENDER, VOTING AND AGENCY ISSUES; DEFAULTIONG LENDERS 11 ASSIGNMENTS AND PARTICIPATIONS 12 THE BOILERPLATE 13 BORROWER RIGHTS Index |
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