Exhibit 10.1(a)
$400,000,000
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
Dated as of April 3, 2007,
Among
BERRY PLASTICS GROUP, INC.,
BERRY PLASTICS HOLDING CORPORATION
and
CERTAIN OF ITS SUBSIDIARIES PARTY HERETO
as Borrowers,
THE LENDERS PARTY HERETO,
BANK OF AMERICA, N.A.,
as Collateral Agent and Administrative Agent,
GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Syndication Agent,
CREDIT SUISSE SECURITIES (USA) LLC
CITIGROUP GLOBAL MARKETS INC.
DEUTSCHE BANK SECURITIES INC.
J.P. MORGAN SECURITIES INC.
LEHMAN BROTHERS INC.
as Co-Documentation Agents
BANC OF AMERICA SECURITIES LLC
CITIGROUP GLOBAL MARKETS INC.
CREDIT SUISSE SECURITIES (USA) LLC
DEUTSCHE BANK SECURITIES INC.
GOLDMAN SACHS CREDIT PARTNERS L.P.
J.P. MORGAN SECURITIES INC.
LEHMAN BROTHERS INC.
as Joint Bookrunners
_________________
BANC OF AMERICA SECURITIES LLC
and
GOLDMAN SACHS CREDIT PARTNERS L.P.
as Joint Lead Arrangers
_________________
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TABLE OF CONTENTS
Page
ARTICLE I
Definitions
SECTION 1.01.
Defined Term
2
SECTION 1.02.
Terms Generally
60
SECTION 1.03.
Effectuation of Transactions
60
SECTION 1.04.
Exchange Rates; Currency Equivalents
60
SECTION 1.05.
Senior Debt
61
ARTICLE II
The Credits
SECTION 2.01.
Commitments
61
SECTION 2.02.
Loans and Borrowings
61
SECTION 2.03.
Requests for Borrowings
62
SECTION 2.04.
Swingline Loans and Agent Advances
63
SECTION 2.05.
Letters of Credit
66
SECTION 2.06.
Funding of Borrowings
72
SECTION 2.07.
Interest Elections
72
SECTION 2.08.
Termination and Reduction of Commitments
73
SECTION 2.09.
Repayment of Loans; Evidence of Debt
73
SECTION 2.10.
Repayment of Revolving Loans
74
SECTION 2.11.
Prepayment of Loans
76
SECTION 2.12.
Fees
76
SECTION 2.13.
Interest
77
SECTION 2.14.
Alternate Rate of Interest
78
SECTION 2.15.
Increased Costs
78
SECTION 2.16.
Break Funding Payments
79
SECTION 2.17.
Taxes
80
SECTION 2.18.
Payments Generally; Pro Rata Treatment; Sharing of Set-offs
82
SECTION 2.19.
Mitigation Obligations; Replacement of Lenders
84
SECTION 2.20.
Illegality
85
SECTION 2.21.
Incremental Commitments
85
ARTICLE III
Representations and Warranties
SECTION 3.01.
Organization; Powers
86
SECTION 3.02.
Authorization
87
SECTION 3.03.
Enforceability
87
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SECTION 3.04.
Governmental Approvals
87
SECTION 3.05.
Financial Statements
88
SECTION 3.06.
No Material Adverse Effect
88
SECTION 3.07.
Title to Properties; Possession Under Leases
88
SECTION 3.08.
Subsidiaries
89
SECTION 3.09.
Litigation; Compliance with Laws
89
SECTION 3.10.
Federal Reserve Regulations
89
SECTION 3.11.
Investment Company Act
90
SECTION 3.12.
Use of Proceeds
90
SECTION 3.13.
Tax Returns
90
SECTION 3.14.
No Material Misstatements
90
SECTION 3.15.
Employee Benefit Plans
91
SECTION 3.16.
Environmental Matters
91
SECTION 3.17.
Security Documents
92
SECTION 3.18.
Location of Real Property and Leased Premises
93
SECTION 3.19.
Solvency
93
SECTION 3.20.
Labor Matters
94
SECTION 3.21.
Insurance
94
SECTION 3.22.
No Default
94
SECTION 3.23.
Intellectual Property; Licenses, Etc.
94
SECTION 3.24.
Senior Debt
95
SECTION 3.25.
Common Enterprise
95
ARTICLE IV
Conditions of Lending
SECTION 4.01.
All Credit Events
95
SECTION 4.02.
Effectiveness of Commitments
96
ARTICLE V
Affirmative Covenants
SECTION 5.01.
Existence; Businesses and Properties
99
SECTION 5.02.
Insurance
100
SECTION 5.03.
Taxes
101
SECTION 5.04.
Financial Statements, Reports, etc.
101
SECTION 5.05.
Litigation and Other Notices
104
SECTION 5.06.
Compliance with Laws
104
SECTION 5.07.
Maintaining Records; Access to Properties and Inspections
104
SECTION 5.08.
Use of Proceeds
105
SECTION 5.09.
Compliance with Environmental Laws
105
SECTION 5.10.
Further Assurances; Additional Security
105
SECTION 5.12.
Appraisals and Reports
107
SECTION 5.13.
Collateral Reporting
108
SECTION 5.14.
Accounts
108
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
SECTION 5.15.
Collection of Accounts; Payments
108
SECTION 5.16.
Inventory; Perpetual Inventory
111
ARTICLE VI
Negative Covenants
SECTION 6.01.
Indebtedness
112
SECTION 6.02.
Liens
115
SECTION 6.03.
Sale and Lease-Back Transactions
120
SECTION 6.04.
Investments, Loans and Advances
120
SECTION 6.05.
Mergers, Consolidations, Sales of Assets and Acquisitions
124
SECTION 6.06.
Dividends and Distributions
127
SECTION 6.07.
Transactions with Affiliates
129
SECTION 6.08.
Business of the Borrowers and the Subsidiaries
132
SECTION 6.09.
Limitation on Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.
132
SECTION 6.10.
Fiscal Year; Accounting
134
SECTION 6.11.
Availability Triggering Event
134
SECTION 6.12.
Qualified CFC Holding Companies
134
ARTICLE VIA
Holdings Negative Covenants
ARTICLE VII
Events of Default
SECTION 7.01.
Events of Default
135
SECTION 7.02.
Exclusion of Immaterial Subsidiaries
138
SECTION 7.03.
Holdings Right to Cure
138
ARTICLE VIII
The Agents
SECTION 8.01.
Appointment
139
SECTION 8.02.
Delegation of Duties
141
SECTION 8.03.
Exculpatory Provisions
142
SECTION 8.04.
Reliance by Administrative Agent
142
SECTION 8.05.
Notice of Default
143
SECTION 8.06.
Non-Reliance on Agents and Other Lenders
143
SECTION 8.07.
Indemnification
144
SECTION 8.08.
Agent in Its Individual Capacity
144
SECTION 8.09.
Successor Administrative Agent
145
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SECTION 8.10.
Agents and Arrangers
145
SECTION 8.11.
[Reserved]
145
SECTION 8.12.
Field Audit and Examination Reports; Disclaimer by Lenders
145
ARTICLE IX
Miscellaneous
SECTION 9.01.
Notices; Communications
146
SECTION 9.02.
Survival of Agreement
147
SECTION 9.03.
Binding Effect
148
SECTION 9.04.
Successors and Assigns
148
SECTION 9.05.
Expenses; Indemnity
152
SECTION 9.06.
Right of Set-off
154
SECTION 9.07.
Applicable Law
154
SECTION 9.08.
Waivers; Amendment
154
SECTION 9.09.
Interest Rate Limitation
156
SECTION 9.10.
Entire Agreement
157
SECTION 9.11.
WAIVER OF JURY TRIAL
157
SECTION 9.12.
Severability
157
SECTION 9.13.
Counterparts
157
SECTION 9.14.
Headings
157
SECTION 9.15.
Jurisdiction; Consent to Service of Process
158
SECTION 9.16.
Confidentiality
158
SECTION 9.17.
Platform; Borrower Materials
159
SECTION 9.18.
Release of Liens and Guarantees
159
SECTION 9.19.
Judgment Currency
160
SECTION 9.20.
USA PATRIOT Act Notice
160
SECTION 9.21.
Joint and Several Liability
160
SECTION 9.22.
Contribution and Indemnification among the Borrowers
161
SECTION 9.23.
Agency of Company for Each Other Borrower
162
SECTION 9.24.
Additional Borrowers
162
SECTION 9.25.
Express Waivers By Borrowers In Respect of Cross Guaranties and Cross Collateralization
163
SECTION 9.26.
Intercreditor Agreements and Collateral Agreement
164
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
Exhibits and Schedules
Exhibit A
Form of Assignment and Acceptance
Exhibit B
Form of Solvency Certificate
Exhibit C-1
Form of Borrowing Request
Exhibit C-2
Form of Swingline Borrowing Request
Exhibit D
[Reserved]
Exhibit E
Form of Collateral Agreement
Exhibit F
Form of Borrowing Base Certificate
Schedule 1.01(a)
Certain U.S. Subsidiaries
Schedule 1.01(b)
Acceptable Appraisers
Schedule 1.01(c)
Mortgaged Properties
Schedule 1.01(d)
Immaterial Subsidiaries
Schedule 1.01(e)
Past Due Accounts
Schedule 1.01(f)
Existing Bankers Acceptances
Schedule 1.01(g)
Existing Letters of Credit
Schedule 1.01(i)
Unrestricted Subsidiaries
Schedule 2.01
Commitments
Schedule 3.01
Organization and Good Standing
Schedule 3.04
Governmental Approvals
Schedule 3.07(b)
Possession under Leases
Schedule 3.08(a)
Subsidiaries
Schedule 3.08(b)
Subscriptions
Schedule 3.13
Taxes
Schedule 3.16
Environmental Matters
Schedule 3.21
Insurance
Schedule 3.23
Intellectual Property
Schedule 4.02
Borrowing Base Calculation on Closing Date
Schedule 4.02(d)
Post-Closing Interest Deliveries
Schedule 6.01
Indebtedness
Schedule 6.02(a)
Liens
Schedule 6.04
Investments
Schedule 6.05
Mergers, Consolidations, Sales of Assets and Acquisitions
Schedule 6.07
Transactions with Affiliates
Schedule 9.01
Notice Information
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This AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT is entered into as of April 3, 2007 (this Agreement ), among BERRY PLASTICS GROUP, INC., a Delaware corporation ( Holdings ), COVALENCE SPECIALTY MATERIALS CORP., a Delaware corporation ( Covalence ), which on the Closing Date shall be merged with and into Berry Plastics Holding Corporation, a Delaware corporation ( Berry ), with Berry surviving such merger (the Company ), certain domestic Subsidiaries of the Company party hereto from time to time, the LENDERS party hereto from time to time, BANK OF AMERICA, N.A., as administrative agent (in such capacity, the Administrative Agent ) and collateral agent for the Lenders, GOLDMAN SACHS CREDIT PARTNERS L.P., as syndication agent (in such capacity, the Syndication Agent ), and CITIGROUP GLOBAL MARKETS INC., CREDIT SUISSE SECURITIES (USA) LLC, DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC., and LEHMAN BROTHERS INC. as co-documentation agents (in such capacities, the Documentation Agents ).
WHEREAS, this Agreement has been titled the and Restated Revolving Credit Agreement for convenience of reference only and is, and is intended to be, a new revolving credit agreement.
WHEREAS, Covalence Holdings, Covalence, the lenders and agents named therein, and Bank of America, N.A., as administrative agent for such lenders, are parties to that certain Revolving Credit Agreement dated as of May 18, 2006 ( Existing Credit Agreement );
WHEREAS Covalence Holdings, Covalence, the lenders and agents named therein, and Bank of America, N.A., as administrative agent for such lenders are parties to that certain Amended and Restated Credit Agreement, dated as of May 18, 2006 (the Existing Term Loan Agreement );
WHEREAS, Berry Holdings, BPC Acquisition Corp., which was merged with and into Berry (formerly known as BPC Holding Corporation), the lenders and agents named therein, and Credit Suisse, Cayman Islands Branch, as administrative agent and collateral agent for such lenders, are parties to that certain Credit Agreement dated as of September 20, 2006 (the Berry Credit Agreement );
WHEREAS, on the Closing Date, Berry and Covalence shall enter into a business combination (the Business Combination ) pursuant to which (i) immediately prior to the effectiveness of this Agreement, Berry Holdings shall merge with and into Covalence Holdings, and Covalence Holdings shall be renamed Berry Plastics Group, Inc. (ii) substantially simultaneously with the effectiveness of this Agreement, Covalence Holdings shall contribute all of the capital stock of Berry to Covalence (the Contribution ), and (iii) immediately following the effectiveness of this Agreement, Covalence shall merge with and into Berry, with Berry as the surviving corporation, pursuant to an Agreement and Plan of Merger and Corporate Reorganization between Covalence and Holdings and Berry Holdings dated March 9, 2007 (the Merger Agreement );
WHEREAS, in connection with the Business Combination, the Borrowers (as defined below) desire to obtain from the Lenders a revolving credit facility in an aggregate
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principal amount at any time outstanding not in excess of $400 million (subject to increases as permitted herein), the proceeds of which may be used (i) to refinance the following (the Refinancing ): (x) the Loans (as defined in the Berry Credit Agreement); and (y) the (as defined in the Existing Credit Agreement), and (ii) for general corporate purposes.
NOW, THEREFORE, the Borrowers, the Lenders and the other parties hereto hereby agree that, effective as of the Closing Date and upon fulfillment of the conditions set forth herein, the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows:
ARTICLE I
SECTION 1.01. Defined Terms . As used in this Agreement, the following terms shall have the meanings specified below:
ABL Fixed Charge Coverage Ratio means the ratio of (a) EBITDA of the Company for the most recent period of four consecutive fiscal quarters of the Company for which financial statements are available minus the income taxes paid in cash by the Company and included in the determination of Consolidated Net Income during such period minus non-financed Capital Expenditures of the Company and its Subsidiaries during such period to (b) the sum of (i) scheduled principal payment required to be made during such period in respect of Indebtedness for borrowed money plus (ii) the Consolidated Interest Expense (excluding amortization of any original issue ...
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