Exhibit 10.1(b)
$1,20 0,000,000
SECOND AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT
Dated as of April 3, 2007,
Among
BERRY PLASTICS GROUP, INC.,
BERRY PLASTICS HOLDING CORPORATION,
as Borrower,
THE LENDERS PARTY HERETO,
CREDIT SUISSE, CAYMAN ISLANDS BRANCH
as Collateral Agent and Administrative Agent
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Syndication Agent,
BANK OF AMERICA, N.A.
CITICORP NORTH AMERICA, INC.
GOLDMAN SACHS CREDIT PARTNERS L.P.
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
_________________
CREDIT SUISSE SECURITIES (USA) LLC
and
DEUTSCHE BANK SECURITIES INC.,
as Joint Lead Arrangers
_________________
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EXECUTION VERSION
TABLE OF CONTENTS
ARTICLE I
Definitions
SECTION 1.01.
Defined Terms
2
SECTION 1.02.
Terms Generally
45
SECTION 1.03.
Effectuation of Transactions
45
SECTION 1.04.
Senior Debt
45
ARTICLE II
The Credits
SECTION 2.01.
Commitments
45
SECTION 2.02.
Loans and Borrowings
46
SECTION 2.03.
Requests for Borrowings
46
SECTION 2.04.
[Reserved]
47
SECTION 2.05.
[Reserved]
47
SECTION 2.06.
Funding of Borrowings
47
SECTION 2.07.
Interest Elections
47
SECTION 2.08.
Termination of Term C Loan Commitments
49
SECTION 2.09.
Repayment of Loans; Evidence of Debt
49
SECTION 2.10.
Repayment of Term C Loans
50
SECTION 2.11.
Prepayment of Loans
51
SECTION 2.12.
Fees
52
SECTION 2.13.
Interest
53
SECTION 2.14.
Alternate Rate of Interest
53
SECTION 2.15.
Increased Costs
54
SECTION 2.16.
Break Funding Payments
55
SECTION 2.17.
Taxes
55
SECTION 2.18.
Payments Generally; Pro Rata Treatment; Sharing of Set-offs
57
SECTION 2.19.
Mitigation Obligations; Replacement of Lenders
59
SECTION 2.20.
Illegality
60
SECTION 2.21.
Incremental Commitments
60
ARTICLE III
Representations and Warranties
SECTION 3.04.
Governmental Approvals
62
SECTION 3.05.
Financial Statements
62
SECTION 3.06.
No Material Adverse Effect
62
SECTION 3.07.
Title to Properties; Possession Under Leases
62
SECTION 3.08.
Subsidiaries
63
SECTION 3.09.
Litigation; Compliance with Laws
63
SECTION 3.10.
Federal Reserve Regulations
63
SECTION 3.11.
Investment Company Act
64
SECTION 3.12.
Use of Proceeds
64
SECTION 3.13.
Tax Returns
65
SECTION 3.14.
No Material Misstatements
65
SECTION 3.15.
Employee Benefit Plans
65
SECTION 3.16.
Environmental Matters
65
SECTION 3.17.
Security Documents
66
SECTION 3.18.
Location of Real Property and Leased Premises
66
SECTION 3.19.
Solvency
66
SECTION 3.20.
Labor Matters
67
SECTION 3.21.
Insurance
68
SECTION 3.22.
No Default
68
SECTION 3.23.
Intellectual Property; Licenses, Etc.
69
SECTION 3.24.
Senior Debt
70
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ARTICLE IV
Conditions of Lending
ARTICLE V
Affirmative Covenants
SECTION 5.01.
Existence; Businesses and Properties
73
SECTION 5.02.
Insurance
74
SECTION 5.03.
Taxes
75
SECTION 5.04.
Financial Statements, Reports, etc.
75
SECTION 5.05.
Litigation and Other Notices
77
SECTION 5.06.
Compliance with Laws
78
SECTION 5.07.
Maintaining Records; Access to Properties and Inspections
78
SECTION 5.08.
Use of Proceeds
78
SECTION 5.09.
Compliance with Environmental Laws
78
SECTION 5.10.
Further Assurances; Additional Security
79
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ARTICLE VI
Negative Covenants
SECTION 6.01.
Indebtedness
81
SECTION 6.02.
Liens
85
SECTION 6.03.
Sale and Lease-Back Transactions
89
SECTION 6.04.
Investments, Loans and Advances
90
SECTION 6.05.
Mergers, Consolidations, Sales of Assets and Acquisitions
93
SECTION 6.06.
Dividends and Distributions
96
SECTION 6.07.
Transactions with Affiliates
98
SECTION 6.08.
Business of the Borrower and the Subsidiaries
101
SECTION 6.09.
Limitation on Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.
101
SECTION 6.10.
Fiscal Year; Accounting
103
SECTION 6.11.
Qualified CFC Holding Companies
103
SECTION 6.12.
Rating
103
ARTICLE VI-A
Holdings Covenants
ARTICLE VII
Events of Default
SECTION 7.01.
Events of Default
104
SECTION 7.02.
Exclusion of Immaterial Subsidiaries
107
ARTICLE VIII
The Agents
SECTION 8.01.
Appointment
107
SECTION 8.02.
Delegation of Duties
109
SECTION 8.03.
Exculpatory Provisions
109
SECTION 8.04.
Reliance by Administrative Agent
110
SECTION 8.05.
Notice of Default
111
SECTION 8.06.
Non-Reliance on Agents and Other Lenders
111
SECTION 8.07.
Indemnification
112
SECTION 8.08.
Agent in Its Individual Capacity
112
SECTION 8.09.
Successor Administrative Agent
112
SECTION 8.10.
Agents and Arrangers
113
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ARTICLE IX
Miscellaneous
SECTION 9.01.
Notices; Communications
113
SECTION 9.02.
Survival of Agreement
114
SECTION 9.03.
Binding Effect
115
SECTION 9.04.
Successors and Assigns
115
SECTION 9.05.
Expenses; Indemnity
118
SECTION 9.06.
Right of Set-off
120
SECTION 9.07.
Applicable Law
120
SECTION 9.08.
Waivers; Amendment
120
SECTION 9.09.
Interest Rate Limitation
123
SECTION 9.10.
Entire Agreement
123
SECTION 9.11.
WAIVER OF JURY TRIAL
123
SECTION 9.12.
Severability
123
SECTION 9.13.
Counterparts
123
SECTION 9.14.
Headings
124
SECTION 9.15.
Jurisdiction; Consent to Service of Process
124
SECTION 9.16.
Confidentiality
124
SECTION 9.17.
Platform; Borrower Materials
125
SECTION 9.18.
Release of Liens and Guarantees
125
SECTION 9.19.
PATRIOT Act Notice
126
SECTION 9.20.
Intercreditor Agreements and Collateral Agreement
126
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Exhibits and Schedules
Exhibit A
Form of Assignment and Acceptance
Exhibit B
Form of Solvency Certificate
Exhibit C
Form of Borrowing Request
Exhibit D
[Reserved]
Exhibit E
Form of Collateral Agreement
Schedule 1.01(a)
Certain U.S. Subsidiaries
Schedule 1.01(c)
Mortgaged Properties
Schedule 1.01(d)
Immaterial Subsidiaries
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(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 SECOND AMENDED AND RESTATED TERM LOAN 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. ( 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 as the borrower (the Borrower ), the LENDERS party hereto from time to time, CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as administrative agent and collateral agent (in such capacities, the Administrative Agent ) for the Lenders, DEUTSCHE BANK SECURITIES INC., as syndication agent (in such capacity, the Syndication Agent ), and BANC OF AMERICA, N.A., CITIGROUP NORTH AMERICA, INC., GOLDMAN SACHS CREDIT PARTNERS L.P., 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 Amended and Restated Term Loan Credit Agreement for convenience of reference only and is, and is intended to be, a new term loan 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 Credit Agreement );
WHEREAS, among Covalence Holdings, Covalence, the other borrowers party thereto from time to time, the lenders party thereto from time to time, Bank of America, N.A., as administrative agent, and the other parties thereto are parties to that certain Revolving Credit Agreement dated as of May 18, 2006 (the Existing ABL 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 being 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 Borrower desires to obtain Term C Loans hereunder in a principal amount of $1,200,000,000, the proceeds of which will be used (i) to refinance (the Refinancing ): (w) the B Loans (as defined in
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
the Berry Credit Agreement); (x) the C Loans (as defined in the Existing Credit Agreement); (y) the as defined in the Second Lien Credit Agreement, dated as of February 16, 2006, among Covalence, the lenders party thereto from time to time , Bank of America, N.A., as administrative agent, and the other parties thereto; and (z) the Facility (as defined in the Existing ABL Agreement) and the Facility (as defined in the Berry Credit Agreement), and (ii) for general corporate purposes.
NOW, THEREFORE, the Borrower, 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 Assets shall mean any Accounts and Inventory (as such terms are defined in the Revolving Credit Agreement) of the Borrower or any Subsidiary.
ABR shall mean, for any day, a fluctuating rate per annum equal to the higher of (a) the Federal Funds Effective Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by Credit Suisse as its rate at its principal office in New York, New York. Any change in such rate announced by Credit Suisse shall take effect at the opening of business on the day specified in the public announcement of such change.
ABR Borrowing shall mean a Borrowing comprised of ABR Loans.
ABR Loan shall mean any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.
Acquisition Agreement shall mean that certain Stock and Asset Purchase Agreement (as amended by that certain Closing Agreement dated as of February 16, 2006) by and among Tyco Group S.a.r.l., a Luxembourg company, Covalence and, for purposes of Section 11.15 thereof only, Tyco International Group S.A.
Act shall have the meaning assigned to such term in Section 9.19.
Additional Mortgage shall have the meaning assigned to such term in Section 5.10(c).
Adjusted LIBO Rate shall mean, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum equal to (a) the LIBO Rate in effect for such
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Interest Period divided by (b) one minus the Statutory Reserves applicable to such Eurocurrency Borrowing, if any.
Administrative Agent shall have the meaning assigned to such term in the introductory paragraph of this Agreement.
Administrative Agent Fees shall have the meaning assigned to such term in Section 2.12(a).
Administrative Questionnaire shall mean an Administrative Questionnaire in a form supplied by the Administrative Agent.
Affiliate shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified.
Agents shall mean the Administrative Agent and the Collateral Agent.
Agreement shall have the meaning assigned to such term in the introductory paragraph of this Agreement.
Applicable Margin shall mean for any day, 2.00% per annum in the case of any Eurocurrency Loan and 1.00% per annum in the case of any ABR Loan.
Notwithstanding the foregoing, the Applicab ...
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