Looking for an agreement? Search from over 1 million agreements now.

Amended And Restated Loan Agreement

This is an actual contract by American Commercial Lines.

Save time and money with our Premium Packages.
Buy all (8) recommended agreements for
$140.00 (50% savings)
Agreement Preview
Sectors: Transportation
Governing Law: New York, View New York State Laws
Effective Date: February 11, 2005
Search This Document
EXHIBIT 10.1


[EXECUTION]


================================================================================


AMENDED AND RESTATED LOAN AGREEMENT


DATED AS OF FEBRUARY 11, 2005


AMONG


THE FINANCIAL INSTITUTIONS NAMED HEREIN
AS THE LENDERS,


BANK OF AMERICA, N. A.
AS THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT,


UBS SECURITIES LLC
AS THE SYNDICATION AGENT


THE CIT GROUP/BUSINESS CREDIT, INC.
WELLS FARGO FOOTHILL, LLC,
MERRILL LYNCH CAPITAL,
(A DIVISION OF MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.)
AS THE CO-DOCUMENTATION AGENTS


BANC OF AMERICA SECURITIES LLC
AND
UBS SECURITIES LLC
AS THE CO-LEAD ARRANGERS AND JOINT BOOK RUNNERS


AND


AMERICAN COMMERCIAL BARGE LINE LLC
AMERICAN COMMERCIAL LINES LLC
AMERICAN COMMERCIAL TERMINALS LLC
HOUSTON FLEET LLC
JEFFBOAT LLC
LOUISIANA DOCK COMPANY LLC
AS BORROWERS


AND


THE OTHER OBLIGATED PARTY SIGNATORIES HERETO


================================================================================


TABLE OF CONTENTS


PAGE
---- ARTICLE I DEFINITIONS................................................................ 2


SECTION 1.01 Defined Terms....................................................... 2
SECTION 1.02 Terms Generally..................................................... 34
SECTION 1.03 Accounting Terms; GAAP.............................................. 34


ARTICLE II THE LOANS................................................................. 34


SECTION 2.01 Loans............................................................... 34
SECTION 2.02 Continuation and Conversion Elections............................... 38
SECTION 2.03 Letters of Credit................................................... 39
SECTION 2.04 Bank Products....................................................... 43
SECTION 2.05 Mandatory Prepayments............................................... 43
SECTION 2.06 Interest............................................................ 43
SECTION 2.07 Use of Proceeds..................................................... 44
SECTION 2.08 Increased Costs..................................................... 44
SECTION 2.09 Break Funding Payments.............................................. 45
SECTION 2.10 Taxes............................................................... 46
SECTION 2.11 Payments Generally; Pro Rata Treatment; Sharing of Set-offs......... 47
SECTION 2.12 Mitigation Obligations; Replacement of Lenders...................... 50
SECTION 2.13 Fees................................................................ 51


ARTICLE III REPRESENTATIONS AND WARRANTIES........................................... 52


SECTION 3.01 Organization; Powers................................................ 52
SECTION 3.02 Authorization....................................................... 52
SECTION 3.03 Enforceability...................................................... 52
SECTION 3.04 Governmental Approvals.............................................. 53
SECTION 3.05 Financial Statements................................................ 53
SECTION 3.06 No Material Adverse Change.......................................... 53
SECTION 3.07 Title to Properties; Possession Under Leases........................ 53
SECTION 3.08 Subsidiaries........................................................ 54
SECTION 3.09 Litigation; Compliance with Laws.................................... 54
SECTION 3.10 Agreements.......................................................... 54
SECTION 3.11 Federal Reserve Regulations......................................... 54
SECTION 3.12 Investment Company Act; Public Utility Holding Company Act.......... 55
SECTION 3.13 Tax Returns......................................................... 55
SECTION 3.14 No Material Misstatements........................................... 55
SECTION 3.15 ERISA............................................................... 55
SECTION 3.16 Environmental Matters............................................... 55


(i)


SECTION 3.17 Insurance....................................................................... 56
SECTION 3.18 Security Documents.............................................................. 56
SECTION 3.19 Location of Real Property, Drydocks and Leased Premises and List of Vessels..... 57
SECTION 3.20 Labor Matters................................................................... 57
SECTION 3.21 Solvency........................................................................ 57
SECTION 3.22 Bank Accounts................................................................... 58
SECTION 3.23 Common Enterprise............................................................... 58


ARTICLE IV CONDITIONS OF LENDING................................................................. 58


SECTION 4.01 Conditions Precedent to Closing................................................. 58
SECTION 4.02 Conditions Precedent to Each Loan............................................... 60


ARTICLE V AFFIRMATIVE COVENANTS.................................................................. 61


SECTION 5.01 Existence; Businesses and Properties............................................ 61
SECTION 5.02 Insurance....................................................................... 62
SECTION 5.03 Obligations and Taxes........................................................... 63
SECTION 5.04 Financial Statements, Reports, etc.............................................. 63
SECTION 5.05 Litigation and Other Notices.................................................... 65
SECTION 5.06 Maintaining Records; Access to Properties and Inspections....................... 65
SECTION 5.07 Compliance with Environmental Laws.............................................. 66
SECTION 5.08 Preparation of Environmental Reports............................................ 66
SECTION 5.09 Consummation of Plan of Reorganization.......................................... 66
SECTION 5.10 Further Assurances.............................................................. 66


ARTICLE VI NEGATIVE COVENANTS.................................................................... 67


SECTION 6.01 Indebtedness.................................................................... 67
SECTION 6.02 Liens........................................................................... 68
SECTION 6.03 Investments, Loans and Advances................................................. 69
SECTION 6.04 Mergers, Consolidations, Sales of Assets and Acquisitions....................... 70
SECTION 6.05 Dividends and Distributions; Restrictions on Ability to Pay Dividends........... 71
SECTION 6.06 Transactions with Affiliates.................................................... 72
SECTION 6.07 Business of Obligated Parties and Subsidiaries.................................. 72
SECTION 6.08 Other Indebtedness and Agreements............................................... 72
SECTION 6.09 Consolidated EBITDA............................................................. 73
SECTION 6.10 Consolidated Fixed Charge Coverage Ratio........................................ 73
SECTION 6.11 Consolidated Senior Leverage Ratio.............................................. 73


ARTICLE VII EVENTS OF DEFAULT.................................................................... 74


SECTION 7.01 Events of Default............................................................... 74
SECTION 7.02 Remedies........................................................................ 76


ARTICLE VIII The Agent........................................................................... 79


(ii)


SECTION 8.01 Appointment and Authorization................................................... 79
SECTION 8.02 Delegation of Duties............................................................ 80
SECTION 8.03 Liability of the Agent.......................................................... 80
SECTION 8.04 Reliance by the Agent........................................................... 81
SECTION 8.05 Notice of Default............................................................... 81
SECTION 8.06 Credit Decision................................................................. 82
SECTION 8.07 Indemnification................................................................. 82
SECTION 8.08 The Agent in its Individual Capacity............................................ 83
SECTION 8.09 Successor Agent................................................................. 83
SECTION 8.10 Collateral Matters.............................................................. 84
SECTION 8.11 Restrictions on Actions by Lenders; Sharing of Payments......................... 85
SECTION 8.12 Agency for Perfection........................................................... 85
SECTION 8.13 Payments by Agent to the Lenders................................................ 86
SECTION 8.14 Settlement...................................................................... 86
SECTION 8.15 Letters of Credit; Intra-Lender Issues.......................................... 89
SECTION 8.16 Concerning the Collateral and the Related Loan Documents........................ 91
SECTION 8.17 Field Audit and Examination Reports; Disclaimer by Lenders...................... 91
SECTION 8.18 Relation Among the Lenders...................................................... 92
SECTION 8.19 Syndication Agent............................................................... 92
SECTION 8.20 Co-Documentation Agents......................................................... 92


ARTICLE IX Miscellaneous......................................................................... 93


SECTION 9.01 [RESERVED]...................................................................... 93
SECTION 9.02 Notices......................................................................... 93
SECTION 9.03 Waivers; Amendments............................................................. 95
SECTION 9.04 Expenses; Indemnity; Damage Waiver.............................................. 97
SECTION 9.05 Successors and Assigns.......................................................... 99
SECTION 9.06 Survival........................................................................ 102
SECTION 9.07 Counterparts; Integration; Effectiveness........................................ 102
SECTION 9.08 Severability.................................................................... 103
SECTION 9.09 Right of Setoff................................................................. 103
SECTION 9.10 Governing Law; Jurisdiction; Consent to Service of Process...................... 103
SECTION 9.11 WAIVER OF JURY TRIAL............................................................ 104
SECTION 9.12 Headings........................................................................ 104
SECTION 9.13 Confidentiality................................................................. 104
SECTION 9.14 Interest Rate Limitation........................................................ 105
SECTION 9.15 USA PATRIOT ACT................................................................. 105
SECTION 9.16 Limitation of Liability......................................................... 105
SECTION 9.17 Final Agreement................................................................. 105
SECTION 9.18 Joint and Several Liability..................................................... 106
SECTION 9.19 Contribution and Indemnification among the Borrowers............................ 107
SECTION 9.20 Agency of ACL for the Obligated Parties......................................... 107
SECTION 9.21 Additional Borrowers and Guarantors............................................. 108
SECTION 9.22 Express Waivers By Obligated Parties In Respect of Cross Guaranties and Cross
Collateralization............................................................... 108


(iii)


ARTICLE X TERM AND TERMINATION................................................................... 109


SECTION 10.01 Term............................................................................ 109
SECTION 10.02 Effect of Termination........................................................... 110


ARTICLE XI ACKNOWLEDGMENT AD RESTATEMENT......................................................... 110


SECTION 11.01 Existing Obligations............................................................ 110
SECTION 11.02 Acknowledgment of Security Interest............................................. 110
SECTION 11.03 Existing Agreements............................................................. 110
SECTION 11.04 Restatement..................................................................... 111


(iv)


SCHEDULES:


Schedule 1.1A Commitments Schedule 1.01 Guarantors Schedule 3.07(a) Vessels Not Documented Under United States Law Schedule 3.07(b) Condemnation Proceedings Schedule 3.07(c) Contractual Rights Regarding Mortgaged Property Schedule 3.08 Subsidiaries/Schedule of Equity Interests of Obligated Parties Schedule 3.09 Litigation and Certificates of Occupancy Schedule 3.15 ERISA Schedule 3.16 Environmental Matters Schedule 3.17 Insurance Schedule 3.19(a) Owned Real Properties and Drydocks Schedule 3.19(b) Leased Real Properties and Drydocks Schedule 3.19(c) Towboats, Barges and Other Vessels Schedule 3.20 Labor Matters Schedule 3.22 Bank Accounts Schedule 6.01 Indebtedness Outstanding as of the Closing Date Schedule 6.02 Existing Liens Schedule 6.05(b) Certain Agreements Schedule 6.06 Transactions with Affiliates


EXHIBITS:


Exhibit A Form of Assignment and Acceptance Exhibit B Opinions of Borrower's Counsel Exhibit C Amended and Restated Security Agreement Exhibit C-1 Fleet Mortgages Exhibit D Guaranty Agreement Exhibit E Pledge Agreement Exhibit F Form of Revolving Loan Note Exhibit G Form of Notice of Conversion/Continuation


-i-


This AMENDED AND RESTATED LOAN AGREEMENT, dated as of February 11, 2005, is among the lending institutions from time to time party hereto (such financial institutions, together with their respective successors and assigns, are referred to hereinafter each individually as a "Lender" and collectively as the "Lenders"), BANK OF AMERICA, N.A., as administrative agent and as collateral agent for the Lenders (in its capacity as administrative agent and collateral agent, the "Agent"), UBS SECURITIES LLC, a Delaware limited liability company, as syndication agent for Lenders (in its capacity as syndication agent, the "Syndication Agent"), Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc., The CIT Group/Business Credit, Inc., and Wells Fargo Foothill, LLC, as co-documentation agents for Lenders (in their respective capacity as co-documentation agents, the "Co-Documentation Agents"), AMERICAN COMMERCIAL LINES LLC, a limited liability company formed under the laws of Delaware (referred to hereinafter as "ACL"), JEFFBOAT LLC, a limited liability company formed under the laws of Delaware ("Jeffboat"), AMERICAN COMMERCIAL TERMINALS LLC, a limited liability company formed under the laws of Delaware (referred to hereinafter as "ACT"), HOUSTON FLEET LLC, a limited liability company formed under the laws of Delaware (referred to hereinafter as ("Houston"), AMERICAN COMMERCIAL BARGE LINE LLC, a limited liability company formed under the laws of Delaware (referred to hereinafter as "ACBL"), and LOUISIANA DOCK COMPANY LLC, a limited liability company formed under the laws of Delaware (referred to hereinafter as "LDC"; and together with ACL, Jeffboat, ACT, ACBL and Houston, each, individually a "Borrower" and collectively, the "Borrowers") and each of the other Obligated Parties (as hereinafter defined) signatory to this Agreement.


A. Borrowers and certain of their subsidiaries, Agent, UBS Securities LLC, as documentation agent, and Lenders are parties to that certain Loan Agreement dated January 11, 2005 and effective as of January 13, 2005 (as amended, the "Existing Loan Agreement") pursuant to which Lenders loan and make certain financial accommodations to Borrowers;


B. Borrowers and Lenders wish to amend and restate the Existing Loan Agreement to incorporate various amendments thereto, including, but not limited to, the making of additional financial accommodations to Borrowers, without amending or altering the effect of any of the consents, approvals or waivers granted by Agent and Lenders prior to the date hereof; and


C. Agent and Lenders are willing to enter into this Agreement on the terms set forth herein.


NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in this Agreement, and for good and valuable consideration, the receipt of which is hereby acknowledged, the Lenders, the Agent and the Obligated Parties signatory to this Agreement hereby agree as follows.


ARTICLE I


DEFINITIONS


SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below:


"Account Debtor" means each Person obligated in any way on or in connection with an Account, Chattel Paper, or General Intangibles (including a payment intangible).


"Accounts" means "accounts", as such term is defined in the UCC, and any rights to payment for the sale or lease of goods or rendition of services, whether or not they have been earned by performance.


"ACL" means American Commercial Lines LLC.


"ACH Transactions" means any cash management, disbursement, or related services, including overdrafts and the automated clearinghouse transfer of funds by the Bank for the account of any Borrower.


"Administration Fee" has the meaning specified in Section 2.13.


"Affiliate" means, with respect to a specified person, another person that (i) directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified or (ii) owns at least 10% of the Equity Interests of the person specified.


"Agent" means the Bank, solely in its capacity as administrative agent and collateral agent for the Lenders, and any successor administrative agent and collateral agent.


"Agent Advances" has the meaning specified in Section 2.01(b)(x).


"Agent-Related Persons" means the Agent, the Syndication Agent, the Co-Documentation Agents, the Co-Lead Arrangers and Joint Book Runners designated on the title page of this Agreement, together with their respective Affiliates, and the officers, directors, employees, counsel, representatives, agents, and attorneys-in-fact of the Agent, the Syndication Agent, the Co-Documentation Agents, the Co-Lead Arrangers and Joint Book Runners and their respective Affiliates.


"Agent's Liens" means the Liens in the Collateral granted to the Agent, for the benefit of the Credit Providers, pursuant to the terms of this Agreement and the other Loan Documents.


"Aggregate Revolver Outstandings" means, at any time, the sum of (a) the unpaid balance of the Revolving Loans, (b) the aggregate accrued and unpaid interest, costs, fees and expenses payable by any Obligated Party under this Agreement, (c) the aggregate undrawn face amount of all outstanding Letters of Credit, and (d) the aggregate principal amount of any unpaid reimbursement obligations in respect of Letters of Credit.


2


"Agreement" means this Amended and Restated Loan Agreement, as it may be amended, restated, renewed, extended, supplemented, substituted or otherwise modified from time to time.


"Anniversary Date" means an anniversary of the Closing Date.


"Applicable Margin" means, as of the Closing Date,


(a) with respect to Base Rate Loans and all other Obligations, 0.75% per annum, and


(b) with respect to LIBOR Loans, 2.25% per annum,


in each case subject to adjustment from time to time thereafter to the applicable percentage specified corresponding to the Quarterly Average Unused Availability, as set forth below, respectively:


QUARTERLY AVERAGE LIBOR
UNUSED AVAILABILITY BASE RATE LOANS LOANS - ------------------------- --------------- ----- $105,000,000 or more 0.50% 2.00%


Greater than or equal to 0.75% 2.25% $65,000,000 and less than $105,000,000


Less than $65,000,000 1.00% 2.50%


For the purpose of determining any such adjustments to the Applicable Margin, the Quarterly Average Unused Availability shall be calculated and established on the first Business Day following the end of each fiscal quarter of Holdings, beginning with the fiscal quarter ending December 31, 2005 (the first adjustment will be for the month commencing January 1, 2006). If an Event of Default exists at the time any reduction in the Applicable Margin is to be implemented, such reduction shall not occur until the first day of the calendar month following the date on which such Event of Default is no longer continuing.


"Appraised Inventory" means Inventory of the Borrowers, respectively, which is of a type which is the subject of an appraisal by an experienced and reputable appraiser reasonably acceptable to the Agent and ACL of the orderly liquidation value thereof, net of all costs of liquidation.


"Asset Sale" means the sale, transfer or other disposition (including in connection with any sale and leaseback transaction) (by way of merger or otherwise) by the Obligated Parties or any of the Subsidiaries to any person other than the Obligated Parties or any Guarantor of (a) any Equity Interests of any of the Subsidiaries or (b) any other assets of the Obligated Parties or any of the Subsidiaries (other than (i) inventory disposed of in the ordinary course of business (including any sale by Jeffboat of barges and other equipment in a Jeffboat Sale and Leaseback Transaction), (ii) assets transferred with an aggregate fair market value not exceeding $2,500,000 in any fiscal year of the Borrowers in connection with the replacement or upgrade of a tangible asset of the Obligated Parties or any Guarantor which will be used in a Related Business and is


3


acquired, or commitments to acquire such asset have been made, within 180 days of such transfer or (iii) sales or transfers by or among Foreign Subsidiaries), or (iv) sales or other dispositions of Obsolete Equipment in the ordinary course of business. For the avoidance of doubt, (A) any disposition in connection with the exercise of remedies by NRG with respect to certain liens held by NRG on the Hall Street Terminal which secure certain of ACL's obligations to NRG shall be deemed to be an "Asset Sale" for purposes of this Agreement and (B) sales of barges and other equipment by Jeffboat to any of the Obligated Parties and their Subsidiaries shall in all cases be deemed to be dispositions in the ordinary course of business.


"Assignment and Acceptance" means an Assignment and Acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.05), and accepted by the Agent, in the form of Exhibit A or any other form approved by the Agent.


"Attorney Costs" means and includes all reasonable fees, out-of-pocket expenses, and disbursements of any law firm or other outside legal counsel engaged by the Agent and the reasonably allocated costs and out-of-pocket expenses of internal legal services of the Agent.


"Bank" means Bank of America, N.A., a national banking association, or any successor entity thereto.


"Bank Product Reserves" means all reserves which the Agent from time to time establishes in its reasonable discretion for the Bank Products then provided or outstanding.


"Bank Products" means each and any of the following types of services or facilities extended to the Obligated Parties by any Lender or any Affiliate of any Lender: (a) commerc
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |

Privacy Policy   Terms of Service  18.206.13.39