as Seller,
as initial Servicer,
PEABODY MIDWEST MINING, LLC,
TWENTYMILE COAL, LLC,
CABALLO COAL, LLC,
COALSALES II, LLC,
PEABODY WESTERN COAL COMPANY,
POWDER RIVER COAL, LLC,
PEABODY HOLDING COMPANY, LLC,
COALTRADE, LLC,
and
COALSALES, LLC,
as Sub-Servicers,
as Administrator and as LC Bank
Page | ||||
ARTICLE I. AMOUNTS AND TERMS OF THE INVESTMENTS | 2 | |||
Section 1.1 Investment Facility | 2 | |||
Section 1.2 Making Investments; Initial Investment; Initial Assignment and Assumption | 3 | |||
Section 1.3 Transfer of Receivables and Other Purchased Assets | 6 | |||
Section 1.4 Terms and Conditions for Sale, Assignment and Transfer | 6 | |||
Section 1.5 Purchased Assets Coverage Percentage Computation | 9 | |||
Section 1.6 Settlement Procedures | 9 | |||
Section 1.7 Fees | 13 | |||
Section 1.8 Payments and Computations, Etc | 14 | |||
Section 1.9 Increased Costs | 15 | |||
Section 1.10 Requirements of Law | 15 | |||
Section 1.11 Inability to Determine Euro-Rate | 16 | |||
Section 1.12 Extension of the Facility Termination Date | 17 | |||
Section 1.13 Letters of Credit | 18 | |||
Section 1.14 Issuance of Letters of Credit | 18 | |||
Section 1.15 Requirements For Issuance of Letters of Credit | 19 | |||
Section 1.16 Disbursements, Reimbursement | 19 | |||
Section 1.17 Repayment of Participation Advances | 20 | |||
Section 1.18 Documentation | 20 | |||
Section 1.19 Determination to Honor Drawing Request | 21 | |||
Section 1.20 Nature of Participation and Reimbursement Obligations | 21 | |||
Section 1.21 Indemnity | 23 | |||
Section 1.22 Liability for Acts and Omissions | 23 | |||
ARTICLE II. REPRESENTATIONS AND WARRANTIES; COVENANTS; TERMINATION EVENTS | 24 | |||
Section 2.1 Representations and Warranties; Covenants | 24 | |||
Section 2.2 Termination Events | 25 | |||
ARTICLE III. INDEMNIFICATION | 25 | |||
Section 3.1 Indemnities by the Seller | 25 |
-i-
(continued)
Page | ||||
Section 3.2 Indemnities by the Servicer | 27 | |||
ARTICLE IV. ADMINISTRATION AND COLLECTIONS | 27 | |||
Section 4.1 Appointment of the Servicer | 27 | |||
Section 4.2 Duties of the Servicer | 28 | |||
Section 4.3 Lock-Box Arrangements | 29 | |||
Section 4.4 Enforcement Rights | 29 | |||
Section 4.5 Responsibilities of the Seller | 30 | |||
Section 4.6 Servicing Fee | 31 | |||
Section 4.7 Agents | 31 | |||
ARTICLE V. MISCELLANEOUS | 36 | |||
Section 5.1 Amendments, Etc | 36 | |||
Section 5.2 Notices, Etc | 36 | |||
Section 5.3 Successors and Assigns; Assignability; Participations | 37 | |||
Section 5.4 Costs, Expenses and Taxes | 39 | |||
Section 5.5 No Proceedings; Limitation on Payments | 39 | |||
Section 5.6 Confidentiality | 40 | |||
Section 5.7 GOVERNING LAW AND JURISDICTION | 40 | |||
Section 5.8 Execution in Counterparts | 41 | |||
Section 5.9 Survival of Termination; Non-Waiver | 41 | |||
Section 5.10 WAIVER OF JURY TRIAL | 41 | |||
Section 5.11 Entire Agreement | 41 | |||
Section 5.12 Headings | 42 | |||
Section 5.13 Sharing of Recoveries | 42 | |||
Section 5.14 Purchaser Groups’ Liabilities | 42 | |||
EXHIBIT I DEFINITIONS | ||||
EXHIBIT II CONDITIONS PRECEDENT | ||||
EXHIBIT III REPRESENTATIONS AND WARRANTIES | ||||
EXHIBIT IV COVENANTS | ||||
EXHIBIT V TERMINATION EVENTS | ||||
SCHEDULE I CREDIT AND COLLECTION POLICY |
-ii-
(continued)
Page | ||||
SCHEDULE II LOCK-BOX BANKS AND LOCK-BOX ACCOUNTS | ||||
SCHEDULE III TRADE NAMES | ||||
SCHEDULE IV OFFICE LOCATIONS | ||||
ANNEX A FORM OF INFORMATION PACKAGE | ||||
ANNEX B FORM OF INVESTMENT NOTICE | ||||
ANNEX C FORM OF PAYDOWN NOTICE | ||||
ANNEX D FORM OF COMPLIANCE CERTIFICATE | ||||
ANNEX E FORM OF LETTER OF CREDIT APPLICATION | ||||
ANNEX F FORM OF ASSUMPTION AGREEMENT | ||||
ANNEX G FORM OF TRANSFER SUPPLEMENT |
-iii-
AMOUNTS AND TERMS OF THE INVESTMENTS
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
REPRESENTATIONS AND WARRANTIES; COVENANTS; TERMINATION EVENTS
24
INDEMNIFICATION
25
26
ADMINISTRATION AND COLLECTIONS
27
28
29
30
31
32
33
34
35
MISCELLANEOUS
36
37
38
39
40
41
42
P&L RECEIVABLES COMPANY, LLC, as Seller | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer |
Address: | 701 Market Street | |||
St. Louis, MO 63101 | ||||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
PEABODY ENERGY CORPORATION, as initial Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer |
Address: | 701 Market Street | |||
St. Louis, MO 63101 | ||||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
Receivables Purchase Agreement
S-1
ARCLAR COMPANY, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer |
Address: | 701 Market Street | |||
St. Louis, MO 63101 | ||||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 341-342-7740 |
PEABODY MIDWEST MINING, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer |
Address: | 701 Market Street | |||
St. Louis, MO 63101 | ||||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 341-342-7740 |
Receivables Purchase Agreement
S-2
TWENTYMILE COAL, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer |
Address: | 701 Market Street | |||
St. Louis, MO 63101 | ||||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 341-342-7740 |
CABALLO COAL, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer |
Address: | 701 Market St. | |||
St. Louis, MO 63101-1826 | ||||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
Receivables Purchase Agreement
S-3
COALSALES II, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer |
Address: | 701 Market St. | |||
St. Louis, MO 63101-1826 | ||||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
PEABODY WESTERN COAL COMPANY, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer |
Address: | 701 Market St. | |||
St. Louis, MO 63101-1826 | ||||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
Receivables Purchase Agreement
S-4
POWDER RIVER COAL, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer | |||
Address: | 701 Market St. St. Louis, MO 63101-1826 | |||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
PEABODY HOLDING COMPANY, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer | |||
Address: | 701 Market St. St. Louis, MO 63101-1825 | |||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
Receivables Purchase Agreement
S-5
COALTRADE, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer | |||
Address: | 701 Market St. St. Louis, MO 63101-1825 | |||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
COALSALES, LLC, as Sub-Servicer | ||||
By: | /s/ Walter L. Hawkins, Jr. | |||
Name: | Walter L. Hawkins, Jr. | |||
Title: | Senior Vice President and Treasurer | |||
Address: | 701 Market St. St. Louis, MO 63101-1825 | |||
Attention: | Treasurer | |||
Telephone: | 314-342-3400 | |||
Facsimile: | 314-342-7740 |
Receivables Purchase Agreement
S-6
PURCHASER GROUP:
PNC BANK, NATIONAL ASSOCIATION, as Purchaser Agent for the Market Street Purchaser Group | ||||
By: | /s/ William Falcon | |||
Name: | William Falcon | |||
Title: | Vice President | |||
Address: | PNC Bank, National Association One PNC Plaza, 26th Floor 249 Fifth Avenue Pittsburgh, PA 15222-2707 | |||
Attention: | William Falcon | |||
Telephone: | 412-762-5442 | |||
Facsimile: | 412-762-9184 | |||
Group Commitment: $175,000,000 |
Receivables Purchase Agreement
S-7
MARKET STREET FUNDING LLC, as Related Committed Purchaser | ||||
By: | /s/ Doris J. Hearn | |||
Name: | Doris J. Hearn | |||
Title: | Vice President | |||
Address: | Market Street Funding LLC c/o AMACAR Group, LLC 6525 Morrison Boulevard, Suite 318 Charlotte, NC 28211 | |||
Attention: | Doug Johnson | |||
Telephone: | 704-365-0569 | |||
Facsimile: | 704-365-1362 | |||
With a copy to its Purchaser Agent | ||||
Commitment: $175,000,000 |
Receivables Purchase Agreement
S-8
MARKET STREET FUNDING LLC, as Conduit Purchaser | ||||
By: | /s/ Doris J. Hearn | |||
Name: | Doris J. Hearn | |||
Title: | Vice President | |||
Address: | Market Street Funding LLC | |||
c/o AMACAR Group, LLC | ||||
6525 Morrison Boulevard, Suite 318 | ||||
Charlotte, NC 28211 | ||||
Attention: | Doug Johnson | |||
Telephone: | 704-365-0569 | |||
Facsimile: | 704-365-1362 | |||
With a copy to its Purchaser Agent |
Receivables Purchase Agreement
S-9
PNC BANK, NATIONAL ASSOCIATION, as the LC Bank and as an LC Participant | ||||
By: | /s/ Richard Munsick | |||
Name: | Richard Munsick | |||
Title: | Senior Vice President | |||
Address: | PNC Bank, National Association | |||
500 First Avenue | ||||
Third Floor | ||||
Pittsburgh, PA 15219 | ||||
Attention: | Richard Munsick | |||
Telephone: | 412-762-4299 | |||
Facsimile: | 412-762-9184 | |||
Commitment: $175,000,000 | ||||
Pro-Rata Share: 63.64% |
Receivables Purchase Agreement
S-10
CALYON NEW YORK BRANCH, as Purchaser Agent for the Atlantic Purchaser Group | ||||
By: | /s/ Kostantina Kourmpetis | |||
Name: | Kostantina Kourmpetis | |||
Title: | Managing Director | |||
By: | /s/ Blake Wright | |||
Name: | Blake Wright | |||
Title: | Managing Director | |||
Address: | Calyon New York Branch | |||
1301 Avenue of the Americas | ||||
New York, NY 10019 | ||||
Attention: | Debt Capital Markets-Securitization | |||
Telephone: | 212-261-3894 | |||
Facsimile: | 212-459-3528 | |||
Group Commitment: $100,000,000 |
Receivables Purchase Agreement
S-11
CALYON NEW YORK BRANCH, as Related Committed Purchaser | ||||
By: | /s/ Kostantina Kourmpetis | |||
Name: | Kostantina Kourmpetis | |||
Title: | Managing Director | |||
By: | /s/ Blake Wright | |||
Name: | Blake Wright | |||
Title: | Managing Director | |||
Address: | Calyon New York Branch | |||||
1301 Avenue of the Americas | ||||||
New York, NY 10019 | ||||||
Attention: | Debt Capital Markets-Securitization | |||||
Telephone: | 212-261-3894 | |||||
Facsimile: | 212-459-3528 | |||||
With a copy to its Purchaser Agent | ||||||
Commitment: $100,000,000 |
Receivables Purchase Agreement
S-12
ATLANTIC ASSET SECURITIZATION LLC, as Conduit Purchaser | ||||
By: | /s/ Kostantina Kourmpetis | |||
Name: | Kostantina Kourmpetis | |||
Title: | Managing Director | |||
By: | /s/ Blake Wright | |||
Name: | Blake Wright | |||
Title: | Managing Director | |||
Address: | Atlantic Asset Securitization | |||||
c/o Calyon New York Branch | ||||||
1301 Avenue of the Americas | ||||||
New York, NY 10019 | ||||||
Attention: | Debt Capital Markets-Securitization | |||||
Telephone: | 212-261-3894 | |||||
Facsimile: | 212-459-3528 | |||||
With a copy to its Purchaser Agent |
Receivables Purchase Agreement
S-13
CALYON NEW YORK BRANCH, as an LC Participant | ||||
By: | /s/ Kostantina Kourmpetis | |||
Name: | Kostantina Kourmpetis | |||
Title: | Managing Director | |||
By: | /s/ Blake Wright | |||
Name: | Blake Wright | |||
Title: | Managing Director | |||
Address: | Calyon New York Branch | |||||
1301 Avenue of the Americas | ||||||
New York, NY 10019 | ||||||
Attention: | Debt Capital Markets-Securitization | |||||
Telephone: | 212-261-3894 | |||||
Facsimile: | 212-459-3528 | |||||
Commitment: $100,000,000 | ||||||
Pro-Rata Share: 36.36% |
Receivables Purchase Agreement
S-14
PNC BANK, NATIONAL ASSOCIATION, as Administrator | ||||
By: | /s/ William Falcon | |||
Name: | William Falcon | |||
Title: | Vice President | |||
Address: | PNC Bank, National Association | |||||
One PNC Plaza, 26th Floor | ||||||
249 Fifth Avenue | ||||||
Pittsburgh, PA 15222-2707 | ||||||
Attention: | William Falcon | |||||
Telephone: | 412-762-5442 | |||||
Facsimile: | 412-762-9184 |
Receivables Purchase Agreement
S-15
DEFINITIONS
I-1
I-2
I-3
I-4
I-5
I-6
AR | = | the Alternate Rate for such Portion of Capital for such Settlement Period, |
I-7
C | = | such Portion of Capital during such Settlement Period, | ||||
CPR | = | the CP Rate for such Portion of Capital for such Settlement Period, | ||||
ED | = | the actual number of days during such Settlement Period, | ||||
Year | = | if such Portion of Capital is funded based upon: (i) the Euro-Rate, 360 days, and (ii) the Base Rate, 365 or 366 days, as applicable, and | ||||
TF | = | the Termination Fee, if any, for the Portion of Capital for such Settlement Period; |
I-8
I-9
Euro-Rate = | Average of London interbank offered rates quoted by BBA as shown on Dow Jones Markets Service display page 3750 or appropriate successor | |||
1.00 — Euro-Rate Reserve Percentage |
I-10
I-11
I-12
I-13
I-14
I-15
I-16
I-17
Aggregate Capital + Adjusted LC Participation Amount + Total Reserves |
I-18
I-19
I-20
I-21
I-22
360
BR | = | the Base Rate computed for the most recent Settlement Period, |
I-23
DSO SFR | = = | Days’ Sales Outstanding, and the Servicing Fee Rate |
I-24
CONDITIONS PRECEDENT
II-1
II-2
II-3
REPRESENTATIONS AND WARRANTIES
III-1
III-2
III-3
III-4
III-5
III-6
COVENANTS
IV-1
IV-2
IV-3
IV-4
IV-5
IV-6
IV-7
IV-8
IV-9
IV-10
IV-11
IV-12
IV-13
TERMINATION EVENTS
V-1
V-2
V-3
CREDIT AND COLLECTION POLICY
Schedule I-1
LOCK-BOX BANKS AND LOCK-BOX ACCOUNTS
NAME OF ORIGINATOR | ACCOUNT NUMBER | LOCK-BOX NUMBER | ||||||
Powder River Coal, LLC | 1008971367 | 642396 | ||||||
COALSALES II, LLC | 1008971287 | 642381 | ||||||
COALTRADE, LLC | 1008971359 | 642406 | ||||||
Peabody Western Coal Company | 1008971308 | N/A | ||||||
Arclar Company, LLC | 1017292948 | 643445 | ||||||
Peabody Midwest Mining, LLC | 1017293238 | 643461 | ||||||
Twentymile Coal, LLC | 1017307281 | 643625 | ||||||
COALSALES, LLC | 1019275295 | 643772 |
Schedule II-1
TRADE NAMES
Schedule III-1
OFFICE LOCATIONS
Schedule IV-1
to Receivables Purchase Agreement
Annex A-1
to Receivables Purchase Agreement
, [20 ]
One PNC Plaza, 26th Floor
249 Fifth Avenue
Pittsburgh, PA 15222-2707
(i) | the representations and warranties contained inExhibit III to the Receivables Purchase Agreement are true and correct in all material respects (except to the extent that such representations and warranties expressly relate to an earlier date, |
1 | In the case of a Borrowing Request. | |
2 | In the case of a request for an issuance of a Letter of Credit. In the event of a request for the issuance of a Letter of Credit, a Letter of Credit Application in the form ofAnnex E to the Receivables Purchase Agreement must also be delivered by the Seller. |
Annex B-1
and in which case such representations and warranties are true and correct in all material respects as of such earlier date); | |||
(ii) | no event has occurred and is continuing, or would result from the Investment or issuance requested hereby that constitutes a Termination Event; | ||
(iii) | no Unmatured Termination Event exists and is continuing; | ||
(iv) | the sum of the Aggregate Capital plus the LC Participation Amount, after giving effect to the Investment or issuance requested hereby, will not exceed the Purchase Limit; | ||
(v) | after giving effect to the Investment or issuance requested hereby, the Purchased Assets Coverage Percentage shall not exceed 100%; and | ||
(vi) | the Facility Termination Date has not occurred. |
Annex B-2
P&L RECEIVABLES COMPANY, LLC | ||||
By: | ||||
Name: | ||||
Title: |
Annex B-3
to Receivables Purchase Agreement
, 20
One PNC Plaza, 26th Floor
249 Fifth Avenue
Pittsburgh, Pennsylvania 15222-2707
P&L RECEIVABLES COMPANY, LLC | ||||
By: | ||||
Name: | ||||
Title: | ||||
3 | Notice must be given at least five Business Days’ prior to the requested paydown date, in the case of reductions in excess of $20,000,000, or at least two Business Days’ prior to the requested paydown date, in the case of reductions of $20,000,000 or less. |
Annex C-1
to Receivables Purchase Agreement
Annex D-1
P&L RECEIVABLES COMPANY, LLC | ||||
By: | ||||
Name: | ||||
Title: |
Annex D-1
Annex D-1
to Receivables Purchase Agreement
Annex E-1
to Receivables Purchase Agreement
Dated as of [__________ __, 20__]
Annex F-1
Annex F-2
[___________], as a Conduit Purchaser | ||||||
By: | ||||||
Name Printed: | ||||||
Title: | ||||||
[Address] | ||||||
[___________], as a Related Committed Purchaser | ||||||
By: | ||||||
Name Printed: | ||||||
Title: | ||||||
[Address] | ||||||
[Commitment] | ||||||
[___________], as a related LC Participant | ||||||
By: | ||||||
Name Printed: | ||||||
Title: | ||||||
[Address] | ||||||
[Commitment] | ||||||
[_____________], as Purchaser Agent for [_________] | ||||||
By: | ||||||
Name Printed: | ||||||
Title: | ||||||
[Address] |
Annex F-3
P&L RECEIVABLES COMPANY, as Seller | ||||||
By: | ||||||
Name Printed: | ||||||
Title: | ||||||
Consented and Agreed: | ||||||
PNC BANK, NATIONAL ASSOCIATION, as Administrator | ||||||
By: | ||||||
Name Printed: | ||||||
Title: | ||||||
Address: | PNC Bank, National Association One PNC Plaza 249 Fifth Avenue Pittsburgh, Pennsylvania 15222-2707 | |||||
PNC BANK, NATIONAL ASSOCIATION, as LC Bank | ||||||
By: | ||||||
Name Printed: | ||||||
Title: | ||||||
Address: | PNC Bank, National Association 500 First Avenue Third Floor Pittsburgh, Pennsylvania 15219 | |||||
[THE PURCHASER AGENTS] | ||||||
By: | ||||||
Name Printed: | ||||||
Title: | ||||||
[Address] |
Annex F-4
to Receivables Purchase Agreement
Commitment assigned: | $ | |
Assignor’s remaining Commitment: | $ | |
Capital allocable to Commitment assigned: | $ | |
Assignor’s remaining Capital: | $ | |
Discount (if any) allocable to Capital assigned: | $ | |
Discount (if any) allocable to Assignor’s remaining Capital: | $ |
Annex G-1
By: | ||||
Name: | ||||
Title: | ||||
By: | ||||
Name: | ||||
Title: | ||||
[Address] | ||||
the [ ] Purchaser Group
By: | ||||
Name: | ||||
Title: | ||||
Annex G-2