as ADMINISTRATIVE AGENT
as JOINT LEAD ARRANGERS and BOOK RUNNERS
as SYNDICATION AGENT
as DOCUMENTATION AGENT
Page | ||||
SECTION 1. Definitions and Accounting Terms | 1 | |||
1.01. Defined Terms | 1 | |||
1.02. Other Definitional Provisions | 28 | |||
SECTION 2. Amount and Terms of Credit | 29 | |||
2.01. The Commitments | 29 | |||
2.02. Minimum Amount of Each Borrowing | 30 | |||
2.03. Notice of Borrowing | 30 | |||
2.04. Disbursement of Funds | 31 | |||
2.05. Notes | 32 | |||
2.06. Conversions | 33 | |||
2.07. Pro Rata Borrowings | 33 | |||
2.08. Interest | 33 | |||
2.09. Interest Periods | 34 | |||
2.10. Increased Costs, Illegality, etc. | 35 | |||
2.11. Compensation | 37 | |||
2.12. Change of Lending Office | 37 | |||
2.13. Replacement of Lenders | 37 | |||
2.14. Incremental Credit Extensions | 39 | |||
SECTION 3. Letters of Credit | 40 | |||
3.01. Letters of Credit | 40 | |||
3.02. Maximum Letter of Credit Outstandings; Final Maturities | 41 | |||
3.03. Letter of Credit Requests; Minimum Stated Amount | 41 | |||
3.04. Letter of Credit Participations | 42 | |||
3.05. Agreement to Repay Letter of Credit Drawings | 44 | |||
3.06. Increased Costs | 44 | |||
SECTION 4. Commitment Commission; Fees; Reductions of Commitment | 45 | |||
4.01. Fees | 45 | |||
4.02. Voluntary Termination of Unutilized Revolving Loan Commitments | 46 | |||
4.03. Mandatory Reduction of Commitments | 46 | |||
SECTION 5. Prepayments; Payments; Taxes | 47 | |||
5.01. Voluntary Prepayments | 47 | |||
5.02. Mandatory Repayments | 48 | |||
5.03. Method and Place of Payment | 51 | |||
5.04. Net Payments | 51 | |||
SECTION 6. Conditions Precedent to Credit Events on the Initial Borrowing Date | 53 | |||
6.01. Effective Date; Notes | 53 | |||
6.02. Officer’s Certificate | 53 | |||
6.03. Opinions of Counsel | 53 | |||
6.04. Company Documents; Proceedings; etc. | 53 |
(i)
Page | ||||
6.05. Existing Indebtedness Agreements | 54 | |||
6.06. Consummation of the Refinancing | 54 | |||
6.07. Adverse Change, Approvals | 55 | |||
6.08. Litigation | 55 | |||
6.09. Subsidiaries Guaranty | 55 | |||
6.10. Pledge Agreement | 55 | |||
6.11. Security Agreement | 56 | |||
6.12. Financial Statements; Pro Forma Balance Sheet; Projections | 56 | |||
6.13. Solvency Certificate; Insurance Certificates, etc. | 56 | |||
6.14. Fees, etc. | 57 | |||
SECTION 7. Conditions Precedent to All Credit Events | 57 | |||
7.01. No Default; Representations and Warranties | 57 | |||
7.02. Notice of Borrowing; Letter of Credit Request | 57 | |||
SECTION 8. Representations, Warranties and Agreements | 58 | |||
8.01. Company Status | 58 | |||
8.02. Power and Authority | 58 | |||
8.03. No Violation | 58 | |||
8.04. Approvals | 59 | |||
8.05. Financial Statements; Financial Condition; Undisclosed Liabilities; Projections | 59 | |||
8.06. Litigation | 60 | |||
8.07. True and Complete Disclosure | 60 | |||
8.08. Use of Proceeds; Margin Regulations | 60 | |||
8.09. Tax Returns and Payments | 61 | |||
8.10. Compliance with ERISA | 61 | |||
8.11. Security Documents | 62 | |||
8.12. Properties | 63 | |||
8.13. Reserved | 63 | |||
8.14. Subsidiaries | 63 | |||
8.15. Compliance with Statutes, etc. | 63 | |||
8.16. Investment Company Act | 64 | |||
8.17. Insurance | 64 | |||
8.18. Environmental Matters | 64 | |||
8.19. Employment and Labor Relations | 64 | |||
8.20. Intellectual Property, etc. | 64 | |||
8.21. Indebtedness | 65 | |||
SECTION 9. Affirmative Covenants | 65 | |||
9.01. Information Covenants | 65 | |||
9.02. Books, Records and Inspections; Annual Meetings | 67 | |||
9.03. Maintenance of Property; Insurance | 67 | |||
9.04. Existence; Franchises | 68 | |||
9.05. Compliance with Statutes, etc. | 68 | |||
9.06. Compliance with Environmental Laws | 68 | |||
9.07. ERISA | 69 | |||
9.08. End of Fiscal Years; Fiscal Quarters | 70 | |||
9.09. Performance of Obligations | 70 | |||
9.10. Payment of Taxes | 70 |
(ii)
Page | ||||
9.11. Use of Proceeds | 70 | |||
9.12. Additional Security; Further Assurances; etc. | 70 | |||
9.13. Contributions | 71 | |||
9.14. Interest Rate Protection | 71 | |||
9.15. Permitted Acquisitions | 72 | |||
9.16. Ratings | 73 | |||
SECTION 10. Negative Covenants | 74 | |||
10.01. Liens | 74 | |||
10.02. Consolidation, Merger, Purchase or Sale of Assets, etc. | 76 | |||
10.03. Dividends | 78 | |||
10.04. Indebtedness | 79 | |||
10.05. Advances, Investments and Loans | 81 | |||
10.06. Transactions with Affiliates | 83 | |||
10.07. Capital Expenditures | 84 | |||
10.08. Interest Expense Coverage Ratio | 85 | |||
10.09. Total Leverage Ratio | 85 | |||
10.10. Modifications of Acquisition Documents, Certificate of Incorporation, By-Laws and Certain Other Agreements; Limitations on Voluntary Payments, etc. | 86 | |||
10.11. Limitation on Certain Restrictions on Subsidiaries | 86 | |||
10.12. Limitation on Issuance of Equity Interests | 86 | |||
10.13. Business; etc. | 87 | |||
10.14. Limitation on Creation of Subsidiaries | 87 | |||
SECTION 11. Events of Default | 88 | |||
11.01. Payments | 88 | |||
11.02. Representations, etc. | 88 | |||
11.03. Covenants | 88 | |||
11.04. Default Under Other Agreements | 88 | |||
11.05. Bankruptcy, etc. | 89 | |||
11.06. ERISA. | 89 | |||
11.07. Security Documents | 89 | |||
11.08. Guaranties | 90 | |||
11.09. Judgments | 90 | |||
11.10. Change of Control | 90 | |||
11.11. Vault Cash Agreement Cross-Default | 90 | |||
SECTION 12. The Administrative Agent | 91 | |||
12.01. Appointment | 91 | |||
12.02. Nature of Duties | 91 | |||
12.03. Lack of Reliance on the Administrative Agent | 91 | |||
12.04. Certain Rights of the Administrative Agent | 92 | |||
12.05. Reliance | 92 | |||
12.06. Indemnification | 92 | |||
12.07. The Administrative Agent in its Individual Capacity | 92 | |||
12.08. Holders | 93 | |||
12.09. Resignation by the Administrative Agent | 93 | |||
12.10. Collateral Matters | 94 | |||
12.11. Delivery of Information | 94 |
(iii)
Page | ||||
SECTION 13. Miscellaneous | 95 | |||
13.01. Payment of Expenses, etc. | 95 | |||
13.02. Right of Setoff | 96 | |||
13.03. Notices | 96 | |||
13.04. Benefit of Agreement; Assignments; Participations | 97 | |||
13.05. No Waiver; Remedies Cumulative | 98 | |||
13.06. Payments Pro Rata | 99 | |||
13.07. Calculations; Computations | 99 | |||
13.08. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL | 100 | |||
13.09. Counterparts | 101 | |||
13.10. Effectiveness | 101 | |||
13.11. Headings Descriptive | 101 | |||
13.12. Amendment or Waiver; etc. | 101 | |||
13.13. Survival | 104 | |||
13.14. Domicile of Loans | 104 | |||
13.15. Register | 104 | |||
13.16. Confidentiality; Etc | 105 | |||
13.17. Special Provisions Regarding Pledges of Equity Interests in, and Promissory Notes Owed by, Persons Not Organized in the United States | 105 | |||
13.18. Patriot Act | 106 | |||
13.19. Interest Rate Limitation | 106 | |||
13.20. Post-Closing Requirements | 106 | |||
SECTION 14. Holdings Guaranty | 108 | |||
14.01. Guaranty | 108 | |||
14.02. Bankruptcy | 108 | |||
14.03. Nature of Liability | 108 | |||
14.04. Independent Obligation | 108 | |||
14.05. Authorization | 109 | |||
14.06. Reliance | 109 | |||
14.07. Subordination | 110 | |||
14.08. Waiver | 110 | |||
14.09. Payments | 111 | |||
14.10. Maximum Liability | 111 |
(iv)
SCHEDULE 1.01(a) | Commitments | |
SCHEDULE 1.01(b) | Lender Addresses | |
SCHEDULE 8.12 | Real Property | |
SCHEDULE 8.14 | Subsidiaries | |
SCHEDULE 8.17 | Insurance | |
SCHEDULE 8.21 | Existing Indebtedness | |
SCHEDULE 10.01 | Existing Liens | |
SCHEDULE 10.05 | Existing Investments | |
SCHEDULE 13.20 | Foreign Subsidiaries | |
EXHIBIT A-1 | Form of Notice of Borrowing | |
EXHIBIT A-2 | Form of Notice of Conversion/Continuation | |
EXHIBIT B-1 | Form of Term Note | |
EXHIBIT B-2 | Form of Revolving Note | |
EXHIBIT B-3 | Form of Swingline Note | |
EXHIBIT C | Form of Letter of Credit Request | |
EXHIBIT D | Form of Section 5.04(b)(ii) Certificate | |
EXHIBIT E-1 | Form of Opinion of Morrison & Foerster LLP, counsel to the Credit Parties | |
EXHIBIT E-2 | Form of Opinion of Brownstein Hyatt Farber Schreck, special Nevada counsel to Western Money Systems | |
EXHIBIT F | Form of Officers’ Certificate | |
EXHIBIT G | Form of Subsidiaries Guaranty | |
EXHIBIT H | Form of Pledge Agreement | |
EXHIBIT I | Form of Security Agreement | |
EXHIBIT J | Form of Solvency Certificate | |
EXHIBIT K | Form of Compliance Certificate | |
EXHIBIT L | Form of Assignment and Assumption Agreement | |
EXHIBIT M | Form of Intercompany Note |
-2-
-3-
-4-
-5-
-6-
-7-
-8-
-9-
-10-
-11-
-12-
-13-
-14-
-15-
-16-
-17-
-18-
-19-
-20-
-21-
-22-
-23-
-24-
-25-
-26-
-27-
-28-
-29-
-30-
-31-
-32-
-33-
-34-
-35-
-36-
-37-
-38-
-39-
-40-
-41-
-42-
-43-
-44-
-45-
-46-
-47-
-48-
-49-
-50-
-51-
-52-
-53-
-54-
-55-
-56-
-57-
-58-
-59-
-60-
-61-
-62-
-63-
-64-
-65-
-66-
-67-
-68-
-69-
-70-
-71-
-72-
-73-
-74-
-75-
-76-
-77-
-78-
-79-
-80-
-81-
-82-
-83-
Fiscal Year Ending | Amount | |||
December 31, 2011 | $ | 10,000,000 | ||
December 31, 2012 | $ | 10,000,000 | ||
December 31, 2013 | $ | 10,000,000 | ||
December 31, 2014 | $ | 10,000,000 | ||
December 31, 2015 | $ | 10,000,000 | ||
December 31, 2016 | $ | 10,000,000 |
-84-
Fiscal Quarter Ended Closest to | Ratio | |||
March 31, 2011 | 2.50:1.00 | |||
June 30, 2011 | 2.50:1.00 | |||
September 30, 2011 | 2.75:1.00 | |||
December 31, 2011 | 2.75:1.00 | |||
March 31, 2012 | 3.00:1.00 | |||
June 30, 2012 | 3.00:1.00 | |||
September 30, 2012 | 3.00:1.00 | |||
December 31, 2012 | 3.00:1.00 | |||
March 31, 2013 | 3.25:1.00 | |||
June 30, 2013 | 3.25:1.00 | |||
September 30, 2013 | 3.25:1.00 | |||
December 31, 2013 | 3.25:1.00 | |||
March 31, 2014 | 3.50:1.00 | |||
June 30, 2014 | 3.50:1.00 | |||
September 30, 2014 | 3.50:1.00 | |||
December 31, 2014 | 3.50:1.00 | |||
Thereafter | 3.75:1.00 |
Period | Ratio | |||
From March 31, 2011 to and including December 30, 2011 | 4.25:1.00 | |||
From December 31, 2011 to and including March 30, 2012 | 4.00:1.00 | |||
March 31, 2012 to and including September 29, 2012 | 3.75:1.00 | |||
September 30, 2012 to and including March 30, 2015 | 3.25:1.00 | |||
Thereafter | 2.75:1.00 |
-85-
-86-
-87-
-88-
-89-
-90-
-91-
-92-
-93-
-94-
-95-
-96-
-97-
-98-
-99-
-100-
-101-
-102-
-103-
-104-
-105-
-106-
-107-
-108-
-109-
-110-
-111-
Address: | ||||||
3525 East Post Road | GLOBAL CASH ACCESS HOLDINGS, INC. | |||||
Suite 120 | ||||||
Las Vegas, NV 89120 Attention: General Counsel, Chief Financial Officer Tel: (702) 855-3000 Fax: (702) 262-5039 | By: | /s/ Scott H. Betts Title: President | ||||
3525 East Post Road | GLOBAL CASH ACCESS, INC. | |||||
Suite 120 | ||||||
Las Vegas, NV 89120 Attention: General Counsel, Chief Financial Officer Tel: (702) 855-3000 Fax: (702) 262-5039 | By: | /s/ Scott H. Betts Title: President |
DEUTSCHE BANK TRUST COMPANY AMERICAS, | ||||||
Individually and as Administrative Agent | ||||||
By: | /s/ Mary Kay Coyle | |||||
Title: Managing Director | ||||||
By: | /s/ Scottye Lindsey | |||||
Title: Director |
SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GLOBAL CASH ACCESS HOLDINGS, INC., GLOBAL CASH ACCESS, INC., THE LENDERS PARTY HERETO FROM TIME TO TIME AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT | ||||||
NAME OF INSTITUTION: | ||||||
BANK OF THE WEST | ||||||
By: | /s/ Charles Jou | |||||
Title: Vice President |
SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GLOBAL CASH ACCESS HOLDINGS, INC., GLOBAL CASH ACCESS, INC., THE LENDERS PARTY HERETO FROM TIME TO TIME AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT | ||||||
NAME OF INSTITUTION: | ||||||
Capital One, N.A. | ||||||
By: | /s/ Kacy Kent | |||||
Title: Vice President |
SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GLOBAL CASH ACCESS HOLDINGS, INC., GLOBAL CASH ACCESS, INC., THE LENDERS PARTY HERETO FROM TIME TO TIME AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT | ||||||
NAME OF INSTITUTION: | ||||||
CIT Bank | ||||||
By: | /s/ Daniel Burnett | |||||
Title: Authorized Signatory |
SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GLOBAL CASH ACCESS HOLDINGS, INC., GLOBAL CASH ACCESS, INC., THE LENDERS PARTY HERETO FROM TIME TO TIME AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT | ||||||
NAME OF INSTITUTION: | ||||||
Comerica Bank | ||||||
By: | /s/ Kevin T. Urban | |||||
Title: Vice President |
SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG GLOBAL CASH ACCESS HOLDINGS, INC., GLOBAL CASH ACCESS, INC., THE LENDERS PARTY HERETO FROM TIME TO TIME AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT | ||||||
NAME OF INSTITUTION: | ||||||
WELLS FARGO BANK, N.A. | ||||||
By: | /s/ Olga E. Wisnicky | |||||
Title: VICE PRESIDENT |
Revolving Loan | ||||||||
Lender | Term Loan Commitment | Commitment | ||||||
Deutsche Bank Trust Company Americas | $ | 210,000,000 | $ | 10,000,000 | ||||
Wells Fargo Bank, N.A. | $ | 10,000,000 | ||||||
Capital One, N.A. | $ | 9,000,000 | ||||||
CIT Bank | $ | 2,000,000 | ||||||
Comerica Bank | $ | 2,000,000 | ||||||
Bank of the West | $ | 2,000,000 | ||||||
TOTAL: | $ | 210,000,000 | $ | 35,000,000 |
Lender | Address | |
Deutsche Bank Trust Company Americas | 60 Wall Street New York, NY 10005 Attention: Mary Kay Coyle Telephone: 212-250-6039 Telecopier: 212-797-5690 | |
Wells Fargo Bank, N.A. | One Front Street, 18th Floor MAC A0195-180 San Francisco, CA 94111 Attention: Benjamin Persin Telephone: 415-222-3311 Telecopier: 415-646-9226 | |
Capital One, N.A. | 333 Travis Street, 3rd Floor Shreveport, LA 71101 Attention: Chris Haskew Telephone: 318-674-3796 Telecopier: 318-674-3758 | |
CIT Bank | One CIT Drive Livingston, NJ 07039 Attention: Mike DiScala Telephone: 973-740-5690 Telecopier: 973-535-3760 | |
Comerica Bank | 999 18th Street, Suite 2001 Denver, CO 80202 Attention: Fatima Arshad Telephone: 303-357-6112 Telecopier: 714-766-3236 | |
Bank of the West | 300 S. Grand Ave., 5th Floor Mail Sort: SC-CAL-05-F Los Angeles, CA 90071 Attention: Sidney Jordan Telephone: 213-972-0625 Telecopier: 213-972-0618 |
3201 West County Road 42, Burnsville, Minnesota 55301
3153 Fire Road, Egg Harbor Township, New Jersey 08234
No. 411, Alameda Dr. Carlos D’Assumpcao, Edif. Dynasty Plaza, Unit H, 5th Floor, Macau
4120 W. Windmill Lane, Las Vegas, Nevada 89139
620 Kresge Lane, Sparks, Nevada 89431
6847 S. Eastern Avenue, Building 2, Units A&B, Las Vegas, Nevada 89119
Jurisdiction of | ||||||
Name | Organization | Ownership Percentage | Direct Owner | |||
Global Cash Access, Inc. (“GCA”) | Delaware | 100% Direct | Global Cash Access Holdings, Inc. (“Holdings”) | |||
Global Cash Access (Canada) Inc. | Canada | 100% Indirect | GCA | |||
Central Credit, LLC | Delaware | 100% Indirect | GCA | |||
Game Financial Caribbean N.V. (“GFC”) | Netherlands Antilles | 100% Indirect | GCA | |||
Global Cash Access (Panama), Inc. | Panama | 100% Indirect | GFC | |||
Western Money Systems | Nevada | 100% Indirect | GCA | |||
Cash Systems, Inc. | Delaware | 100% Indirect | GCA | |||
Arriva Card, Inc. | Delaware | 100% Indirect | GCA | |||
Global Cash Access (UK) Ltd (“GCA UK”) | United Kingdom | 100% Indirect | GCA | |||
Global Cash Access (SA) (Proprietary), Ltd | South Africa | 100% Indirect | GCA UK | |||
Global Cash Access (Belize) Ltd | Belize | 100% Indirect | GCA | |||
G.C.A. Incorporated | Saint Christopher (aka St. Kitts) and Nevis | 100% Indirect | GCA | |||
Global Cash Access (BVI), Inc. (“GCA BVI”) | British Virgin Islands | 100% Indirect | GCA | |||
Global Cash Access Switzerland, AG | Switzerland | 100% Indirect | GCA BVI | |||
Global Cash Access (HK) Ltd. (“GCA HK”) | Hong Kong | 100% Indirect | GCA BVI | |||
GCA (Macau), S.A. | Macau | 100% Indirect | 1% GCA, 1% GCA BVI, 98% GCA HK | |||
Global Cash Access (Belgium), S.A. | Belgium | 100% Indirect | 1% GCA, 99% GCA HK |
NAME | JURISDICTION | RESULTS | COLLATERAL/OTHER | |||
GLOBAL CASH ACCESS, INC. | DELAWARE | 1. UCC-1 # 2007 2772514 (filed on 07/24/2007) Expires: 07/24/2011 Secured Party: US Bancorp | 1. Specific Equipment | |||
GLOBAL CASH ACCESS, INC. | DELAWARE | 2. UCC-1 # 2008 0798957 (filed on 03/05/2008) Expires: 03/05/2013 Secured Party: US Bancorp | 2. Specific Equipment | |||
GLOBAL CASH ACCESS, INC. | DELAWARE | 3. UCC-1 # 2008 3793153 (filed on 11/12/2008) Expires: 11/12/2013 Secured Party: US Bancorp | 3. Specific Equipment | |||
GLOBAL CASH ACCESS, INC. | DELAWARE | 4. UCC-1 # 2009 3509061 (filed on 11/02/2009) Expires: 11/02/2014 Secured Party: GreatAmerica Leasing Corporation | 4. Specific Equipment (various Toshiba copiers, printers, fax machines and all products, proceeds and attachments) | |||
GLOBAL CASH ACCESS, INC. | DELAWARE | 5. UCC-1 # 2011 0434806 (filed on 02/05/2011) Expires: 02/05/2016 Secured Party: U.S. Bancorp Business Equipment Finance Group | 5. Specific Equipment |
Name | Jurisdiction of Organization | |
Global Cash Access (UK) Ltd | United Kingdom | |
Global Cash Access (SA) (Proprietary), Ltd | South Africa | |
Global Cash Access (Belize) Ltd | Belize | |
G.C.A. Incorporated | Saint Christopher (aka St. Kitts) and Nevis | |
Global Cash Access (BVI), Inc. | British Virgin Islands | |
Global Cash Access Switzerland, AG | Switzerland | |
Global Cash Access (HK) Ltd. | Hong Kong | |
GCA (Macau), S.A. | Macau | |
Global Cash Access (Belgium), S.A. | Belgium |