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ARTICLE I DEFINITIONS | 1 | |||||||
SECTION 1.1 General Definitions | 1 | |||||||
SECTION 1.2 Accounting Terms and Determinations | 29 | |||||||
SECTION 1.3 Other Terms; Headings | 30 | |||||||
ARTICLE II THE CREDIT FACILITIES | 30 | |||||||
SECTION 2.1 The Revolving Credit Loans | 30 | |||||||
SECTION 2.2 LC Facility | 32 | |||||||
SECTION 2.3 Procedure for Borrowing; Notices of Borrowing; Notices of Continuation; Notices of | ||||||||
Conversion; Settlement | 35 | |||||||
SECTION 2.4 Use of Proceeds | 40 | |||||||
SECTION 2.5 Maximum Amount of the Facility; Mandatory Prepayments; Optional Prepayments | 40 | |||||||
SECTION 2.6 Maintenance of Loan Account; Statements of Account | 42 | |||||||
SECTION 2.7 Maintenance of Dominion Account and Concentration Account; Collection of Receivables | 42 | |||||||
SECTION 2.8 Term | 44 | |||||||
SECTION 2.9 Payment Procedures | 45 | |||||||
SECTION 2.10 Defaulting Lenders | 47 | |||||||
SECTION 2.11 Notices | 47 | |||||||
ARTICLE III SECURITY | 47 | |||||||
SECTION 3.1 General | 47 | |||||||
SECTION 3.2 Recourse to Security | 48 | |||||||
SECTION 3.3 Special Provisions Relating to Inventory | 48 | |||||||
SECTION 3.4 Special Provisions Relating to Receivables | 49 | |||||||
SECTION 3.5 Continuation of Liens, Etc | 49 | |||||||
SECTION 3.6 Power of Attorney | 50 | |||||||
SECTION 3.7 Release of Collateral | 50 | |||||||
ARTICLE IV INTEREST, FEES AND EXPENSES | 51 | |||||||
SECTION 4.1 Interest | 51 | |||||||
SECTION 4.2 Interest After Event of Default | 51 | |||||||
SECTION 4.3 The Administrative Agent’s and Closing Fees | 51 | |||||||
SECTION 4.4 Unused Line Fee and LC Facility Fees | 51 | |||||||
SECTION 4.5 Calculations | 51 | |||||||
SECTION 4.6 Indemnification in Certain Events | 52 | |||||||
SECTION 4.7 Taxes | 52 | |||||||
ARTICLE V CONDITIONS OF LENDING | 55 | |||||||
SECTION 5.1 Conditions to Credit Extensions | 55 | |||||||
SECTION 5.2 Conditions Precedent to Each Loan | 57 | |||||||
SECTION 5.3 Limited Waiver of Conditions Precedent | 58 | |||||||
ARTICLE VI REPRESENTATIONS AND WARRANTIES | 58 | |||||||
SECTION 6.1 Representations and Warranties of the Borrower | 58 | |||||||
ARTICLE VII COVENANTS OF THE BORROWER | 63 | |||||||
SECTION 7.1 Affirmative Covenants | 63 |
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SECTION 7.2 Negative Covenants | 67 | |||||||
ARTICLE VIII EVENTS OF DEFAULT | 69 | |||||||
SECTION 8.1 Events of Default | 69 | |||||||
SECTION 8.2 Acceleration, Termination and Demand Rights | 70 | |||||||
SECTION 8.3 Other Remedies | 70 | |||||||
SECTION 8.4 License for Use of Software and Other Intellectual Property | 71 | |||||||
SECTION 8.5 No Marshalling; Deficiencies; Remedies Cumulative | 72 | |||||||
SECTION 8.6 Waivers | 72 | |||||||
SECTION 8.7 Further Rights of the Administrative Agent | 72 | |||||||
ARTICLE IX THE AGENT | 73 | |||||||
SECTION 9.1 Appointment, Authority and Duties of the Administrative Agent | 73 | |||||||
SECTION 9.2 Agreements Regarding Collateral and Examination Reports | 75 | |||||||
SECTION 9.3 Reliance By The Administrative Agent | 76 | |||||||
SECTION 9.4 Action Upon Default | 76 | |||||||
SECTION 9.5 Ratable Sharing | 77 | |||||||
SECTION 9.6 Indemnification of the Agent Indemnitees | 77 | |||||||
SECTION 9.7 Limitation on Responsibilities of the Administrative Agent | 78 | |||||||
SECTION 9.8 Successor Administrative Agent and Co-Agents | 79 | |||||||
SECTION 9.9 Consents, Amendments and Waivers | 80 | |||||||
SECTION 9.10 Due Diligence and Non-Reliance | 82 | |||||||
SECTION 9.11 Representations and Warranties of Lenders | 82 | |||||||
SECTION 9.12 The Required Lenders | 83 | |||||||
SECTION 9.13 Several Obligations | 83 | |||||||
SECTION 9.14 Administrative Agent in its Individual Capacity | 83 | |||||||
SECTION 9.15 No Third Party Beneficiaries | 83 | |||||||
SECTION 9.16 Notice of Transfer | 84 | |||||||
SECTION 9.17 Replacement of Certain Lenders | 84 | |||||||
SECTION 9.18 Remittance of Payments and Collections | 85 | |||||||
ARTICLE X GENERAL PROVISIONS | 86 | |||||||
SECTION 10.1 Notices and Communications | 86 | |||||||
SECTION 10.2 Delays; Partial Exercise of Remedies | 87 | |||||||
SECTION 10.3 Right of Setoff | 87 | |||||||
SECTION 10.4 Indemnification; Reimbursement of Expenses of Collection | 87 | |||||||
SECTION 10.5 Nonliability of the Administrative Agent and Lenders | 89 | |||||||
SECTION 10.6 Counterparts; Telecopied Signatures | 89 | |||||||
SECTION 10.7 Severability | 89 | |||||||
SECTION 10.8 Maximum Rate | 89 | |||||||
SECTION 10.9 Entire Agreement; Interpretation | 90 | |||||||
SECTION 10.10 LIMITATION OF LIABILITY | 90 | |||||||
SECTION 10.11 GOVERNING LAW | 90 | |||||||
SECTION 10.12 SUBMISSION TO JURISDICTION | 91 | |||||||
SECTION 10.13 JURY TRIAL | 91 | |||||||
SECTION 10.14 Confidentiality | 91 |
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ARTICLE XI BENEFIT OF AGREEMENT; ASSIGNMENTS AND PARTICIPATIONS | 92 | |||||||
SECTION 11.1 Successors and Assigns | 92 | |||||||
SECTION 11.2 Participations | 93 | |||||||
SECTION 11.3 Assignments | 94 |
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Schedule 1 | - Commitments of Lenders | |||
Schedule 2 | - Pledged Deposit Accounts | |||
Schedule 3 | - Patents and Trademarks | |||
Schedule 6.1(a) | - Foreign Jurisdictions | |||
Schedule 6.1(b) | - Locations of Collateral | |||
Schedule 6.1(g) | - Subsidiaries | |||
Schedule 6.1(k) | - Joint Ventures | |||
Schedule 6.1(l) | - Other Corporate Names of the Borrower | |||
Schedule 6.1(p) | - Taxes | |||
Schedule 6.1(q) | - Pending Litigation | |||
Schedule 6.1(r) | - Existing Indebtedness | |||
Schedule 6.1(t) | - Existing Liens |
Exhibits | ||||||
Exhibit A | - | Revolving Credit Note | ||||
Exhibit B | - | Equipment Excluded from Collateral | ||||
Exhibit C | - | Form of Assignment and Acceptance | ||||
Exhibit D | - | Form of Notice of Assignment and Acceptance | ||||
Exhibit E | - | Compliance Certificate | ||||
Exhibit F | - | Form of Notice of Borrowing | ||||
Exhibit G | - | Form of Notice of Conversion/Continuation | ||||
Exhibit H | - | [Intentionally Omitted] | ||||
Exhibit I | - | Borrowing Base Certificate | ||||
Exhibit J | - | [Intentionally Omitted] | ||||
Exhibit K | - | Form of Confidentiality Agreement | ||||
Exhibit L | - | Form of Imported Inventory Agreement | ||||
Exhibit M | - | Existing Letters of Credit |
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DEFINITIONS
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Applicable Margin | ||||||
Average Excess | for Base Rate | Applicable Margin for | ||||
Availability | Advances | LIBOR Rate Advances | Unused Line Fee | |||
£ 30% of the aggregate Commitments as of time of determination | 50.0 bps | 200.0 bps | 25.0 bps | |||
> 30%£ 50% of such Commitments | 25.0 bps | 175.0 bps | 25.0 bps | |||
> 50%,£ 70% of such Commitments | 0.0 bps | 150.0 bps | 27.5 bps | |||
> 70% of such Commitments | -25.0 bps | 125.0 bps | 27.5 bps |
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THE CREDIT FACILITIES
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SECURITY
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INTEREST, FEES AND EXPENSES
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CONDITIONS OF LENDING
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REPRESENTATIONS AND WARRANTIES
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COVENANTS OF THE BORROWER
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EVENTS OF DEFAULT
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THE AGENT
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GENERAL PROVISIONS
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BENEFIT OF AGREEMENT; ASSIGNMENTS AND PARTICIPATIONS
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WESTPOINT HOME, INC. | ||||||
By: | /s/ John M. Jureller | |||||
Name:John M. Jureller | ||||||
Title: Chief Financial Officer | ||||||
Address: | ||||||
1185 Avenue of the Americas | ||||||
New York, New York 10036 | ||||||
Attention: John M. Jureller | ||||||
Telecopier No.: (212) 930-2275 | ||||||
Commitment: $250,000,000.00 | BANK OF AMERICA, N.A., as a Lender, Issuing Bank and the Administrative Agent | |||||
By: | /s/ John Yankauskas | |||||
Name:John Yankauskas | ||||||
Title: Senior Vice President |
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Address: | ||||||
300 Galleria Parkway, N.W. | ||||||
Suite 800 | ||||||
Atlanta, Georgia 30335 | ||||||
Attention: Office Head | ||||||
Telecopier No.: (770) 859-2437 |
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U.S. $ . | , 200 Atlanta, Georgia |
BORROWER: | ||||||||
ATTEST: | WESTPOINT HOME, INC. | |||||||
By: | ||||||||
Secretary | Title: | |||||||
[CORPORATE SEAL] |
(a) | If to Assignee, to the following address (or to such other address as Assignee may designate from time to time): | ||
(b) | If to Assignor, to the following address (or to such other address as Assignor may designate from time to time): | ||
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ABA No. | |||
Account No. | |||
Reference: |
ABA No. | |||
For Account of: | |||
Reference: |
(“Assignor”) | ||||||
By: | ||||||
Title: | ||||||
(“Assignee”) | ||||||
By: | ||||||
Title: |
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By: | ||||||
Title: | ||||||
Dated: | ||||||
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(“Assignor”) | ||||||
By: | ||||||
Title: | ||||||
(“Assignee”) | ||||||
By: | ||||||
Title: | ||||||
AS OF THE DATE SET FORTH ABOVE:
By: | ||
Title: | ||
as the Administrative Agent
By: | ||
Title: | ||
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300 Galleria Parkway, N. W.
Suite 800
Atlanta, Georgia 30339
Very truly yours, West Point Home, Inc. | ||||
By: | ||||
Chief-Financial Officer | ||||
title[must be a Responsible Officer] |
300 Galleria Parkway
Suite 800
Atlanta, Georgia 30339
Attention: Loan Administration Officer
Re: | Loan and 5 Security Agreement dated as of ___, 2006, by and among WestPoint Home, Inc., Bank of America, N.A., as collateral and administrative agent for certain Lenders from time to time parties thereto, and such Lenders (as at any time amended, the “Loan Agreement”) |
Check as applicable: | : Base Rate Advances in the aggregate principal amount of $ | |
: LIBOR Rate Advances in the aggregate principal amount of $ , with Interest Periods as follows: |
(i) | As to $ , an Interest Period of month(s); | |
(ii) | As to $ , an Interest Period of months; | |
(iii) | As to $ , an Interest Period of months. |
By: | ||||
Title: | ||||
300 Galleria Parkway
Suite 800
Atlanta, Georgia 30339
Attention: Loan Administration Officer
Re: | Loan and Security Agreement dated as of ___, 2006, by and among WestPoint Home, Inc., Bank of America, N.A., as collateral and administrative agent for certain Lenders from time to time parties thereto, and such Lenders (as at any time amended, the “Loan Agreement”) |
(i) | The requested date of the proposed conversion is , 20___ (the “Conversion Date”); | ||
(ii) | The Type of Loans to be converted pursuant hereto are presently [select either LIBOR Rate Advances or Base Rate Advances]in the principal amount of $ outstanding as of the Conversion Date; | ||
(iii) | The portion of the aforesaid Loans to be converted on the Conversion Date is $ (the “Conversion Amount”); | ||
(iv) | The Conversion Amount is to be converted into a [select either a LIBOR Rate Advance or a Base Rate Advance](the “Converted Loan”) on the Conversion Date. | ||
(v) | [In the event Borrower selects a LIBOR Rate Advance:]Borrower hereby requests that the Interest Period for such Converted Loan be for a duration of [insert length of Interest Period]. |
(i) | The requested date of the proposed continuation is , 20___ (the “Continuation Date”); |
(ii) | The aggregate amount of the LIBOR Rate Advances subject to such continuation is $ ; | ||
(iii) | The duration of the selected Interest Period for the LIBOR Rate Advances which are the subject of such continuation is: [select duration of applicable Interest Period]; |
By: | ||||
Title: | ||||
Very truly yours, | ||||||
Bank of America, N.A. | ||||||
By: | ||||||
Name: | ||||||
Title: |
AND ANY OF ITS AFFILIATES OR REPRESENTATIVES
By: | ||||
Name: | ||||
Title: |
1. | Definitions; Rules of Construction. |
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3. | Handling Procedures. |
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4. | Power of Attorney. |
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BANK OF AMERICA, N.A., | ||||||
as Agent (“the Administrative Agent”) | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Address for Notices: | ||||||
300 Galleria Parkway | ||||||
Suite 800 | ||||||
Atlanta, Georgia 30339 | ||||||
Attention: Loan Administration Manager | ||||||
Telecopier: (770) 859-2483 | ||||||
(“Borrower”) | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Address for Notices: | ||||||
Telecopier: | ||||||
(“Customs Broker”) | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Address for Notices: | ||||||
Telecopier: | ||||||
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