CREDIT AGREEMENT
(formerly Centex Construction Products, Inc.)
(formerly known as JPMorgan Chase Bank and successor by merger to Bank One, N.A.),
as Administrative Agent and a Lender,
and
PNC BANK, N.A.,
as
Co—Syndication Agents
and Lenders
and
WELLS FARGO BANK, N.A.
as Co—Documentation Agents
and a Lender
and
the other Lenders from time to time party hereto
as Sole Bookrunner and Sole Lead Arranger
[Incorporating First through Third Amendments]
Page # | ||||||
ARTICLE I. DEFINITIONS | 1 | |||||
Section 1.01. | Defined Terms | 1 | ||||
Section 1.02. | Classification of Loans and Borrowings | 15 | ||||
Section 1.03. | Terms Generally | 15 | ||||
Section 1.04. | Accounting Terms; GAAP | 16 | ||||
ARTICLE II. THE CREDITS | 16 | |||||
Section 2.01. | Commitments | 16 | ||||
Section 2.02. | Loans and Borrowings | 16 | ||||
Section 2.03. | Requests for Revolving Borrowings | 17 | ||||
Section 2.04. | Swingline Loans | 17 | ||||
Section 2.05. | Letters of Credit | 18 | ||||
Section 2.06. | Funding of Borrowings | 22 | ||||
Section 2.07. | Interest Elections | 23 | ||||
Section 2.08. | Termination and Reduction of Commitments | 24 | ||||
Section 2.09. | Repayment of Loans; Evidence of Debt | 24 | ||||
Section 2.10. | Prepayment of Loans | 25 | ||||
Section 2.11. | Fees | 25 | ||||
Section 2.12. | Interest | 26 | ||||
Section 2.13. | Alternate Rate of Interest | 27 | ||||
Section 2.14. | Increased Costs | 27 | ||||
Section 2.15. | Break Funding Payments | 28 | ||||
Section 2.16. | Taxes | 29 | ||||
Section 2.17. | Payments Generally; Pro Rata Treatment; Sharing of Set-offs | 30 | ||||
Section 2.18. | Mitigation Obligations; Replacement of Lenders | 31 | ||||
Section 2.19. | Increase of Revolving Commitments | 32 | ||||
ARTICLE III. REPRESENTATIONS AND WARRANTIES | 32 | |||||
Section 3.01. | Organization; Powers | 32 | ||||
Section 3.02. | Authorization; Enforceability | 33 | ||||
Section 3.03. | Governmental Approvals; No Conflicts | 33 | ||||
Section 3.04. | Financial Condition; No Material Adverse Change | 33 | ||||
Section 3.05. | Properties | 33 | ||||
Section 3.06. | Litigation and Environmental Matters | 34 | ||||
Section 3.07. | Compliance with Laws and Agreements | 34 | ||||
Section 3.08. | Investment and Holding Company Status | 34 | ||||
Section 3.09. | Taxes | 34 | ||||
Section 3.10. | ERISA | 34 | ||||
Section 3.11. | Disclosure | 35 | ||||
Section 3.12. | Subsidiaries | 35 | ||||
Section 3.13. | Indebtedness | 35 | ||||
Section 3.14. | Solvency | 35 | ||||
Section 3.15. | Margin Securities | 35 | ||||
TABLE OF CONTENTS, Page i of iii |
Page # | ||||||
ARTICLE IV. CONDITIONS | 36 | |||||
Section 4.01. | Effective Date | 36 | ||||
Section 4.02. | Each Credit Event | 37 | ||||
Section 4.03. | Effective Date Adjustments | 37 | ||||
ARTICLE V. AFFIRMATIVE COVENANTS | 37 | |||||
Section 5.01. | Financial Statements; Ratings Change and Other Information | 37 | ||||
Section 5.02. | Notices of Material Events | 38 | ||||
Section 5.03. | Existence; Conduct of Business | 39 | ||||
Section 5.04. | Payment of Obligations | 39 | ||||
Section 5.05. | Maintenance of Properties; Insurance | 39 | ||||
Section 5.06. | Books and Records; Inspection Rights | 39 | ||||
Section 5.07. | Compliance with Laws and Agreements | 39 | ||||
Section 5.08. | Use of Proceeds | 40 | ||||
Section 5.09. | Joinder of Subsidiaries to Subsidiary Guaranty | 40 | ||||
Section 5.10. | Further Assurances | 40 | ||||
Section 5.11. | Receivables Securitization | 40 | ||||
ARTICLE VI. NEGATIVE COVENANTS | 40 | |||||
Section 6.01. | Indebtedness | 40 | ||||
Section 6.02. | Liens | 42 | ||||
Section 6.03. | Fundamental Changes; Sale of Assets | 43 | ||||
Section 6.04. | Investments, Loans, Advances, Guaranties and Acquisitions | 44 | ||||
Section 6.05. | Swap Agreements | 46 | ||||
Section 6.06. | Restricted Payments; Prepayments of Indebtedness | 47 | ||||
Section 6.07. | Transactions with Affiliates | 48 | ||||
Section 6.08. | Restrictive Agreements | 48 | ||||
Section 6.09. | Interest Coverage Ratio | 49 | ||||
Section 6.10. | Leverage Ratio | 49 | ||||
Section 6.11. | Sale and Lease-Back Transactions | 49 | ||||
ARTICLE VII. EVENTS OF DEFAULT | 49 | |||||
ARTICLE VIII. THE ADMINISTRATIVE AGENT | 51 | |||||
ARTICLE IX. MISCELLANEOUS | 53 | |||||
Section 9.01. | Notices | 53 | ||||
Section 9.02. | Waivers; Amendments | 53 | ||||
Section 9.03. | Expenses; Indemnity; Damage Waiver | 54 | ||||
Section 9.04. | Successors and Assigns | 56 | ||||
Section 9.05. | Survival | 58 | ||||
Section 9.06. | Counterparts; Integration; Effectiveness | 58 | ||||
Section 9.07. | Severability | 59 | ||||
Section 9.08. | Right of Setoff | 59 | ||||
Section 9.09. | Governing Law; Jurisdiction; Consent to Service of Process | 59 | ||||
Section 9.10. | WAIVER OF JURY TRIAL | 60 | ||||
Section 9.11. | Headings | 60 | ||||
Section 9.12. | Confidentiality | 60 | ||||
TABLE OF CONTENTS, Page ii of iii |
Page # | ||||||
Section 9.13. | Maximum Interest Rate | 61 | ||||
Section 9.14. | No Fiduciary Relationship | 62 | ||||
Section 9.15. | Construction | 62 | ||||
Section 9.16. | Independence of Covenants | 62 | ||||
Section 9.17. | USA PATRIOT Act | 62 | ||||
TABLE OF CONTENTS, Page iii of iii |
Schedules: | ||||
Schedule 1.01(a) | — | Existing Letters of Credit | ||
Schedule 2.01 | — | Commitments | ||
Schedule 3.05 | — | Existing Liens | ||
Schedule 3.06 | — | Disclosed Matters | ||
Schedule 3.12 | — | Subsidiaries | ||
Schedule 3.13 | — | Existing Indebtedness | ||
Schedule 6.04 | — | Existing Investments | ||
Schedule 6.08 | — | Existing Restrictions | ||
Exhibits: | ||||
Exhibit A | — | Form of Assignment and Assumption | ||
Exhibit B | — | Form of Opinion of Borrower’s Counsel | ||
Exhibit C | — | Form of Guaranty Agreement | ||
Exhibit D | — | Form of Notice of Borrowing | ||
Exhibit E | — | Form of Increased Commitment Supplement |
Eurodollar | Commitment | |||||||||||
Leverage Ratio | Spread | ABR Spread | Fee Rate | |||||||||
Category 1 | ||||||||||||
<1.00 to 1.00 | 0.875 | % | 0.000 | % | 0.175 | % | ||||||
Category 2 | ||||||||||||
³ 1.00 to 1.00 | ||||||||||||
but | ||||||||||||
< 1.50 to 1.00 | 1.125 | % | 0.125 | % | 0.200 | % | ||||||
Category 3 | ||||||||||||
> 1.50 to 1.00 | ||||||||||||
but | ||||||||||||
< 2.00 to 1.00 | 1.375 | % | 0.375 | % | 0.250 | % | ||||||
Category 4 | ||||||||||||
> 2.00 to 1.00 | 1.625 | % | 0.625 | % | 0.300 | % |
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EAGLE MATERIALS INC. (formerly Centex Construction Products, Inc.) | ||||||
By: | ||||||
Arthur R. Zunker, Jr., Chief Financial Officer | ||||||
JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank and successor by merger to Bank One, N.A.) individually and as Administrative Agent, | ||||||
By: | ||||||
David L. Howard, Vice President | ||||||
PNC BANK, N.A. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
BANK OF TEXAS, N.A. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
SUNTRUST BANK | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
BRANCH BANKING AND TRUST COMPANY | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
U.S. BANK NATIONAL ASSOCIATION | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
WELLS FARGO BANK, N.A. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
BNP PARIBAS | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
BANK OF AMERICA, N.A. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
THE NORTHERN TRUST COMPANY | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
COMERICA BANK | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
UNION BANK OF CALIFORNIA, N.A. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Schedule 1.01(a) | — | Existing Letters of Credit | ||
Schedule 2.01 | — | Commitments | ||
Schedule 3.05 | — | Existing Liens | ||
Schedule 3.06 | — | Disclosed Matters | ||
Schedule 3.12 | — | Subsidiaries | ||
Schedule 3.13 | — | Existing Indebtedness | ||
Schedule 6.04 | — | Existing Investments | ||
Schedule 6.08 | — | Existing Restrictions |
Exhibit A | — | Form of Assignment and Assumption | ||
Exhibit B | — | Form of Opinion of Borrower’s Counsel | ||
Exhibit C | — | Form of Guaranty Agreement | ||
Exhibit D | — | Form of Notice of Borrowing | ||
Exhibit E | — | Form of Increased Commitment Supplement |
TO
EAGLE MATERIALS INC.
AMENDED AND RESTATED CREDIT AGREEMENT
1. | Assignor: | |||
2. | Assignee: | |||
[and is an Affiliate/Approved Fund of [identify Lender]] | ||||
3. | Borrower: | Eagle Materials Inc.(formerly Centex Construction Products, Inc.) | ||
4. | Administrative Agent: | JPMorgan Chase Bank, N.A. as the administrative agent under the Credit Agreement | ||
5. | Credit Agreement: | The $350,000,000 Amended and Restated Credit Agreement dated as of December 16, 2004 among Eagle Materials Inc., the Lenders parties thereto and JPMorgan Chase Bank, N.A. as Administrative Agent. |
6. | Assigned Interest: | |||||||||||||
Facility Assigned | Aggregate Amount of | Amount of | ||||||||||||
Commitment/Loans | Commitment/Loans | Percentage Assigned | ||||||||||||
for all Lenders | Assigned | of Commitment/Loans | ||||||||||||
$ | $ | % | ||||||||||||
$ | $ | % | ||||||||||||
$ | $ | % |
ASSIGNOR | ||||||
[NAME OF ASSIGNOR] | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
ASSIGNEE | ||||||
[NAME OF ASSIGNEE] | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
ASSIGNMENT AND ASSUMPTION, Page 2
By: | ||||||
Name: | ||||||
Title: | ||||||
[Consented to:] | ||||||
EAGLE MATERIALS INC. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
AMENDED AND RESTATED CREDIT AGREEMENT
DATED
16 DECEMBER 2004
STANDARD TERMS AND CONDITIONS
FOR
ASSIGNMENT AND ASSUMPTION
TO
EAGLE MATERIALS INC.
AMENDED AND RESTATED CREDIT AGREEMENT
Agent Referred to Below
c/o JPMorgan Chase Bank, N.A. as
Administrative Agent
2200 Ross Avenue, 3rd Floor
Dallas, Texas, TX 75201
TO
LEGAL OPINION
AMERICAN GYPSUM MARKETING COMPANY
CCP CEMENT COMPANY
CCP CONCRETE/AGGREGATES LLC
CCP GYPSUM COMPANY
CCP LAND COMPANY
CENTEX CEMENT CORPORATION
CENTEX MATERIALS LLC
HOLLIS & EASTERN RAILROAD COMPANY LLC
MATHEWS READYMIX LLC
M&W DRYWALL SUPPLY COMPANY
MOUNTAIN CEMENT COMPANY
NEVADA CEMENT COMPANY
REPUBLIC PAPERBOARD COMPANY LLC
TLCC GP LLC
TLCC LP LLC
TEXAS CEMENT COMPANY
WESTERN AGGREGATES LLC (formerly Western Aggregates, Inc.)
WESTERN CEMENT COMPANY OF CALIFORNIA
TO
EAGLE MATERIALS INC.
AMENDED AND RESTATED CREDIT AGREEMENT
GUARANTORS: | ||
AMERICAN GYPSUM COMPANY | ||
AMERICAN GYPSUM MARKETING COMPANY | ||
CCP CEMENT COMPANY | ||
CCP CONCRETE/AGGREGATES LLC | ||
CCP GYPSUM COMPANY | ||
CCP LAND COMPANY | ||
CENTEX CEMENT CORPORATION | ||
HOLLIS & EASTERN RAILROAD COMPANY LLC | ||
MATHEWS READYMIX LLC | ||
M&W DRYWALL SUPPLY COMPANY | ||
MOUNTAIN CEMENT COMPANY | ||
NEVADA CEMENT COMPANY | ||
REPUBLIC PAPERBOARD COMPANY LLC | ||
TEXAS CEMENT COMPANY | ||
WESTERN AGGREGATES LLC (formerly Western | ||
Aggregates, Inc.) | ||
WESTERN CEMENT COMPANY OF CALIFORNIA |
By: | ||||
Arthur R. Zunker, Jr., Senior Vice President | ||||
Finance and Treasurer of each Guarantor | ||||
CENTEX MATERIALS LLC | ||||
TLCC GP LLC | ||||
By: | ||||
Arthur R. Zunker, Jr., Manager of the Guarantors | ||||
listed | ||||
TLCC LP LLC | ||||
By: | ||||
Nicholas Stiren, Manager of the Guarantor listed |
TO
GUARANTY AGREEMENT
Guarantor: | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
TO
EAGLE MATERIALS INC.
AMENDED AND RESTATED CREDIT AGREEMENT
Agent for the Lenders referred to below
2200 Ross Avenue, 3rd Floor
Dallas, TX 75201
Attn: David L. Howard
Telecopy: 214-965-2044
1111 Fannin St., 10th Floor
Houston, Texas 77002
Attn: Rese Comley
Telecopy: 713-750-2892
(A) | Date of Borrowing (which is a Business Day) | |||||
(B) | Type of Loan (i.e., ABR Borrowing or Eurodollar Borrowing) | |||||
(C) | Facility (i.e.,Revolver or Swingline) | |||||
(D) | Principal amount of Borrowing4 | |||||
(E) | Interest Period and the last day thereof5 | |||||
(F) | Total outstanding Revolving Loans (including, if applicable, | |||||
Borrowing requested) | $ | |||||
(G) | Total outstanding Swingline Loans (including, if applicable, | |||||
Borrowing requested) | $ |
4 | Not less than $1,000,000 (and in integral multiples of $100,000) with respect to Revolving Loans. Not less than $100,000 (and in integral multiples of $100,000) with respect to Swingline Loans. | |
5 | Which shall be subject to the definition of “Interest Period” and end not later than the Maturity Date. |
(H) | Total LC Exposure | $ | ||||
(I) | Total Revolving Exposure (sum of (F), (G) and (H)) | $ | ||||
(J) | Total Commitments | $ | ||||
(K) | Availability ((J) — (I)) | $ |
Very truly yours, | ||||||
EAGLE MATERIALS INC. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
TO
EAGLE MATERIALS INC.
AMENDED AND RESTATED CREDIT AGREEMENT
1 Bracketed alternatives should be included if there are New Banks. |
EAGLE MATERIALS INC. | ||||||||||
By: | ||||||||||
Name: | ||||||||||
Title: | ||||||||||
New Total Commitment: $ | ||||||||||
JPMORGAN CHASE BANK, N.A. (formerly known as | ||||||||||
JPMorgan Chase Bank), as the Administrative Agent | ||||||||||
By: | ||||||||||
Name: | ||||||||||
Title: | ||||||||||
$ | [Lender] | |||||||||
By: | ||||||||||
Name: | ||||||||||
Title: | ||||||||||
$ | [NEW LENDER] | |||||||||
By: | ||||||||||
Name: | ||||||||||
Title: | ||||||||||
GUARANTORS: | ||||||
AMERICAN GYPSUM COMPANY | ||||||
AMERICAN GYPSUM MARKETING COMPANY | ||||||
CCP CEMENT COMPANY | ||||||
CCP CONCRETE/AGGREGATES LLC | ||||||
CCP GYPSUM COMPANY | ||||||
CCP LAND COMPANY | ||||||
CENTEX CEMENT CORPORATION | ||||||
HOLLIS & EASTERN RAILROAD COMPANY LLC | ||||||
MATHEWS READYMIX LLC | ||||||
M&W DRYWALL SUPPLY COMPANY | ||||||
MOUNTAIN CEMENT COMPANY | ||||||
NEVADA CEMENT COMPANY | ||||||
REPUBLIC PAPERBOARD COMPANY LLC | ||||||
TEXAS CEMENT COMPANY | ||||||
WESTERN AGGREGATES LLC (formerly Western Aggregates, Inc.) | ||||||
WESTERN CEMENT COMPANY OF CALIFORNIA | ||||||
By: | ||||||
Arthur R. Zunker, Jr., Senior Vice President Finance and Treasurer of each Guarantor | ||||||
CENTEX MATERIALS LLC | ||||||
TLCC GP LLC | ||||||
By: | ||||||
Arthur R. Zunker, Jr., Manager of the Guarantors listed | ||||||
TLCC LP LLC | ||||||
By: | ||||||
Nicholas Stiren, Manager of the Guarantor listed |