EXHIBIT 10.1
SEVENTH AMENDMENT TO CREDIT AGREEMENT
THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT, dated as of August 30, 2002
(this "Amendment"), is among Venture Holdings Company LLC, a Michigan limited
liability company, as successor Borrower to Venture Holdings Trust under the
Credit Agreement (the "Borrower"), the lenders set forth on the signature pages
hereof (collectively, the "Lenders"), and Bank One, NA, as administrative agent
for the Lenders (in such capacity, the "Administrative Agent").
RECITAL
The Borrower, the Administrative Agent and the Lenders are parties to a
Credit Agreement dated as of May 27, 1999, as amended by a First Amendment to
Credit Agreement dated June 4, 1999, by a Second Amendment to Credit Agreement
dated June 29, 2000, by a Third Amendment to Credit Agreement dated March 29,
2002, by a Fourth Amendment to Credit Agreement dated May 20, 2002, by a Fifth
Amendment to Credit Agreement dated June 4, 2002 and by a Sixth Amendment to
Credit Agreement dated June 27, 2002 (the "Credit Agreement"). The Borrower and
the Guarantors desire to amend the Credit Agreement and the Administrative Agent
and the Lenders are willing to do so strictly in accordance with the terms
hereof.
TERMS
In consideration of the premises and of the mutual agreements herein
contained, the parties agree as follows:
ARTICLE 1.
AMENDMENTS
The Credit Agreement is amended as follows:
1.1 The following new definitions are added to Section 1.1 in
appropriate alphabetical order:
"German Preliminary Proceeding Termination Date" means the
date on which the German Preliminary Proceeding is terminated, either through
its dismissal, its conversion to a formal insolvency proceeding or other
proceeding or otherwise.
"Seventh Amendment" means the Seventh Amendment to Credit
Agreement dated as of August 30, 2002 among the Borrower, the Guarantors, the
Lenders and the Administrative Agent.
"Seventh Amendment Effective Date" means the date of the
Seventh Amendment.
1.2 Each reference in Sections 6.14 (iv), (v), (vi) and (x) and Section
6.31 to "September 1, 2002" shall be deleted and " German Preliminary Proceeding
Termination Date" shall be substituted in place thereof.
ARTICLE 2.
REPRESENTATIONS
The Borrower and each Guarantor represents and warrants to, and agrees
with, the Administrative Agent and the Lenders that:
2.1 The execution, delivery and performance of this Amendment are
within their respective powers, have been duly authorized by the Borrower and
each Guarantor and are not in contravention of any Requirement of Law.
2.2 This Amendment is the legal, valid and binding obligations of the
Borrower and each Guarantor, enforceable against them in accordance with the
terms thereof.
2.3 After giving effect to the amendments and waivers herein contained,
the representations and warranties contained in the Credit Agreement and the
representations and warranties contained in the other Loan Documents are true on
and as of the date hereof with the same force and effect as if made on and as of
the date hereof (except to the extent the existence or effect of the German
Preliminary Proceeding would impact the accuracy thereof), and no Default or
Unmatured Default exists or has occurred and is continuing on the date hereof.
ARTICLE 3.
CONDITIONS PRECEDENT.
This Amendment shall be effective as of the date hereof when each of
the following is satisfied:
3.1 This Amendment shall be executed by each of the Borrower, the
Guarantors, the Required Lenders and the Administrative Agent.
3.2 The Borrower and each Guarantor shall provide a certified
resolution with respect to this Amendment satisfactory to the Administrative
Agent.
3.3 The Borrower and each Guarantor shall provide the written opinion
of the Borrower's and Guarantors' counsel in form and substance acceptable to
the Administrative Agent.
ARTICLE 4.
POTENTIAL EVENTS OF DEFAULT AND TEMPORARY WAIVER.
4.1 The Borrower has requested that the Lenders and the Administrative
Agent temporarily waive any Default (the "Existing Potential Defaults"), if any,
caused solely by (a) the filing or existence of the German Preliminary
Proceeding, (b) the incurrence of the German Preliminary Proceeding Financing by
the German Preliminary Proceeding Subsidiaries and any Liens on the assets of
the German Preliminary Proceeding Subsidiaries to secure the German Preliminary
Proceeding Financing, (c) any breach of Section 6.25, 6.26, 6.27 or 6.28 before
the German Preliminary Proceeding Termination Date, (d) the failure to pay
interest on the 1999 Senior Unsecured Notes and the 1999 Subordinated Notes
payable on June 3, 2002 prior to the expiration of the 30-day grace period
applicable thereto or any extension of such grace period, or (e) the failure to
pay interest on the 1997 Senior Unsecured Notes payable on July 1, 2002 prior to
the expiration of the 30-day grace period applicable thereto or any extension of
such grace period. Pursuant to such request, the Lenders and the Administrative
Agent hereby temporarily waive any Existing Potential Default for the period
prior to the effectiveness of this Amendment and, so long as no other Default
exists and there is no occurrence of a new Default until
2
German Preliminary Proceeding Termination Date, but not at any time on or after
German Preliminary Proceeding Termination Date.
The Borrower, the Guarantors, the Lenders and the Administrative Agent
agree that a new Default includes (each of which shall constitute a Default
under the Credit Agreement): any Default other than an Existing Potential
Default and, without limiting the foregoing, the occurrence of any default of
any kind under any Material Indebtedness, the acceleration of any Material
Indebtedness or the conversion of the German Preliminary Proceeding to a formal
insolvency proceeding shall be deemed a new Default.
The Borrower acknowledges and agrees that the waiver contained herein
is a limited, specific and one-time waiver as described above. Such limited
waiver (a) shall not modify or waive any other term, covenant or agreement
contained in any of the Loan Documents, and (b) shall not be deemed to have
prejudiced any present or future right or rights which the Administrative Agent
or the Lenders now have or may have under this Amendment, the Credit Agreement
(as modified hereby) or the other Loan Documents.
ARTICLE 5.
MISCELLANEOUS.
5.1 References in the Credit Agreement or in any other Loan Document to
the Credit Agreement shall be deemed to be references to the Credit Agreement as
amended hereby and as further amended from time to time.
5.2 Except as expressly amended hereby, the Borrower and the Guarantors
agree that the Loan Documents are ratified and confirmed and shall remain in
full force and effect and that they have no set off, counterclaim, defense or
other claim or dispute with respect to any of the foregoing. The terms used but
not defined herein shall have the respective meanings ascribed thereto in the
Credit Agreement.
5.3 This Amendment may be signed upon any number of counterparts with
the same effect as if the signatures thereto and hereto were upon the same
instrument.
3
IN WITNESS WHEREOF, the parties signing this Amendment have caused this
Amendment to be executed and delivered as of the day and year first above
written.
BORROWER:
---------
VENTURE HOLDINGS COMPANY LLC
By: /s/ James E. Butler
-------------------------------------------
Name: James E. Butler
-----------------------------------------
Title: Executive Vice President
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GUARANTORS:
VEMCO, INC.
VEMCO LEASING, INC.
VENTURE INDUSTRIES CORPORATION
VENTURE HOLDINGS CORPORATION
VENTURE LEASING COMPANY
VENTURE MOLD & ENGINEERING
CORPORATION
VENTURE SERVICE COMPANY
VENTURE EUROPE, INC.
VENTURE EU CORPORATION
EXPERIENCE MANAGEMENT LLC
By: /s/ James E. Butler
-------------------------------------------
Name: James E. Butler
-----------------------------------------
Title: Executive Vice President
----------------------------------------
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LENDERS:
BANK ONE, NA, as Administrative Agent
and a Lender
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
THE BANK OF NOVA SCOTIA, as Syndication
Agent and as a Lender
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
MIZUHO CORPORATE BANK, LTD.
By: /s/
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Name:
-----------------------------------------
Title:
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BANK AUSTRIA (ZLANDERBANK)
CORPORATE FINANCE, INC.
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
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By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
MORGAN STANLEY EMERGING MARKETS
INC.
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
5
HARRIS TRUST AND SAVINGS
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
BANK OF SCOTLAND
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
COMERICA BANK (DETROIT)
By: /s/
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Name:
-----------------------------------------
Title:
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THE BANK OF NEW YORK
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
PROVIDENT BANK
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
U.S. BANK NATIONAL ASSOCIATION f/k/a
FIRSTAR BANK, N.A.
By: /s/
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Name:
-----------------------------------------
Title:
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6
NATIONAL BANK OF CANADA
By: /s/
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Name:
-----------------------------------------
Title:
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FIRSTRUST BANK
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
OCTAGON INVESTMENT PARTNERS II, LLC
By: OCTAGON CREDIT INVESTORS, LLC
As Sub-Investment Manager
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
OCTAGON INVESTMENT PARTNERS III,
LTD.
By: OCTAGON CREDIT INVESTORS, LLC
As Portfolio Manager
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
MASS MUTUAL LIFE INSURANCE
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
7
SIMSBURY CLO LTD
By: Massachusetts Mutual Life Insurance
Company as Collateral Manager
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
PERSEUS CDO I LTD
By: Massachusetts Mutual Life Insurance Co.,
as Collateral Manager
By: /s/
-----------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
ARCHIMEDES FUNDING II, LTD.
By: ING Capital Advisors LLC,
as Collateral Manager
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
BLACK DIAMOND CLO 2000 I LTD
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
PAMCO CAYMAN LTD.
By: Highland Capital Management, L.P.
As Collateral Manager
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
8
PAM CAPITAL FUNDING, L.P.
By: Highland Capital Management, L.P.
As Collateral Manager
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
HIGHLAND LEGACY LIMITED
By: Highland Capital Management, L.P.
As Collateral Manager
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
ML CBO IV (Cayman) Ltd.
By: Highland Capital Management, L.P.
As Collateral Manager
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
ELF Funding Trust I
By: Highland Capital Management, L.P.
As Collateral Manager
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
CYPRESS TREE INVESTMENT
MANAGEMENT COMPANY, INC.
As: Attorney-in-Fact and on behalf of First
Allmerica Financial Life Insurance Company
as Portfolio Manager
By:
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Name:
-----------------------------------------
Title:
----------------------------------------
9
CYPRESS TREE INVESTMENT PARTNERS I, LTD.
By: Cypress Tress Investment Management
Company, Inc. as Portfolio Manager
By:
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Name:
-----------------------------------------
Title:
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STEIN ROE FLOATING RATE LIMITED
LIABILITY COMPANY
By: Stein Roe & Farnham Incorporated,
As Advisor
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
STEIN ROE & FARNHAM CLO I LTD.,
By: Stein Roe & Farnham Incorporated,
As Portfolio Manager
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
MOUNTAIN CAPITAL CLO I, LTD.
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
ORIX FINANCIAL SERVICES, INC
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
10
ELC (CAYMAN) LTD. 1999 - II
By: /s/
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Name:
-----------------------------------------
Title:
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UNION BANK OF CALIFORNIA NA
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
PILGRIM AMERICA HIGH INCOME INVESTMENTS, LTD.
By: Pilgrim Investments, Inc.
as its investment manager
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
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SENIOR DEBT PORTFOLIO
By: Boston Management and Research
as investment Advisor
By: /s/
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Name:
-----------------------------------------
Title:
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SRF TRADING, INC.
By: /s/
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Name:
-----------------------------------------
Title:
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NATEXIS BANQUE
By:
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Name:
-----------------------------------------
Title:
----------------------------------------
11
ARES III CLO LTD.
By: ARES CLO Management LLC,
Investment Manager
By:
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Name:
-----------------------------------------
Title:
----------------------------------------
ARES IV CLO LTD.
By: ARES CLO Management IV, L.P.,
Investment Manager
By: ARES CLO GP IV, LLC,
Its Managing Member
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
ARES V CLO LTD.
By: ARES CLO Management V, L.P.,
Investment Manager
By: ARES CLO GP V, LLC,
Its Managing Member
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
ENDEAVOR, by PPM America its
Attorney in fact
By: /s/
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Name:
-----------------------------------------
Title:
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PB CAPITAL CORPORATION
By: /s/
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Name:
-----------------------------------------
Title:
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12
APEX (IDM) CDO I
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
CYPRESSTREE INVESTMENT PARTNERS II
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
ELC CAYMAN CDO SERIES 1999-1
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
ELC CAYMAN LTD. 2000-1
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
GRAYSON & CO
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
GRAYSON CLO 2001-01 LTD.
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
JH WHITNEY MARKET VALUE FUND
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
13
KZH PAMCO LLC
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
LIBERTY-STEIN ROE ADVISOR FLOATING
RATE ADVANTAGE FUND
By: Stein Roe & Farnham Incorporated, As
Advisor
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
NEMEAN CLO, LTD.
By: ING Capital Advisors LLC,
As Investment Advisor
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
SRF 2000 LLC
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
SRV HIGHLAND, INC.
By: /s/
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Name:
-----------------------------------------
Title:
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UPPER COLUMBIA CAPITAL CO.
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
WHITNEY PRIVATE DEBT FUND
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
14
SATELLITE SR. INCOME FUND II
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
MASTER SENIOR FLOATING RATE TRUST
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
MERRILL LYNCH GLOBAL INVESTMENT SERIES:
BANK LOAN INCOME PORTFOLIO
By: Merrill Lynch Investment Managers, L.P.,
as Investment Advisors
By: /s/
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Name:
-----------------------------------------
Title:
----------------------------------------
MERRILL LYNCH PRIME RATE PORTFOLIO
By: Merrill Lynch Investment Managers, L.P.,
as Investment Advisor
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
MERRILL LYNCH SENIOR FLOATING RATE
FUND, INC.
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
ORIX FINANCE CORP I
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
Date:
-----------------------------------------
15
PRESIDENT & FELLOWS OF HARVARD
COLLEGE
By: Regiment Capital Management, LLC
as its Investment Advisor
By: Regiment capital Advisors, LLC
Its Manager and pursuant to delegated authority
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
Date:
-----------------------------------------
REGIMENT CAPITAL, LTD
By: Regiment Capital Management, LLC
as its Investment Advisor
By: Regiment Capital Advisors, LLC
Its Manager and pursuant to delegated authority
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
Date:
-----------------------------------------
OCTAGON INVESTMENT PARTNERS IV, LLC
By: Octagon Credit Investors, LLC
as Portfolio Manager
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
MORGAN STANLEY SENIOR FUNDING, INC.
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
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16
CREDIT SUISSE FIRST BOSTON INTERNATIONAL
By:
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Name:
-----------------------------------------
Title:
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UBS AG, STAMFORD BRANCH,
By: UBS Warburg, LLC
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
CANPARTNERS INVESTMENTS, IV, LLC,
A California Limited Liability Company
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
DEUTSCHE BANK TRUST COMPANY AMERICAS
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
MOUNTAIN CAPITAL CLO II, LTD.
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
17
MAGMA CDO LTD
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
BINGHAM CDO LP
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
----------------------------------------
AURUM CLO 2002 - LTD.
By: Stein Roe & Farnham Incorporated
as Investment Manager
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
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LEHMAN COMMERCIAL PAPER INC.
By:
-------------------------------------------
Name:
-----------------------------------------
Title:
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18
PPM AMERICA SPECIAL INVESTMENTS
FUND, LP
By: PPM AMERICA, INC., as its
attorney-in-fact
By: /s/
-------------------------------------------
Name:
-----------------------------------------
Title:
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19