EX-10.10 12 a2069484zex-10_10.txt EXHIBIT 10.10 Exhibit 10.10 EXECUTION COPY AMENDMENT NO. 1 TO CREDIT AGREEMENT AMENDMENT dated as of April 9, 1999 to the Credit Agreement dated as of April 13, 1998 (the "CREDIT AGREEMENT") among AT&T CAPITAL CORPORATION (the "BORROWER"), the BANKS party thereto (the "BANKS") and MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as Administrative Agent (the "ADMINISTRATIVE AGENT"). W I T N E S S E T H: WHEREAS, the parties hereto desire to amend the Credit Agreement as more fully set forth below; NOW, THEREFORE, the parties hereto agree as follows: SECTION 1. DEFINED TERMS; REFERENCES. Unless otherwise specifically defined herein, each term used herein which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby. SECTION 2. AMENDMENTS TO SECTION 1.01 OF THE CREDIT AGREEMENT. (a) The definition of "Applicable Margin" set forth in Section 1.01 of the Credit Agreement is hereby deleted in its entirety. (b) The definition of "Termination Date" set forth in Section 1.01 of the Credit Agreement is amended to read in its entirety as follows: "TERMINATION DATE" means the earlier of (i) April 13, 2003, or (ii) unless the Required Banks shall have agreed in writing that this clause (ii) shall not apply, the date falling 60 days after the date of consummation of the CIT Acquisition, or if either such day is not a Euro-Dollar Business Day, the next preceding Euro-Dollar Business Day. (c) The definition of "Unsecured Debt" in Section 1.01 of the Credit Agreement is amended by the addition of the following proviso: ; PROVIDED that Newcourt may, at its election exercisable by notice to the Agent, treat Debt of a Restricted Subsidiary which would otherwise constitute Unsecured Debt as Debt secured by a Lien for purposes of this Agreement, in which case (i) Section 5.13 shall not be applicable to such Debt and (ii) such Debt shall be deemed secured by a Lien permitted only by Section 5.07(m) for so long as such Debt is outstanding. (d) The following new defined terms are added to Section 1.01 of the Credit Agreement in appropriate alphabetical order: "BASE RATE MARGIN" has the meaning set forth in Section 2.06(g). "CIT ACQUISITION" means the proposed acquisition of Newcourt by The CIT Group, Inc. publicly announced on March 8, 1999. "EURO-DOLLAR MARGIN" has the meaning set forth in Section 2.06(f). SECTION 3. AMENDMENTS TO SECTION 2.06 OF THE CREDIT AGREEMENT. Section 2.06 of the Credit Agreement is amended by: (a) replacing the words "at a rate per annum equal to the Base Rate for such day" in the first sentence of subsection (a) of Section 2.06 of the Credit Agreement with the words "at a rate per annum equal to the sum of the Base Rate plus the Base Rate Margin for such day"; (b) replacing the term "Applicable Margin" in subsection (b) of Section 2.06 of the Credit Agreement with the term "Euro-Dollar Margin"; (c) replacing the existing subsection (f) of Section 2.06 of the Credit Agreement in its entirety with the following text and table: (f) The "EURO-DOLLAR MARGIN" with respect to any Euro-Dollar Loan at any date is the applicable percentage amount set forth in the table below based on the Status and Usage on such date.
LEVEL I LEVEL II LEVEL III LEVEL IV LEVEL V LEVEL VI STATUS STATUS STATUS STATUS STATUS STATUS ------- -------- --------- -------- ------- -------- Euro-Dollar Loans Usage less than 33% .......... 0.210% 0.250% 0.390% 0.480% 0.725% 1.050% 33% less than or equal to Usage less than or equal to 66% ............... 0.310% 0.350% 0.515% 0.605% 0.850% 1.175% Usage greater than 66% ....... 0.410% 0.450% 0.640% 0.730% 0.975% 1.300%
2 (d) adding the following new subsection (g) immediately after subsection (f) of Section 2.06 of the Credit Agreement: (g) The "BASE RATE MARGIN" with respect to any Base Rate Loan at any date is the applicable percentage amount set forth in the table below based on the Status and Usage on such date.
LEVEL I LEVEL II LEVEL III LEVEL IV LEVEL V LEVEL VI STATUS STATUS STATUS STATUS STATUS STATUS ------- -------- --------- -------- ------- -------- Base Rate Loans Usage less than 33% .......... 0.000% 0.000% 0.000% 0.000% 0.000% 0.050% 33% less than or equal to Usage less than or equal to 66% ..................... 0.000% 0.000% 0.000% 0.000% 0.000% 0.175% Usage greater than 66% ....... 0.000% 0.000% 0.000% 0.000% 0.000% 0.300%
; and (e) the percentage "50%" in the definition of "Usage" in Section 2.06 of the Credit Agreement is replaced with the percentage "66%". SECTION 4. AMENDMENTS TO SECTION 2.12 OF THE CREDIT AGREEMENT. Section 2.12 of the Credit Agreement is amended by replacing the term "Applicable Margin" with the term "Euro-Dollar Margin". SECTION 5. AMENDMENTS TO NEGATIVE PLEDGE. (a) Each time the words "date of this Agreement" appears in subsection (a) of Section 5.07 of the Credit Agreement, it is replaced by the date "April 13, 1998". (b) Subsection (g) of Section 5.07 of the Credit Agreement is amended to read in its entirety as follows: (g) Liens on Accounts Receivable of Newcourt, the Borrower or any Restricted Subsidiary arising from or in connection with transactions entered into by Newcourt, the Borrower or such Restricted Subsidiary after April 13, 1998, or on Accounts Receivable acquired by Newcourt, the Borrower or such Restricted Subsidiary from others, after April 13, 1998, which Liens are created as a result of any guarantee, repurchase or other contingent (direct or indirect) or recourse obligation of Newcourt, the Borrower or such Restricted Subsidiary in connection with the discounting, sale, assignment, transfer or other disposition of such Accounts Receivable or any interest therein, or to secure or provide for the payment of all or any part of the investment of Newcourt, the Borrower or such Restricted Subsidiary in any such Accounts Receivable (whether or not such Accounts Receivable are the Accounts Receivable on which such Liens are created) or the purchase price thereof or to secure any debt (including, without 3 limitation, Non-Recourse Debt) issued, incurred, assumed or guaranteed for the purpose of financing or refinancing all or any part of such investment in or purchase price of such Accounts Receivable (whether or not such Accounts Receivable are the Accounts Receivable on which such Liens are created); (c) The percentage "10%" in subsection (m) of Section 5.07 of the Credit Agreement is replaced by the percentage "15%". SECTION 6. AMENDMENTS TO SECTION 5.13 OF THE CREDIT AGREEMENT. The words "other than the Borrower or Newcourt USA," is added immediately after clause (y) in Section 5.13 of the Credit Agreement. SECTION 7. AMENDMENTS TO SECTION 6.01 OF THE CREDIT AGREEMENT. (a) The term "Newcourt Holdings USA" is deleted from subsection (i) of Section 6.01 of the Credit Agreement. (b) The phrase "except as a consequence of the consummation of the CIT Acquisition," is added immediately before the words "any person" in subsection (j) of Section 6.01 of the Credit Agreement. SECTION 8. REPRESENTATIONS OF BORROWER. The Borrower represents and warrants that (i) the representations and warranties of the Borrower set forth in Article 4 of the Credit Agreement will be true on and as of the Amendment Effective Date and (ii) no Default will have occurred and be continuing on such date. SECTION 9. GOVERNING LAW. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. SECTION 10. COUNTERPARTS. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. SECTION 11. EFFECTIVENESS. This Amendment shall become effective as of the date hereof on the date when (the "AMENDMENT EFFECTIVE DATE") the Administrative Agent shall have received from each of the Borrower and the Required Banks a counterpart hereof signed by such party or facsimile or other written confirmation (in form satisfactory to the Administrative Agent) that such party has signed a counterpart hereof. 4 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written. AT&T CAPITAL CORPORATION By /s/ Glenn A. Votek -------------------------------------- Name: Glenn A. Votek Title: Executive Vice President & Treasurer MORGAN GUARANTY TRUST COMPANY OF NEW YORK By -------------------------------------- Name: Title: CANADIAN IMPERIAL BANK OF COMMERCE By -------------------------------------- Name: Title: DEUTSCHE BANK AG, NEW YORK BRANCH AND/OR CAYMAN ISLANDS BRANCH By -------------------------------------- Name: Title: By -------------------------------------- Name: Title: IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written. AT&T CAPITAL CORPORATION By -------------------------------------- Name: Title: MORGAN GUARANTY TRUST COMPANY OF NEW YORK By /s/ Maria H. Dell'Aquila -------------------------------------- Name: MARIA H. DELL'AQUILA Title: VICE PRESIDENT CANADIAN IMPERIAL BANK OF COMMERCE By -------------------------------------- Name: Title: DEUTSCHE BANK AG, NEW YORK BRANCH AND/OR CAYMAN ISLANDS BRANCH By -------------------------------------- Name: Title: By -------------------------------------- Name: Title: IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written. AT&T CAPITAL CORPORATION By ----------------------------------------- Name: Title: MORGAN GUARANTY TRUST COMPANY OF NEW YORK By ----------------------------------------- Name: Title: CANADIAN IMPERIAL BANK OF COMMERCE By /s/ Gerald Girardi ----------------------------------------- Name: GERALD GIRARDI Title: EXECUTIVE DIRECTOR CIBC Oppenheimer Corp., AS AGENT DEUTSCHE BANK AG, NEW YORK BRANCH AND/OR CAYMAN ISLANDS BRANCH By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written. AT&T CAPITAL CORPORATION By ----------------------------------------- Name: Title: MORGAN GUARANTY TRUST COMPANY OF NEW YORK By ----------------------------------------- Name: Title: CANADIAN IMPERIAL BANK OF COMMERCE By ----------------------------------------- Name: Title: DEUTSCHE BANK AG, NEW YORK BRANCH AND/OR CAYMAN ISLANDS BRANCH By /s/ Suzanne R. Kissling ----------------------------------------- Name: Suzanne R. Kissling Title: MANAGING DIRECTOR By /s/ John R. McGill ----------------------------------------- Name: John R. McGill Title: Director THE CHASE MANHATTAN BANK By /s/ Roger Parker ----------------------------------------- Name: Roger Parker Title: Vice President BANK OF AMERICA NT & SA By ----------------------------------------- Name: Title: BARCLAYS BANK PLC By ----------------------------------------- Name: Title: CREDIT LYONNAIS By ----------------------------------------- Name: Title: THE CHASE MANHATTAN BANK By ----------------------------------------- Name: Title: BANK OF AMERICA NT & SA By /s/ Nelson Albrecht ----------------------------------------- Name: Nelson Albrecht Title: Vice President BARCLAYS BANK PLC By ----------------------------------------- Name: Title: CREDIT LYONNAIS By ----------------------------------------- Name: Title: THE CHASE MANHATTAN BANK By ----------------------------------------- Name: Title: BANK OF AMERICA NT & SA By ----------------------------------------- Name: Title: BARCLAYS BANK PLC By /s/ Douglas A. Butler ----------------------------------------- Name: Douglas A. Butler Title: Director CREDIT LYONNAIS By ----------------------------------------- Name: Title: THE CHASE MANHATTAN BANK By ----------------------------------------- Name: Title: BANK OF AMERICA NT & SA By ----------------------------------------- Name: Title: BARCLAYS BANK PLC By ----------------------------------------- Name: Title: CREDIT LYONNAIS NEW YORK BRANCH By /s/ Sebastian Rocco ----------------------------------------- Name: Sebastian Rocco Title: Senior Vice President DRESDNER BANK AG NEW YORK AND GRAND CAYMAN BRANCHES By ----------------------------------------- Name: Title: First Vice President By /s/ Jonathan Wallin ----------------------------------------- Name: JONATHAN WALLIN Title: VICE PRESIDENT FIRST UNION NATIONAL BANK By ----------------------------------------- Name: Title: THE FIRST NATIONAL BANK OF CHICAGO By ----------------------------------------- Name: Title: FLEET BANK, N.A. By ----------------------------------------- Name: Title: DRESDENER BANK AG NEW YORK AND GRAND CAYMAN BRANCHES By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: FIRST UNION NATIONAL BANK By /s/ Jane W. Workman ----------------------------------------- Name: JANE W. WORKMAN Title: SENIOR VICE PRESIDENT THE FIRST NATIONAL BANK OF CHICAGO By ----------------------------------------- Name: Title: FLEET BANK, N.A. By ----------------------------------------- Name: Title: DRESDNER BANK AG NEW YORK AND GRAND CAYMAN BRANCHES By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: FIRST UNION NATIONAL BANK By ----------------------------------------- Name: Title: THE FIRST NATIONAL BANK OF CHICAGO By /s/ Cory M. Helfand ----------------------------------------- Name: CORY M. HELFAND Title: VICE PRESIDENT FLEET BANK, N.A. By ----------------------------------------- Name: Title: HSBC BANK USA By /s/ Mark J. Rakov ----------------------------------------- Name: Mark J. Rakov Title: Vice President NATIONAL AUSTRALIA BANK LIMITED By ----------------------------------------- Name: Title: ROYAL BANK OF CANADA By ----------------------------------------- Name: Title: THE BANK OF NOVA SCOTIA By ----------------------------------------- Name: Title: HSBC BANK USA By ----------------------------------------- Name: Title: NATIONAL AUSTRALIA BANK LIMITED By /s/ R. Adams Perry ----------------------------------------- Name: R. Adams Perry Title: Sr. Vice President ROYAL BANK OF CANADA By ----------------------------------------- Name: Title: THE BANK OF NOVA SCOTIA By ----------------------------------------- Name: Title: HSBC BANK USA By ----------------------------------------- Name: Title: NATIONAL AUSTRALIA BANK LIMITED By ----------------------------------------- Name: Title: ROYAL BANK OF CANADA By /s/ C.W. Evans ----------------------------------------- Name: C.W. EVANS Title: SENIOR MANAGER THE BANK OF NOVA SCOTIA By ----------------------------------------- Name: Title: HSBC BANK USA By ----------------------------------------- Name: Title: NATIONAL AUSTRALIA BANK LIMITED By ----------------------------------------- Name: Title: ROYAL BANK OF CANADA By ----------------------------------------- Name: Title: THE BANK OF NOVA SCOTIA By /s/ Paul A. Schultz ----------------------------------------- Name: PAUL A. SCHULTZ Title: V.P. TORONTO DOMINION (TEXAS), INC. By ----------------------------------------- Name: Title: VICE PRESIDENT By /s/ Jimmy Simien ----------------------------------------- Name: Jimmy Simien Title: Vice President THE INDUSTRIAL BANK OF JAPAN, LIMITED, NEW YORK BRANCH By ----------------------------------------- Name: Title: THE SUMITOMO BANK, LIMITED, NEW YORK BRANCH By ----------------------------------------- Name: Title: DG BANK DEUTSCH GENOSSENSCHAFTSBANK AG By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: TORONTO DOMINION (TEXAS), INC. By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: THE INDUSTRIAL BANK OF JAPAN, LIMITED, NEW YORK BRANCH By /s/ Takuya Honjo ----------------------------------------- Name: TAKUYA HONJO Title: SENIOR VICE PRESIDENT THE SUMITOMO BANK, LIMITED, NEW YORK BRANCH By ----------------------------------------- Name: Title: DG BANK DEUTSCH GENOSSENSCHAFTSBANK AG By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: TORONTO DOMINION (TEXAS), INC. By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: THE INDUSTRIAL BANK OF JAPAN, LIMITED, NEW YORK BRANCH By ----------------------------------------- Name: Title: THE SUMITOMO BANK, LIMITED, NEW YORK BRANCH By /s/ J. Bruce Meredith ----------------------------------------- Name: J. Bruce Meredith Title: Senior Vice President DG BANK DEUTSCH GENOSSENSCHAFTSBANK AG By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: TORONTO DOMINION (TEXAS), INC. By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: THE INDUSTRIAL BANK OF JAPAN, LIMITED, NEW YORK BRANCH By ----------------------------------------- Name: Title: THE SUMITOMO BANK, LIMITED, NEW YORK BRANCH By ----------------------------------------- Name: Title: DG BANK DEUTSCH GENOSSENSCHAFTSBANK AG By /s/ Rob T. Jokhai ----------------------------------------- Name: Rob T. Jokhai Title: Assistant Vice President By /s/ William D. Casey ----------------------------------------- Name: WILLIAM D. CASEY Title: VICE PRESIDENT BANCA MONTE DEI PASCHI DI SIENA S.P.A. By ----------------------------------------- Name: Title: S.V.P. & General Manager By /s/ Brian R. Landy ----------------------------------------- Name: Brian R. Landy Title: Vice President BANK OF HAWAII By ----------------------------------------- Name: Title: BAYERISCHE HYPO-UND VEREINSBANK, AG, NEW YORK BRANCH By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: COMERICA BANK By ----------------------------------------- Name: Title: BANCA MONTE DEI PASCHI DI SIENA S.P.A. By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: BANK OF HAWAII By /s/ Donna R. Parker ----------------------------------------- Name: DONNA R. PARKER Title: Vice President BAYERISCHE HYPO-UND VEREINSBANK, AG, NEW YORK BRANCH By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: COMERICA BANK By ----------------------------------------- Name: Title: BANCA MONTE DEI PASCHI DI SIENA S.P.A. By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: BANK OF HAWAII By ----------------------------------------- Name: Title: BAYERISCHE HYPO-UND VEREINSBANK, AG, NEW YORK BRANCH By /s/ Marianne Weinzinger ----------------------------------------- Name: Marianne Weinzinger Title: Director By /s/ Pamela J. Gillons ----------------------------------------- Name: PAMELA J. GILLONS Title: ASSOCIATE DIRECTOR COMERICA BANK By ----------------------------------------- Name: Title: BANCA MONTE DEI PASCHI DI SIENA S.P.A. By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: BANK OF HAWAII By ----------------------------------------- Name: Title: BAYERISCHE HYPO-UND VEREINSBANK, AG, NEW YORK BRANCH By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: COMERICA BANK By /s/ Marian L. Enright ----------------------------------------- Name: MARIAN L. ENRIGHT Title: VICE PRESIDENT CREDIT SUISSE FIRST BOSTON By /s/ Andrea E. Shkane ----------------------------------------- Name: Andrea E. Shkane Title: Vice President By /s/ James Lee ----------------------------------------- Name: James Lee Title: Assistant Vice President CITIBANK, N.A. By ----------------------------------------- Name: Title: SOCIETE GENERALE By ----------------------------------------- Name: Title: THE BANK OF NEW YORK By ----------------------------------------- Name: Title: CREDIT SUISSE FIRST BOSTON By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: CITIBANK, N.A. By /s/ David L. Harris ----------------------------------------- Name: DAVID L. HARRIS Title: Vice President SOCIETE GENERALE By ----------------------------------------- Name: Title: THE BANK OF NEW YORK By ----------------------------------------- Name: Title: CREDIT SUISSE FIRST BOSTON By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: SALOMON BROTHERS HOLDING COMPANY INC. By ----------------------------------------- Name: Title: SOCIETE GENERALE By /s/ Russell S. Gorman ----------------------------------------- Name: Russell S. Gorman Title: Director THE BANK OF NEW YORK By ----------------------------------------- Name: Title: CREDIT SUISSE FIRST BOSTON By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: SALOMON BROTHERS HOLDING COMPANY INC. By ----------------------------------------- Name: Title: SOCIETE GENERALE By ----------------------------------------- Name: Title: THE BANK OF NEW YORK By /s/ Ernest Fung ----------------------------------------- Name: ERNEST FUNG Title: Vice President BANCO CENTRAL HISPANOAMERICANO S.A., NEW YORK BRANCH By /s/ Jose Castello ----------------------------------------- Name: Jose Castello Title: Executive Vice President and General Manager BANK AUSTRIA AKTIENGESELLSCHAFT By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: BANQUE NATIONALE DE PARIS By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: BANCO CENTRAL HISPANOAMERICANO S.A., NEW YORK BRANCH By ----------------------------------------- Name: Title: BANK AUSTRIA AKTIENGESELLSCHAFT By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: BANQUE NATIONALE DE PARIS By /s/ Veronique Marcus ----------------------------------------- Name: Veronique Marcus Title: Vice President By /s/ Phil Truesdale ----------------------------------------- Name: Phil Truesdale Title: Vice President PARIBAS, NEW YORK BRANCH By /s/ Sean Reddington ----------------------------------------- Name: Sean Reddington Title: Director By /s/ Kevin D'Albert ----------------------------------------- Name: Kevin D'Albert Title: Assistant Vice President BAYERISCHE LANDESBANK GIROZENTRALE, CAYMAN ISLANDS BRANCH By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: THE FUJI BANK, LIMITED, NEW YORK BRANCH By ----------------------------------------- Name: Title: UNION BANK OF CALIFORNIA, N.A. By ----------------------------------------- Name: Title: PARIBAS, NEW YORK BRANCH By ----------------------------------------- Name: Title: By ----------------------------------------- Name: Title: BAYERISCHE LANDESBANK GIROZENTRALE, CAYMAN ISLANDS BRANCH By /s/ Peter Obermann ----------------------------------------- Name: Peter Obermann Title: Senior Vice President By /s/ James H. Boyle ----------------------------------------- Name: James H. Boyle Title: Second Vice President THE FUJI BANK, LIMITED, NEW YORK BRANCH By ----------------------------------------- Name: Title: UNION BANK OF CALIFORNIA, N.A. By ----------------------------------------- Name: Title: