EX-10.1 3 c72715exv10w1.txt AMENDED/RESTATED 364-DAY CREDIT AGREEMENT EXHIBIT 10.1 EXECUTION COPY AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT DATED AS OF OCTOBER 7, 2002 MANPOWER INC., a Wisconsin corporation (the "Borrower"), the banks, financial institutions and other institutional lenders (collectively, the "Initial Lenders") party hereto, CITIBANK, N.A., as administrative agent (together with any successor thereto appointed pursuant to Article VII of the Existing Credit Agreement referred to below, the "Agent") for the Lenders (as defined in the Existing Credit Agreement referred to below), hereby agree as follows: PRELIMINARY STATEMENTS (1) The Borrower is party to a 364-Day Credit Agreement dated as of November 29, 2001 (as amended, supplemented or otherwise modified from time to time to (but not including) the date of this Amendment and Restatement, the "Existing Credit Agreement") with the banks, financial institutions and other institutional lenders party thereto and Citibank, N.A., as Agent for the Lenders and such other lenders. Capitalized terms not otherwise defined in this Amendment and Restatement shall have the same meanings as specified in the Existing Credit Agreement. (2) The parties to this Amendment and Restatement desire to amend the Existing Credit Agreement as set forth herein and to restate the Existing Credit Agreement in its entirety to read as set forth in the Existing Credit Agreement with the following amendments. (3) The Borrower has requested that the Lenders agree to extend credit to it from time to time in an aggregate principal amount of up to $285,000,000 for general corporate purposes of the Borrower and its Subsidiaries not otherwise prohibited under the terms of this Agreement. The Lenders have indicated their willingness to agree to extend credit to the Borrower from time to time in such amount on the terms and conditions of this Amendment and Restatement. SECTION 1. Amendments to the Existing Credit Agreement. The Existing Credit Agreement is, effective as of the date of this Amendment and Restatement and subject to the satisfaction of the conditions precedent set forth in Section 2, hereby amended as follows: (a) Section 1.01 is amended by deleting the definitions of "Non-Consenting Lender" and "Termination Date" set forth therein and replacing them respectively, with the following new definitions thereof: "Non-Consenting Lender" has the meaning specified in Section 2.19(b). "Termination Date" means the earlier of (a) October 6, 2003, subject to the extension thereof pursuant to Section 2.19 and (b) the date of termination in whole of the Commitments pursuant to Section 2.05 or 6.01; provided, however, that the Termination Date of any Lender that is a Non-Consenting Lender to any requested extension pursuant to Section 2.19 shall be the Termination Date in effect immediately prior to the applicable Extension Date for all purposes of this Agreement. (b) The definition of "Commitment" in Section 1.01 is amended by replacing the words "the signature pages hereof" with the words "Schedule I hereto". 2 (c) Section 4.01(e) is amended (i) by deleting the date "December 31, 2000" and substituting therefor the date "December 31, 2001", (ii) by deleting the date "September 30, 2001" and substituting therefor the date "June 30, 2002" and (iii) by deleting the words "nine months" and substituting therefor the words "six months". (d) Schedule I is deleted in its entirety and replaced with Schedule I to this Amendment and Restatement. SECTION 2. Conditions of Effectiveness of this Amendment and Restatement. This Amendment and Restatement shall become effective as of the date first above written (the "Restatement Effective Date") when and only if: (a) The Agent shall have received counterparts of this Amendment and Restatement executed by the Borrower and all of the Initial Lenders or, as to any of the Initial Lenders, advice satisfactory to the Agent that such Initial Lender has executed this Amendment and Restatement. (b) On the Restatement Effective Date, the following statements shall be true and the Agent shall have received for the account of each Lender a certificate signed by a duly authorized officer of the Borrower, dated the Restatement Effective Date, stating that: (i) The representations and warranties contained in Section 4.01 of the Existing Credit Agreement are correct on and as of the Restatement Effective Date, before and after giving effect to the Restatement Effective Date, as though made on and as of such date, and (ii) No event has occurred and is continuing, or will occur as a result of the occurrence of the Restatement Effective Date, that constitutes a Default. (c) The Agent shall have received on or before the Restatement Effective Date the following, each dated such date and (unless otherwise specified below) in form and substance satisfactory to the Agent and in sufficient copies for each Initial Lender: (i) The Revolving Credit Notes to the order of the Lenders to the extent requested by any Lender pursuant to Section 2.16 of the Existing Credit Agreement. (ii) Certified copies of the resolutions of the Board of Directors of the Borrower approving this Amendment and Restatement and the Notes, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment and Restatement and the Notes. (iii) A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign this Amendment and Restatement and the Notes and the other documents to be delivered hereunder. (iv) A favorable opinion of Godfrey & Kahn, S.C., counsel for the Borrower, in substantially the form of Exhibit E to the Existing Credit Agreement but with such modifications as are required to address the Existing Credit Agreement, as amended by this Amendment and Restatement, in form and substance reasonably satisfactory to the Initial Lenders. 3 (iv) A favorable opinion of Shearman & Sterling, counsel for the Agent, in form and substance reasonably satisfactory to the Agent. SECTION 3. Reference to and Effect on the Existing Credit Agreement and the Notes. (a) On and after the effectiveness of this Amendment and Restatement, each reference in the Existing Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like import referring to the Existing Credit Agreement, and each reference in the Notes to "the Credit Agreement", "thereunder", "thereof" or words of like import referring to the Existing Credit Agreement, shall mean and be a reference to the Existing Credit Agreement, as amended by this Amendment and Restatement. (b) The Existing Credit Agreement and the Notes, as specifically amended by this Amendment and Restatement, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. (c) Without limiting any of the other provisions of the Existing Credit Agreement, as amended by this Amendment and Restatement, any references in the Existing Credit Agreement to the phrases "on the date hereof", "on the date of this Agreement" or words of similar import shall mean and be a reference to the date of the Existing Credit Agreement (which is November 29, 2001). SECTION 4. Costs and Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and Restatement, the Notes and the other documents to be delivered hereunder (including, without limitation, the reasonable and documented fees and expenses of counsel for the Agent with respect hereto and thereto) in accordance with the terms of Section 8.04 of the Existing Credit Agreement. SECTION 5. Execution in Counterparts. This Amendment and Restatement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment and Restatement by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment and Restatement. SECTION 6. Governing Law. This Amendment and Restatement shall be governed by, and construed in accordance with, the laws of the State of New York. IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Restatement to be executed by their respective officers thereunto duly authorized, as of the date first above written. MANPOWER INC. By /s/ George P. Herrmann ---------------------------------------------- Title: Vice President, Finance and Treasurer 4 CITIBANK, N.A., as Agent By /s/ Wajeeh Faheem ---------------------------------------------- Title: Wajeeh Faheem Vice President Citibank, N.A. Administrative Agent CITIBANK, N.A. By /s/ Wajeeh Faheem ---------------------------------------------- Title: Wajeeh Faheem Vice President Citibank, N.A. Co-Syndication Agents BNP PARIBAS By /s/ Christine L. Howatt ---------------------------------------------- Name: Christine L. Howatt Title: Director By /s/ Peter Labrie ---------------------------------------------- Name: Peter Labrie Title: Central Region Manager WACHOVIA BANK, NATIONAL ASSOCIATION By /s/ Karin G. Samuel ---------------------------------------------- Title: Vice President Managing Agents ABN AMRO BANK N.V. /s/ Kathleen L. Ross By /s/ Edward John Hill III -------------------------------- ------------------------------------- Kathleen L. Ross Edward John Hill III Senior Vice President Title: Assistant Vice President BANK ONE, NA By /s/ Jenny Gilpin ------------------------------------- Jenny A. Gilpin Title: Director, Capital Markets 5 CREDIT LYONNAIS [New York Branch] By /s/ Lee E. Greve ------------------------------------- Title: Lee E. Greeve First Vice President FLEET NATIONAL BANK By /s/ Mary M. Barcus ------------------------------------- Title: Senior Vice President THE ROYAL BANK OF SCOTLAND PLC By /s/ Julian Dakin ------------------------------------- Title: Senior Vice President Lenders BANCA NAZIONALE DEL LAVORO S.p.A /s/ Francesco Di Mario By Francesco Di Mario ------------------------------------- Title: Vice President /s/ Leonardo Valentini By Leonardo Valentini ------------------------------------- Title: First Vice President BANK OF TOKYO-MITSUBISHI, LTD., CHICAGO BRANCH By /s/ Shinichiro Munechika ------------------------------------- Title: Shinichiro Munechika Deputy General Manager DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES By /s/ Frau Mai ------------------------------------- Title: Frau Mai By /s/ Zierold ------------------------------------- Title: Zierold 6 U.S. BANK NATIONAL ASSOCIATION By /s/ Caroline V. Krider ------------------------------------- Title: Caroline V. Krider Vice President & Sr. Lender M&I MARSHALL AND ILSLEY BANK By /s/ Thomas F. Bickelhaupt ------------------------------------- Title: VP By /s/ Ronald J. Carey ------------------------------------- Title: VP SOCIETE GENERALE By /s/ Elizabeth R. Peck ------------------------------------- Title: Director UNICREDITO ITALIANO By /s/ Charles Michael /s/ Saiyed A. Abbas --------------------------------------------- Title: Charles Michael Saiyed A. Abbas Vice President Vice President SCHEDULE I TO THE AMENDMENT AND RESTATEMENT SCHEDULE I APPLICABLE LENDING OFFICES
----------------------------------- ------------------ ------------------------------------ ---------------------------------- Name of Initial Lender Commitment Domestic Lending Office Eurodollar Lending Office ----------------------------------- ------------------ ------------------------------------ ---------------------------------- ABN AMRO Bank N.V. $20,000,000 208 South LaSalle Street, 208 South LaSalle Street Suite 1500 Suite 1500 Chicago, IL 60604-1003 Chicago, IL 60604-1003 Attn: Credit Administration Attn: Credit Administration T: (312) 992-5110 T: (312) 992-5110 F: (312) 992-5111 F: (312) 992-5111 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Banca Nazionale del Lavoro S.p.A. $10,000,000 Banca Nazionale Del Lavoro S.p.A. Banca Nazionale Del Lavoro New York Branch S.p.A. New York Branch 25 West 51st Street 25 West 51st Street New York, NY 10019 New York, NY 10019 Attn: Juan Cortes, VP Attn: Juan Cortes, VP T: (212) 314-0295 T: (212) 314-0295 F: (212) 765-2978 F: (212) 765-2978 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Bank of Tokyo-Mitsubishi, LTD., $12,000,000 227 W. Monroe Street, 227 W. Monroe Street, Chicago Branch Suite 2300 Suite 2300 Chicago, IL 60606 Chicago, IL 60606 Attn: Janice Hennig Attn: Janice Hennig T: (312) 696-4710 T: (312) 696-4710 F: (312) 696-4532 F: (312) 696-4532 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Bank One, NA $20,000,000 1 Bank One Plaza 1 Bank One Plaza Chicago, IL 60670 Chicago, IL 60670 Attn: Jenny Gilpin Attn: Jenny Gilpin T: (312) 732-5867 T: (312) 732-5867 F: (312) 732-3888 F: (312) 732-3888 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- BNP Paribas $30,000,000 209 S. LaSalle, Suite 500 209 S. LaSalle, Suite 500 Chicago, IL 60604 Chicago, IL 60604 Attn: Attn: T: (312) 977-2200 T: (312) 977-2200 F: (312) 977-1380 F: (312) 977-1380 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Citibank, N.A. $34,000,000 Two Penns Way Two Penns Way New Castle, DE 19720 New Castle, DE 19720 Attn: David Graber Attn: David Graber T: (302) 894-6034 T: (302) 894-6034 F: (302) 894-6120 F: (302) 894-6120 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Credit Lyonnais $20,000,000 227 W. Monroe Street, 227 W. Monroe Street, Suite 3800 Suite 3800 Chicago, IL 60606 Chicago, IL 60606 Attn: Diego Sanfilippo Attn: Diego Sanfilippo T: (312) 220-7313 T: (312) 220-7313 F: (312) 641-0527 F: (312) 641-0527 ----------------------------------- ------------------ ------------------------------------ ----------------------------------
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----------------------------------- ------------------ ------------------------------------ ---------------------------------- Name of Initial Lender Commitment Domestic Lending Office Eurodollar Lending Office ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Dresdner Bank AG, New York and $12,000,000 Grand Cayman Branches ----------------------------------- ------------------ ------------------------------------ ---------------------------------- U.S. Bank National Association $12,000,000 777 E. Wisconsin Avenue 777 E. Wisconsin Avenue MK-FC-GLCB MK-FC-GLCB Milwaukee, WI 53202 Milwaukee, WI 53202 Attn: Matt Jaworski Attn: Matt Jaworski T: (414) 765-4478 T: (414) 765-4478 F: (414) 765-5367 F: (414) 765-5367 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Fleet National Bank $15,000,000 100 Federal Street MADE 100 Federal Street MADE 10007F 10007G Boston, MA 02110 Boston, MA 02110 Attn: Dan Johnson Attn: Richard DeNutte T: (617) 434-4544 T: (617) 434-5351 F: (617) 434-8102 F: (617) 434-1279 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- M&I Marshall and Ilsley Bank $20,000,000 770 North Water Street 770 North Water Street NW18 NW18 Milwaukee, WI 53202 Milwaukee, WI 53202 Attn: Leo D. Freeman or Thomas Attn: Leo D. Freeman or Thomas Bickelhaupt Bickelhaupt T: (414) 765-7943/7944 T: (414) 765-7943/7944 F: (414) 765-7625 F: (414) 765-7625 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- The Royal Bank of Scotland plc $20,000,000 101 Park Avenue, 12th floor 101 Park Avenue, 12th floor New York, NY, 10178 New York, NY, 10178 Attn: Sheila Shaw Attn: Sheila Shaw T: 212 401 1406 T: 212 401 1406 F: 212 401 1491 F: 212 401 1491 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Societe Generale $20,000,000 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- UniCredito Italiano $8,000,000 UniCredito Italiano New York Branch UniCredito Italiano 375 Park Avenue 375 Park Avenue New York, NY 10152 New York, NY 10152 Attn: Charles Michael Attn: Charles Michael T: (212) 546-9604 T: (212) 546-9604 F: (212) 546-9665 F: (212) 546-9665 ----------------------------------- ------------------ ------------------------------------ ---------------------------------- Wachovia Bank, National $32,000,000 Wachovia Securities Wachovia Securities Association 201 South College Street 201 South College Street Charlotte, NC 28288-1183 Charlotte, NC 28288-1183 Attn: James F. Heatwole Attn: James F. Heatwole T: (704) 715-8099 T: (704) 715-8099 F: (704) 383-7611 F: (704) 383-7611 ----------------------------------- ------------------ ------------------------------------ ----------------------------------
TOTAL OF $285,000,000 COMMITMENTS