Exhibit 10.2

 

EXECUTION COPY

 

FIFTH AMENDMENT

 

FIFTH AMENDMENT, dated as of May 1, 2003 (this “Amendment”), to the CREDIT AND
GUARANTEE AGREEMENT, dated as of October 24, 2000 (as amended, supplemented or
otherwise modified, the “Credit and Guarantee Agreement”), among NORTHWEST
AIRLINES CORPORATION, a Delaware corporation (“Holdings”), NORTHWEST AIRLINES
HOLDINGS CORPORATION, a Delaware corporation (“NWAC”), NWA INC., a Delaware
corporation (“NWA”) (Holdings, NWAC and NWA collectively referred to hereafter
as the “Guarantors”), NORTHWEST AIRLINES, INC., a Minnesota corporation (the
“Borrower”), the several banks and other financial institutions or entities from
time to time parties to the Credit and Guarantee Agreement (the “Lenders”),
CREDIT LYONNAIS NEW YORK BRANCH and ABN AMRO BANK N.V., as co-documentation
agents (in such capacities, the “Co-Documentation Agents”), CITICORP USA, INC.
and U.S. BANK NATIONAL ASSOCIATION, as co-arrangers (in such capacities, the
“Co-Arrangers”), DEUTSCHE BANK TRUST COMPANY AMERICAS (f/k/a Bankers Trust
Company), as syndication agent (in such capacity, the “Syndication Agent”),
JPMORGAN CHASE BANK, as administrative agent (in such capacity, the
“Administrative Agent”), and J.P. MORGAN SECURITIES INC. and DEUTSCHE BANK
SECURITIES INC., as joint lead arrangers and joint bookrunners (in such
capacities, the “Joint Lead Arrangers”).

 

W I T N E S S E T H:

 

WHEREAS, the Guarantors, the Borrower, the Lenders, the Administrative Agent,
the Co-Documentation Agents, the Co-Arrangers, the Syndication Agent and the
Joint Lead Arrangers are parties to the Credit and Guarantee Agreement; and

 

WHEREAS, the Borrower and the Guarantors have requested that the Credit and
Guarantee Agreement be amended as set forth herein;

 

NOW THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto hereby agree as follows:

 

SECTION 1.           Defined Terms.  Terms defined in the Credit and Guarantee
Agreement and used herein shall have the meanings given to them in the Credit
and Guarantee Agreement.

 

SECTION 2.           Amendment to Section 7.1 (Financial Condition Covenants). 
Section 7.1(b) of the Credit and Guarantee Agreement is hereby amended and
restated to read in its entirety as follows:

 

“(b)  Consolidated EBITDAR to Consolidated Fixed Charges.  Permit the ratio of
Consolidated EBITDAR to Consolidated Fixed Charges for (i) the three-month
period ended on June 30, 2004, (ii) the six-month period ended on September 30,
2004, (iii) the nine-month period ended December 31, 2004, (iv) the twelve-month
period ended March 31, 2005 or (v) after March 31, 2005, any period of four
consecutive fiscal quarters ended on the last day of any fiscal quarter, in each
case to be less than 1.00 to 1.00.”

 

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SECTION 3.           Conditions to Effectiveness of this Amendment.

 

This Amendment shall become effective on the date (the “Amendment Effective
Date”) on which the following conditions precedent have been satisfied:

 

(a)  the Administrative Agent shall have received counterparts of this Amendment
duly executed and delivered by (i) the Borrower, (ii) the Guarantors and (iii)
the Required Lenders; and

 

(b)  the Borrower shall have paid to the Administrative Agent, for the account
of each Lender which executes and delivers this Amendment prior to 5:00 p.m.,
New York City time, May 13, 2003, an amendment fee in an amount equal to the
Amendment Fee Percentage (as defined below) of the sum of (i) the Five-Year
Revolving Commitment of such Lender, (ii) the Tranche B Revolving Commitment of
such Lender, and (iii) the aggregate principal amount of any Term-Out Loans of
such Lender then outstanding, in each case as of the Amendment Effective Date. 
As used herein, the “Amendment Fee Percentage” shall mean the percentage
separately disclosed to the Lenders in connection with this Amendment as the
basis upon which the Amendment Fee Percentage shall be calculated.

 

SECTION 4.           Payment of Expenses.  The Borrower agrees to pay or
reimburse the Administrative Agent for all of its reasonable out-of-pocket costs
and expenses incurred in connection with this Amendment and any other documents
prepared in connection herewith, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

 

SECTION 5.           Miscellaneous.

 

(A)           EFFECT.  EXCEPT AS EXPRESSLY AMENDED HEREBY, ALL OF THE
REPRESENTATIONS, WARRANTIES, TERMS, COVENANTS AND CONDITIONS OF THE LOAN
DOCUMENTS SHALL REMAIN UNAMENDED AND NOT WAIVED AND SHALL CONTINUE TO BE IN FULL
FORCE AND EFFECT.

 

(B)           COUNTERPARTS.  THIS AMENDMENT MAY BE EXECUTED BY ONE OR MORE OF
THE PARTIES TO THIS AMENDMENT ON ANY NUMBER OF SEPARATE COUNTERPARTS (INCLUDING
BY TELECOPY TRANSMISSION), AND ALL OF SAID COUNTERPARTS TAKEN TOGETHER SHALL BE
DEEMED TO CONSTITUTE ONE AND THE SAME INSTRUMENT.  A SET OF THE COPIES OF THIS
AMENDMENT SIGNED BY ALL THE PARTIES SHALL BE LODGED WITH THE BORROWER AND THE
ADMINISTRATIVE AGENT.

 

(C)           SEVERABILITY.  ANY PROVISION OF THIS AMENDMENT WHICH IS PROHIBITED
OR UNENFORCEABLE IN ANY JURISDICTION SHALL, AS TO SUCH JURISDICTION, BE
INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION OR UNENFORCEABILITY WITHOUT
INVALIDATING THE REMAINING PROVISIONS HEREOF, AND ANY SUCH PROHIBITION OR
UNENFORCEABILITY IN ANY JURISDICTION SHALL NOT INVALIDATE OR RENDER
UNENFORCEABLE SUCH PROVISION IN ANY OTHER JURISDICTION.

 

(D)           INTEGRATION.  THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE AGREEMENT OF THE LOAN PARTIES AND THE LENDERS WITH RESPECT TO THE
SUBJECT MATTER HEREOF, AND THERE ARE NO PROMISES, UNDERTAKINGS, REPRESENTATIONS
OR WARRANTIES BY THE LENDERS RELATIVE TO THE SUBJECT MATTER HEREOF NOT EXPRESSLY
SET FORTH OR REFERRED TO HEREIN OR IN THE OTHER LOAN DOCUMENTS.

 

(E)           GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

 

NORTHWEST AIRLINES CORPORATION

 

 

 

 

 

 

 

 

By:

/s/ Daniel B. Matthews

 

 

Name:

Daniel B. Matthews

 

 

Title:

Senior Vice President & Treasurer

 

 

 

 

 

 

NORTHWEST AIRLINES HOLDINGS CORPORATION

 

 

 

 

 

 

 

By:

/s/ Daniel B. Matthews

 

 

Name:

Daniel B. Matthews

 

 

Title:

Senior Vice President & Treasurer

 

 

 

 

 

 

NWA INC.

 

 

 

 

 

 

 

 

By:

/s/ Daniel B. Matthews

 

 

Name:

Daniel B. Matthews

 

 

Title:

Senior Vice President & Treasurer

 

 

 

 

 

 

NORTHWEST AIRLINES, INC.

 

 

 

 

 

 

 

 

By:

/s/ Daniel B. Matthews

 

 

Name:

Daniel B. Matthews

 

 

Title:

Senior Vice President & Treasurer

 

 

 

 

 

 

JPMORGAN CHASE BANK, as Administrative
Agent and as a Lender

 

 

 

 

 

 

 

 

By:

/s/ Matthew H. Massie

 

 

Name:

Matthew H. Massie

 

 

Title:

Managing Director

 

 

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ABN AMRO Bank, N.V., Lender

 

 

 

 

 

 

 

 

By:

/s/ Thomas K. Peterson

 

 

Name:

Thomas K. Peterson

 

 

Title:

Senior Vice President
Diversified Industries Central

 

 

 

 

 

 

By:

/s/ W.P. Fischer

 

 

Name:

W.P. Fischer

 

 

Title:

Senior Vice President

 

 

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THE BANK OF TOKYO-MITSUBISHI, LTD.,
CHICAGO BRANCH

 

 

 

 

 

 

 

 

By:

/s/ Schinichiro Munechika

 

 

Name:

Shinichiro Munechika

 

 

Title:

Deputy General Manager

 

 

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BNP PARIBAS

 

 

 

 

 

 

 

 

By:

/s/ Brian F. Hewett

 

 

Name:

Brian F. Hewett

 

 

Title:

Director

 

 

 

 

 

 

By:

/s/ Christine L. Howatt

 

 

Name:

Christine L. Howatt

 

 

Title:

Director

 

 

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CHANG HWA COMMERCIAL BANK LTD.,
NEW YORK BRANCH

 

 

 

 

 

 

 

 

By:

/s/ Ming-Hsien Lin

 

 

Name:

Ming-Hsien Lin

 

 

Title:

VP & General Manager

 

 

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CHINATRUST COMMERCIAL BANK

 

 

 

 

 

 

 

 

By:

/s/ Eric Kan

 

 

Name:

Eric Kan

 

 

Title:

Senior Vice President

 

 

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CREDIT LYONNAIS, NEW YORK BRANCH

 

 

 

 

 

 

 

 

By:

/s/ Brian Bolotin

 

 

Name:

Brian Bolotin

 

 

Title:

Vice President

 

 

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CREDIT SUISSE FIRST BOSTON
acting through its Cayman Islands Branch

 

 

 

 

 

 

 

 

By:

/s/ Joseph Adipietro

 

 

Name:

Joseph Adipietro

 

 

Title:

Director

 

 

 

 

 

 

By:

/s/ Doreen B. Welch

 

 

Name:

Doreen B. Welch

 

 

Title:

Associate

 

 

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DEUTSCHE BANK TRUST COMPANY
AMERICAS (f/k/a Bankers Trust Company)

 

 

 

 

 

 

 

 

By:

/s/ Marguerite Sutton

 

 

Name:

Marguerite Sutton

 

 

Title:

Vice President

 

 

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KREDITANSTALT FUR WIEDERAUFBAU

 

 

 

 

 

 

 

 

By:

/s/ Susanne Hockmann

 

 

Name:

Susanne Hockmann

 

 

Title:

Vice President

 

 

 

 

 

 

By:

/s/ Petra Schoberth

 

 

Name:

Petra Schoberth

 

 

Title:

Senior Project Manager

 

 

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THE ROYAL BANK OF SCOTLAND plc

 

 

 

 

 

 

 

 

By:

/s/ David Apps

 

 

Name:

David Apps

 

 

Title:

Senior Vice President

 

 

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STATE STREET BANK AND TRUST COMPANY

 

 

 

 

 

 

 

By:

/s/ Mary H. Carey

 

 

Name:

Mary H. Carey

 

 

Title:

Assistant Vice President

 

 

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UNION PLANTERS BANK

 

 

 

 

 

 

 

 

By:

/s/ Shea Buchignani

 

 

Name:

Shea Buchignani

 

 

Title:

Vice President

 

 

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U.S. BANK NATIONAL ASSOCIATION, Lender

 

 

 

 

 

 

 

 

By:

/s/ Mark R. Olmon

 

 

Name:

Mark R. Olmon

 

 

Title:

Senior Vice President

 

 

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DRESDNER BANK AG NEW YORK AND
GRAND CAYMAN BRANCHES

 

 

 

 

 

 

 

 

By:

/s/ Thomas R. Brady

 

 

Name:

Thomas R. Brady

 

 

Title:

Director

 

 

 

 

 

 

By:

/s/ Phillip Gass

 

 

Name:

Phillip Gass

 

 

Title:

Associate

 

 

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FIRST COMMERCIAL BANK, NEW YORK
AGENCY

 

 

 

 

 

 

 

 

By:

/s/ Bruce M.J. Ju

 

 

Name:

Bruce M.J. Ju

 

 

Title:

VP & General Manager

 

 

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HUA NAN COMMERCIAL BANK, LTD.
NEW YORK AGENCY

 

 

 

 

 

 

 

 

By:

/s/ Yun-Peng Chang

 

 

Name:

Yun-Peng Chang

 

 

Title:

General Manager & S.V.P.

 

 

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CITIBANK N.A.

 

 

 

 

 

 

 

 

By:

/s/ Gaylord C. Holmes

 

 

Name:

Gaylord C. Holmes

 

 

Title:

Director

 

 

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MIZUHO CORPORATE BANK, LTD.

 

 

 

 

 

 

 

 

By:

/s/ Raymond Ventura

 

 

Name:

Raymond Ventura

 

 

Title:

Senior Vice President

 

 

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MITSUBISHI TRUST & BANKING CORPORATION

 

 

 

 

 

 

 

By:

/s/ Ryo Magome

 

 

Name:

Ryo Magome

 

 

Title:

Senior Vice President

 

 

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SUMITOMO MITSUI BANKING CORPORATION
(f/k/a THE SAKURA BANK, LTD)

 

 

 

 

 

 

 

 

By:

/s/ Suresh Tata

 

 

Name:

Suresh Tata

 

 

Title:

Senior Vice President

 

 

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MORGAN STANLEY SENIOR FUNDING, INC.

 

 

 

 

 

 

 

 

By:

/s/ Michael A. Hart

 

 

Name:

Michael A. Hart

 

 

Title:

Vice President

 

 

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