Document:

PFGC Exhibit 10_39

Exhibit 10.39

FIFTH AMENDMENT TO CREDIT AGREEMENT

 

This FIFTH AMENDMENT TO CREDIT AGREEMENT (the "Fifth Amendment") dated as of April 27, 2001, among PERFORMANCE FOOD GROUP COMPANY, a Tennessee corporation (the "Borrower"), the lenders parties to the Credit Agreement referred to below (the "Lenders"), and FIRST UNION NATIONAL BANK, as administrative agent (the "Administrative Agent") for the Lenders thereunder.

PRELIMINARY STATEMENTS:

The Borrower, the Lenders and the Administrative Agent have entered into a Credit Agreement dated as of March 5, 1999 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"; the terms defined therein being used herein as therein defined unless otherwise defined herein).

The Borrower has informed the Administrative Agent and the Lenders that it needs an increase in availability from $10,000,000 to $20,000,000 for the issuance of standby letters of credit under the terms of the Credit Agreement.  In addition, the Borrower has informed the Administrative Agent that, from time to time in the ordinary course of its business, it needs to obtain trade letters of credit (collectively, "Trade L/C's") and has requested permission under the Credit Agreement in order to be able to do so.

The Administrative Agent and the Required Lenders are, on the terms and conditions stated below, willing to grant the request of the Borrower to amend the Credit Agreement, and the Borrower and the Required Lenders have agreed to amend the Credit Agreement as hereinafter set forth.

Section 1.Fifth Amendment to Credit Agreement.  The Credit Agreement is, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 2, hereby amended as follows:

(a)Amendment of Definition.   The definitions of "Debt" and "L/C Commitment" in Section 1.1 of the Credit Agreement are hereby deleted in their entirety and the following definitions shall be inserted in lieu thereof:

"Debt" means, with respect to the Borrower and its Subsidiaries at any date and without duplication, the sum of the following calculated on a Consolidated basis in accordance with GAAP:  (a) all liabilities, obligations and indebtedness for borrowed money including but not limited to obligations evidenced by bonds, debentures, notes or other similar instruments of the Borrower or any Subsidiary thereof, (b) all obligations to pay the deferred purchase price of property or services of the Borrower or any Subsidiary thereof, including without limitation all obligations under non-competition agreements but excluding (i) trade payables and Trade L/C's arising in the ordinary course of business and (ii) all amounts payable under any earn-out agreement unless any such earn-out payment is payable in cash and has been deemed earned and required to be included on the financial statements of the Borrower or any Subsidiary thereof in accordance with GAAP, (c) all obligations of the Borrower or any Subsidiary thereof as lessee under Capital Leases, (d) all Debt of any other Person secured by a Lien on any asset of the Borrower or any Subsidiary thereof, (e) all Guaranty Obligations of the Borrower or any Subsidiary thereof (excluding any Guaranty Obligations on account of trade payables and Trade L/C's arising in the ordinary course of business), (f) all obligations, contingent or otherwise, of the Borrower or any Subsidiary thereof relative to the face amount of letters of credit, whether or not drawn, including without limitation any Reimbursement Obligation, and banker's acceptances issued for the account of the Borrower or any Subsidiary thereof (excluding Trade L/C's arising in the ordinary course of business), (g) all obligations of the Borrower or any Subsidiary thereof to redeem, repurchase, exchange, defease or otherwise make payments in respect of capital stock or other securities of the Borrower or any Subsidiary thereof, (h) all obligations incurred by the Borrower or any Subsidiary thereof pursuant to Hedging Agreements, and (i) although the parties acknowledge that asset securitization facilities that comply with Section 10.6(e) may not constitute indebtedness of the Borrower under GAAP, nevertheless, solely for purposes of determining compliance with the terms of this Agreement, all asset securitization facilities, including the Receivables Purchase Facility, shall be treated as Debt.  

"L/C Commitment" means the lesser of (a) Twenty Million Dollars ($20,000,000) and (b) the Aggregate Commitment.

(b)Addition of Definitions.  Section 1.1 of the Credit Agreement is amended by the addition of the following defined terms (in alphabetical order):

"Fifth Amendment to Credit Agreement" means the Fifth Amendment to Credit Agreement, dated as of April 27, 2001, and effective as provided therein, by and among the Borrower, the Lenders party thereto, and the Administrative Agent.

"Trade L/C's" means, collectively, the trade letters of credit issued and outstanding from time to time to support the obligations of the Borrower or any of its Subsidiaries, contingent or otherwise, incurred in the ordinary course of business of the Borrower or such Subsidiary.

(c)Amendment to Section 10.4.  Section 10.4 of the Credit Agreement is hereby amended as follows:

(i)by deleting the word "and" at the end of clause (e);

(ii)by deleting the period at the end of clause (f) and inserting ";

and" in lieu thereof; and

(iii)by inserting a new clause (g) to read in its entirety as set forth

below:

(g)investments by the Borrower or any of its Subsidiaries in a Wholly-Owned Subsidiary formed in connection with establishing and maintaining the Receivables Purchase Facility.

Section 2.Conditions of Effectiveness.  This Fifth Amendment shall become effective when, and only when the Administrative Agent shall have received counterparts of this Fifth Amendment executed by the Borrower, the Administrative Agent and the Required Lenders or, as to any of the Lenders, advice satisfactory to the Administrative Agent that such Lenders have executed this Fifth Amendment and the Administrative Agent shall have additionally received all of the following documents, each document (unless otherwise indicated) being dated the date of receipt thereof by the Administrative Agent (which date shall be the same for all such documents), in form and substance satisfactory to the Administrative Agent:

(a)Authorization and Approval Documents.  Certified copies of (i) the resolutions of Board of Directors of the Borrower approving this Fifth Amendment and (ii) all documents, evidencing other necessary corporate action and governmental approvals, if any, with respect to this Fifth Amendment, the matters contemplated hereby and thereby;

(b)Certificate of Incumbency.  A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of its officers authorized to sign this Fifth Amendment and other documents to be delivered hereunder; 

(c)Fees, Costs Expenses and Taxes.  All fees, costs, expenses and taxes set forth in Section 5 of this Fifth Amendment; and

(d)Other Documents.  Any other documents or instruments reasonably requested by the Administrative Agent in connection with the execution of this Fifth Amendment.

Section 3.Representations and Warranties of the Borrower.  The Borrower represents and warrants as follows:

(a)The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction indicated at the beginning of this Fifth Amendment.

(b)The execution, delivery and performance by the Borrower of this Fifth Amendment and the Loan Documents, as amended hereby, to which it is or is to be a party are within the Borrower's corporate powers, have been duly authorized by all necessary corporate action and do not contravene (i) the Borrower's charter or by-laws, (ii) Applicable Law or any contractual restriction binding on or affecting the Borrower, except to the extent a breach of such contractual restriction would not have a Material Adverse Effect.

(c)No authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Borrower of this Fifth Amendment or any of the Loan Documents, as amended hereby, to which it is or is to be a party.

(d)This Fifth Amendment and each of the other Loan Documents, as amended hereby, to which the Borrower is a party constitute legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors' rights in general and the availability of equitable remedies.

(e)The representations and warranties made by the Borrower pursuant to Article VI of the Credit Agreement, are true and correct with the same effect as if made on and as of the date hereof, except for any representation and warranty made as of an earlier date, which such representation and warranty shall remain true and correct as of such earlier date.

(f)No Default or Event of Default shall have occurred and be continuing under the Credit Agreement on the date hereof except to the extent remedied by this Fifth Amendment.  

Section 4.Reference to and Effect on the Loan Documents.

(a)Upon the effectiveness of this Fifth Amendment, on and after the date hereof each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to "the Credit Agreement", "thereunder", "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby.

(b)Except as specifically amended above, the Credit Agreement, the Notes, and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  

(c)The execution, delivery and effectiveness of this Fifth Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

Section 5.Fees, Costs, Expenses and Taxes.  The Borrower agrees to pay on demand all costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Fifth Amendment and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities hereunder and thereunder.  The Borrower further agrees to pay on demand all costs and expenses, if any (including, without limitation, reasonable counsel fees and expenses), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Fifth Amendment and the other instruments and documents to be delivered hereunder, including, without limitation, reasonable counsel fees and expenses in connection with the enforcement of rights under this Section 5.  In addition, the Borrower shall pay any and all stamp and other taxes payable or determined to be payable in connection with the execution and delivery of this Fifth Amendment and the other instruments and documents to be delivered hereunder, and agrees to save the Administrative Agent and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes.

Section 6.Execution in Counterparts.  This Fifth Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.

Section 7.Governing Law.  This Fifth Amendment shall be governed by, and construed in accordance with, the laws of the State of North Carolina, without reference to the conflicts or choice of laws principles thereof.

Section 8.Fax Transmission.  A facsimile, telecopy or other reproduction of this Fifth Amendment may be executed by one or more parties hereto, and an executed copy of this Fifth Amendment may be delivered by one or more parties hereto by facsimile or similar instantaneous electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes.  At the request of any party hereto, all parties hereto agree to execute an original of this Fifth Amendment as well as any facsimile, telecopy or other reproduction hereof.

 

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

PERFORMANCE FOOD GROUP COMPANY, 

as Borrower

[CORPORATE SEAL]

By: 

Name: 

Title: 

 

 

FIRST UNION NATIONAL BANK, 

as Administrative Agent and Lender

By: 

Name: 

Title: 

 

BANK OF AMERICA N.A., 

as Lender

By: 

Name: 

Title: 

 

THE CHASE MANHATTAN BANK, 

as Lender

By: 

Name: 

Title: 

 

BANK ONE, N.A. (f/k/a THE FIRST 

NATIONAL BANK OF CHICAGO), 

as Lender

By: 

Name: 

Title: 

 

 

 

HIBERNIA NATIONAL BANK, 

as Lender

By: 

Name: 

Title:First Amendment/Performance Food Group, Inc.

Exhibit 10.40

SECOND AMENDMENT TO CERTAIN

OPERATIVE AGREEMENTS AND CONSENT

THIS SECOND AMENDMENT TO CERTAIN OPERATIVE AGREEMENTS AND CONSENT dated as of April 27, 2001, (this "Amendment") is by and among the parties to the Participation Agreement (hereinafter defined) from time to time as the lessees and as the construction agents (subject to the definition of Lessee and Construction Agent in Appendix A to the Participation Agreement, individually a "Lessee" or a "Construction Agent" and collectively the "Lessees" or the "Construction Agents"); PERFORMANCE FOOD GROUP COMPANY, a Tennessee corporation, as the guarantor ("Guarantor"); WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION (formerly known as First Security Bank, National Association), a national banking association, not individually, but solely as the Owner Trustee under the PFG Real Estate Trust 2000-1 (the "Owner Trustee", the "Borrower" or the "Lessor"); the various banks and other lending institutions which are parties to the Participation Agreement from time to time as holders of certificates issued with respect to the PFG Real Estate Trust 2000-1 (subject to the definition of Holders in Appendix A to the Participation Agreement, individually, a "Holder" and collectively, the "Holders"); the various banks and other lending institutions which are parties to the Participation Agreement from time to time as lenders (subject to the definition of Lenders in Appendix A to the Participation Agreement, individually, a "Lender" and collectively, the "Lenders"); and  FIRST UNION NATIONAL BANK, a national banking association, as the agent for the Lenders and respecting the Security Documents, as the agent for the Lenders and the Holders, to the extent of their interests (in such capacity, the "Agent").  Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth in Appendix A to the Participation Agreement.  

 

W I T N E S S E T H:

WHEREAS, the parties to this Amendment are parties to that certain Participation Agreement dated as of June 9, 2000 (as amended, restated, supplemented or otherwise modified from time to time, the "Participation Agreement").

WHEREAS, pursuant to Section 28.1 of the Lease, the Credit Parties have requested the consent of the Financing Parties to the amendment set forth in the Fifth Amendment to Credit Agreement dated as of April 27, 2001 (the "Fifth Amendment to the Lessee Credit Agreement") among the Guarantor, the lenders parties thereto and First Union National Bank, as administrative agent, with respect to the Incorporated Representations and Warranties and the Incorporated Covenants and an amendment of the term "Debt" set forth in Appendix A to the Participation Agreement consistent with the amendments set forth in the Fifth Amendment to the Lessee Credit Agreement.

WHEREAS, the Financing Parties are willing to grant the consents described herein and  to amend the Participation Agreement on the terms and conditions set forth in this Amendment.

 

A G R E E M E N T

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Amendment agree as follows:

PART I

AMENDMENTS TO THE

PARTICIPATION AGREEMENT

1.Appendix A to the Participation Agreement is hereby amended to add or modify the following defined term as follows:

"Debt" means, with respect to the Guarantor and its Subsidiaries at any date and without duplication, the sum of the following calculated on a Consolidated basis in accordance with GAAP: (a) all liabilities, obligations and indebtedness for borrowed money including but not limited to obligations evidenced by bonds, debentures, notes or other similar instruments of the Guarantor or any Subsidiary thereof, (b) all obligations to pay the deferred purchase price of property or services of the Guarantor or any Subsidiary thereof, including without limitation all obligations under non-competition agreements but excluding (i) trade payables and Trade L/C's arising in the ordinary course of business and (ii) all amounts payable under any earn-out agreement unless any such earn-out payment is payable in cash and has been deemed earned and required to be included on the financial statements of the Guarantor or any Subsidiary thereof in accordance with GAAP, (c) all obligations of the Guarantor or any Subsidiary thereof as lessee under Capital Leases, (d) all Debt of any other Person secured by a Lien on any asset of the Guarantor or any Subsidiary thereof, (e) all Guaranty Obligations of the Guarantor or any Subsidiary thereof (excluding any Guaranty Obligations on account of trade payables and Trade L/C's arising in the ordinary course of business), (f) all obligations, contingent or otherwise, of the Guarantor or any Subsidiary thereof relative to the face amount of letters of credit, whether or not drawn, including without limitation any Reimbursement Obligation, and banker's acceptances issued for the account of the Guarantor or any Subsidiary thereof (excluding Trade L/C's), (g) all obligations of the Guarantor or any Subsidiary thereof to redeem, repurchase, exchange, defease or otherwise make payments in respect of capital stock or other securities of the Guarantor or any Subsidiary thereof, (h) all obligations incurred by the Guarantor or any Subsidiary thereof pursuant to Hedging Agreements, and (i) although the parties acknowledge that asset securitization facilities that comply with Section 10.6(e) of the Lessee Credit Agreement may not constitute indebtedness of the Guarantor under GAAP, nevertheless, solely for purposes of determining compliance with the terms of the Operative Agreements (including without limitation the Incorporated Covenants), all asset securitization facilities, including the Receivables Purchase Facility (as such term is defined in the Lessee Credit Agreement), shall be treated as Debt.  

"Trade L/C's" means, collectively, the trade letters of credit issued and outstanding from time to time to support the obligations of the Guarantor or any of its Subsidiaries, contingent or otherwise, incurred in the ordinary course of business of the Guarantor or such Subsidiary.

PART II

CONSENT

The Financing Parties hereby consent, pursuant to Section 28.1 of the Lease Agreement, to the Fifth Amendment to the Lessee Credit Agreement and to the matters set forth therein so that the amendment and consents set forth therein shall be effective with respect to the Incorporated Representations and Warranties, the Incorporated Covenants and the Additional Incorporated Terms.

 

PART III

MISCELLANEOUS

1.This Amendment shall be effective upon satisfaction of the following conditions:

(a)execution and delivery of this Amendment by the parties hereto and execution and delivery of such other documents, agreements or instruments deemed necessary or advisable by the Agent; and

(b)receipt by the Agent of an officer's certificate and/or a secretary's certificate of each Credit Party (in form and in substance reasonably satisfactory to the Agent) certifying that a resolution has been adopted by such Credit Party's Board of Directors approving and authorizing the execution, delivery, and performance of this Amendment, specifying that no Default or Event of Default shall have occurred and be continuing, specifying that the representations and warranties of such Credit Party set forth in the Participation Agreement are true and correct (except for any such representations and warranties which relate solely to an earlier time) and certifying as to the incumbency of the officer of such Credit Party executing this Amendment.

2.Except as modified hereby, all of the terms and provisions of the Operative Agreements (including Schedules and Exhibits) shall remain in full force and effect.

3.The Credit Parties agree to pay all reasonable costs and expenses of the Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of Moore & Van Allen, PLLC.

4.This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.

5.This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with the laws of the State of North Carolina.

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

PERFORMANCE FOOD GROUP COMPANY, as a Construction Agent and as a Lessee

By: 

Name: 

Title: 

CARROLL COUNTY FOODS, INC. (as successor to CCF Acquisition, Inc.), as a Construction Agent and as a Lessee

By: 

Name: 

Title: 

HALE BROTHERS SUMMIT, INC., as a Construction Agent and as a Lessee

By: 

Name: 

Title: 

VIRGINIA FOODSERVICE GROUP, INC., as a Construction Agent and as a Lessee

By: 

Name: 

Title: 

[signature pages continued]

PERFORMANCE FOOD GROUP COMPANY, as the Guarantor

By: 

Name: 

Title: 

[signature pages continued]

WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION (formerly known as First Security Bank, National Association), not individually, except as expressly stated herein, but solely as the Owner Trustee under the PFG Real Estate Trust 2000-1

By: 

Name: 

Title: 

[signature pages continued]

FIRST UNION NATIONAL BANK, as a Lender, as a Holder and as the Agent

By: 

Name: 

Title: 

[signature pages continued]

BANK ONE, NA, as a Lender

(Main Office Chicago)

By: 

Name: 

Title: 

[signature pages continued]

SUNTRUST BANK, as a Lender and as a Holder

By: 

Name: 

Title: 

[signature pages end]

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