Document:

CREDIT AGREEMENT

 

EXHIBIT

10(m)-CREDIT AGREEMENT ($250 MILLION CREDIT FACILITY)

 

CREDIT

AGREEMENT

 

Dated as of January 11, 2002

 

AMONG

 

BEMIS COMPANY, INC.,

 

THE BANKS LISTED HEREIN,

 

BANK

ONE, NA,

AS ADMINISTRATIVE AGENT,

 

AND

 

WACHOVIA BANK, N.A.,

AS SYNDICATION AGENT

$250,000,000

Arranged by

Banc

One Capital Markets, Inc.

and

Wachovia

Securities, Inc.,

as Co-Lead Arrangers and

Joint Book Runners

 

 

TABLE OF CONTENTS

 

	

  SECTION

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  SECTION 1.

  	

  INTERPRETATIONS

  AND DEFINITIONS

  
	

   

  	

  1.1

  	

  Definitions

  
	

   

  	

  1.2

  	

  Other Definitional

  Provisions 

  
	

   

  	

   

  	

   

  
	

  SECTION 2.

  	

  THE LOANS

  
	

   

  	

  2.1

  	

  The Loans 

  
	

   

  	

  2.2

  	

  Limitations

  on Borrowings and Interest Periods; Loans Pro Rata

  
	

   

  	

  2.3

  	

  Method of Borrowing . .

  
	

   

  	

  2.4

  	

  The Notes

  
	

   

  	

  2.5

  	

  Maturity

  of Loans

  
	

   

  	

  2.6

  	

  Interest

  Rates

  
	

   

  	

  2.7

  	

  Fees

  
	

   

  	

  2.8

  	

  Optional

  Termination or Reduction of Commitments

  
	

   

  	

  2.9

  	

  Voluntary Prepayments

  
	

   

  	

  2.10

  	

  General Provisions

  as to Payments.

  
	

   

  	

  2.11

  	

  Computation of

  Interest and Fees . .

  
	

   

  	

  2.12

  	

  Funding

  Losses.

  
	

   

  	

   

  	

   

  
	

  SECTION 3.

  	

  CONDITIONS OF LENDING

  
	

   

  	

  3.1

  	

  All Loans

  
	

   

  	

  3.2

  	

  Initial

  Loans

  
	

   

  	

   

  	

   

  
	

  SECTION

  4.

  	

  CHANGE

  IN CIRCUMSTANCES AFFECTING EURODOLLAR LOANS

  
	

   

  	

  4.1

  	

  Basis

  for Determining Interest Rate Inadequate

  
	

   

  	

  4.2

  	

  Illegality

  
	

   

  	

  4.3

  	

  Increased Costs and

  Rate of Return

  
	

   

  	

   

  	

   

  
	

  SECTION 5.

  	

  REPRESENTATIONS AND

  WARRANTIES

  
	

   

  	

  5.1

  	

  Corporate Existence and

  Power

  
	

   

  	

  5.2

  	

  Corporate Authorization

  
	

   

  	

  5.3

  	

  Binding

  Effect.

  
	

   

  	

  5.4

  	

  Financial Statements

  
	

   

  	

  5.5

  	

  Litigation

  
	

   

  	

  5.6

  	

  Taxes

  
	

   

  	

  5.7

  	

  Governmental and other

  Approvals .

  
	

   

  	

  5.8

  	

  Compliance with ERISA

  
	

   

  	

  5.9

  	

  Environmental Matters .

  
	

   

  	

   

  	

   

  
	

  SECTION 6.

  	

  COVENANTS

  
	

   

  	

  6.1

  	

  Financial

  Statements

  

 

i

 

	

   

  	

  6.2

  	

  Maintenance of Existence

  
	

   

  	

  6.3

  	

  Maintenance of Properties

  
	

   

  	

  6.4

  	

  Compliance with Laws 

  
	

   

  	

  6.5

  	

  Notice of Proceedings

  
	

   

  	

  6.6

  	

  Use

  of Proceeds

  
	

   

  	

  6.7

  	

  Payment

  of Taxes

  
	

   

  	

  6.8

  	

  Insurance

  
	

   

  	

  6.9

  	

  Maximum

  Consolidated Debt to Total Capital Ratio

  
	

   

  	

  6.10

  	

  Minimum Consolidated

  Net Worth

  
	

   

  	

  6.11

  	

  Negative

  Pledge

  
	

   

  	

  6.12

  	

  Consolidations, Mergers and

  Sales of Assets

  
	

   

  	

   

  	

   

  
	

  SECTION

  7. EVENTS OF DEFAULT

  
	

   

  	

   

  	

   

  
	

  SECTION 8. THE

  ADMINISTRATIVE AGENT

  
	

   

  	

  8.1

  	

  Appointment;

  Nature of Relationship.

  
	

   

  	

  8.2

  	

  Powers

  
	

   

  	

  8.3

  	

  General

  Immunity.

  
	

   

  	

  8.4

  	

  No Responsibility for

  Loans, Recitals, etc

  
	

   

  	

  8.5

  	

  Action on Instructions

  of Banks.

  
	

   

  	

  8.6

  	

  Employment of Agents

  and Counsel.

  
	

   

  	

  8.7

  	

  Reliance on Documents;

  Counsel.

  
	

   

  	

  8.8

  	

  Administrative

  Agent’s Reimbursement and Indemnification.

  
	

   

  	

  8.9

  	

  Notice

  of Default

  
	

   

  	

  8.10

  	

  Rights

  as a Bank

  
	

   

  	

  8.11

  	

  Bank Credit Decision.

  
	

   

  	

  8.12

  	

  Successor

  Administrative Agent.

  
	

   

  	

  8.13

  	

  Administrative

  Agent and Arranger Fees.

  
	

   

  	

  8.14

  	

  Delegation to Affiliates.

  
	

   

  	

  8.15

  	

  Syndication

  Agent

  
	

   

  	

   

  	

   

  
	

  SECTION 9. MISCELLANEOUS

  
	

   

  	

  9.1

  	

  Notices

  
	

   

  	

  9.2

  	

  Amendments

  and Waivers; Cumulative Remedies

  
	

   

  	

  9.3

  	

  Successors and Assigns

  
	

   

  	

  9.4

  	

  Indemnification

  by the Borrower; Documentary Taxes

  
	

   

  	

  9.5

  	

  Sharing

  of Set-Offs

  
	

   

  	

  9.6

  	

  Collateral

  
	

   

  	

  9.7

  	

  Counterparts

  
	

   

  	

  9.8

  	

  Headings; Table of Contents

  
	

   

  	

  9.9

  	

  Governing

  Law 

  

 

ii

 

	

  EXHIBIT A

  	

  Form of

  Note

  
	

  EXHIBIT B

  	

  Form of Opinion of General

  Counsel

  
	

  EXHIBIT C

  	

  Form of Opinion of

  Mayer, Brown & Platt

  
	

  EXHIBIT D

  	

  Form of Assignment

  and Assumption Agreement

  
	

   

  	

   

  
	

  Pricing Schedule

  	

   

  

 

iii

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT (this

“Agreement”) dated as of January 11, 2002 among BEMIS COMPANY, INC., a Missouri

corporation (the “Borrower”), the BANKS listed on the signature pages hereof

(together with their respective successors and assigns, the “Banks”), BANK ONE,

NA (“Bank One”), a national banking association having its principal office in

Chicago, Illinois, as administrative agent for the Banks (the “Administrative

Agent”), and WACHOVIA BANK, N.A., as Syndication Agent.

 

The parties hereto agree as

follows:

 

SECTION 1. INTERPRETATIONS AND DEFINITIONS

 

1.1           Definitions. The following

terms, as used herein, shall have the following respective meanings:

 

“Administrative Agent” has

the meaning set forth in the introductory paragraph.

 

“Administrative

Questionnaire” means, for any Bank, the administrative questionnaire submitted

by such Bank to the Administrative Agent that sets forth certain administrative

details requested by the Administrative Agent.

 

“Alternate Base Rate” means,

for any day, a rate of interest per annum equal to the higher of (i) the Prime

Rate for such day and (ii) the sum of the Federal Funds Effective Rate for such

day plus 1⁄2% per annum.

 

“Approved Fund” means any

Fund that is administered or managed by (a) a Bank, (b) an affiliate of a Bank

or (c) an entity or an affiliate of an entity that administers or manages a

Bank.

 

“Assignment and Acceptance”

means an assignment and acceptance agreement, substantially in the form of

Exhibit D hereto.

 

“Bank One” has the meaning

set forth in the introductory paragraph.

 

“Banks” has the meaning set

forth in the introductory paragraph.

 

“Base Rate Loan” means a

Loan which the Borrower specifies pursuant to Section 2.3 shall be a Base Rate

Loan.

 

“Borrower” has the meaning

set forth in the introductory paragraph.

 

 

“Business Day” means (i)

with respect to any borrowing, payment or rate selection of Eurodollar Loans, a

day (other than a Saturday or Sunday) on which banks generally are open in

Chicago and New York City for the conduct of substantially all of their

commercial lending activities, interbank wire transfers can be made on the

Fedwire system and dealings in Dollars are carried on in the London interbank

market and (ii) for all other purposes, a day (other than a Saturday or Sunday)

on which banks generally are open in Chicago for the conduct of substantially all

of their commercial lending activities and interbank wire transfers can be make

on the Fedwire system.

 

“Change of Control” means

the occurrence of any of the following events: (x) any “person” or “group”

(within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934

(the “Exchange Act”) becomes the beneficial owner (as defined in Rule 13d-3

under the Exchange Act) of 20% or more of the fully diluted Voting Securities

of the Borrower or (y) individuals who at the beginning of any period of two

consecutive calendar years constituted the board of directors of the Borrower

(together with any new directors whose election by the board of directors of

the Borrower or whose nomination for election by the Borrower’s shareholders

was approved by the members of the board of directors of the Borrower then

still in office who either were members of the board of directors of the

Borrower at the beginning of such period or whose election or nomination for

election was previously so approved) cease for any reason to constitute a

majority of the members of the board of directors of the Borrower.

 

“Code” means the Internal

Revenue Code of 1986.

 

“Commitment” means, with

respect to each Bank, the amount set forth opposite the name of such Bank on

the signature pages hereof, as such amount may be changed from time to time

pursuant to the terms hereof.

 

“Consolidated Debt” means at

any date the consolidated Debt of the Borrower and its Consolidated

Subsidiaries.

 

“Consolidated Net Worth”

means at any date the consolidated stockholders’ equity of the Borrower and its

Consolidated Subsidiaries.

 

“Consolidated Subsidiary”

means at any date any Subsidiary or other entity the accounts of which would be

consolidated with those of the Borrower in its consolidated financial

statements as of such date.

 

“Controlled Group” means all

members of a controlled group of corporations and all trades or businesses

(whether or not incorporated) under common control which, together with the

Borrower, are treated as a single employer under Section 414(b) or 414(c) of

the Code.

 

“Debt” of any Person means

at any date, without duplication, (i) all obligations of such Person for

borrowed money, (ii) all obligations of such Person evidenced by bonds,

debentures,

 

2

 

notes or other similar instruments, (iii) all obligations of such

Person to pay the deferred purchase price of property or services, except trade

accounts payable arising in the ordinary course of business, (iv) all

obligations of such Person as lessee under capital leases, (v) all obligations

of such Person to reimburse or indemnify the issuer of a letter of credit or

Guarantee for drawings or payments thereunder, (vi) all Debt of others secured

by a Lien on any asset of such Person, whether or not such Debt is assumed by

such Person, and (vii) all Debt of others Guaranteed by such Person.

 

“Default” means any event or

condition which constitutes an Event of Default or which with the giving of

notice or lapse of time, or both, would become an Event of Default.

 

“Dollars” and the sign “$”

mean lawful money of the United States of America.

 

“Eligible Assignee” means

(a) a Bank, (b) an affiliate of a Bank, (c) an Approved Fund, and (d) any other

Person (other than a natural Person) approved by the Administrative Agent and,

unless (x) such Person is taking delivery of an assignment in connection with

physical settlement of a credit derivatives transaction or (y) an Event of

Default has occurred and is continuing, the Borrower (each such approval not to

be unreasonably withheld or delayed). If the consent of the Borrower to an

assignment or to an Eligible Assignee is required hereunder (including a

consent to an assignment which does not meet the minimum assignment thresholds

specified in paragraph (b)(i) of Section 9.3), the Borrower shall be deemed to

have given its consent five Business Days after the date notice thereof has

been delivered by the assigning Bank (through the Administrative Agent) unless

such consent is expressly refused by the Borrower prior to such fifth Business

Day.

 

“Environmental Laws” means

any and all federal, state, local and foreign statutes, laws, judicial

decisions, regulations, ordinances, rules, judgments, orders, decrees,

injunctions, permits, concessions, grants, franchises, licenses, agreements and

other governmental restrictions relating to the environment, to the effect of

the environment on human health or to emissions, discharges or releases of

pollutants, contaminants, Hazardous Substances or wastes into the environment,

or otherwise relating to the manufacture, processing, distribution, use,

treatment, storage, disposal, transport or handling of pollutants,

contaminants, Hazardous Substances or wastes or the clean-up or other

remediation thereof.

 

“ERISA” means the Employee

Retirement Income Security Act of 1974.

 

“Eurodollar Base Rate”

means, with respect to a Eurodollar Loan for the relevant Interest Period, the

applicable British Bankers’ Association LIBOR rate for deposits in Dollars as

reported by any generally recognized financial information service as of 11:00

a.m. (London time) two Business Days prior to the first day of such Interest

Period, and having a maturity equal to such Interest Period, provided that, if

no such British Bankers’ Association LIBOR rate is available to the

Administrative Agent, the applicable Eurodollar Base Rate for the relevant

Interest Period shall instead be the rate determined by the Administrative

Agent to be the rate at which Bank One or one of its affiliate banks offers to

place deposits in Dollars with first-class banks in the London interbank market

at approximately 11:00 a.m. (London time) two Business Days prior to the first

day of such

 

3

 

Interest Period, in the approximate amount of Bank One’s relevant

Eurodollar Loan and having a maturity equal to such Interest Period.

 

“Eurodollar Loan” means a

Loan which the Borrower specifies pursuant to Section 2.3 shall be a Eurodollar

Loan.

 

“Eurodollar Margin” has the meaning

set forth in Section 2.6(b). “Eurodollar Rate” has the meaning set forth in

Section 2.6(b). 

 

“Event of Default” has the

meaning set forth in Section 7.

 

“Excluded Taxes” means, in

the case of each Bank or applicable Lending Office and the Administrative

Agent, taxes imposed on its overall net income, and franchise taxes imposed on

it, by (i) the jurisdiction under the laws of which such Bank or the

Administrative Agent is incorporated or organized or (ii) the jurisdiction in

which the Administrative Agent’s or such Bank’s principal executive office or

such Bank’s applicable Lending Office is located.

 

“Federal Funds Effective

Rate” means, for any day, an interest rate per annum equal to the weighted

average of the rates on overnight Federal funds transactions with members of

the Federal Reserve System arranged by Federal funds brokers on such day, as

published for such day (or, if such day is not a Business Day, for the

immediately preceding Business Day) by the Federal Reserve Bank of New York, or,

if such rate is not so published for any day which is a Business Day, the

average of the quotations at approximately 10:00 a.m. (Chicago time) on such

day on such transactions received by the Administrative Agent from three

Federal funds brokers of recognized standing selected by the Administrative

Agent in its sole discretion.

 

“Fund” means any Person

(other than a natural Person) that is (or will be) engaged in making,

purchasing, holding or otherwise investing in commercial loans and similar

extensions of credit in the ordinary course of its business.

 

“Guarantee” by any Person

means any obligation, contingent or otherwise, of such Person directly or

indirectly guaranteeing any Debt or other obligation of any other Person or in

any manner providing for the payment of any Debt of any other Person or

otherwise protecting the holder of such Debt against loss (whether by agreement

to keep-well, to purchase assets, goods, securities or services, to

take-or-pay, or to maintain financial statement conditions or otherwise); provided

that the term Guarantee shall not include endorsements for collection or

deposit in the ordinary course of business. The term “Guarantee” used as a verb

has a corresponding meaning.

 

“Hazardous Substances” means

any toxic, radioactive, caustic or otherwise hazardous substance, including

petroleum, its derivatives, by-products and other hydrocarbons, or any

substance having any constituent elements displaying any of the foregoing

characteristics.

 

4

 

“Interest Period” means:

 

(1)           with respect to each Eurodollar Loan,

the period commencing on the date of such Loan and ending one, two, three or

six months thereafter, as the Borrower may elect; provided that (a) any

Interest Period which would otherwise end on a day which is not a Business Day

shall be extended to the next succeeding Business Day unless such Business Day

falls in another calendar month, in which case such Interest Period shall end

on the next preceding Business Day and (b) any Interest Period which begins on

the last Business Day of the calendar month (or on a day for which there is no

numerically corresponding day in the calendar month at the end of such Interest

Period) shall end on the last Business Day of a calendar month; and

 

(2)           with respect to each Base Rate Loan,

the period commencing on the date of such Loan and ending 30 days thereafter.

 

Any Interest Period which begins before the Termination Date and would

otherwise end after the Termination Date shall end on the Termination Date.

 

“Lending Office” means, as

to each Bank, its office located at its address set forth on the signature

pages hereof (or identified on the signature pages hereof as its Lending

Office) or such other office as such Bank may hereafter designate as its

Lending Office by notice to the Borrower and the Administrative Agent; provided

that any Bank may from time to time by notice to the Borrower and the

Administrative Agent designate separate Lending Offices for its Base Rate

Loans, on the one hand, and its Eurodollar Loans, on the other hand, in which

case all references herein to the Lending Office of such Bank shall be deemed

to refer to either or both of such offices, as the context may require.

 

“Lien” means, with respect

to any asset, (i) any lien, charge, mortgage, security interest, pledge or

other encumbrance of any kind in respect of such asset or (ii) the interest of

a vendor or lessor under any conditional sale agreement, capital lease or other

title retention agreement relating to such asset.

 

“Loan” and “Loans” means a

Base Rate Loan or a Eurodollar Loan, or both, as the context may require.

 

“London Interbank Offered

Rate” has the meaning set forth in Section 2.6(c).

 

“Material Subsidiary” means

at any time a Subsidiary which as of such time meets the definition of a

“significant subsidiary” contained as of the date hereof in Regulation S-X of

the Securities and Exchange Commission.

 

“Net Cash Proceeds” means,

with respect to any event, (a) the cash proceeds received in respect of such event

including (i) any cash received in respect of any non-cash proceeds, but only

 

5

 

as and when received, and (ii) in the case of a condemnation or similar

event, condemnation awards and similar payments, net of (b) the sum of (i) all

reasonable fees and out-of-pocket expenses paid by the Borrower and its

Subsidiaries to third parties in connection with such event, (ii) in the case

of a sale, transfer or other disposition of an asset (including pursuant to a

sale and leaseback transaction or a condemnation or similar proceeding), the

amount of all payments required to be made by the Borrower and its Subsidiaries

as a result of such event to repay Debt (other than Loans) secured by such

asset or otherwise subject to mandatory prepayment as a result of such event,

and (iii) the amount of all taxes paid (or reasonably estimated to be payable)

by the Borrower and its Subsidiaries, and the amount of any reserves

established by the Borrower and its Subsidiaries to fund contingent liabilities

reasonably estimated to be payable, in each case during the year that such

event occurred or the next succeeding year and that are directly attributable

to such event (as determined reasonably and in good faith by the chief financial

officer of the Borrower).

 

“Non-U.S. Bank” is defined

in Section 4.4(d).

 

“Note” means a promissory

note of the Borrower, substantially in the form of Exhibit A hereto, evidencing

the obligation of the Borrower to repay Loans.

 

“Other Taxes” is defined in

Section 4.4(b).

 

“Participant” has the

meaning set forth in Section 9.3(d).

 

“PBGC” means the Pension

Benefit Guaranty Corporation or any entity succeeding to any or all of its

functions under ERISA.

 

“Person” means an

individual, a corporation, a partnership, a limited liability company, an

association, a business trust or any otherentity or organization, including a

government or political subdivision or an agency or instrumentality thereof.

 

“Plan” means at any time an

employee pension benefit plan which is covered by Title IV of ERISA or subject

to the minimum funding standards under Section 412 of the Code and is either

(i) maintained by a member of the Controlled Group for employees of a member of

the Controlled Group or (ii) maintained pursuant to a collective bargaining

agreement or any other arrangement under which more than one employer makes

contributions and to which a member of the Controlled Group is then making or

accruing an obligation to make contributions or has within the preceding five

plan years made contributions.

 

“Pricing Schedule” means the

Pricing Schedule attached hereto.

 

“Prime Rate” means a rate

per annum equal to the prime rate of interest announced from time to time by

Bank One or its parent (which is not necessarily the lowest rate charged to any

customer), changing when and as said prime rate changes.

 

6

 

“Refunding Loan” means a

Loan which, after application of the proceeds thereof, results in no net

increase in the outstanding principal amount of Loans made by any Bank.

 

“Register” has the meaning

set forth in Section 9.3(c).

 

“Regulation U” means

Regulation U of the Board of Governors of the Federal Reserve System, as in

effect from time to time.

 

“Required Banks” means at

any time Banks holding at least 66-2/3% of the aggregate unpaid principal

amount of the Notes or, if no Loans are at the time outstanding hereunder,

Banks having at least 66-2/3% of the aggregate amount of the Commitments.

 

“Reserve Requirement” has

the meaning set forth in Section 2.6(b).

 

“Subsidiary” means any

corporation or other entity of which capital stock or other ownership interests

having ordinary voting power to elect a majority of the board of directors or

other persons performing similar functions is at the time directly or

indirectly owned by the Borrower.

 

“Taxes” means any and all

present or future taxes, duties, levies, imposts, deductions, charges or

withholdings, and any and all liabilities with respect to the foregoing, but

excluding Excluded Taxes and Other Taxes.

 

“Termination Date” means

January 10, 2003.

 

“Total Capital” means at any

date the sum of (i) Consolidated Debt plus (ii) deferred taxes plus

(iii) Consolidated Net Worth.

 

“Unfunded Vested

Liabilities” means, with respect to any Plan, the amount, if any, by which the

present value of all vested benefits under such Plan exceeds the fair market

value of all Plan assets allowable to such benefits, as determined on the most

recent valuation date of such Plan, but only to the extent that excess

represents a potential liability of the Borrower or any member of the

Controlled Group to the PBGC or to such Plan under Title IV of ERISA.

 

“Voting Securities” means

any securities having ordinary power to vote for the election of directors.

 

“Wholly-Owned Consolidated

Subsidiary” means any Consolidated Subsidiary all of the shares of capital

stock or other ownership interests of which (except directors’ qualifying

shares) are at the time directly or indirectly owned by the Borrower.

 

1.2           Other

Definitional Provisions.

 

(a)           Unless otherwise specified herein, all accounting terms

used herein shall be

 

7

 

interpreted, all accounting

determinations hereunder shall be made, and all financial statements required

to be delivered hereunder shall be prepared in accordance with generally

accepted accounting principles as in effect from time to time, applied on a

basis consistent with the most recent audited consolidated financial statements

of the Borrower and its Consolidated Subsidiaries delivered to the Bank.

 

(b)           The meanings of defined terms are

equally applicable to the singular and plural forms of the defined terms.

 

(c)           Section, Schedule and Exhibit

references are to this Agreement unless otherwise specified.

 

(d)           The term “including” is not limiting

and means “including without limitation.”

 

(e)           In the computation of periods of time

from a specified date to a later specified date, the word “from” means “from

and including”; the words “to” and “until” each mean “to but excluding”, and

the word “through” means “to and including.”

 

(f)            Unless otherwise expressly provided

herein, (i) references to agreements (including this Agreement) and other

contractual instruments shall be deemed to include all subsequent amendments

and other modifications thereto, but only to the extent such amendments and

other modifications are not prohibited by the terms of this Agreement or any

Note, and (ii) references to any statute or regulation are to be construed as

including all statutory and regulatory provisions consolidating, amending,

replacing, supplementing or interpreting such statute or regulation.

 

SECTION

2. THE LOANS.

 

2.1           The Loans.

From the date hereof, to and excluding the Termination Date, each Bank severally

agrees, on the terms and conditions contained in this Agreement, to lend to the

Borrower from time to time amounts not exceeding in the aggregate at any one

time outstanding the amount of its Commitment. During such period and subject

to the limitations set forth in Section 2.2, the Borrower may borrow under this

Section 2.1, repay or prepay Loans and reborrow under this Section 2.1.

 

2.2           Limitations on Borrowings and

Interest Periods; Loans Pro Rata. Each borrowing of Loans hereunder

shall be in the principal amount of $10,000,000 or a higher integral multiple

of $1,000,000 (except that any borrowing may be in the aggregate amount of the

unused Commitments) and shall be made by the several Banks ratably in

proportion to their respective Commitments. No more than five Interest Periods

with respect to Eurodollar Loans may be outstanding at any time.

 

8

 

2.3           Method

of Borrowing.

 

(a)           With respect to each borrowing of

Loans made pursuant to Section 2.1, the Borrower shall give the Administrative

Agent notice (a “Notice of Borrowing”) not later than 10:30 a.m. (Chicago time)

on the same date of each borrowing of Base Rate Loans or at least three

Business Days before each borrowing of Eurodollar Loans, specifying:

 

(i)            the date of such Loans, which shall be a Business Day;

 

(ii)           the principal amount of such borrowing of Loans;

 

(iii)          whether such Loans are to be Base Rate

Loans or Eurodollar Loans; and

 

(iv)          in the case of Eurodollar Loans, the

duration of the Interest Period applicable thereto, subject to the definition

of Interest Period.

 

(b)           Upon receipt of a Notice of

Borrowing, the Administrative Agent shall promptly notify each Bank of the

contents thereof and of such Bank’s ratable share of the Loan specified therein

and such Notice of Borrowing shall not thereafter be revocable by the Borrower.

 

(c)           Not later than noon (Chicago time) on

the date of each borrowing of Loans, each Bank shall (except as provided in

Section 2.3(d)) make available its ratable share of such borrowing, in Federal

or other funds immediately available in Chicago, to the Administrative Agent at

its address set forth on the signature pages hereof or at such other address as

it may hereafter designate by notice to the Borrower and the Banks and, unless

the Administrative Agent determines that any applicable condition specified in

Section 4 has not been satisfied, the Administrative Agent will promptly make

the funds so received from the Banks available to the Borrower at the

Administrative Agent’s aforesaid address.

 

(d)           If any Bank makes a new Loan

hereunder on a day on which the Borrower is to repay all or any part of an

outstanding Loan from such Bank, such Bank shall apply the proceeds of its new

Loan to make such repayment and only an amount equal to the difference (if any)

between the amount being borrowed and the amount being repaid shall be made

available by such Bank to the Administrative Agent as provided in Section

2.3(c).

 

2.4           The Notes.

(a) The Loans of each Bank shall be evidenced by a single Note payable to the

order of such Bank for the account of its applicable lending office.

 

(b)           Each Bank may, by notice to the

Borrower and the Administrative Agent, request that its Loans of a particular

type be evidenced by a separate Note in an amount equal to the aggregate unpaid

principal amount of such Loans. Each reference in this

 

9

 

Agreement to the “Note” of

such Bank shall be deemed to refer to and include any or all of such Notes, as

the context may require.

 

(c)           Upon receipt of each Bank’s Note

pursuant to Section 3.2(a), the Administrative Agent shall deliver such Note to

such Bank. Each Bank shall record and, prior to any transfer of its Note, shall

endorse on the schedules forming a part thereof appropriate notations

evidencing the date, the amount and the maturity of each Loan to be evidenced

by such Note and the date and amount of each payment of principal made by the

Borrower with respect thereto; provided that failure to make any such

endorsement or notation shall not affect the obligations of the Borrower

hereunder or under any Note. Each Bank is hereby irrevocably authorized by the

Borrower so to endorse the Notes and to attach to and make a part of any Note a

continuation of any such schedule as and when required.

 

2.5           Maturity

of Loans. Each Loan shall mature, and the principal amount thereof

shall be due and payable, on the last day of the Interest Period applicable to

such Loan.

 

2.6           Interest

Rates.

 

(a)            Each Base Rate Loan shall bear

interest on the outstanding principal amount thereof, for each day from the

date such Loan is made until it becomes due, at a rate per annum equal to the

Alternate Base Rate. Such interest shall be payable for each Interest Period on

the last day thereof. Overdue principal of and, to the extent permitted by law,

overdue interest on the Base Rate Loans shall bear interest for each day until

paid at a rate per annum equal to the sum of 2% plus the otherwise applicable

rate for such day.

 

(b)           Each Eurodollar Loan shall bear

interest on the unpaid principal amount thereof, for the Interest Period

applicable thereto, at a rate per annum equal to the sum of the Eurodollar

Margin plus the applicable Eurodollar Rate. Such interest shall be payable for

each Interest Period on the last day thereof and, if such Interest Period is

longer than three months, at intervals of three months after the first day

thereof.

 

The “ Eurodollar Rate”

means, with respect to a Eurodollar Loan for the relevant Interest Period, the

quotient of (a) the Eurodollar Base Rate applicable to such Interest Period,

divided by (b) one minus the Reserve Requirement (expressed as a decimal)

applicable to such Interest Period.

 

The “Reserve Requirement”

means, with respect to an Interest Period, the maximum aggregate reserve

requirement (including all basic, supplemental, marginal and other reserves)

which is imposed under Regulation D on Eurocurrency liabilities. The Eurodollar

Rate shall be adjusted automatically on and as of the effective date of any

change in the Eurodollar Reserve Percentage.

 

10

 

The Eurodollar Margin means

a rate per annum determined in accordance with the Pricing Schedule.

 

Any overdue principal of

and, to the extent permitted by law, overdue interest on, any Eurodollar Loan

shall bear interest payable on demand, for each day from the date payment

thereof was due to the date of actual payment, at a rate per annum equal to 2%

plus the Eurodollar Margin.

 

(c)           The Administrative Agent shall

determine each interest rate applicable to the Loans hereunder. The

Administrative Agent shall give prompt notice to the Borrower and the Banks of

each rate of interest so determined, and its determination thereof shall be

conclusive in the absence of manifest error.

 

2.7           Fees.

 

(a)           Facility Fee. The Borrower

shall pay to the Administrative Agent for the account of each Bank (i) a

facility fee computed at the Facility Fee Rate (determined daily in accordance

with the Pricing Schedule) on the total amount of such Bank’s Commitment,

regardless of usage; and (ii) for each day on which the outstanding principal

amount of such Bank’s loans exceeds 50% of such Bank’s Commitment, a

utilization fee computed at the Utilization Fee Rate (determined daily in

accordance with the Pricing Schedule) on the outstanding principal amount of

such Bank’s Loans on such day. Such fees shall accrue from the date hereof

through the Termination Date and shall be payable quarterly on the last day of

each March, June, September and December.

 

(b)           The Borrower shall pay to the

Administrative Agent for the account of each Bank on the date hereof an upfront

fee equal to 0.05% of the amount of such Bank’s Commitment on the date hereof.

Such fee shall be fully earned when paid and shall be nonrefundable for any

reason whatsoever.

 

(c)           The Borrower shall pay to the

Administrative Agent for the account of each Bank on the six-month anniversary

of the date hereof (or, if such day is not a Business Day, on the next succeeding

Business Day), a participation fee equal to 0.05% of the amount of such Bank’s

Commitment on such date. Such fee shall be fully earned when paid and shall be

nonrefundable for any reason whatsoever.

 

2.8           Optional Termination or Reduction

of Commitments. The Borrower shall have the right, upon at least five

Business Days’ prior written notice to the Administrative Agent, to terminate

or reduce the unused portion of the Commitments. Any such reduction of the

Commitments shall be in the minimum amount of $10,000,000. The accrued facility

fees with respect to the terminated Commitments shall be payable to the

Administrative Agent for the account of the Banks on the effective date of such

termination.

 

2.9           Voluntary

Prepayments.

 

11

 

(a)           The Borrower may, upon at least one

Business Day’s notice to the Administrative Agent, prepay Base Rate Loans

without premium or penalty in whole at any time or from time to time in part in

amounts aggregating $10,000,000 or a higher integral multiple of $1,000,000 by

paying the principal amount being prepaid together with accrued interest

thereon to the date of prepayment.

 

(b)           Except as provided in Section 4.2,

the Borrower may not prepay all or any portion of the principal amount of any

Eurodollar Loan prior to the maturity thereof.

 

(c)           Upon receipt of a notice of repayment

pursuant to this Section 2.9, the Administrative Agent shall promptly notify

each Bank of the contents thereof and of such Bank’s ratable share of such repayment

and such notice shall not thereafter be revocable by the Borrower.

 

2.10           General

Provisions as to Payments. The Borrower shall make each payment of

principal of, and interest on, the Loans and offees hereunder not later than

11:00 a.m. (Chicago time) on the date when due in funds immediately available

in Chicago to the Administrative Agent at its address set forth on the

signature pages hereof or at such other address as it may hereafter designate

by notice to the Borrower and the Banks for the account of the Lending Office

of each Bank. The Administrative Agent will promptly distribute to each Bank

its ratable share of each such payment received for the account of such Bank.

Whenever any payment of principal of, or interest on, the Base Rate Loans or of

any fee shall be due on a day which is not a Business Day, the date for payment

thereof shall be extended to the next succeeding Business Day. Whenever any

payment of principal of, or interest on, the Eurodollar Loans shall be due on a

day which is not a Business Day, the date for payment thereof shall be extended

to the next succeeding Business Day unless as a result thereof it would fall in

the next calendar month, in which case it shall be advanced to the next

preceding Business Day. If the date for any payment of principal is extended by

operation of law or otherwise, interest shall be payable for such extended

time.

 

2.11           Computation of

Interest and Fees. Interest on Loans made at the Prime Rate shall be

computed on the basis of a year of 365 or 366 days, as the case may be, and

paid for actual days elapsed. All other interest and fees shall be computed on

the basis of a year of 360 days and paid for actual days elapsed.

 

2.12           Funding Losses. If the

Borrower makes any payment of principal with respect to any Eurodollar Loan

(pursuant to Section 4 or Section 7 or otherwise) on any day other than the

last day of an Interest Period applicable to such Loan, or the end of an

applicable period fixed pursuant to the last paragraph of Section 2.6(b), or if

the Borrower fails to borrow any Eurodollar Loan after notice has been given to

the Administrative Agent in accordance with Section 2.3, the Borrower shall

reimburse each Bank on demand for any resulting loss or expense incurred by it

including any loss incurred in obtaining, liquidating or employing deposits

from third parties; provided that such Bank shall have delivered to the

Borrower a certificate as to the amount of such

 

12

 

loss, which certificate shall be conclusive in the absence of manifest

error.

 

SECTION 3. CONDITIONS OF LENDING.

 

The obligation of the Banks

to make each Loan hereunder is subject to the performance by the Borrower of

all its obligations under this Agreement and to the satisfaction of the

following further conditions:

 

3.1           All Loans.

In the case of each Loan hereunder (except for Loans made pursuant to Section

4), including the initial Loans:

 

(a)           receipt by the Administrative Agent

of the Notice of Borrowing as required by Section 2.3;

 

(b)           the fact that immediately before and

after the making of the Loan no Default or Event of Default shall have occurred

and be continuing;

 

(c)           the fact that the representations and

warranties contained in this Agreement (except in the case of a Refunding Loan,

the representation and warranty set forth in Section 5.4 as to any material

adverse change which has theretofore been disclosed in writing by the Borrower

to the Banks) are true on and as of the date of the Loan with the same force

and effect as if made on and as of such date; and

 

(d)           receipt by the Administrative Agent

or the Banks of such other documents, evidence, materials and information with

respect to the matters contemplated hereby as the Administrative Agent or the

Banks may reasonably request.

 

Each Notice of Borrowing and borrowing by the Borrower hereunder shall

be deemed to be a representation and warranty by the Borrower on the date of

such borrowing as to the facts specified in (b) and (c) above.

 

3.2           Initial Loans.

In the case of the initial Loans:

 

(a)           receipt by the Administrative Agent

for the account of each Bank of a duly executed Note for such Bank;

 

(b)           receipt by the Administrative Agent

of an opinion of Scott W. Johnson, Senior Vice President, General Counsel and

Secretary of the Borrower dated the date of such Loans and substantially in the

form of Exhibit B hereto;

 

(c)           receipt by the Administrative Agent

of an opinion of Mayer, Brown & Platt, special counsel to the

Administrative Agent, substantially in the form of Exhibit C hereto;

 

13

 

(d)           receipt by the Administrative Agent

of certified copies of all corporate action taken by the Borrower to authorize

the execution, delivery and performance of this Agreement and the Notes, and

such other corporate documents and other papers as the Administrative Agent may

reasonably request;

 

(e)           receipt by the Administrative Agent

of a certificate of a duly authorized officer of the Borrower as to the

incumbency, and setting forth a specimen signature, of each of the persons (i)

who has signed this Agreement on behalf of the Borrower; (ii) who will sign the

Notes on behalf of the Borrower; and (iii) who will, until replaced by other

persons duly authorized for that purpose, act as the representatives of the

Borrower for the purpose of signing documents in connection with this Agreement

and the transactions contemplated hereby; and

 

(f)            receipt by the Administrative Agent

of a certificate of a duly authorized officer of the Borrower to the effect set

forth in Sections 3.1(b) and 3.1(c).

 

SECTION 4. CHANGE IN CIRCUMSTANCES AFFECTING

EURODOLLAR LOANS.

 

4.1           Basis for Determining Interest Rate

Inadequate. If with respect to any Interest Period (i) the

Administrative Agent determines that deposits in Dollars (in the applicable

amounts) are not being offered to Bank One in the relevant market for such

Interest Period, or (ii) Banks holding Notes evidencing at least 50% in

aggregate principal amount of the Eurodollar Loans (or the Commitments, if no

Eurodollar Loans are then outstanding) advise the Administrative Agent that the

Eurodollar Base Rate as determined by the Administrative Agent will not

adequately and fairly reflect the cost to such Banks of maintaining or funding

their Eurodollar Loans for such Interest Period, the Administrative Agent shall

forthwith give notice thereof to the Borrower, whereupon the obligations of the

Banks to make Eurodollar Loans shall be suspended until the Administrative

Agent notifies the Borrower that the circumstances giving rise to such

suspension no longer exist. Unless the Borrower notifies the Administrative

Agent at least two Business Days before the date of any Eurodollar Loan for

which a Notice of Borrowing has previously been given that it elects not to

borrow on such date, such Loans shall instead be made as Base Rate Loans.

 

4.2           Illegality.

If, after the date of this Agreement, the adoption of any applicable law, rule

or regulation, or any change therein, or any change in the interpretation or

administration thereof by any governmental authority, central bank or

comparable agency charged with the interpretation or administration thereof, or

compliance by any Bank (or its Lending Office) with any request or directive

(whether or not having the force of law) of any such authority, central bank or

comparable agency shall make it unlawful or impossible for any Bank (or its

Lending Office) to make, maintain or fund its Eurodollar Loans and such Bank

shall so notify the Administrative Agent, the Administrative Agent shall

forthwith so notify the other Banks and the Borrower, whereupon such Bank’s

obligation to make Eurodollar Loans shall be suspended until such Bank notifies

the Administrative Agent and the Administrative Agent notifies the Borrower

that the circumstances giving rise to such suspension no longer exist. Before

giving any notice to the

 

14

 

Administrative Agent pursuant to this Section 4.2, such Bank will

designate a different Lending Office if such designation will avoid the need

for giving such notice and will not, in the sole judgment of such Bank, be

otherwise disadvantageous to such Bank. If such Bank shall determine that it

may not lawfully continue to maintain and fund any of its outstanding

Eurodollar Loans to maturity and shall so specify in such notice, the Borrower

shall immediately prepay in full the then outstanding principal amount of each

such Eurodollar Loan, together with accrued interest thereon. Unless the

Borrower notifies such Bank and the Administrative Agent to the contrary within

two Business Days after receiving a notice from the Administrative Agent

pursuant to this Section, the Borrower shall, concurrently with prepaying each

such Eurodollar Loan, borrow a Base Rate Loan in an equal principal amount for

an Interest Period coincident with the remaining term of the Interest Period

applicable to such Eurodollar Loan.

 

4.3           Increased Costs and Rate of Return.

(a) If on or after the date hereof, in the case of any Loan or any obligation

to make Loans, the adoption of any applicable law, rule or regulation, or any

change in any applicable law, rule or regulation, or any change in the

interpretation or administration thereof by any governmental authority, central

bank or comparable agency charged with the interpretation or administration

thereof, or compliance by any Bank (or its Lending Office) with any request or

directive (whether or not having the force of law) of any such authority,

central bank or comparable agency, shall (i) subject such Bank (or its Lending

Office) to any tax, duty or other charge with respect to its Eurodollar Loans,

its Notes or its obligation to make Eurodollar Loans, or shall change the basis

of taxation of payments to such Bank (or its Lending Office) of the principal

of or interest on its Eurodollar Loans or in respect of any other amounts due

under this Agreement in respect of its Eurodollar Loans or its obligation to

make Eurodollar Loans (except for changes in the rate of tax on the overall net

income of such Bank or its Lending Office imposed by the jurisdiction in which

such Bank’s principal executive office or Lending Office is located or (ii)

impose, modify or deem applicable any reserve (including any such requirement

imposed by the Board of Governors of the Federal Reserve System, but excluding

any such requirement with respect to which such Bank is entitled to

compensation during the relevant Interest Period under Section 2.12), special

deposit, insurance assessment or similar requirement against assets of,

deposits with or for the account of, or credit extended by, such Bank’s Lending

Office or shall impose on such Bank (or its Lending Office) or on the London

interbank market any other condition affecting its Eurodollar Loans, its Notes

or its obligation to make Eurodollar Loans, and the result of any of the

foregoing is to increase the cost to such Bank (or its Lending Office) of

making or maintaining any Eurodollar Loan, or to reduce the amount of any sum

received or receivable by such Bank (or its Lending Office) under this

Agreement or under its Note with respect thereto, by an amount deemed by such

Bank to be material, then, within 15 days after demand by such Bank (with a

copy to the Administrative Agent), the Borrower shall pay to such Bank such

additional amount or amounts as will compensate such Bank for such increased

cost or reduction.

 

(b)           If any Bank shall have determined

that, after the date hereof, the adoption of any applicable law, rule or

regulation regarding capital adequacy, or any change in any such law, rule or

regulation, or any change in the interpretation or administration thereof by

any governmental authority, central bank or comparable agency charged with the

interpretation

 

15

 

or administration thereof,

or any request or directive regarding capital adequacy (whether or not having

the force of law) of any such authority, central bank or comparable agency, has

or would have the effect of reducing the rate of return on capital of such Bank

(or its parent) as a consequence of such Bank’s obligations hereunder to a

level below that which such Bank (or its parent) could have achieved but for

such adoption, change, request or directive (taking into consideration such

Bank’s policies with respect to capital adequacy) by an amount deemed by such

Bank to be material, then from time to time, within 15 days after demand by

such Bank (with a copy to the Administrative Agent), the Borrower shall pay to

such Bank such additional amount or amounts as will compensate such Bank (or

its parent) for such reduction.

 

(c)           Each Bank will promptly notify the

Borrower and the Administrative Agent of any event of which it has knowledge,

occurring after the date hereof, which will entitle such Bank to compensation

pursuant to this Section and will designate a different applicable lending

office if such designation will avoid the need for, or reduce the amount of,

such compensation and will not, in the judgment of such Bank, be otherwise

disadvantageous to it. A certificate of any Bank claiming compensation under

this Section and setting forth the additional amount or amounts to be paid to

it hereunder shall be conclusive in the absence of manifest error. In

determining such amount, such Bank may use any reasonable averaging and

attribution methods.

 

4.4           Taxes.

 

(a)           All payments by the Borrower to or

for the account of any Bank or the Administrative Agent hereunder or under any

Note shall be made free and clear of and without deduction for any and all Taxes.

If the Borrower shall be required by law to deduct any Taxes from or in respect

of any sum payable hereunder to any Bank or the Administrative Agent, (a) the

sum payable shall be increased as necessary so that after making all required

deductions (including deductions applicable to additional sums payable under

this Section 4.4) such Bank or the Administrative Agent (as the case may be)

receives an amount equal to the sum it would have received had no such

deductions been made, (b) the Borrower shall make such deductions, (c) the

Borrower shall pay the full amount deducted to the relevant authority in

accordance with applicable law and (d) the Borrower shall furnish to the

Administrative Agent the original copy of a receipt evidencing payment thereof

within 30 days after such payment is made.

 

(b)           In addition, the Borrower hereby

agrees to pay any present or future stamp or documentary taxes and any other

excise or property taxes, charges or similar levies which arise from any

payment made hereunder or under any Note or from the execution or delivery of,

or otherwise with respect to, this Agreement or any Note (“Other Taxes”).

 

(c)           The Borrower hereby agrees to

indemnify the Administrative Agent and each Bank for the full amount of Taxes

or Other Taxes (including, without limitation, any Taxes

 

16

 

or Other Taxes imposed on

amounts payable under this Section 4.4) paid by the Administrative Agent or

such Bank as a result of its Commitment, any Loans made by it hereunder, or

otherwise in connection with its participation in this Agreement and any

liability (including penalties, interest and expenses) arising therefrom or

with respect thereto. Payments due under this indemnification shall be made

within 30 days of the date the Administrative Agent or such Bank makes demand

therefor pursuant to this Section 4.4.

 

(d)           Each Bank that is not incorporated

under the laws of the United States of America or a state thereof (each a

“Non-U.S. Bank”) agrees that it will, not more than ten Business Days after the

date of this Agreement, (i) deliver to the Administrative Agent two duly

completed copies of United States Internal Revenue Service Form W-8BEN or

W-8ECI, certifying in either case that such Bank is entitled to receive

payments under this Agreement without deduction or withholding of any United

States federal income taxes, and (ii) deliver to the Administrative Agent a

United States Internal Revenue Form W-8 or W-9, as the case may be, and certify

that it is entitled to an exemption from United States backup withholding tax.

Each Non-U.S. Bank further undertakes to deliver to each of the Borrower and

the Administrative Agent (x) renewals or additional copies of such form (or any

successor form) on or before the date that such form expires or becomes

obsolete, and (y) after the occurrence of any event requiring a change in the

most recent forms so delivered by it, such additional forms or amendments

thereto as may be reasonably requested by the Borrower or the Administrative

Agent. All forms or amendments described in the preceding sentence shall

certify that such Bank is entitled to receive payments under this Agreement

without deduction or withholding of any United States federal income taxes,

unless an event (including without limitation any change in treaty, law or

regulation) has occurred prior to the date on which any such delivery would

otherwise be required which renders all such forms inapplicable or which would

prevent such Bank from duly completing and delivering any such form or

amendment with respect to it and such Bank advises the Borrower and the

Administrative Agent that it is not capable of receiving payments without any

deduction or withholding of United States federal income tax.

 

(e)           For any period during which a

Non-U.S. Bank has failed to provide the Borrower with an appropriate form

pursuant to clause (iv), above (unless such failure is due to a change in

treaty, law or regulation, or any change in the interpretation or

administration thereof by any governmental authority, occurring subsequent to

the date on which a form originally was required to be provided), such Non-U.S.

Bank shall not be entitled to indemnification under this Section 4.4 with

respect to Taxes imposed by the United States; provided that, should a Non-U.S.

Bank which is otherwise exempt from or subject to a reduced rate of withholding

tax become subject to Taxes because of its failure to deliver a form required

under clause (iv), above, the Borrower shall take such steps as such Non-U.S.

Bank shall reasonably request to assist such Non-U.S. Bank to recover such

Taxes.

 

(f)            Any Bank that is entitled to an

exemption from or reduction of withholding tax with respect to payments under

this Agreement or any Note pursuant to the law of any

 

17

 

relevant jurisdiction or any

treaty shall deliver to the Borrower (with a copy to the Administrative Agent),

at the time or times prescribed by applicable law, such properly completed and

executed documentation prescribed by applicable law as will permit such

payments to be made without withholding or at a reduced rate.

 

(g)           If the U.S. Internal Revenue Service

or any other governmental authority of the United States or any other country

or any political subdivision thereof asserts a claim that the Administrative

Agent did not properly withhold tax from amounts paid to or for the account of

any Bank (because the appropriate form was not delivered or properly completed,

because such Bank failed to notify the Administrative Agent of a change in

circumstances which rendered its exemption from withholding ineffective, or for

any other reason), such Bank shall indemnify the Administrative Agent fully for

all amounts paid, directly or indirectly, by the Administrative Agent as tax,

withholding therefor, or otherwise, including penalties and interest, and

including taxes imposed by any jurisdiction on amounts payable to the

Administrative Agent under this subsection, together with all costs and

expenses related thereto (including attorneys fees and time charges of

attorneys for the Administrative Agent, which attorneys may be employees of the

Administrative Agent). The obligations of the Banks under this Section 4.4(g)

shall survive the payment of the obligations of the Borrower under this

Agreement and the Notes and termination of this Agreement.

 

SECTION 5.  REPRESENTATIONS AND WARRANTIES.

 

The Borrower hereby

represents and warrants to the Banks that:

 

5.1           Corporate

Existence and Power. The Borrower and each Subsidiary is a corporation

duly organized and validly existing, and the Borrower and each Material

Subsidiary is in good standing, under the laws of the State of its

incorporation, has all power and authority to carry on its business as now

being conducted and to own its properties and is duly licensed or qualified and

in good standing as a foreign corporation in each other jurisdiction in which

its properties are located or in which failure to qualify would materially and

adversely affect the conduct of its business or the enforceability of

contractual rights of the Borrower.

 

5.2           Corporate

Authorization. The execution, delivery and performance by the Borrower

of this Agreement and the Notes are within the Borrower’s corporate power, have

been duly authorized by all necessary corporate action and will not contravene,

or constitute a default under, any provision of applicable law or regulation or

of the certificate of incorporation or by-laws of the Borrower, or of any

judgment, order, decree, agreement or instrument binding on the Borrower or

result in the creation of any Lien upon any of its property or assets.

 

5.3           Binding

Effect. This Agreement constitutes, and the Notes when duly executed on

behalf of the Borrower and delivered in accordance with this Agreement will

constitute, the valid and binding obligations of the Borrower, enforceable

against the Borrower in accordance with their respective terms.

 

18

 

5.4           Financial

Statements.

 

(a)           The consolidated balance sheet of the

Borrower and its Consolidated Subsidiaries as at December 31, 2000 and the

related consolidated statements of income and cash flows of the Borrower and

its Consolidated Subsidiaries for the fiscal year then ended, certified by

PriceWaterhouseCoopers, LLP, certified public accountants, and set forth in the

Borrower’s 2000 Form 10-K, a copy of which has been delivered to each of the

Banks, fairly present, in conformity with generally accepted accounting

principles, the consolidated financial position of the Borrower and its

Consolidated Subsidiaries at such date and the consolidated results of

operations for such fiscal year.

 

(b)           The unaudited consolidated balance

sheet of the Borrower and its Consolidated Subsidiaries as at September 30,

2001 and the related consolidated statements of income and cash flows of the

Borrower and its Consolidated Subsidiaries for the three months then ended, set

forth in the Borrower’s quarterly report for the fiscal quarter ended September

30, 2001 as filed with the Securities and Exchange Commission on Form 10-Q, a

copy of which has been delivered to each of the Banks, fairly present in

accordance with generally accepted accounting principles, the consolidated

financial position of the Borrower and its Consolidated Subsidiaries as at such

date and the consolidated results of operations for such period.

 

(c)           No material adverse change has

occurred in the financial position, results of operations or business of the

Borrower and its Consolidated Subsidiaries since December 31, 2000.

 

5.5           Litigation.

There are no actions, suits or proceedings pending against or, to the knowledge

of the Borrower, threatened against or affecting the Borrower or any Subsidiary

in any court or before or by any governmental department, agency or

instrumentality, an adverse decision in which could materially and adversely

affect the financial condition or business of the Borrower or the ability of

the Borrower to perform its obligations under this Agreement or the Notes.

 

5.6           Taxes.

The Borrower has filed (or has obtained extensions of the time by which it is

required to file) all United States federal income tax returns and all other

material tax returns required to be filed by it and has paid all taxes shown

due on the returns so filed as well as all other taxes, assessments and

governmental charges which have become due, except such taxes, if any, as are

being contested in good faith and as to which adequate reserves have been

provided.

 

5.7           Governmental and other Approvals.

No approval, consent or authorization of or filing or registration with any

governmental authority or body is necessary for the execution, delivery or

performance by the Borrower of this Agreement or the Notes or for the

performance by the Borrower of any of the terms or conditions hereof or

thereof, except for such approvals, consents or authorizations (copies of which

have been delivered to the Banks) as have been obtained and are in full force

and effect.

 

19

 

5.8           Compliance

with ERISA. Each member of the Controlled Group has fulfilled its

obligations under the minimum funding standards of ERISA and the Code with

respect to each Plan and is in compliance in all material respects with the

presently applicable provisions of ERISA and the Code, and has not incurred

liabilities which are due and payable aggregating in excess of $5,000,000 to

the PBGC or a Plan under Title IV of ERISA.

 

5.9           Environmental

Matters. In the ordinary course of its business, the Borrower conducts

an ongoing review of the effect of Environmental Laws on the business,

operations and properties of the Borrower and its Subsidiaries, in the course

of which it identifies and evaluates associated liabilities and costs

(including any capital or operating expenditures required for clean-up or

closure of properties presently or previously owned, any capital or operating

expenditures required to achieve or maintain compliance with environmental

protection standards imposed by law or as a condition of any license, permit or

contract, any related constraints on operating activities, including any

periodic or permanent shutdown of any facility or reduction in the level of or

change in the nature of operations conducted thereat, any costs or liabilities

in connection with off-site disposal of wastes or Hazardous Substances, and any

actual or potential liabilities to third parties, including employees, and any

related costs and expenses). On the basis of such review, the Borrower has

reasonably concluded that such associated liabilities and costs, including the

costs of compliance with Environmental Laws, are unlikely to have a material

adverse effect on the financial condition, business or results of operations of

the Borrower and its Consolidated Subsidiaries, taken as a whole.

 

SECTION 6. COVENANTS.

 

So long as the Commitments

shall be in effect or any Notes are outstanding, the Borrower agrees that:

 

6.1           Financial

Statements. The Borrower will deliver to each of the Banks:

 

(a)           as soon as available and in any event

within 120 days after the end of each fiscal year of the Borrower, a

consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as

at the end of such year, and consolidated statements of income and cash flows

of the Borrower and its Consolidated Subsidiaries for such year, setting forth

in each case in comparative form corresponding consolidated figures from the

preceding fiscal year, all reported on in a manner acceptable to the Securities

and Exchange Commission by PriceWaterhouseCoopers, LLP or other independent

certified public accountants of nationally recognized standing;

 

(b)           as soon as available and in any event

within 45 days after the end of each of the first three quarters of each fiscal

year of the Borrower, a consolidated balance sheet of the Borrower and its

Consolidated Subsidiaries as at the end of such quarter and the related

consolidated statements of income and cash flow of the Borrower and its

Consolidated Subsidiaries for such quarter and for the portion of the Borrower’s

fiscal year ended at the end of such quarter setting forth in each case in

comparative form the

 

20

 

figures for the

corresponding quarter and the corresponding portion of the Borrower’s previous

fiscal year, all certified (subject to normal year-end adjustments) as to

fairness of presentation, generally accepted accounting principles and

consistency by the chief financial officer or the chief accounting officer of

the Borrower;

 

(c)           simultaneously with the delivery of

each set of financial statements referred to in clauses (a) and (b) above, a

certificate of the chief financial officer or the chief accounting officer of

the Borrower (i) setting forth in reasonable detail the calculations required to

establish whether the Borrower was in compliance with the requirements of

Sections 6.9 and 6.10 on the date of such financial statements and (ii) stating

whether there exists on the date of such certificate any Default or Event of

Default and, if any Default or Event of Default exists, setting forth the

details thereof and the action which the Borrower is taking or proposes to take

with respect thereto;

 

(d)           simultaneously with the delivery of

each set of financial statements referred to in clause (a) above, a statement

of the firm of independent public accountants which reported on such statements

(i) to the effect that nothing has come to their attention to cause them to

believe that there existed on the date of such statements any Default or Event

of Default and (ii) confirming the calculations set forth in the officer’s

certificate delivered simultaneously therewith pursuant to clause (c) above;

 

(e)           forthwith upon the occurrence of any

Default or Event of Default, a certificate of the chief financial officer or

the chief accounting officer of the Borrower setting forth the details thereof

and the action which the Borrower is taking or proposes to take with respect

thereto;

 

(f)            promptly upon the mailing thereof to

the shareholders of the Borrower generally, copies of all financial statements,

reports and proxy statements so mailed;

 

(g)           promptly upon the filing thereof,

copies of all registration statements (other than the exhibits thereto and any

registration statements on Form S-8 or its equivalent) and annual, quarterly or

monthly reports which the Borrower shall have filed with the Securities and

Exchange Commission;

 

(h)           if and when any member of the

Controlled Group (i) receives notice of complete or partial withdrawal

liability or liabilities aggregating in excess of $5,000,000 under Title IV of

ERISA, a copy of such notice; or (ii) receives notice from the PBGC under Title

IV of ERISA of an intent to terminate or appoint a trustee to administer any

Plan or Plans having aggregate Unfunded Vested Liabilities in excess of

$5,000,000, a copy of such notice;

 

(i)            if at any time the value of all

“margin stock” (as defined in Regulation U) owned by the Borrower and its

Consolidated Subsidiaries exceeds (or would, following application of the

proceeds of an intended Loan hereunder, exceed) 25% of the value of the total

assets of the Borrower and its Consolidated Subsidiaries, in each case as

 

21

 

reasonably determined by the

Borrower, prompt notice of such fact and, promptly upon the request of any

Bank, a duly completed statement of purpose on Form U-1 for each Bank together

with such other information or documents as each Bank may be required to obtain

under said Regulation U in connection with this Agreement; and

 

(j)            from time to time such additional

information regarding the financial position or business of the Borrower as the

Administrative Agent at the request of any Bank may reasonably request.

 

6.2           Maintenance

of Existence. Except as permitted by Section 6.12, the Borrower will,

and will cause each Subsidiary to, preserve and maintain its corporate

existence and all of its rights, privileges and franchises necessary or

desirable in the normal conduct of its business, and will conduct its business

in a regular manner.

 

6.3           Maintenance

of Properties. The Borrower will, and will cause each Subsidiary to,

keep all of its properties necessary, in the judgment of the Board of Directors

of the Borrower, in its business in good working order and condition, ordinary

wear and tear excepted, and will permit representatives of the Banks to inspect

such properties, and to examine and make extracts from the books and records of

the Borrower or any Subsidiary, during normal business hours.

 

6.4           Compliance

with Laws. The Borrower will, and will cause each Subsidiary to, comply

with the requirements of all applicable laws, rules, regulations and orders of

any governmental body or regulatory agency having jurisdiction, a breach of

which could have a material adverse effect on the consolidated financial

condition or the business taken as a whole of the Borrower and its

Subsidiaries, except where contested in good faith and by proper proceedings.

 

6.5           Notice

of Proceedings. The Borrower will promptly give notice in writing to each

Bank of all litigation, arbitral proceedings and regulatory proceedings

affecting the Borrower or any Subsidiary or the property of the Borrower or any

Subsidiary, except litigation or proceedings which, if adversely determined,

could not materially and adversely affect the consolidated financial condition

or the business taken as a whole of the Borrower and its Subsidiaries.

 

6.6           Use of

Proceeds. No part of the proceeds of any Loan hereunder will be used to

purchase or carry any margin stock or to extend credit to others for the

purpose of purchasing or carrying any margin stock. If requested by any Bank,

the Borrower will furnish to any Bank in connection with any Loan hereunder a

statement in conformity with the requirements of Federal Reserve Form U-1

referred to in Regulation U.

 

6.7           Payment

of Taxes. The Borrower will, and will cause each Subsidiary to, pay and

discharge all taxes, assessments and governmental charges or levies imposed on

it or on its income or profits or on any of its property prior to the date on

which penalties attach thereto, except that the Borrower or any Subsidiary will

not be required hereby to pay any such tax,

 

22

 

assessment, charge or levy the payment of which is being contested in

good faith and by proper proceedings and against which it is maintaining

adequate reserves.

 

6.8           Insurance.

The Borrower will, and will cause each Subsidiary to, maintain insurance with

responsible companies in such amounts and against such risks as is usually

carried by owners of similar businesses and properties in the same general

areas in which the Borrower and its Subsidiaries operate.

 

6.9           Maximum Consolidated Debt to Total

Capital Ratio. The Borrower will not permit the ratio of Consolidated Debt

to Total Capital (expressed as a percentage) at any time to exceed 55%.

 

6.10         Minimum Consolidated

Net Worth. The Borrower will not permit Consolidated Net Worth at any

time to be less than the sum of (i) $670,000,000 plus (ii) 50% of the

consolidated net income of the Borrower and its Consolidated Subsidiaries in

each completed fiscal quarter of the Borrower ending after September 30, 2001

(with no deduction for a net loss in any such fiscal quarter).

 

6.11           Negative Pledge.

Neither the Borrower nor any Subsidiary will create, assume or suffer to exist

any Lien securing Debt on any asset now owned or hereafter acquired by it,

except for:

 

(a)           Liens existing on the date hereof

securing Debt outstanding on the date hereof;

 

(b)           any Lien existing on any asset of any

corporation at the time such corporation becomes a Subsidiary and not created

in contemplation of such event;

 

(c)           any Lien on any asset securing Debt

incurred or assumed for the purpose of financing all or any part of the cost of

acquiring such asset; provided that such Lien attaches to such asset

concurrently with or within 90 days after the acquisition thereof;

 

(d)           any Lien on any asset of any

corporation existing at the time such corporation is merged into or

consolidated with the Borrower or a Subsidiary and not created in contemplation

of such event;

 

(e)           any Lien existing on any asset prior

to the acquisition thereof by the Borrower or a Subsidiary and not created in

contemplation of such acquisition;

 

(f)            any Lien arising out of the refinancing,

extension, renewal or refunding of any Debt secured by any Lien permitted by

any of the foregoing clauses of this Section; provided that such Debt is

not increased and is not secured by any additional assets;

 

(g)           any Lien arising pursuant to any order of attachment,

distraint or similar

 

23

 

legal process arising in

connection with court proceedings so long as the execution or other enforcement

thereof is effectively stayed and the claims secured thereby are being

contested in good faith by appropriate proceedings; and

 

(h)           Liens not otherwise permitted by the

foregoing clauses of this Section securing Debt in aggregate principal amount

not to exceed 4% of the consolidated assets of the Borrower and the

Consolidated Subsidiaries at any time outstanding.

 

6.12         Consolidations, Mergers

and Sales of Assets.

The Borrower will not consolidate or merge with or into any other Person unless

the Borrower shall be the surviving corporation. The Borrower will not permit

the sale, lease or other transfer to any other Person (other than to the

Borrower and its Subsidiaries and excluding sales, leases or other transfers in

the ordinary course of business) of assets of the Borrower or its Subsidiaries

(valued at net book value) exceeding 15% or more of the consolidated assets of

the Borrower and the Consolidated Subsidiaries as of the end of the immediately

preceding fiscal year.

 

SECTION 7.  EVENTS OF DEFAULT.

 

If any one or more of the

following events (“Events of Default”) shall have occurred and be continuing:

 

(a)           the Borrower shall fail to pay any principal of any Note

when due; or

 

(b)           the Borrower shall fail to pay any

interest on any Note, any fee or any other amount due hereunder or under the

Notes when due and such failure shall continue for five consecutive days; or

 

(c)           the Borrower shall fail to perform or

observe any of the covenants contained in Section 6.1(e) or Sections 6.9 to

6.12 (inclusive); or

 

(d)           any representation and warranty made

by the Borrower herein or in any instrument or document delivered pursuant

hereto shall prove to be incorrect or misleading in any material respect upon

the date when made; or

 

(e)           the Borrower shall fail to perform

any term, covenant or agreement contained herein (other than those specified in

clauses (a), (b) or (c) above) for 30 days after written notice thereof has

been given to the Borrower by the Administrative Agent at the request of any

Bank; or

 

(f)            the Borrower or any Subsidiary shall

(i) fail to pay any Debt (other than the Notes) when due or interest thereon

and such failure shall continue for more than any applicable period of grace

with respect thereto, or (ii) fail to observe or perform any term, covenant or

agreement contained in any agreement or instrument (other than this Agreement

or the Notes) by which it is bound evidencing or securing or relating to any

Debt, if the effect thereof is to permit (or, with the giving of notice or

lapse of time or

 

24

 

both, would permit) the

holder or holders thereof or of any obligations issued thereunder or a trustee

or trustees acting on behalf of such holder or holders to cause acceleration of

the maturity thereof or of any such obligation; provided, that the

aggregate amount of Debt with respect to which any such event or condition

shall have occurred shall equal or exceed $1,000,000; or

 

(g)           the Borrower or any Material

Subsidiary shall commence a voluntary case or other proceeding seeking

liquidation, reorganization or other relief with respect to itself or its debts

under any bankruptcy, insolvency or other similar law now or hereafter in

effect or seeking the appointment of a trustee, receiver, liquidator, custodian

or other similar official of it or any substantial part of its property, or

shall consent to any such relief or to the appointment of or taking possession

by any such official in an involuntary case or other proceeding commenced

against it, or shall make a general assignment for the benefit of creditors, or

shall fail generally to pay its debts as they become due, or shall take any

corporate action to authorize any of the foregoing; or

 

(h)           an involuntary case or other

proceeding shall be commenced against the Borrower or any Material Subsidiary

seeking liquidation, reorganization or other relief with respect to it or its

debts under any bankruptcy, insolvency or other similar law now or hereafter in

effect or seeking the appointment of a trustee, receiver, liquidator, custodian

or other similar official of it or any substantial part of its property, and

such involuntary case or other proceeding shall remain undismissed and unstayed

for a period of 60 days; or an order for relief shall be entered against the

Borrower or any Material Subsidiary under the federal bankruptcy laws as now or

hereafter in effect; or

 

(i)            the Borrower or any other member of

the Controlled Group shall fail to pay when due any amount or amounts

aggregating in excess of $5,000,000 which it shall have become liable to pay to

the PBGC or to a Plan under Title IV of ERISA; or notice of intent to terminate

a Plan or Plans having aggregate Unfunded Vested Liabilities in excess of

$5,000,000 shall be filed under Title IV of ERISA by any member of the

Controlled Group, any plan administrator or any combination of the foregoing;

or the PBGC shall institute proceedings under Title IV of ERISA to terminate or

to cause a trustee to be appointed to administer any Plan or Plans having

aggregate Unfunded Vested Liabilities in excess of $5,000,000 or a proceeding

shall be instituted by a fiduciary of any Plan against any member of the

Controlled Group to enforce Section 515 of ERISA with respect to any amount or

amounts aggregating in excess of $5,000,000 and such proceeding shall not have

been dismissed within 30 days thereafter; or a condition shall exist by reason

of which the PBGC would be entitled to obtain a decree adjudicating that any

Plan or Plans having aggregated Unfunded Vested Liabilities in excess of

$5,000,000 must be terminated; or

 

(j)            judgments or orders for the payment

of money in excess of $1,000,000 in the aggregate shall be rendered against the

Borrower or any Subsidiary and such judgments or orders shall continue

unsatisfied and unstayed for a period of 30 days; or

 

25

 

(k)           any Change of Control shall occur;

 

then, and in every such event, (1) in the case of any of the Events of

Default specified in paragraphs (g) or (h) above, the Commitments shall

thereupon automatically be terminated and the principal of and accrued interest

on the Notes shall automatically become due and payable without presentment,

demand, protest or other notice or formality of any kind, all of which are

hereby expressly waived and (2) in the case of any other Event of Default

specified above, the Administrative Agent shall, if requested by the Required

Banks, by notice in writing to the Borrower, terminate the Commitments

hereunder, if still in existence, and they shall thereupon be terminated, and

the Administrative Agent shall, if requested by the Required Banks, by notice

in writing to the Borrower, declare the Notes and all other sums payable under

this Agreement to be, and the same shall thereupon forthwith become, due and

payable without presentment, demand, protest or other notice or formality of

any kind, all of which are hereby expressly waived.

 

SECTION

8. THE ADMINISTRATIVE AGENT.

 

8.1           Appointment; Nature of Relationship.

Bank One is hereby appointed by each of the Banks as its contractual

representative (herein referred to as the “Administrative Agent”) hereunder,

and each of the Banks irrevocably authorizes the Administrative Agent to act as

the contractual representative of such Bank with the rights and duties

expressly set forth herein. The Administrative Agent agrees to act as such

contractual representative upon the express conditions contained in this

Section 8. Notwithstanding the use of the defined term “Administrative Agent,”

it is expressly understood and agreed that the Administrative Agent shall not

have any fiduciary responsibilities to any Bank by reason of this Agreement and

that the Administrative Agent is merely acting as the contractual

representative of the Banks with only those duties as are expressly set forth

in this Agreement. In its capacity as the Banks’ contractual representative,

the Administrative Agent (i) does not hereby assume any fiduciary duties to any

of the Banks, (ii) is a “representative” of the Banks within the meaning of the

term “secured party” as defined in the Illinois Uniform Commercial Code and

(iii) is acting as an independent contractor, the rights and duties of which

are limited to those expressly set forth in this Agreement. Each of the Banks

hereby agrees to assert no claim against the Administrative Agent on any agency

theory or any other theory of liability for breach of fiduciary duty, all of

which claims each Bank hereby waives.

 

8.2           Powers. The

Administrative Agent shall have and may exercise such powers under this

Agreement as are specifically delegated to the Administrative Agent by the

terms hereof, together with such powers as are reasonably incidental hereto.

The Administrative Agent shall have no implied duties to the Banks, or any

obligation to the Banks to take any action thereunder except any action specifically

provided herein to be taken by the Administrative Agent.

 

8.3           General

Immunity. Neither the Administrative Agent nor any of its directors,

officers, Administrative Agents or employees shall be liable to the Borrower,

the Banks or any Bank for any action taken or omitted to be taken by it or them

hereunder or in connection

 

26

 

herewith except to the extent such action or inaction is determined in

a final non-appealable judgment by a court of competent jurisdiction to have

arisen from the gross negligence or willful misconduct of such Person.

 

8.4           No

Responsibility for Loans, Recitals, etc.  Neither the Administrative Agent nor any of

its directors, officers, agents or employees shall be responsible for or have

any duty to ascertain, inquire into, or verify (a) any statement, warranty or

representation made in connection herewith or any borrowing hereunder; (b) the

performance or observance of any of the covenants or agreements of any obligor

hereunder, including, without limitation, any agreement by an obligor to

furnish information directly to each Bank; (c) the satisfaction of any

condition specified in Section 3, except receipt of items required to be

delivered solely to the Administrative Agent; (d) the existence or possible

existence of any Default or Event of Default; (e) the validity, enforceability,

effectiveness, sufficiency or genuineness of this Agreement or any other

instrument or writing furnished in connection herewith; (f) the value, sufficiency,

creation, perfection or priority of any Lien in any collateral security; or (g)

the financial condition of the Borrower or any guarantor of any of the

obligations of the Borrower hereunder or of any of the Borrower’s or any such

guarantor’s respective Subsidiaries. The Administrative Agent shall have no

duty to disclose to the Banks information that is not required to be furnished

by the Borrower to the Administrative Agent at such time, but is voluntarily

furnished by the Borrower to the Administrative Agent (either in its capacity

as Administrative Agent or in its individual capacity).

 

8.5           Action

on Instructions of Banks. The Administrative Agent shall in all cases

be fully protected in acting, or in refraining from acting, hereunder in

accordance with written instructions signed by the Required Banks, and such

instructions and any action taken or failure to act pursuant thereto shall be

binding on all of the Banks. The Banks hereby acknowledge that the

Administrative Agent shall be under no duty to take any discretionary action

permitted to be taken by it pursuant to the provisions of this Agreement unless

it shall be requested in writing to do so by the Required Banks. The

Administrative Agent shall be fully justified in failing or refusing to take

any action hereunder unless it shall first be indemnified to its satisfaction

by the Banks pro rata against any and all liability, cost and expense that it

may incur by reason of taking or continuing to take any such action.

 

8.6           Employment

of Agents and Counsel. The Administrative Agent may execute any of its

duties as Administrative Agent hereunder by or through employees, agents and

attorneys-in-fact and shall not be answerable to the Banks, except as to money

or securities received by it or its authorized agents, for the default or

misconduct of any such agents or attorneys-in-fact selected by it with

reasonable care. The Administrative Agent shall be entitled to advice of

counsel concerning the contractual arrangement between the Administrative Agent

and the Banks and all matters pertaining to the Administrative Agent’s duties

hereunder.

 

8.7           Reliance

on Documents; Counsel. The Administrative Agent shall be entitled to

rely upon any Note, notice, consent, certificate, affidavit, letter, telegram,

statement, paper or document believed by it to be genuine and correct and to

have been signed or sent by the proper person or persons, and, in respect to

legal matters, upon the opinion of counsel selected by the Administrative

Agent, which counsel may be employees of the Administrative Agent.

 

27

 

8.8           Administrative Agent’s

Reimbursement and Indemnification. The Banks agree to reimburse and

indemnify the Administrative Agent ratably in proportion to their respective

Commitments (or, if the Commitments have been terminated, in proportion to

their Commitments immediately prior to such termination) (i) for any amounts

not reimbursed by the Borrower for which the Administrative Agent is entitled

to reimbursement by the Borrower, (ii) for any other expenses incurred by the

Administrative Agent on behalf of the Banks in connection with the preparation,

execution, delivery, administration and enforcement of this Agreement

(including, without limitation, for any expenses incurred by the Administrative

Agent in connection with any dispute between the Administrative Agent and any

Bank or between two or more of the Banks) and (iii) for any liabilities,

obligations, losses, damages, penalties, actions, judgments, suits, costs,

expenses or disbursements of any kind and nature whatsoever which may be

imposed on, incurred by or asserted against the Administrative Agent in any way

relating to or arising out of this Agreement or any other document delivered in

connection herewith or the transactions contemplated hereby (including, without

limitation, for any such amounts incurred by or asserted against the

Administrative Agent in connection with any dispute between the Administrative

Agent and any Bank or between two or more of the Banks), or the enforcement of

any of the terms of this Agreement or of any such other documents, provided

that (i) no Bank shall be liable for any of the foregoing to the extent any of

the foregoing is found in a final non-appealable judgment by a court of

competent jurisdiction to have resulted from the gross negligence or willful

misconduct of the Administrative Agent and (ii) any indemnification required

pursuant to Section 4.4 shall, notwithstanding the provisions of this Section

8.8, be paid by the relevant Bank in accordance with the provisions thereof.

The obligations of the Banks under this Section 8.8 shall survive payment of

the obligations of the Borrower under this Agreement and the Notes and

termination of this Agreement.

 

8.9           Notice of

Default. The Administrative Agent shall not be deemed to have knowledge

or notice of the occurrence of any Default or Event of Default hereunder unless

the Administrative Agent has received written notice from a Bank or the

Borrower referring to this Agreement describing such Default or Event of

Default and stating that such notice is a “notice of default”. In the event

that the Administrative Agent receives such a notice, the Administrative Agent

shall give prompt notice thereof to the Banks.

 

8.10           Rights as a Bank. In

the event the Administrative Agent is a Bank, the Administrative Agent shall

have the same rights and powers hereunder with respect to its Commitment and

its Loans as any Bank and may exercise the same as though it were not the

Administrative Agent, and the term “Bank” or “Banks” shall, at any time when

the Administrative Agent is a Bank, unless the context otherwise indicates,

include the Administrative Agent in its individual capacity. The Administrative

Agent and its affiliates may accept deposits from, lend money to, and generally

engage in any kind of trust, debt, equity or other transaction, in addition to

those contemplated by this Agreement, with the Borrower or any of its

Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby

from engaging with any other Person. The Administrative Agent, in its

individual capacity, is not obligated to remain a Bank.

 

28

 

8.11         Bank Credit Decision.

Each Bank acknowledges that it has, independently and without reliance upon the

Administrative Agent, any Arranger or any other Bank, and based on the

financial statements prepared by the Borrower and such other documents and

information as it has deemed appropriate, made its own credit analysis and

decision to enter into this Agreement. Each Bank also acknowledges that it

will, independently and without reliance upon the Administrative Agent, any

Arranger or any other Bank and based on such documents and information as it

shall deem appropriate at the time, continue to make its own credit decisions

in taking or not taking action under this Agreement.

 

8.12         Successor

Administrative Agent. The Administrative Agent may resign at any time

by giving written notice thereof to the Banks and the Borrower, such

resignation to be effective upon the appointment of a successor Administrative

Agent or, if no successor Administrative Agent has been appointed, 45 days

after the retiring Administrative Agent gives notice of its intention to

resign. The Administrative Agent may be removed at any time with or without

cause by written notice received by the Administrative Agent from the Required

Banks, such removal to be effective on the date specified by the Required

Banks. Upon any such resignation or removal, the Required Banks shall have the

right to appoint, on behalf of the Borrower and the Banks, a successor

Administrative Agent. If no successor Administrative Agent shall have been so

appointed by the Required Banks within 30 days after the resigning Administrative

Agent’s giving notice of its intention to resign, then the resigning

Administrative Agent may appoint, on behalf of the Borrower and the Banks, a

successor Administrative Agent. Notwithstanding the previous sentence, the

Administrative Agent may at any time without the consent of the Borrower or any

Bank, appoint any of its affiliates which is a commercial bank as a successor

Administrative Agent hereunder. If the Administrative Agent has resigned or

been removed and no successor Administrative Agent has been appointed, the

Banks may perform all the duties of the Administrative Agent hereunder and the

Borrower shall make all payments in respect of the obligations of the Borrower

to the applicable Bank and for all other purposes shall deal directly with the

Banks. No successor Administrative Agent shall be deemed to be appointed

hereunder until such successor Administrative Agent has accepted the

appointment. Any such successor Administrative Agent shall be a commercial bank

having capital and retained earnings of at least $100,000,000. Upon the

acceptance of any appointment as Administrative Agent hereunder by a successor

Administrative Agent, such successor Administrative Agent shall thereupon

succeed to and become vested with all the rights, powers, privileges and duties

of the resigning or removed Administrative Agent. Upon the effectiveness of the

resignation or removal of the Administrative Agent, the resigning or removed

Administrative Agent shall be discharged from its duties and obligations hereunder.

After the effectiveness of the resignation or removal of an Administrative

Agent, the provisions of this Section 8 shall continue in effect for the

benefit of such Administrative Agent in respect of any actions taken or omitted

to be taken by it while it was acting as the Administrative Agent hereunder. In

the event that there is a successor to the Administrative Agent by merger, or

the Administrative Agent assigns its duties and obligations to an affiliate

pursuant to this Section 8.12, then the term “Prime Rate” as used in this

Agreement shall mean the prime rate, base rate or other analogous rate of the

new Administrative Agent.

 

8.13         Administrative

Agent and Arranger Fees. The Borrower agrees to pay to the

 

29

 

Administrative Agent and

each Arranger, for their respective accounts, the fees agreed to by the

Borrower, the Administrative Agent and each Arranger pursuant to those certain

letter agreements dated November 13, 2001, or as otherwise agreed from time to

time.

 

8.14         Delegation to Affiliates.

The Borrower and the Banks agree that the Administrative Agent may delegate any

of its duties under this Agreement to any of its affiliates. Any such affiliate

(and such affiliate’s directors, officers, agents and employees) which performs

duties in connection with this Agreement shall be entitled to the same benefits

of the indemnification, waiver and other protective provisions to which the

Administrative Agent is entitled under this Section 8 and Section 9.

 

8.15           Syndication Agent.

No Bank identified in this Agreement as the Syndication Agent shall have any

right, power, obligation, liability, responsibility or duty under this

Agreement other than those applicable to all Banks as such. Without limiting

the foregoing, such Banks shall not have or be deemed to have a fiduciary

relationship with any Bank. Each Bank hereby makes the same acknowledgments

with respect to such Bank as it makes with respect to the Administrative Agent

in Section 8.11.

 

SECTION

9. MISCELLANEOUS.

 

9.1           Notices. Unless

otherwise specified herein all notices, requests, demands or other

communications to or from the parties hereto shall be deemed to have been duly

given and made when sent by United States mail, certified, return receipt requested,

or by facsimile, when sent and receipt is electronically confirmed; provided

that notices to the Administrative Agent pursuant to Sections 2.3 and 2.9 shall

not be effective until received by the Administrative Agent. Any such notice,

request, demand or communication shall be delivered or addressed as follows:

 

(a)           if to any party hereto, to it at its

address or facsimile number set forth on the signature pages hereof; and

 

(b)           if to any holder of a Note, other

than a Bank, to it at the address or facsimile number of the original payee

thereof or at the address or facsimile number of any subsequent holder if

notice of the transfer of such Note and the name and the address or facsimile

number of such subsequent holder shall have been given to the Administrative

Agent and the Borrower;

 

or at such other address or facsimile number as any party hereto or any

subsequent holder may designate by written notice to the Administrative Agent

and the Borrower.

 

9.2           Amendments and Waivers; Cumulative

Remedies.

 

(a)           None of the terms of this Agreement

may be waived, altered or amended except by an instrument in writing duly

executed by the Borrower and the Required Banks (and, if the rights or duties

of the Administrative Agent are affected thereby, by

 

30

 

the Administrative Agent); provided

that no such amendment or waiver shall, unless signed by all the Banks, (i)

increase the Commitment of any Bank or subject any Bank to any additional

obligation, (ii) reduce the principal of or rate of interest on the Notes or

any fees hereunder, (iii) postpone the date fixed for any payment of principal

of or interest on the Notes or any fees hereunder or (iv) change the percentage

of the Commitments or of the aggregate unpaid principal amount of the Notes, or

the number of Banks, which shall be required for the holders of Notes or the

Banks or any of them to take any action hereunder.

 

(b)           No failure or delay on the part of

the Administrative Agent, any Bank, or the holder of any Note in exercising any

right, power or privilege under this Agreement or the Notes shall operate as a

waiver thereof, nor shall any single or partial exercise of any right, power or

privilege under this Agreement or the Notes preclude any other or further

exercise thereof or the exercise of any other right, power or privilege. Tho

rights and remedies provided in and contemplated by this Agreement and the

Notes are cumulative and not exclusive of any rights or remedies provided by

law.

 

9.3           Successors

and Assigns.

 

(a)           The provisions of this Agreement

shall be binding upon and inure to the benefit of the parties hereto and their

respective successors and assigns permitted hereby, except that the Borrower

may not assign or otherwise transfer any of its rights or obligations hereunder

without the prior written consent of each Bank (and any attempted assignment or

transfer by the Borrower without such consent shall be null and void).

 

(b)           Any Bank may assign to one or more

Eligible Assignees all or a portion of its rights and obligations under this

Agreement (including all or a portion of its Commitment and the Loans at the

time owing to it); provided that (i) except in the case of an assignment

of the entire remaining amount of the assigning Bank’s Commitment, the amount

of the Commitment of the assigning Bank subject to each such assignment

(determined as of the date the Assignment and Acceptance with respect to such

assignment is delivered to the Administrative Agent) shall not be less than

$5,000,000 unless each of the Administrative Agent and, so long as an Event of

Default has not occurred, the Borrower otherwise consent, (ii) each partial

assignment shall be made as an assignment of a proportionate part of all of the

assigning Bank’s rights and obligations under this Agreement, and (iii) the

parties to each assignment shall execute and deliver to the Administrative

Agent an Assignment and Acceptance, together with a processing and recordation

fee of $4,000 (unless such fee is waived by the Administrative Agent), and the

Eligible Assignee, if it shall not be a Bank, shall deliver to the

Administrative Agent an Administrative Questionnaire. Subject to acceptance and

recording thereof pursuant to paragraph (d) of this Section, from and after the

effective date specified in each Assignment and Acceptance, the Eligible

Assignee thereunder shall be a party hereto and, to the extent of the interest

assigned by such Assignment and Acceptance, have the rights and obligations of

a Bank under this Agreement, and the assigning Bank thereunder shall, to the

extent of the interest assigned by such Assignment and

 

31

 

Acceptance, be released from

its obligations under this Agreement (and, in the case of an Assignment and

Acceptance covering all of the assigning Bank’s rights and obligations under

this Agreement, such Bank shall cease to be a party hereto but shall continue

to be entitled to the benefits of Sections 2.12, 4 and 9.4). If the Eligible

Assignee is not incorporated under the laws of the United States of America or

a state thereof, it shall deliver to the Borrower and the Administrative Agent

certification as to exemption from deduction or withholding of any United

States federal income taxes in connection herewith. Promptly upon the

effectiveness of any assignment to an Eligible Assignee which was not

previously a Bank, the Borrower shall execute a new Note payable to such

Eligible Assignee. If any Bank ceases to be a party hereto as a result of an

assignment, such Bank shall promptly deliver its Note to the Borrower for

cancellation. Any assignment or transfer by a Bank of rights or obligations

under this Agreement that does not comply with this paragraph shall be treated

for purposes of this Agreement as a sale by such Bank of a participation in

such rights and obligations in accordance with paragraph (d) of this Section.

 

(c)           Upon its receipt of a duly completed

Assignment and Acceptance executed by an assigning Bank and an Eligible

Assignee, the Eligible Assignee’s completed Administrative Questionnaire

(unless the Eligible Assignee shall already be a Bank hereunder) and the

processing and recordation fee referred to in paragraph (b) of this Section,

the Administrative Agent shall accept such Assignment and Acceptance and record

the information contained therein in a register for the recordation of the

names and addresses of the Banks, and the Commitments of, and principal amount

of the Loans owing to, each Bank pursuant to the terms hereof from time to time

(the “Register”). No assignment shall be effective for purposes of this

Agreement unless it has been recorded in the Register as provided in this

paragraph.

 

(d)           Any Bank may, without the consent of

the Borrower or the Administrative Agent, sell participations to one or more

banks or other Persons (a “Participant”) in all or a portion of such Bank’s

rights and/or obligations under this Agreement (including all or a portion of

its Commitment and/or the Loans owing to it); provided that (i) such

Bank’s obligations under this Agreement shall remain unchanged, (ii) such Bank

shall remain solely responsible to the other parties hereto for the performance

of such obligations and (iii) the Borrower, the Administrative Agent and the

other Banks shall continue to deal solely and directly with such Bank in

connection with such Bank’s rights and obligations under this Agreement. Any

agreement or instrument pursuant to which a Bank sells such a participation

shall provide that such Bank shall retain the sole right to enforce this Agreement

and to approve any amendment, modification or waiver of any provision of this

Agreement; provided that such agreement or instrument may provide that

such Bank will not, without the consent of the Participant, agree to any

amendment, modification or waiver described in the proviso to Section 9.2(a)

that affects such Participant. Subject to paragraph (e) of this Section, each

Participant shall be entitled to the benefits of Sections 4 and 2.12 to the

same extent as if it were a Bank and had acquired its interest by assignment

pursuant to paragraph (b) of this Section. To the extent permitted by law, each

Participant also shall be entitled to the benefits of Section

 

32

 

9.4 as though it were a

Bank; provided that such Participant agrees to be subject to Section 9.5

as though it were a Bank.

 

(e)           A Participant shall not be entitled

to receive any greater payment under Section 2.12 or Section 4 than the

applicable Bank would have been entitled to receive with respect to the

participation sold to such Participant, unless the sale of the participation to

such Participant is made with the Borrower’s prior written consent.

 

(f)            Without limiting any right of a Bank

to pledge its rights under this Agreement to a third party, it is specifically

acknowledged that any Bank may at any time pledge or assign a security interest

in all or any portion of its rights under this Agreement to secure obligations

of such Bank, including any pledge or assignment to secure obligations to a

Federal Reserve Bank, and this Section shall not apply to any such pledge or

assignment of a security interest; provided that no such pledge or

assignment of a security interest shall release a Bank from any of its

obligations hereunder or substitute any such pledgee or assignee for such Bank

as a party hereto.

 

9.4           Indemnification by the Borrower;

Documentary Taxes. (a) The Borrower agrees to indemnify the

Administrative Agent and each Bank, their respective affiliates and the

respective directors, officers, agents and employees of the foregoing (each an

“Indemnified Person”) and hold each Indemnified Person harmless from and

against any and all liabilities, losses, damages, costs and expenses of any

kind, including, without limitation, the reasonable fees and disbursements of

counsel, which may be incurred by such Indemnified Person in connection with

any investigative, administrative or judicial proceeding (whether or not such

Indemnified Person shall be designated a party thereto) brought or threatened

relating to or arising out of this Agreement or any Note or any actual or

proposed use of proceeds of any Loan hereunder; provided that no Indemnified

Person shall have the right to be indemnified hereunder for such Indemnified

Person’s own gross negligence or willful misconduct as determined by a court of

competent jurisdiction.

 

(b)           The Borrower shall pay all

out-of-pocket expenses of the Administrative Agent (including fees and

disbursements of special counsel for the Banks) in connection with the

preparation and administration of this Agreement, the Notes and any waiver or

amendment of any provision hereof or thereof and, if there is an Event of

Default, all out-of-pocket expenses incurred by the Administrative Agent or any

Bank (including fees and disbursements of counsel and time charges of attorneys

who may be employees of the Administrative Agent or such Bank) in connection

with such Event of Default and collection and other enforcement proceedings

resulting therefrom. The Borrower agrees to indemnify the Banks from and hold

them harmless against any documentary taxes, assessments or charges made by any

governmental authority by reason of the execution and delivery of this

Agreement or the Notes.

 

9.5           Sharing

of Set-Offs. Each Bank agrees that if it shall, by exercising any right

of set-off or counterclaim or otherwise, receive payment of a proportion of the

aggregate amount of principal and interest due with respect to any Note held by

it which is greater than the

 

33

 

proportion received by any other Bank in respect of the aggregate

amount of principal and interest due with respect to any Note held by such

other Bank, the Bank receiving such proportionately greater payment shall

purchase such participations in the Notes held by the other Banks, and such

other adjustments shall be made, as may be required so that all such payments

of principal and interest with respect to Notes held by Banks shall be shared

by the Banks pro rata; provided that nothing in this Section 9.5 shall

impair the right of any Bank to exercise any right of set-off or counterclaim

it may have and to apply the amount subject to such exercise to the payment of

indebtedness of the Borrower other than the indebtedness evidenced by the

Notes. The Borrower agrees, to the fullest extent it may effectively do so

under applicable law, that any holder of a participation in a Note, whether or

not acquired pursuant to the foregoing arrangements, may exercise rights of

set-off or counterclaim and other rights with respect to such participation as

fully as if such holder of a participation were a direct creditor of the

Borrower in the amount of such participation. If under any applicable

bankruptcy, insolvency or other similar law, any Bank receives a secured claim

in lieu of a set-off to which this Section would apply, such Bank shall, to the

extent practicable, exercise its rights in respect of such secured claim in a

manner consistent with the rights of the Banks entitled under this Section to

share in the benefits of any recovery on such secured claim.

 

9.6           Collateral.

Each of the Banks represents that it in good faith is not relying on any

“margin stock” (as defined in Regulation U) as collateral in the extension or

maintenance of the credit provided for in this Agreement.

 

9.7           Counterparts.

This Agreement may be signed in any number of counterparts with the same effect

as if the signatures thereto and hereto were upon the same instrument.

 

9.8           Headings;

Table of Contents. The section and subsection headings used herein and

the Table of Contents have been inserted for convenience of reference only and

do not constitute matters to be considered in interpreting this Agreement.

 

9.9           Governing

Law.  This Agreement and the

Notes shall be construed in accordance with and governed by the law of the

State of Illinois.

 

9.10         Entire Agreement. This Agreement and the Notes embody

the entire agreement and understanding among the Borrower, the Administrative

Agent and the Banks and supersede all prior agreements and understandings among

the Borrower, the Administrative Agent and the Banks relating to the subject

matter thereof other than those contained in the fee letters described in

Section 8.13 which shall survive and remain in full force and effect during the

term of this Agreement.

 

9.11         Several Obligations; Benefits of this Agreement. The

respective obligations of the Banks hereunder are several and not joint and no

Bank shall be the partner or agent of any other (except to the extent to which

the Administrative Agent is authorized to act as such). The failure of any Bank

to perform any of its obligations hereunder shall not relieve any other Bank

from any of its obligations hereunder. This Agreement shall not be construed so

 

34

 

as to confer any right or benefit upon any Person other than the

parties to this Agreement and their respective successors and assigns,

provided, however, that the parties hereto expressly agree that each Arranger

shall enjoy the benefits of the provisions of Section 9.4 to the extent

specifically set forth therein and shall have the right to enforce such

provisions on its own behalf and in its own name to the same extent as if it

were a party to this Agreement.

 

9.12         Severability of Provisions. Any provision in this

Agreement or any Note that is held to be inoperative, unenforceable, or invalid

in any jurisdiction shall, as to that jurisdiction, be inoperative,

unenforceable, or invalid without affecting the remaining provisions in that

jurisdiction or the operation, enforceability, or validity of that provision in

any other jurisdiction, and to this end the provisions of this Agreement and

each Note are declared to be severable.

 

9.13         Nonliability of Banks. The relationship between the

Borrower on the one hand and the Banks and the Administrative Agent on the

other hand shall be solely that of borrower and bank. Neither the

Administrative Agent, any Arranger nor any Bank shall have any fiduciary

responsibilities to the Borrower. Neither the Administrative Agent, any

Arranger nor any Bank undertakes any responsibility to the Borrower to review

or inform the Borrower of any matter in connection with any phase of the

Borrower’s business or operations. The Borrower agrees that neither the

Administrative Agent, any Arranger nor any Bank shall have liability to the

Borrower (whether sounding in tort, contract or otherwise) for losses suffered

by the Borrower in connection with, arising out of, or in any way related to,

the transactions contemplated and the relationship established by this

Agreement or any Note, or any act, omission or event occurring in connection

therewith, unless it is determined in a final nonappealable judgment by a court

of competent jurisdiction that such losses resulted from the gross negligence

or willful misconduct of the party from which recovery is sought. Neither the

Administrative Agent, any Arranger nor any Bank shall have any liability with

respect to, and the Borrower hereby waives, releases and agrees not to sue for,

any special, indirect, consequential or punitive damages suffered by the

Borrower in connection with, arising out of, or in any way related to this

Agreement or any Note or the transactions contemplated hereby or thereby.

 

9.14        CONSENT TO JURISDICTION. THE

BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY

UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO, ILLINOIS IN

ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY

NOTE AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF

SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND

IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE

OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH

COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE

ADMINISTRATIVE AGENT OR ANY BANK TO BRING PROCEEDINGS AGAINST THE BORROWER IN

THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE

 

35

 

BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY BANK

OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY BANK INVOLVING, DIRECTLY OR

INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATING TO, OR CONNECTED

WITH THIS AGREEMENT OR ANY NOTE SHALL BE BROUGHT ONLY IN A COURT IN CHICAGO,

ILLINOIS.

 

9.15        WAIVER OF JURY TRIAL. THE

BORROWER, THE ADMINISTRATIVE AGENT AND EACH BANK HEREBY WAIVE TRIAL BY JURY IN

ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER

SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO,

OR CONNECTED WITH THIS AGREEMENT OR ANY NOTE OR THE RELATIONSHIP ESTABLISHED

HEREUNDER OR THEREUNDER.

 

36

 

IN

WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and

delivered by their proper and duly authorized officers as of the day and year

first above written.

 

	

   

  	

  BEMIS COMPANY, INC.

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

  Commitment

  	

  Lender

  
	

   

  	

   

  
	

  $52,500,000

  	

  BANK ONE, NA (Main Office Chicago), as

  
	

   

  	

  Administrative Agent and as a Bank

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  Lending Office:

  
	

   

  	

  1 Bank One Plaza

  
	

   

  	

  IL1-0088

  
	

   

  	

  Chicago, Illinois 60670

  
	

   

  	

  Attention: Carmelita Tibayan

  
	

   

  	

  Facsimile: (312) 732-2715

  
	

   

  	

   

  
	

   

  	

  with a copy to:

  
	

   

  	

   

  
	

   

  	

  Bank One, NA

  
	

   

  	

  111 E. Wisconsin Ave.

  
	

   

  	

  Milwaukee, WI 53202

  
	

   

  	

  Attention: Jack West

  
	

   

  	

  Facsimile: (414) 765-2625

  

 

S-1

 

	

  $52,500,000

  	

  WACHOVIA BANK, N.A., as Syndication

  
	

   

  	

  Agent and as a Bank

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  Lending Office:

  
	

   

  	

   

  
	

   

  	

  191 Peachtree Street N.E.

  
	

   

  	

  Suite 2800

  
	

   

  	

  Atlanta, GA 30303

  
	

   

  	

  Attention: Shawn Janko

  
	

   

  	

  Facsimile: (404) 332-6898

  
	

   

  	

   

  
	

   

  	

  with a copy to:

  
	

   

  	

   

  
	

   

  	

  Wachovia Bank, N.A.

  
	

   

  	

  70 West Madison Street, Suite 2440

  
	

   

  	

  Chicago, Illinois 60602

  
	

   

  	

  Attention: John C. Canty

  
	

   

  	

  Facsimile: (312) 853-0693

  

 

S-2

 

	

  $35,000,000

  	

  U.S. BANK NATIONAL ASSOCIATION

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  Lending Office:

  
	

   

  	

   

  
	

   

  	

  225 S. 6th Street

  
	

   

  	

  EP-NW-M7C5

  
	

   

  	

  Minneapolis, MN 55402

  
	

   

  	

  Attention: Karen Johnson

  
	

   

  	

  Facsimile: (612) 973-0832

  
	

   

  	

   

  
	

   

  	

  with a copy to:

  
	

   

  	

   

  
	

   

  	

  225 S. 6th Street

  
	

   

  	

  EP-NW-M7C5

  
	

   

  	

  Minneapolis, MN 55402

  
	

   

  	

  Attention: Karen Weathers

  
	

   

  	

  Facsimile: (612) 973-0832

  

 

S-3

 

	

  $35,000,000

  	

  JPMORGAN CHASE BANK

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  Lending Office:

  
	

   

  	

   

  
	

   

  	

  500 Stanton Christiana Road

  
	

   

  	

  Newark, Delaware 19713

  
	

   

  	

  Attention: Eric Stratton

  
	

   

  	

  Facsimile: (302) 634-1852

  
	

   

  	

   

  
	

   

  	

  with a copy to:

  
	

   

  	

   

  
	

   

  	

  270 Park Avenue

  
	

   

  	

  21st Floor

  
	

   

  	

  New York, NY 10017

  
	

   

  	

  Attention: Peter Predun

  
	

   

  	

  Facsimile: (212) 270-4724

  

 

S-4

 

	

  $35,000,000

  	

  WELLS FARGO BANK, NATIONAL

  
	

   

  	

  ASSOCIATION

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  Lending Office:

  
	

   

  	

   

  
	

   

  	

  201 Third Street, MAC 0187-081

  
	

   

  	

  San Francisco, CA 94103

  
	

   

  	

  Attention: Ginnie Padgett

  
	

   

  	

  Facsimile: (415) 512-1943

  
	

   

  	

   

  
	

   

  	

  with a copy to:

  
	

   

  	

   

  
	

   

  	

  Sixth & Marquette

  
	

   

  	

  MAC-N9305-031

  
	

   

  	

  Minneapolis, MN 55479

  
	

   

  	

  Attention: Scott D. Bjelde

  
	

   

  	

  Facsimile: (612) 667-2276

  

 

S-5

 

	

  $20,000,000

  	

  ING (U.S.) CAPITAL LLC

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  Lending Office:

  
	

   

  	

   

  
	

   

  	

  135 East 57th Street

  
	

   

  	

  New York, NY 10055

  
	

   

  	

  Attention: Lissette Ruiz

  
	

   

  	

  Facsimile: (646) 424-8256

  
	

   

  	

   

  
	

   

  	

  with a copy to:

  
	

   

  	

   

  
	

   

  	

  590 Madison Avenue

  
	

   

  	

  New York, NY 10022

  
	

   

  	

  Attention: John Kippax

  
	

   

  	

  Facsimile: (646) 424-7229

  

 

S-6

 

	

  $20,000,000

  	

  SUMITOMO MITSUI BANKING

  
	

   

  	

  CORPORATION

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  Lending Office:

  
	

   

  	

   

  
	

   

  	

  277 Park Avenue

  
	

   

  	

  New York, NY 10172

  
	

   

  	

  Attention: Courtney Whitlock

  
	

   

  	

  Facsimile: (212) 224-5197

  
	

   

  	

   

  
	

   

  	

  with a copy to:

  
	

   

  	

   

  
	

   

  	

  233 S. Wacker Dr.

  
	

   

  	

  40th Floor

  
	

   

  	

  Chicago, IL 60606

  
	

   

  	

  Attention: Vic Pierzchalski

  
	

   

  	

  Facsimile: (312) 876-6436

  

 

S-7

 

PRICING SCHEDULE

 

The “Eurodollar Margin,”

“Facility Fee” and “Utilization Fee” for any day are the respective percentages

set forth below in the applicable row under the column corresponding to the

Status that exists on such day:

 

	

   

  	

   

  	

  Level I

  Status 

  (At least A- by
 S&P or A3 by 

  Moody’s)*

  	

   

  	

  Level II

  Status

  (At least BBB

  by S&P or Baa2

  by Moody’s)

  	

   

  	

  Level III

  Status

  (Neither Level I

  Status nor Level II

  Status applies)

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Eurodollar Margin

  	

   

  	

  0.400

  	

  %

  	

  0.575

  	

  %

  	

  0.800

  	

  %

  	 

	

  Facility Fee

  	

   

  	

  0.100

  	

  %

  	

  0.125

  	

  %

  	

  0.200

  	

  %

  	 

	

  Utilization Fee (>50%)

  	

   

  	

  0.125

  	

  %

  	

  0.125

  	

  %

  	

  0.250

  	

  %

  	 

														

 

* Ratings in effect at any

date refer to the ratings of the Borrower’s long-term unsecured non

credit-enhanced debt in effect at the close of business on such date.

 

If the Borrower is

split-rated and the ratings differential is one notch, the higher of the two

ratings will apply (e.g., A-/Baa1 results in Level I Status and BBB/Baa3

results in Level II Status). If the Company is split-rated and the ratings

differential is two more notches, the rating which is one notch above the lower

rating shall be used (e.g., A-/Baa3 results in Level II Status and BBB+/Ba1

results in Level III Status). If at any date, the Borrower’s long-term

unsecured debt is rated by neither S&P nor Moody’s, then Level III shall

apply.

 

S-8

 

EXHIBIT A

 

FORM OF NOTE

 

	

  ________________, 200__

  	

   

  
	

   

  	

   

  
	

  Chicago, Illinois

  	

   

  

 

FOR VALUE RECEIVED, BEMIS

COMPANY, INC., a Missouri corporation (the “Borrower”), hereby unconditionally

promises to pay to the order of _____________________________ (the “Bank”) for

the account of its Lending office, the unpaid principal amount of each Loan

made by the Bank to the Borrower pursuant to the Credit Agreement referred to

below on the last day of the Interest Period relating to such Loan. The

Borrower promises to pay interest on the unpaid principal amount of each such

Loan on the dates and at the rate or rates provided for in the Credit

Agreement.

 

All such payments of

principal and interest shall be made in lawful money of the United States of

America in Federal or other immediately available funds at the office of the

Administrative Agent located at 1 Bank One Plaza, Chicago, Illinois 60670.

 

All Loans made by the Bank,

the respective types and maturities thereof and all repayments of the principal

thereof shall be recorded by the Bank and, prior to any transfer hereof,

appropriate notations to evidence the foregoing information with respect to

each such Loan then outstanding shall be endorsed by the Bank on the schedule

attached hereto and made a part hereof; provided that the failure of the

Bank to make any such recordation or endorsement shall not affect the

obligations of the Borrower hereunder or under the Credit Agreement.

 

This note is one of the

Notes referred to in the Credit Agreement dated as of January 11, 2002, among

the Borrower, various financial institutions and Bank One, NA, as

Administrative Agent (as the same may be amended from time to time, the “Credit

Agreement”). Terms defined in the Credit Agreement are used herein with the

same meanings. Reference is made to the Credit Agreement for provisions for the

prepayment hereof and the acceleration of the maturity hereof.

 

BEMIS COMPANY, INC.

 

	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  

 

 

S-9

 

EXHIBIT

B

 

FORM OF OPINION OF COUNSEL

TO THE COMPANY

 

 

To the Banks Party to the Credit Agreement referred to

below and Bank One, NA, as Administrative Agent

 

Ladies/Gentlemen:

 

I am Senior Vice President,

General Counsel and Secretary of Bemis Company, Inc. (the “Borrower”) and, as

such, I have acted as counsel to the Borrower in connection with the Credit

Agreement dated as of January 11, 2002 (the “Agreement”) among the Borrower,

the Banks listed on the signature pages thereof (the “Banks”) and Bank One, NA,

as Administrative Agent. Terms defined in the Agreement are used herein as

defined therein.

 

In addition to the

Agreement, I have examined originals or copies, certified or otherwise

identified to my satisfaction, of such documents, corporate records,

certificates of public officials and other instruments and have conducted such

other investigations of fact and law as I have deemed necessary or advisable

for the purposes of this opinion.

 

Based on the foregoing, I am

of the opinion that:

 

1.             The Borrower and each Subsidiary is a corporation duly

organized and validly existing, and the Borrower and, to the best of my

knowledge, each Material Subsidiary is in good standing, under the laws of the

State of its incorporation, has all power and authority to carry on its

business as now being conducted and to own its properties and is duly licensed

or qualified and in good standing as a foreign corporation in each other

jurisdiction in which its properties are located or in which failure to qualify

would materially or adversely affect the conduct of its business or the

enforceability of contractual rights of the Borrower.

 

2.             The execution, delivery and performance by the Borrower

of the Agreement and the Notes are within the Borrower’s corporate power, have

been duly authorized by all necessary corporate action and will not contravene,

or constitute a default under, any provision of applicable law or regulation or

the certificate of incorporation or by-laws of the Borrower, or of any

judgment, order, decree, agreement or instrument binding on the Borrower or

result in the

 

B-1

 

creation of any Lien upon any of its property or assets.

 

3.             The Agreement and the Notes constitute the valid and

binding obligations of the Borrower.

 

4.             Except as may have been disclosed in writing to the

Banks prior to the signing of the Agreement, there are no actions, suits or

proceedings pending against or, to the best of my knowledge, threatened against

or affecting the Borrower or any Subsidiary in any court or before any

governmental department, agency or instrumentality, an adverse decision in

which could materially and adversely affect the financial condition or business

of the Borrower or the ability of the Borrower to perform its obligations under

the Agreement or the Notes.

 

5.             No approval, consent or authorization of or filing or

registration with any governmental authority or body is necessary for the

execution, delivery or performance by the Borrower of the Agreement or the

Notes or for the performance by the Borrower of any of the terms or conditions

thereof, except for such approvals, consents or authorizations (copies of which

have been delivered to the Banks) as have been obtained and are in full force

and effect.

 

Very truly yours,

 

B-2

 

EXHIBIT

C

 

FORM OF OPINION OF SPECIAL

COUNSEL

TO THE ADMINISTRATIVE AGENT

 

 

To the Banks which are

parties to the Credit Agreement referred to below and to Bank One, NA, as

Administrative Agent

 

Re:          Bemis Company, Inc.

 

Ladies/Gentlemen:

 

We have acted as special

counsel to Bank One, NA, in its capacity as Administrative Agent (in such

capacity, the “Administrative Agent”), in connection with the Credit Agreement

(the “Credit Agreement”) dated as of January 11, 2002 among Bemis Company,

Inc., the Banks listed on the signature pages thereof and the Administrative

Agent. Capitalized terms used herein and not otherwise defined shall have the

meanings attributed to them in the Credit Agreement.

 

In connection herewith, we

have examined (i) counterparts of the Credit Agreement executed by the

Borrower, the Banks and the Administrative Agent; and (ii) copies of the Notes

issued by the Borrower on the date hereof pursuant to the Credit Agreement (the

“Notes”). In connection with such examination, we have assumed the authenticity

of all documents submitted to us as originals and the conformity to authentic

original documents of all documents submitted to us as copies (including copies

received by facsimile). We also have assumed, without any independent

investigation, (a) that each of the parties to the Credit Agreement has duly

authorized, executed and delivered the Credit Agreement pursuant to due power and

authority, (b) that the Borrower has duly authorized, executed and delivered

the Notes pursuant to due authority and (c) that the Credit Agreement is the

legal, valid and binding obligation of each party thereto other than the

Borrower, and is enforceable against each such party in accordance with its

terms.

 

Based upon the foregoing,

and subject to the qualifications set forth below, we are of the opinion that,

under the laws of the State of Illinois:

 

C-1

 

(1)           The Credit Agreement is the legal, valid and binding

obligation of the Borrower, enforceable against the Borrower in accordance with

its terms.

 

(2)           Each Note is the legal, valid and binding obligation of

the Borrower, enforceable against the Borrower in accordance with its terms.

 

Our opinions are subject to

the following qualifications:

 

(a)           Our opinions are subject to the effect of any applicable

bankruptcy, insolvency, reorganization, moratorium or similar law affecting

creditors’ rights generally and to the effect of general principles of equity

(regardless of whether considered in a proceeding in equity or at law),

including, without limitation, concepts of materiality, reasonableness, good

faith and fair dealing.

 

(b)           We express no opinion as to indemnification or

contribution obligations which contravene public policy.

 

(c)           Our opinions are limited to the laws of the State of

Illinois, and we express no opinion as to the laws of any other jurisdiction.

 

(d)           We express no opinion as to any provision of the Credit

Agreement that purports to establish an evidentiary standard for determinations

by the Banks or the Administrative Agent.

 

(e)           We express no opinion as to Section 9.5 of the Credit

Agreement insofar as it authorizes any Person to exercise any right of offset.

 

(f)            We express no opinion as to whether any court outside the

State of Illinois would honor the choice of Illinois law as the governing law

of the Credit Agreement and the Notes.

 

(g)           We express no opinion as to any provision of the Credit

Agreement purporting to convey rights to Persons other than parties to the

Credit Agreement.

 

This opinion letter speaks

solely as of the date hereof and is based solely upon current laws and

regulations and facts known to us as of the date hereof and we have not

undertaken any obligation to update this opinion in the event of changes

thereto or additional legislation.

 

C-2

 

This opinion letter is

solely for the benefit of the addressees hereof (and their respective

successors and permitted assigns) in connection with the transactions

contemplated by the Credit Agreement, and this opinion letter may not be relied

upon by any other Person or for any other purpose.

 

	

   

  	

  Very truly yours,

  
	

   

  	

   

  
	

   

  	

  MAYER, BROWN & PLATT

  

 

C-3

 

EXHIBIT

D

 

ASSIGNMENT AND ASSUMPTION

AGREEMENT

 

AGREEMENT dated as of

_________, ____ among [ASSIGNOR] (the “Assignor”), [ASSIGNEE]

(the “Assignee”), BEMIS COMPANY, INC. (the “Borrower”) and BANK ONE, NA, as

Administrative Agent (the “Administrative Agent”).

 

W  I  T

N  E  S  S  E  T  H

 

WHEREAS, this Assignment and

Assumption Agreement (this “Agreement”) relates to the Credit Agreement dated

as of January 11, 2002 among the Borrower, the Assignor, the other Banks party

thereto, as Banks, and the Administrative Agent (as amended or otherwise

modified prior to the date hereof, the “Credit Agreement”);

 

WHEREAS, as provided under

the Credit Agreement, the Assignor has a Commitment to make Loans to the Borrower

in an aggregate principal amount at any time outstanding not to exceed

$__________; and

 

WHEREAS, the Assignor

proposes to assign to the Assignee the rights of the Assignor under the Credit

Agreement in respect of a portion of its Commitment thereunder in an amount

equal to $__________ (the “Assigned Amount”), together with a corresponding

portion of its outstanding Committed Loans, and the Assignee proposes to accept

assignment of such rights and assume the corresponding obligations from the Assignor

on such terms;

 

NOW, THEREFORE, in

consideration of the foregoing and the mutual agreements contained herein, the

parties hereto agree as follows:

 

Section 1. Definitions.

All capitalized terms not otherwise defined herein shall have the respective

meanings set forth in the Credit Agreement.

 

Section 2. Assignment.

The Assignor hereby assigns and sells to the Assignee all rights of the

Assignor under the Credit Agreement to the extent of the Assigned Amount, and

the Assignee hereby accepts such assignment from the Assignor and assumes all

of the obligations of the Assignor under the Credit Agreement to the extent of

the Assigned Amount, including the purchase from the Assignor of the

corresponding portion of the principal amount of the Loans made by the Assignor

outstanding at the date hereof. Upon the execution and delivery hereof by the

Assignor, the Assignee, the Borrower and the Administrative Agent and the

payment of the amounts specified in Sections 3 and 4 required to be paid on the

date hereof, (i) the Assignee shall, as of the date hereof, succeed to the

rights and be obligated to perform the obligations [of a Bank under the Credit Agreement with a Commitment in an

amount equal to]  [of the Assignor under the Credit Agreement

in respect of, and the Commitment of the Assignor shall be increased

 

D-1

 

an amount equal to,] the

Assigned Amount, and (ii) the Commitment of the Assignor shall, as of the date

hereof, be reduced by a like amount and the Assignor released from its

obligations under the Credit Agreement to the extent such obligations have been

assumed by the Assignee. The assignment provided for herein shall be without

recourse to the Assignor.

 

Section 3. Payments.

As consideration for the assignment and sale contemplated in Section 2 hereof,

the Assignee shall pay to the Assignor on the date hereof in Federal funds the

amount heretofore agreed between them. It is understood that facility fees and

utilization fees accrued to the date hereof in respect of the Assigned Amount

are for the account of the Assignor and such fees accruing from the date hereof

are for the account of the Assignee. Each of the Assignor and the Assignee

hereby agrees that if it receives any amount under the Credit Agreement which

is for the account of the other party hereto, it shall receive the same for the

account of such other party to the extent of such other party’s interest

therein and shall promptly pay the same to such other party.

 

Section 4. Consent of the

Borrower and the Administrative Agent. This Agreement is conditioned upon

the consent of the Administrative Agent and, if required, the Borrower,

pursuant to Section 9.3(b) of the Credit Agreement and the payment to the

Administrative Agent of the $4,000 fee referenced in such Section (unless such

fee is waived by the Administrative Agent). The execution of this Agreement by

the Borrower and the Administrative Agent is evidence of their consent to the

assignment contemplated hereby. Pursuant to such Section 9.3(b), the Borrower

agrees to execute and deliver (i) to the Assignee and, if the Assignor has

retained a Commitment under the Credit Agreement, the Assignor, a new Note in

the amount of its respective Commitment after giving effect hereto.

 

Section 5. Non-Reliance

on Assignor. The Assignor makes no representation or warranty in connection

with, and shall have no responsibility with respect to, the solvency, financial

condition, or statements of the Borrower, or the validity and enforceability of

the obligations of the Borrower in respect of the Credit Agreement or any Note.

The Assignee acknowledges that it has, independently and without reliance on

the Assignor, and based on such documents and information as it has deemed

appropriate, made its own credit analysis and decision to enter into this

Agreement and will continue to be responsible for making its own independent

appraisal of the business, affairs and financial condition of the Borrower.

 

Section 6. The Assignee

hereby represents and warrants to the Assignor, the Administrative Agent, the

Borrower and each Bank that none of the consideration used to make the purchase

of the Commitment and/or Loans hereunder constitutes “plan assets” as defined

under ERISA, and the rights and interests of the Assignee in and under the

Credit Agreement or such Assignee’s Note will not be “plan assets” under ERISA.

 

Section 7. Governing Law.

This Agreement shall be governed by and construed in accordance with the laws

of the State of Illinois.

 

Section 8. Counterparts.

This Agreement 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

 

D-2

 

were upon the same instrument.

 

[Section 9.  No Assumption of Rights or Duties of the

Administrative Agent. Notwithstanding any of the foregoing provisions of

this Agreement, the Assignor is not assigning, and the Assignee is not

assuming, any of the rights, duties or responsibilities of the Assignor in its

capacity as Administrative Agent under the Credit Agreement.]

 

IN WITNESS WHEREOF, the

parties have caused this Agreement to be executed and delivered by their duly

authorized officers as of the date first above written.

 

	

   

  	

  [ASSIGNOR]

  
	

   

  	

   

  
	

   

  	

  By 

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  [ASSIGNEE]

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  BEMIS COMPANY, INC.

  
	

   

  	

   

  
	

   

  	

  By 

  	

   

  
	

   

  	

   

  
	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

  BANK ONE, NA, as Administrative

  
	

   

  	

  Agent

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

  Title:

  

 

D-3EX 10.1

EXHIBIT 10.1 CONSULTING AGREEMENT WITH BRENDA HAMILTON SERVICES AGREEMENT

THIS SERVICES AGREEMENT (the 'Agreement') dated March 14 2002, is made by and
between Winmax Trading Group Inc., a Florida corporation ('Winmax') and Brenda
Hamilton, an individual resident of Florida ('Hamilton').

WHEREAS, Hamilton has previously provided legal services to Winmax; and
WHEREAS, it is anticipated that Hamilton will continue to provide legal services
to Winmax in the future, and Hamilton has agreed to make herself available as is
reasonably necessary to provide such future services; and
WHEREAS, the legal services covered by this Agreement that have been provided
and that are to be provided in the future by Hamilton, including making herself
available as is reasonably necessary to provide such services in the future, are
hereinafter referred to as the 'Services'; and WHEREAS, as partial consideration
for the Services,
Winmax has agreed to issue shares of its common stock to Hamilton as hereinafter
set forth.

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the parties, the parties hereto,
intending to be legally bound, agree as follows:

1.  CONSIDERATION. As partial consideration for the Services, Winmax hereby
agrees to forthwith issue to Brenda Hamilton, 10,000 shares of the common stock,
par value $.001, of Winmax (the 'Shares') in exchange for corporate matters for
Winmax for a period of 30 days.

2.  REGISTRATION RIGHTS. Winmax agrees that promptly following execution of this
Agreement, it will prepare and file with the United States Securities and
Exchange Commission, a registration statement on Form S-8 covering the Shares.

3.  ACKNOWLEDGEMENT. The parties hereby confirm and acknowledge that the Services
(a) consist and will consist of bona fide services rendered and to be rendered
to Winmax, (b) are not and will not be in connection with the offer or sale of
securities in capital raising transactions, and (c) do not and will not promote
or maintain a market for the securities of Winmax.

4.  COUNTERPARTS. This Agreement may be executed in any number of counterparts,
all of which taken together shall constitute one and the same instrument.

5.  FURTHER ASSURANCES. From and after the date of this Agreement, upon the
request of a party, each other party shall execute and deliver such instruments,
documents and other writings as may be reasonably necessary or desirable to
confirm and carry out and to effectuate fully the intent and purposes of this
Agreement.

6.  GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Florida without giving effect
to any choice or conflict of law provision or rule (whether of the State of
Florida or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Florida.

IN WITNESS WHEREOF, the parties have executed this Agreement the date first
mentioned above.

ACCEPTED:
Hamilton, Lehrer & Dargan, P.A.              Winmax Trading Group, Inc.
By: /s/ Brenda Hamilton                      By: /s/Gerald Sklar
Brenda Hamilton - Atty.                       Gerald Sklar-President

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