3-Year Credit Agreement (2005)Full Document 

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$562,500,000

 

3-YEAR

CREDIT AGREEMENT

 

dated as of

 

November 26, 2003

 

among

 

Consolidated Edison Company of New York, Inc.

 

Consolidated Edison, Inc.

 

Orange and Rockland

Utilities, Inc.

 

The Banks Party Hereto

 

and

 

JPMorgan Chase Bank,

as Administrative Agent

 


 

Citibank, N.A.,

Syndication Agent

 

The Bank of New York

HSBC Bank USA

Mellon Bank, N.A.,

Co-Documentation Agents

 


 

J.P. Morgan Securities Inc.

 

and

 

Citigroup Global Markets Inc.,

Lead Arrangers

 


 

TABLE OF CONTENTS

 


 

     PAGE

ARTICLE 1    DEFINITIONS     

SECTION 1.01. Definitions

   1

SECTION 1.02. Accounting Terms and Determinations

   17

SECTION 1.03. Types of Borrowings

   18
ARTICLE 2    THE CREDITS     

SECTION 2.01. Commitments

   18

SECTION 2.02. Notice of Committed Borrowing

   19

SECTION 2.03. Money Market Borrowings

   19

SECTION 2.04. Notice to Banks; Funding of Loans

   23

SECTION 2.05. Maturity of Loans

   24

SECTION 2.06. Interest Rates

   24

SECTION 2.07. Method of Electing Interest Rates

   27

SECTION 2.08. Fees

   29

SECTION 2.09. Termination or Reduction of Commitments

   30

SECTION 2.10. Optional Prepayments

   30

SECTION 2.11. General Provisions as to Payments

   31

SECTION 2.12. Funding Losses

   32

SECTION 2.13. Computation of Interest and Fees

   32

SECTION 2.14. Notes

   32

SECTION 2.15. Regulation D Compensation

   33

SECTION 2.16. Change of Control

   33

SECTION 2.17. Letters of Credit

   33
ARTICLE 3    CONDITIONS     

SECTION 3.01. Effectiveness

   39

SECTION 3.02. Borrowings and Issuances of Letters of Credit

   41

 


ARTICLE 4    REPRESENTATIONS AND WARRANTIES     

SECTION 4.01. Corporate Existence and Power

   42

SECTION 4.02. Corporate and Governmental Authorization; No Contravention

   42

SECTION 4.03. Binding Effect

   42

SECTION 4.04. Financial Information

   42

SECTION 4.05. Litigation

   43

SECTION 4.06. Compliance with ERISA

   43

SECTION 4.07. Environmental Matters

   43

SECTION 4.08. Taxes

   44

SECTION 4.09. Subsidiaries

   44

SECTION 4.10. Regulatory Restrictions on Borrowing

   44

SECTION 4.11. Full Disclosure

   44
ARTICLE 5    COVENANTS     

SECTION 5.01. Information

   45

SECTION 5.02. Payment of Obligations

   47

SECTION 5.03. Maintenance of Property; Insurance

   47

SECTION 5.04. Conduct of Business and Maintenance of Existence

   47

SECTION 5.05. Compliance with Laws

   48

SECTION 5.06. Inspection of Property, Books and Records

   48

SECTION 5.07. Consolidations, Mergers and Transfers of Assets

   49

SECTION 5.08. Use of Proceeds

   49

SECTION 5.09. Negative Pledge

   50

SECTION 5.10. Debt to Total Capital

   51

SECTION 5.11. Transactions with Affiliates

   51
ARTICLE 6    DEFAULTS     

SECTION 6.01. Events of Default

   51

SECTION 6.02. Notice of Default

   54

SECTION 6.03. Cash Cover

   54
ARTICLE 7    THE AGENTS     

SECTION 7.01. Appointment and Authorization

   55

SECTION 7.02. Administrative Agent and Affiliates

   55

SECTION 7.03. Action by Administrative Agent

   55

SECTION 7.04. Consultation with Experts

   55

SECTION 7.05. Liability of Administrative Agent

   55

 


SECTION 7.06. Indemnification

   56

SECTION 7.07. Credit Decision

   56

SECTION 7.08. Successor Administrative Agent

   56

SECTION 7.09. Administrative Agent’s Fee

   57

SECTION 7.10. Other Agents

   57
ARTICLE 8    CHANGE IN CIRCUMSTANCES     

SECTION 8.01. Basis for Determining Interest Rate Inadequate or Unfair

   57

SECTION 8.02. Illegality

   58

SECTION 8.03. Increased Cost and Reduced Return

   58

SECTION 8.04. Taxes

   60

SECTION 8.05. Base Rate Loans Substituted for Affected Fixed Rate Loans

   62

SECTION 8.06. Substitution of Bank

   63
ARTICLE 9    MISCELLANEOUS     

SECTION 9.01. Notices

   63

SECTION 9.02. No Waivers

   63

SECTION 9.03. Expenses; Indemnification

   63

SECTION 9.04. Set-Offs

   64

SECTION 9.05. Amendments and Waivers

   65

SECTION 9.06. Successors and Assigns

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