5-Year Credit Agreement (2005)Full Document 

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$937,500,000

5-YEAR

CREDIT AGREEMENT

 

dated as of

April 14, 2005

 

among

 

Consolidated Edison Company

of New York, Inc.

Consolidated Edison, Inc.

Orange and Rockland

Utilities, Inc.

 

The Banks Party Hereto

 

and

 

JPMorgan Chase Bank, N.A.

as Administrative Agent

 


 

Citibank, N.A.,

Syndication Agent

 

The Bank of New York

KeyBank National Association,

Wachovia 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

   15

Section 1.03. Types of Borrowings

   15
ARTICLE 2
THE CREDITS

Section 2.01. Commitments

   15

Section 2.02. Notice of Committed Borrowing

   16

Section 2.03. Competitive Bid Borrowings

   16

Section 2.04. Notice to Banks; Funding of Loans

   20

Section 2.05. Maturity of Loans

   21

Section 2.06. Interest Rates

   21

Section 2.07. Method of Electing Interest Rates

   23

Section 2.08. Fees

   24

Section 2.09. Termination or Reduction of Commitments

   25

Section 2.10. Optional Prepayments

   25

Section 2.11. General Provisions as to Payments

   25

Section 2.12. Funding Losses

   26

Section 2.13. Computation of Interest and Fees

   27

Section 2.14. Notes

   27

Section 2.15. Regulation D Compensation

   27

Section 2.16. Change of Control

   28

Section 2.17. Increased Commitments; Additional Banks

   28

Section 2.18. Letters of Credit

   29
ARTICLE 3
CONDITIONS

Section 3.01. Effectiveness

   34

Section 3.02. Borrowings and Issuances of Letters of Credit

   36
ARTICLE 4
REPRESENTATIONS AND WARRANTIES

Section 4.01. Corporate Existence and Power

   37

Section 4.02. Corporate and Governmental Authorization; No Contravention

   37

Section 4.03. Binding Effect

   37

Section 4.04. Financial Information

   37

 


Section 4.05. Litigation

   38

Section 4.06. Compliance with ERISA

   38

Section 4.07. Environmental Matters

   38

Section 4.08. Taxes

   38

Section 4.09. Subsidiaries

   39

Section 4.10. Regulatory Restrictions on Borrowing

   39

Section 4.11. Full Disclosure

   39
ARTICLE 5
COVENANTS

Section 5.01. Information

   39

Section 5.02. Payment of Obligations

   41

Section 5.03. Maintenance of Property; Insurance

   41

Section 5.04. Conduct of Business and Maintenance of Existence

   42

Section 5.05. Compliance with Laws

   42

Section 5.06. Inspection of Property, Books and Records

   43

Section 5.07. Consolidations, Mergers and Transfers of Assets

   43

Section 5.08. Use of Proceeds

   43

Section 5.09. Negative Pledge

   44

Section 5.10. Debt to Total Capital

   45

Section 5.11. Transactions with Affiliates

   45
ARTICLE 6
DEFAULTS

Section 6.01. Events of Default

   45

Section 6.02. Notice of Default

   48

Section 6.03. Cash Cover

   48
ARTICLE 7
THE AGENTS

Section 7.01. Appointment and Authorization

   48

Section 7.02. Administrative Agent and Affiliates

   48

Section 7.03. Action by Administrative Agent

   48

Section 7.04. Consultation with Experts

   49

Section 7.05. Liability of Administrative Agent

   49

Section 7.06. Indemnification

   49

Section 7.07. Credit Decision

   50

Section 7.08. Successor Administrative Agent

   50

Section 7.09. Administrative Agent’s Fee

   50

Section 7.10. Other Agents

   50

 

ii


ARTICLE 8
CHANGE IN CIRCUMSTANCES

Section 8.01. Basis for Determining Interest Rate Inadequate or Unfair

   50

Section 8.02. Illegality

   51

Section 8.03. Increased Cost and Reduced Return

   52

Section 8.04. Taxes

   53

Section 8.05. Base Rate Loans Substituted for Affected Euro-Dollar Loans

   55

Section 8.06. Substitution of Bank

   55
ARTICLE 9
MISCELLANEOUS

Section 9.01. Notices

   56

Section 9.02. No Waivers

   56

Section 9.03. Expenses; Indemnification

   56

Section 9.04. Set-offs

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