Credit Agreement (2007)Full Document 

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CREDIT AGREEMENT
dated as of
August 15, 2007
among
PETSMART, INC.
as Lead Borrower for:
PETSMART, INC.
PETSMART STORE SUPPORT GROUP, INC.
as Borrowers
The LENDERS Party Hereto
BANK OF AMERICA, N.A.
as Issuing Bank
BANK OF AMERICA, N.A.
as Administrative Agent and Collateral Agent
and
BANC OF AMERICA SECURITIES LLC
as Sole Arranger and Sole Bookrunner

 


 

TABLE OF CONTENTS
         
    Page  
ARTICLE I Definitions
    1  
 
       
SECTION 1.01. Defined Terms
    1  
SECTION 1.02. Terms Generally
    26  
SECTION 1.03. Accounting Terms; GAAP
    26  
 
       
ARTICLE II Amount and Terms of Credit
    26  
 
       
SECTION 2.01. Commitment of the Lenders
    26  
SECTION 2.02. Increase in Total Commitment
    27  
SECTION 2.03. Reserves; Changes to Reserves
    28  
SECTION 2.04. Making of Loans
    29  
SECTION 2.05. Overadvances
    30  
SECTION 2.06. Swingline Loans
    30  
SECTION 2.07. Letters of Credit
    31  
SECTION 2.08. Settlements Amongst Lenders
    35  
SECTION 2.09. Notes; Repayment of Loans
    36  
SECTION 2.10. Interest on Loans
    37  
SECTION 2.11. Default Interest
    37  
SECTION 2.12. Certain Fees
    37  
SECTION 2.13. Commitment Fee
    37  
SECTION 2.14. Letter of Credit Fees
    38  
SECTION 2.15. Nature of Fees
    38  
SECTION 2.16. Termination or Reduction of Commitments
    38  
SECTION 2.17. Alternate Rate of Interest
    39  
SECTION 2.18. Conversion and Continuation of Loans
    39  
SECTION 2.19. Mandatory Prepayment; Commitment Termination; Cash Collateral
    40  
SECTION 2.20. Optional Prepayment of Loans; Reimbursement of Lenders
    41  
SECTION 2.21. Maintenance of Loan Account; Statements of Account
    43  
SECTION 2.22. Cash Receipts
    43  
SECTION 2.23. Application of Payments
    45  
SECTION 2.24. Increased Costs
    46  
SECTION 2.25. Change in Legality
    47  
SECTION 2.26. Payments; Sharing of Setoff
    48  
SECTION 2.27. Taxes
    49  
SECTION 2.28. Security Interests in Collateral
    51  
SECTION 2.29. Mitigation Obligations
    51  
SECTION 2.30. Acknowledgments Regarding L/C Facilities
    51  
 
       
ARTICLE III Representations and Warranties
    51  
 
       
SECTION 3.01. Organization; Powers
    52  
SECTION 3.02. Authorization; Enforceability
    52  
SECTION 3.03. Governmental Approvals; No Conflicts
    52  
SECTION 3.04. Financial Condition
    52  

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    Page  
SECTION 3.05. Properties
    52  
SECTION 3.06. Litigation and Environmental Matters
    53  
SECTION 3.07. Compliance with Laws and Agreements
    54  
SECTION 3.08. Investment and Holding Company Status
    54  
SECTION 3.09. Taxes
    54  
SECTION 3.10. ERISA
    54  
SECTION 3.11. Disclosure
    54  
SECTION 3.12. Subsidiaries
    54  
SECTION 3.13. Insurance
    55  
SECTION 3.14. Labor Matters
    55  
SECTION 3.15. Security Documents
    55  
SECTION 3.16. Federal Reserve Regulations
    55  
SECTION 3.17. Solvency
    56  
 
       
ARTICLE IV Conditions
    56  
 
       
SECTION 4.01. Closing Date
    56  
SECTION 4.02. Conditions Precedent to Each Loan and Each Letter of Credit
    57  
 
       
ARTICLE V Affirmative Covenants
    58  
 
       
SECTION 5.01. Financial Statements and Other Information
    58  
SECTION 5.02. Notices of Material Events
    60  
SECTION 5.03. Information Regarding Collateral
    61  
SECTION 5.04. Existence; Conduct of Business
    62  
SECTION 5.05. Payment of Obligations
    62  
SECTION 5.06. Maintenance of Properties
    62  
SECTION 5.07. Insurance
    62  
SECTION 5.08. Casualty and Condemnation
    63  
SECTION 5.09. Books and Records; Inspection and Audit Rights; Appraisals
    63  
SECTION 5.10. Compliance with Laws
    64  
SECTION 5.11. Use of Proceeds and Letters of Credit
    64  
SECTION 5.12. Additional Subsidiaries
    64  
SECTION 5.13. Further Assurances
    64  
 
       
ARTICLE VI Negative Covenants
    65  
 
       
SECTION 6.01. Indebtedness and Other Obligations
    65  
SECTION 6.02. Liens
    66  
SECTION 6.03. Fundamental Changes

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