Term Loan Credit Agreement (2007)Full Document 

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TERM LOAN CREDIT AGREEMENT

Dated as of January 25, 2007

Among

THE FINANCIAL INSTITUTIONS PARTY HERETO

as the Lenders,

CREDIT SUISSE,

as Administrative Agent and Collateral Agent,

METAL SERVICES MERGER SUB CORP.,

METAL SERVICES HOLDCO LLC,

and

The subsidiaries of Tube City IMS Corporation from time to time party hereto

 


CREDIT SUISSE SECURITIES (USA) LLC,

and

UBS SECURITIES LLC,

as Joint Bookrunners and Joint Lead Arrangers,

UBS SECURITIES LLC,

as Syndication Agent

and

The CIT Group/Business Credit Inc.

as Documentation Agent

 



TABLE OF CONTENTS

 

          Page
ARTICLE I
Definitions
SECTION 1.01.    Defined Terms    1
SECTION 1.02.    Classification of Loans and Borrowings    34
SECTION 1.03.    Terms Generally    34
SECTION 1.04.    Effectuation of Transactions    34
SECTION 1.05.    Accounting Terms; GAAP    35
ARTICLE II
The Credits
SECTION 2.01.    Commitments    35
SECTION 2.02.    Loans and Borrowings    35
SECTION 2.03.    Request for Borrowing on the Closing Date    36
SECTION 2.04.    Funding of the Borrowing on the Closing Date    36
SECTION 2.05.    Type; Interest Elections    37
SECTION 2.06.    Termination of Commitments    38
SECTION 2.07.    Repayment of Loans; Evidence of Debt    38
SECTION 2.08.    Optional Prepayment of Loans; Termination or Reduction of Pre-Funded L/C Commitments    40
SECTION 2.09.    Mandatory Prepayment of Term Loans    41
SECTION 2.10.    Fees    42
SECTION 2.1l.    Interest    43
SECTION 2.12.    Alternate Rate of Interest    44
SECTION 2.13.    Increased Costs    44
SECTION 2.14.    Break Funding Payments    45
SECTION 2.15.    Taxes    45
SECTION 2.16.    Payments Generally; Allocation of Proceeds; Sharing of Set-offs    46
SECTION 2.17.    Mitigation Obligations; Replacement of Lenders    48
SECTION 2.18.    Illegality    49
SECTION 2.19.    Letters of Credit    49
SECTION 2.20.    Incremental Term Loan Commitments    54
ARTICLE III
Representations and Warranties
SECTION 3.01.    Organization; Powers    56
SECTION 3.02.    Authorization; Enforceability    56
SECTION 3.03.    Governmental Approvals; No Conflicts    56
SECTION 3.04.    Financial Condition; No Material Adverse Change    56

 

- ii -


SECTION 3.05.    Properties    57
SECTION 3.06.    Litigation and Environmental Matters    58
SECTION 3.07.    Compliance with Laws and Agreements; Licenses and Permits    58
SECTION 3.08.    Investment Company Status    58
SECTION 3.09.    Taxes    58
SECTION 3.10.    ERISA    59
SECTION 3.1l.    Disclosure    59
SECTION 3.12.    Material Agreements    59
SECTION 3.13.    Solvency    59
SECTION 3.14.    Insurance    60
SECTION 3.15.    Capitalization and Subsidiaries    60
SECTION 3.16.    Security Interest in Collateral    60
SECTION 3.17.    Labor Disputes    60
SECTION 3.18.    Federal Reserve Regulations    61
SECTION 3.19.    Transaction Documents    61
SECTION 3.20.    Senior Debt    61
SECTION 3.21.    Sanctioned Persons    61
ARTICLE IV
Conditions
SECTION 4.01.    Closing Date    61
SECTION 4.02.    Each Credit Event    64
ARTICLE V
Affirmative Covenants
SECTION 5.01.    Financial Statements and Other Information    65
SECTION 5.02.    Notices of Material Events    67
SECTION 5.03.    Existence; Conduct of Business    68
SECTION 5.04.    Payment of Taxes    68
SECTION 5.05.    Maintenance of Properties    68
SECTION 5.06.    Books and Records; Inspection Rights    68
SECTION 5.07.    Maintenance of Ratings    69
SECTION 5.08.    Compliance with Laws    69
SECTION 5.09.    Use of Proceeds    69
SECTION 5.10.    Insurance    69
SECTION 5.1l.    Additional Collateral; Further Assurances    69
SECTION 5.12.    Interest Rate Protection    70
ARTICLE VI
Negative Covenants
SECTION 6.01.    Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock    71
SECTION 6.02.    Limitation on Liens    76
SECTION 6.03.    Merger, Consolidation or Sale of All or Substantially All Assets    79

 

- iii -


SECTION 6.04.    Limitation on Restricted Payments    81
SECTION 6.05.   

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