364-Day Revolving Credit Agreement (2007)Full Document 

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EXECUTION VERSION
U.S.$1,500,000,000
364-DAY REVOLVING CREDIT AGREEMENT
Dated as of May 24, 2007
Among
KRAFT FOODS INC.
and
THE INITIAL LENDERS NAMED HEREIN
and
JPMORGAN CHASE BANK, N.A.
and
CITIBANK, N.A.
as Administrative Agents
and
GOLDMAN SACHS CREDIT PARTNERS L.P.
and
DEUTSCHE BANK SECURITIES INC.
as Syndication Agents
* * * * * * * * * *
J.P. MORGAN SECURITIES INC., CITIGROUP GLOBAL MARKETS INC.,
GOLDMAN SACHS CREDIT PARTNERS L.P. and DEUTSCHE BANK SECURITIES INC.
as Joint Lead Arrangers and Bookrunners

 


 

Table of Contents
                 
            Page  
ARTICLE I DEFINITIONS AND ACCOUNTING TERMS     1  
 
  Section 1.01.   Certain Defined Terms     1  
 
  Section 1.02.   Computation of Time Periods     9  
 
  Section 1.03.   Accounting Terms     9  
 
               
ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES     10  
 
  Section 2.01.   The Pro Rata Advances     10  
 
  Section 2.02.   Making the Pro Rata Advances     10  
 
  Section 2.03.   Repayment of Pro Rata Advances     12  
 
  Section 2.04.   Interest on Pro Rata Advances     12  
 
  Section 2.05.   Additional Interest on LIBO Rate Advances     12  
 
  Section 2.06.   Conversion of Pro Rata Advances     13  
 
  Section 2.07.   The Competitive Bid Advances     13  
 
  Section 2.08.   LIBO Rate Determination     18  
 
  Section 2.09.   Fees     19  
 
  Section 2.10.   Optional Termination or Reduction of the Commitments;        
 
      Mandatory Reduction of the Commitments     19  
 
  Section 2.11.   Optional and Mandatory Prepayments of Pro Rata Advances     19  
 
  Section 2.12.   Increased Costs     20  
 
  Section 2.13.   Illegality     21  
 
  Section 2.14.   Payments and Computations     21  
 
  Section 2.15.   Taxes     22  
 
  Section 2.16.   Sharing of Payments, Etc.     24  
 
  Section 2.17.   Evidence of Debt     25  
 
  Section 2.18.   Use of Proceeds     26  
 
               
ARTICLE III CONDITIONS TO EFFECTIVENESS AND LENDING     26  
 
  Section 3.01.   Conditions Precedent to Effectiveness     26  
 
  Section 3.02.   Initial Advance to Each Designated Subsidiary     27  
 
  Section 3.03.   Conditions Precedent to Each Pro Rata Borrowing     28  
 
  Section 3.04.   Conditions Precedent to Each Competitive Bid Borrowing     28  
 
               
ARTICLE IV REPRESENTATIONS AND WARRANTIES     29  
 
  Section 4.01.   Representations and Warranties of Kraft     29  
 
               
ARTICLE V COVENANTS OF KRAFT     30  
 
  Section 5.01.   Affirmative Covenants     30  
 
  Section 5.02.   Negative Covenants     31  
 
               
ARTICLE VI EVENTS OF DEFAULT     33  

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Table of Contents
(continued)
                 
            Page  
 
  Section 6.01.   Events of Default     33  
 
  Section 6.02.   Lenders’ Rights upon Event of Default     34  
 
               
ARTICLE VII THE ADMINISTRATIVE AGENTS     35  
 
  Section 7.01.   Authorization and Action     35  
 
  Section 7.02.   Administrative Agents' Reliance, Etc.     35  
 
  Section 7.03.   JPMorgan Chase, Citibank and Affiliates     36  
 
  Section 7.04.   Lender Credit Decision     36  
 
  Section 7.05.   Indemnification     36  
 
  Section 7.06.   Successor Administrative Agents     37  
 
  Section 7.07.   Syndication Agents     37  
 
               
ARTICLE VIII GUARANTY     37  
 
  Section 8.01.   Guaranty     37  
 
  Section 8.02.   Guaranty Absolute     38  
 
  Section 8.03.   Waivers     38  
 
  Section 8.04.   Continuing Guaranty     39  
 
               
ARTICLE IX MISCELLANEOUS     39  
 
  Section 9.01.   Amendments, Etc.     39  
 
  Section 9.02.   Notices, Etc.     39  
 
  Section 9.03.   No Waiver; Remedies     41  
 
  Section 9.04.   Costs and Expenses     41  
 
  Section 9.05.   Right of Set-Off     42  
 
  Section 9.06.   Binding Effect     42  
 
  Section 9.07.   Assignments and Participations     43  
 
  Section 9.08.   Designated Subsidiaries     46  
 
  Section 9.09.   Governing Law     46  
 
  Section 9.10.   Execution in Counterparts     46  
 
  Section 9.11.   Jurisdiction, Etc.     46  
 
  Section 9.12.   Confidentiality     47  
 
  Section 9.13.   Integration     47  
 
  Section 9.14.   USA Patriot Act Notice     48  
         
SCHEDULE
       
 
       
Schedule I
  -   List of Applicable Lending Offices
Schedule II
      Subsidiary Information
 
       
EXHIBITS
       

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Table of Contents
(continued)
                 
            Page  
         
Exhibit A-1
  -   Form of Pro Rata Note
Exhibit A-2
  -   Form of Competitive Bid Note
Exhibit B-1
  -   Form of Notice of Pro Rata Borrowing
Exhibit B-2
  -   Form of Notice of Competitive Bid Borrowing

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