Waiver to Fifth Amended and Restated Credit Agreement among Aurora Foods Inc., Lenders, and Agents (March 22, 2002)

Summary

Aurora Foods Inc., its guarantor, and several lenders, including JPMorgan Chase Bank, have agreed to a waiver related to their existing credit agreement. This waiver forgives a specific breach by Aurora Foods regarding a financial covenant for the fiscal year ending December 31, 2001, and any resulting default. The agreement confirms that all other terms of the original credit agreement remain in effect. Aurora Foods must pay a small fee to participating lenders and cover certain administrative costs. The waiver is governed by New York law and becomes effective once all parties have signed.

EX-10.1 3 dex101.txt WAIVER TO CREDIT AGREEMENT Exhibit 10.1 CONFORMED Copy -------------- Waiver Waiver, dated as of March 22, 2002 (this "Waiver"), to the Fifth ------ Amended and Restated Credit Agreement, dated as of November 1, 1999 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), ---------------- among Aurora Foods Inc. (the "Company"), the financial institutions parties ------- thereto (the "Lenders"), and the Agents. ------- W I T N E S S E T H: - - - - - - - - - - WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to Company; WHEREAS, Company has requested, and, upon this Waiver becoming effective, the Lenders have agreed, that certain provisions of the Credit Agreement be modified as set forth below; NOW, THEREFORE, the parties hereto hereby agree as follows: SECTION 1. Defined Terms. Terms defined in the Credit Agreement and ------------- used herein shall have the meanings given to them in the Credit Agreement. SECTION 2. Waivers to the Credit Agreement. Any breach by Company of ------------------------------- the covenant set forth in subsection 2.4Biii(e) of the Credit Agreement with respect to the Fiscal Year ending December 31, 2001, and any Event of Default or Potential Event of Default resulting from any such breach is hereby waived. SECTION 3. Conditions to Effectiveness. This Waiver shall be effective --------------------------- upon receipt by the Administrative Agent of this Waiver, executed and delivered by a duly authorized officer of each of Company, the Guarantor and the Requisite Lenders (the "Effective Date"). -------------- SECTION 4. Representations and Warranties. To induce the Lenders ------------------------------ parties hereto to enter into this Waiver, Company hereby represents and warrants to the Administrative Agent and all of the Lenders that (i) the representations and warranties made by Company in the Loan Documents are true and correct in all material respects on and as of the date hereof, after giving effect to the effectiveness of this Waiver, as if made on and as of the date hereof and (ii) after giving effect to this Waiver, no Event of Default or Potential Event of Default shall have occurred and be continuing. SECTION 5. Effect on the Loan Documents. (a) Except as specifically ---------------------------- waived above, the Credit Agreement and all other Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 2 (b) The execution, delivery and effectiveness of this Waiver, except as expressly provided herein, shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. SECTION 6. Fee. Company shall pay to each Lender which executes and --- delivers this Waiver prior to 5:00 p.m., New York City time, March 22, 2002, a fee equal to 0.05% of the sum of such Lender's (a) Revolving Credit Commitment, (b) outstanding Tranche A Term Loans and (c) outstanding Tranche B Term Loans, such fee to be earned as of the Effective Date and payable no later than March 25, 2002. SECTION 7. Costs, Expenses and Taxes. Company agrees to pay on demand ------------------------- all actual and reasonable and documented out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Waiver and the other instruments and documents to be delivered thereunder and hereunder, including, without limitation, the reasonable and documented fees and out-of-pocket expenses of counsel for the Administrative Agent (including allocated costs of internal counsel) with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities hereunder and thereunder. Company further agrees to pay on demand all costs and expenses of the Administrative Agent and each of the Lenders, if any (including, without limitation, counsel fees and expenses), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Waiver and the other instruments and documents to be delivered hereunder, including, without limitation, reasonable counsel fees and expenses (including allocated costs of internal counsel) in connection with the enforcement of rights under this Section 7. SECTION 8. Affirmation of Subsidiary Guaranty, Pledge Agreement and -------------------------------------------------------- Credit Agreement. The Guarantor hereby consents to the modification of the - ---------------- Credit Agreement contemplated hereby and each of Company and the Guarantor hereby acknowledge and agree that the guarantees contained in the Subsidiary Guaranty, the pledge of stock contained in the Pledge Agreement and the obligations contained in the Credit Agreement as modified hereby are, and shall remain, in full force and effect. SECTION 9. GOVERNING LAW. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS ------------- OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. SECTION 10. Execution in Counterparts. This Waiver may be executed by ------------------------- one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Any executed counterpart delivered by facsimile transmission shall be effective as for all purposes hereof. A set of the copies of this Waiver signed by all the parties shall be lodged with Company and the Administrative Agent. IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written. AURORA FOODS INC. By: /s/ James T. Smith --------------------------------------------- Name: James T. Smith Title: Chairman & CEO SEA COAST FOODS, INC. By: /s/ James T. Smith --------------------------------------------- Name: James T. Smith Title: President & CEO JPMorgan Chase Bank, as Administrative Agent and as a Lender By: /s/ Kathryn A. Duncan --------------------------------------------- Name: Kathryn A. Duncan Title: Vice President AG CAPITAL FUNDING PARTNERS, L.P. By: Angelo, Gordon & Co., L.P., as Investment Advisor By: /s/ John W. Fraser --------------------------------------------- Name: John W. Fraser Title: Managing Director ALLIANCE CAPITAL MANAGEMENT L.P., as Manager on behalf of ALLIANCE CAPITAL FUNDING, L.L.C., as Assignee By: Alliance Capital Management Corporation, General Partner of Alliance Capital Management L.P. By: /s/ Joel Serebransky --------------------------------------------- Name: Joel Serebransky Title: Senior Vice President ALLSTATE LIFE INSURANCE COMPANY By: /s/ Jerry D. Zinkula --------------------------------------------- Name: Jerry D. Zinkula Title: Authorized Signatory By: /s/ Chris Goergen --------------------------------------------- Name: Chris Goergen Title: Authorized Signatory AMERICAN EXPRESS CERTIFICATE COMPANY By: American Express Asset Management Group Inc. as Collateral Manager By: /s/ Steven B. Staver --------------------------------------------- Name: Steven B. Staver Title: Managing Director APEX (IDM) CDO I, LTD. By: /s/ Roshan White --------------------------------------------- Name: Roshan White Title: Vice President ARCHIMEDES FUNDING, LLC. By: ING Capital Advisors LLC, as Collateral Manager By: /s/ Helen Y. Rhee --------------------------------------------- Name: Helen Y. Rhee Title: Senior Vice President ARCHIMEDES FUNDING III, LTD. By: ING Capital Advisors LLC, as Collateral Manager By: /s/ Helen Y. Rhee --------------------------------------------- Name: Helen Y. Rhee Title: Senior Vice President ARES LEVERAGED INVESTMENT FUND II, L.P. By: ARES Management II, L.P. its General Partner By: /s/ Seth J. Brufsky --------------------------------------------- Name: Seth J. Brufsky Title: Vice President ARES III CLO LTD. By: ARES CLO Management, LLC its Investment Partner By: /s/ Seth J. Brufsky --------------------------------------------- Name: Seth J. Brufsky Title: Vice President ARES IV CLO LTD. By: ARES CLO Management IV, L.P. its Investment Partner By: ARES CLO GP IV, LLC its Managing Manager By: /s/ Seth J. Brufsky --------------------------------------------- Name: Seth J. Brufsky Title: Vice President ARES V CLO LTD. By: ARES CLO Management V, L.P. its Investment Manager By: ARES CLO GP V, LLC its Managing Manager By: /s/ Seth J. Brufsky --------------------------------------------- Name: Seth J. Brufsky Title: Vice President BALANCED HIGH-YIELD FUND I, LTD. By: ING Capital Advisors LLC, as Asset Manager By: /s/ Helen Y. Rhee --------------------------------------------- Name: Helen Y. Rhee Title: Senior Vice President BALANCED HIGH-YIELD FUND II, LTD. By: ING Capital Advisors LLC, as Asset Manager By: /s/ Helen Y. Rhee --------------------------------------------- Name: Helen Y. Rhee Title: Senior Vice President BANCO ESPIRITO SANTO, S.A., NASSAU BRANCH By: /s/ Terry R. Hull --------------------------------------------- Name: Terry R. Hull Title: Senior Vice President By: /s/ Andrew M. Orsen --------------------------------------------- Name: Andrew M. Orsen Title: Vice President BANK OF AMERICA, N.A. By: /s/ Laura T. Sweet --------------------------------------------- Name: Laura T. Sweet Title: Assistant Vice President BAYERISCHE HYPO-UND VEREINSBANK AG NEW YORK BRANCH By: /s/ Francesco Ossino --------------------------------------------- Name: Francesco Ossino Title: Director By: /s/ Timothy L. Harrod --------------------------------------------- Name: Timothy L. Harrod Title: Managing Director BNP PARIBAS By: /s/ Stephanie Rogers --------------------------------------------- Name: Stephanie Rogers Title: Vice President By: /s/ Duane P. Helkowski --------------------------------------------- Name: Duane P. Helkowski Title: Director CALLIDUS DEBT PARTNERS CDO FUND I, LTD By: Callidus Capital Management, LLC as Collateral Manager By: /s/ Gary H. Neems --------------------------------------------- Name: Gary H. Neems Title: Managing Director CANYON CAPITAL CDO 2001-1 LTD By: Canyon Capital Advisors LLC, its Collateral Manager By: /s/ R. Christian B. Evensen --------------------------------------------- Name: R. Christian B. Evensen Title: Managing Director CENTURION CDO II, LTD. By: American Express Asset Management Group Inc. as Collateral Manager By: /s/ Steven B. Staver --------------------------------------------- Name: Steven B. Staver Title: Managing Director CENTURION CDO III, LIMITED. By: American Express Asset Management Group Inc. as Collateral Manager By: /s/ Steven B. Staver --------------------------------------------- Name: Steven B. Staver Title: Managing Director CLYDESDALE CLO 2001-1, LTD. By: Nomura Corporate Research and Asset Management Inc. as Collateral Manager By: /s/ Richard W. Stewart --------------------------------------------- Name: Richard W. Stewart Title: Director COBANK, ACB By: /s/ S. Richard Dill --------------------------------------------- Name: S. Richard Dill Title: Vice President CREDIT SUISSE FIRST BOSTON By: /s/ Donald E. Pollard --------------------------------------------- Name: Donald E. Pollard Title: Managing Director CYPRESSTREE INVESTMENT PARTNERS II, LTD., By: CypressTree Investment Management Company, Inc. as Portfolio Manager By: /s/ Jeffrey Megar --------------------------------------------- Name: Jeffrey Megar Title: Principal CYPRESS TREE INVESTMENT MANAGEMENT COMPANY, INC. As: Attorney-in-Fact, on behalf of, and as Portfloio Manager for First Allmerica Financial Life Insurance Company By: /s/ P. Jeffrey Huth --------------------------------------------- Name: P. Jeffrey Huth Title: Principal DRYDEN HIGH YIELD CDO 2001-1 By: Prudential Investment Management, Inc., as attorney-in-fact By: /s/ Lee D. Augsburger --------------------------------------------- Name: Lee D. Augsburger Title: Vice President ELC (CAYMAN) LTD. CDO SERIES 1999-I By: /s/ Roshan White --------------------------------------------- Name: Roshan White Title: Vice President ELC (CAYMAN) LTD. 1999-III By: /s/ Roshan White --------------------------------------------- Name: Roshan White Title: Vice President ELC (CAYMAN) LTD. 2000-1 By: /s/ Roshan White --------------------------------------------- Name: Roshan White Title: Vice President EQ ADVISORS TRUST By: Alliance Capital Management L.P., as Advisor By: /s/ Greg Dube --------------------------------------------- Name: Greg Dube Title: Portfolio Manager FLEET NATIONAL BANK By: /s/ Peter M. Anzivino --------------------------------------------- Name: Peter M. Anzivino Title: Vice President FRANKLIN FLOATING RATE TRUST By: /s/ Richard D'Addario --------------------------------------------- Name: Richard D'Addario Title: Vice President FRANKLIN FLOATING RATE MASTER SERIES By: /s/ Richard D'Addario --------------------------------------------- Name: Richard D'Addario Title: Vice President FRANKLIN CLO I, LIMITED By: /s/ Richard D'Addario --------------------------------------------- Name: Richard D'Addario Title: Senior Vice President FRANKLIN CLO II, LIMITED By: /s/ Richard D'Addario --------------------------------------------- Name: Richard D'Addario Title: Senior Vice President FRANKLIN CLO III, LIMITED By: /s/ Richard D'Addario --------------------------------------------- Name: Richard D'Addario Title: Senior Vice President GENERAL ELECTRIC CAPITAL CORPORATION By: /s/ W. Jerome McDermott --------------------------------------------- Name: W. Jerome McDermott Title: Duly Authorized Signatory HARRIS TRUST AND SAVINGS BANK By: /s/ Karen L. Knudsen --------------------------------------------- Name: Karen L. Knudsen Title: Vice President HSBC BANK USA By: /s/ John B. Lyons --------------------------------------------- Name: John B. Lyons Title: Senior Vice President INDOSUEZ CAPITAL FUNDING IIA, LIMITED By: Indosuez Capital as Portfolio Advisor By: /s/ Andrew Brady --------------------------------------------- Name: Andrew Brady Title: Vice President INDOSUEZ CAPITAL FUNDING III, LIMITED By: Indosuez Capital as Portfolio Advisor By: /s/ Andrew Brady --------------------------------------------- Name: Andrew Brady Title: Vice President IDS LIFE INSURANCE COMPANY By: American Express Asset Management Group Inc. as Collateral Manager By: /s/ Steven B. Staver --------------------------------------------- Name: Steven B. Staver Title: Managing Director ING PRIME RATE TRUST By: ING Investments, LLC as its Investment Manager By: /s/ Jeffrey A. Bakalar --------------------------------------------- Name: Jeffrey A. Bakalar Title: Senior Vice President ING SENIOR INCOME FUND By: ING Investments, LLC as its Investment Manager By: /s/ Jeffrey A. Bakalar --------------------------------------------- Name: Jeffrey A. Bakalar Title: Senior Vice President KZH CYPRESSTREE-1 LLC By: /s/ Anthony Iarrobino --------------------------------------------- Name: Anthony Iarrobino Title: Authorized Agent KZH ING-2 LLC By: /s/ Anthony Iarrobino --------------------------------------------- Name: Anthony Iarrobino Title: Authorized Agent KZH PONDVIEW LLC By: /s/ Anthony Iarrobino --------------------------------------------- Name: Anthony Iarrobino Title: Authorized Agent KZH STERLING LLC By: /s/ Anthony Iarrobino --------------------------------------------- Name: Anthony Iarrobino Title: Authorized Agent KZH WATERSIDE LLC By: /s/ Anthony Iarrobino --------------------------------------------- Name: Anthony Iarrobino Title: Authorized Agent MARINER LDC By: /s/ Charles R. Howe IV --------------------------------------------- Name: Charles R. Howe IV Title: Director ML CLO XII PILGRIM AMERICA (CAYMAN) LTD. By: ING Pilgrim Investments LLC as its Investment Manager By: /s/ Jeffrey A. Bakalar --------------------------------------------- Name: Jeffrey A. Bakalar Title: Senior Vice President ML CLO XV PILGRIM AMERICA (CAYMAN) LTD. By: ING Pilgrim Investments LLC as its Investment Manager By: /s/ Jeffrey A. Bakalar --------------------------------------------- Name: Jeffrey A. Bakalar Title: Senior Vice President ML CLO XX PILGRIM AMERICA (CAYMAN) LTD. By: ING Pilgrim Investments LLC as its Investment Manager By: /s/ Jeffrey A. Bakalar --------------------------------------------- Name: Jeffrey A. Bakalar Title: Senior Vice President MONUMENT CAPITAL LTD., as Assignee By: Alliance Capital Management L.P., as Investment Manager By: Alliance Capital Management Corporation, as General Partner By: /s/ Joel Serebransky --------------------------------------------- Name: Joel Serebransky Title: Senior Vice President MORGAN STANLEY SENIOR FUNDING By: /s/ David Moran --------------------------------------------- Name: David Moran Title: Vice President MORGAN STANLEY PRIME INCOME TRUST By: /s/ Sheila A. Finnerty --------------------------------------------- Name: Sheila A. Finnerty Title: Executive Director NATEXIS BANQUES POPULAIRES By: /s/ Frank H. Madden, Jr. --------------------------------------------- Name: Frank H. Madden, Jr. Title: Vice President & Group Manager By: /s/ Harris Frommer --------------------------------------------- Name: Harris Frommer Title: Assistant Vice President NATIONAL CITY By: /s/ Jennifer R. Hammarlund --------------------------------------------- Name: Jennifer R. Hammarlund Title: Assistant Vice President NEW ALLIANCE GLOBAL CDO, LIMITED By: Alliance Capital Management L.P., as Sub- advisor By: Alliance Capital Management Corporation, as General Partner By: /s/ Joel Serebransky --------------------------------------------- Name: Joel Serebransky Title: Senior Vice President NOMURA BOND & LOAN FUND By: UFJ Trust Company of New York, as Trustee By: Nomura Corporate Research and Asset Management Inc., Attorney in Fact By: /s/ Richard W. Stewart --------------------------------------------- Name: Richard W. Stewart Title: Director NORTHWOODS CAPITAL, LIMITED By: Angelo, Gordon & Co., L.P., as Collateral Manager By: /s/ John W. Fraser --------------------------------------------- Name: John W. Fraser Title: Managing Director NORTHWOODS CAPITAL II, LIMITED By: Angelo, Gordon & Co., L.P., as Collateral Manager By: /s/ John W. Fraser --------------------------------------------- Name: John W. Fraser Title: Managing Director NORTHWOODS CAPITAL III, LIMITED By: Angelo, Gordon & Co., L.P., as Collateral Manager By: /s/ John W. Fraser --------------------------------------------- Name: John W. Fraser Title: Managing Director NEW YORK LIFE INVESTMENT MANAGEMENT LLC as Attorney-in-Fact and Investment Manager for NYLIM HIGH YIELD CDO 2001 LTD By: /s/ John Cibbarelli --------------------------------------------- Name: John Cibbarelli Title: Director OLYMPIC FUNDING TRUST, SERIES 1999-1 By: /s/ Diana L. Mushill --------------------------------------------- Name: Diana L. Mushill Title: Authorized Agent OPPENHEIMER SENIOR FLOATING RATE FUND By: /s/ Bill Campbell --------------------------------------------- Name: Bill Campbell Title: Manager ORYX CLO, LTD. By: ING Capital Advisors LLC, as Collateral Manager By: /s/ Helen Rhee --------------------------------------------- Name: Helen Rhee Title: Senior Vice President PACIFICA PARTNERS I, L.P. By: Imperial Credit Asset Management as its Investment Manager By: /s/ Sean Walker --------------------------------------------- Name: Sean Walker Title: Vice President PILGRIM AMERICA HIGH INCOME INVESTMENTS INC. LTD. By: ING Pilgrim Investments LLC as its Investment Manager By: /s/ Jeffrey A. Bakalar --------------------------------------------- Name: Jeffrey A. Bakalar Title: Senior Vice President PILGRIM CLO 1999-1 LTD. By: ING Pilgrim Investments LLC as its Investment Manager By: /s/ Jeffrey A. Bakalar --------------------------------------------- Name: Jeffrey A. Bakalar Title: Senior Vice President PINEHURST TRADING, INC. By: /s/ Diana L. Mushill --------------------------------------------- Name: Diana L. Mushill Title: Assistant Vice President PPM SHADOW CREEK FUNDING LLC By: /s/ Diana L. Mushill --------------------------------------------- Name: Diana L. Mushill Title: Assistant Vice President PPM SPYGLASS FUNDING TRUST By: /s/ Diana L. Mushill --------------------------------------------- Name: Diana L. Mushill Title: Authorized Agent PROMETHEUS INVESTMENT FUNDING NO. 1 LTD By: CPF Asset Advisory, LLC as Investment Manager By: /s/ Francesco Ossino --------------------------------------------- Name: Francesco Ossino Title: Director By: /s/ Timothy L. Harrod --------------------------------------------- Name: Timothy L. Harrod Title: Managing Director SEQUILS PILGRIM-1 LTD. By: ING Pilgrim Investments LLC as its Investment Manager By: /s/ Jeffrey A. Bakalar --------------------------------------------- Name: Jeffrey A. Bakalar Title: Senior Vice President SEQUILS-CENTURION V, LTD By: American Express Asset Management Group Inc. as Collateral Manager By: /s/ Steven B. Staver --------------------------------------------- Name: Steven B. Staver Title: Managing Director SIMSBURY CLO, LIMITED By: MassMutual Life Insurance Co. as Collateral Manager By: /s/ Steven J. Katz --------------------------------------------- Name: Steven J. Katz Title: Second Vice President and Associate General Counsel SUNTRUST BANK By: /s/ Thomas G. Hamby --------------------------------------------- Name: Thomas G. Hamby Title: Vice President SYNDICATED LOAN FUNDING TRUST By: Lehman Commercial Paper Inc., not in its individual capacity but solely as asset manager By: /s/ Francis J. Chang --------------------------------------------- Name: Francis J. Chang Title: Vice President VAN KAMPEN SENIOR INCOME TRUST By: Van Kampen Investment Advisory Corp. By: /s/ Christina Jamieson --------------------------------------------- Name: Christina Jamieson Title: Vice President VAN KAMPEN PRIME RATE INCOME TRUST By: Van Kampen Investment Advisory Corp. By: /s/ Christina Jamieson --------------------------------------------- Name: Christina Jamieson Title: Vice President VAN KAMPEN CLO I, LIMITED By: Van Kampen Investment Advisory Corp, as Collateral Manager By: /s/ Christina Jamieson --------------------------------------------- Name: Christina Jamieson Title: Vice President VAN KAMPEN CLO II, LIMITED By: Van Kampen Investment Advisory Corp as Collateral Manager By: /s/ Christina Jamieson --------------------------------------------- Name: Christina Jamieson Title: Vice President WELLS FARGO BANK, N.A. By: /s/ Hugh Diddy --------------------------------------------- Name: Hugh Diddy Title: Vice President UBS AG, STAMFORD BRANCH By: /s/ David J. Kalal --------------------------------------------- Name: David J. Kalal Title: Executive Director Recovery Management By: /s/ Anthony N. Joseph --------------------------------------------- Name: Anthony N. Joseph Title: Associate Director Banking Products Services, US