Third Amendment to Credit Agreement and First Amendment to Pledge and Security Agreement by and among Core-Mark Holding Company, Inc., Core-Mark International, Inc., and Lenders
This amendment, dated February 2, 2010, updates the existing Credit Agreement and Pledge and Security Agreement between Core-Mark Holding Company, Inc., its affiliates, and a group of lenders led by JPMorgan Chase Bank. The changes include new definitions, revised interest rate calculations, and updated fee structures. The amendment clarifies the obligations of the borrowers and lenders, while maintaining all other rights and remedies from the original agreements unless specifically modified. The agreement is effective upon execution by all parties.
A. | Borrowers, Administrative Agent and the Lenders have previously entered into (i) that certain Credit Agreement, dated as of October 12, 2005, as amended or otherwise modified prior to the date hereof by that certain First Amendment to Credit Agreement, dated as of December 4, 2007, that certain Second Amendment to Credit Agreement, dated as of March 12, 2008, and that certain letter agreement to Credit Agreement, dated January 31, 2009 (the Existing Credit Agreement, and as amended by this Amendment and as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time in accordance with its terms, the Credit Agreement) and (ii) that certain Pledge and Security Agreement, dated as of October 12, 2005 (as the same may be modified, supplemented or amended from time to time, the Security Agreement), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrowers. Terms used herein without definition shall have the meanings ascribed to them in the Existing Credit Agreement. | ||
B. | Borrowers have requested that Administrative Agent and the Lenders amend the Existing Credit Agreement and the Security Agreement and Administrative Agent and the Lenders are willing to amend the Existing Credit Agreement and the Security Agreement pursuant to the terms and conditions set forth herein. | ||
C. | Each Borrower is entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of Administrative Agents or any Lenders rights or remedies as set forth in the Existing Credit Agreement and the other Loan Documents are being waived or modified by the terms of this Amendment. |
1. | Amendments to Existing Credit Agreement. | ||
(a) | The following definitions are hereby added to Section 1.01 of the Existing Credit Agreement in the appropriate alphabetical order: |
Commitment Fee | ||||||
Level | Line Usage | Rate | ||||
I | Greater than 33% | 0.50 | % | |||
II | Less than or equal to 33% | 0.625 | % |
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(b) | The definition of Alternate Base Rate in Section 1.01 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(c) | The definition of Applicable Rate in Section 1.01 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
Eurodollar Spread | ||
EBITDA | and CDOR Spread | |
Category 1 ≥$90,000,000 | 2.75% | |
Category 2 <$90,000,000 ≥$80,000,000 | 3.00% | |
Category 3 <$80,000,000 ≥$65,000,000 | 3.25% | |
Category 4 <$65,000,000 | 3.50% |
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(d) | The definition of Borrowing Base in Section 1.01 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(e) | The definition of Canadian Tobacco Tax Reserve in Section 1.01 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
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(f) | The definition of Eligible Equipment in Section 1.01 of the Existing Credit Agreement is hereby deleted in its entirety. | ||
(g) | The definition of Maturity Date in Section 1.01 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(h) | Clause (e) of the definition of Permitted Acquisition in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: |
(i) | The definition of PP&E Component in Section 1.01 of the Existing Credit Agreement is hereby deleted in its entirety. | ||
(j) | The definition of Revolving Commitment in Section 1.01 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
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(k) | The first sentence of Section 2.12(a) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(l) | The first sentence of Section 2.12(b) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
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(m) | The first sentence of Section 2.21(a) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(n) | Section 5.01(g) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(o) | Section 5.01(h)(iii) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: |
(p) | Section 5.01(j)(iii) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: |
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(q) | Section 5.09 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: |
(r) | Section 5.11 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(s) | Section 6.02(i) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(t) | Section 6.08(a)(v) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
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(u) | Section 6.12 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(v) | Section 6.13 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(w) | The following paragraph contained in Article VIII of the Existing Credit Agreement is hereby deleted in its entirety: |
(x) | The second to last paragraph contained in Article VIII of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
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(y) | Section 9.04(b)(i)(A) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(z) | The third sentence contained in Section 9.04(c)(ii) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: |
(aa) | The Commitment Schedule attached to the Existing Credit Agreement is hereby amended and replaced in its entirety with the Commitment Schedule attached to this Amendment. | ||
2. | Amendments to Security Agreement. | ||
(a) | Section 3.11 of the Security Agreement is hereby amended and restated in its entirety as follows: |
(b) | Section 4.3(d) of the Security Agreement is hereby amended and restated in its entirety as follows: |
(c) | Section 4.3(e) of the Security Agreement is hereby amended and restated in its entirety as follows: |
3. | Amendment Fees. The Borrowers shall pay to Administrative Agent for the account of each Lender who executes and delivers this Amendment, a non-refundable amendment fee equal to 0.50% of such Lenders aggregate Commitment (calculated after giving effect to the amendments contained herein), which amendment fees shall be fully earned and due and payable on the date hereof. |
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4. | Conditions Precedent to Effectiveness of this Amendment. This Amendment and the amendments to the Existing Credit Agreement contained herein shall become effective, and shall become part of the Credit Agreement, on the date (the Third Amendment Effective Date) when each of the following conditions precedent shall have been satisfied in the sole discretion of Administrative Agent or waived by Administrative Agent: |
a. | Amendment. Administrative Agent shall have received this Amendment fully executed in a sufficient number of counterparts for distribution to all parties. | ||
b. | Representations and Warranties. The representations and warranties set forth herein and in the Existing Credit Agreement (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) must be true and correct in all material respects, as updated by the schedules attached hereto as Annex A. | ||
c. | Amendment Fee Letters. Administrative Agent shall have received two Amendment Fee Letters, each in form and substance satisfactory to Administrative Agent, executed by Borrowers (each, an Amendment Fee Letter). | ||
d. | Payment of Fees. Administrative Agent shall have received from Borrowers all fees due and payable on or before the effective date of this Amendment, including, without limitation: (i) the amendment fees set forth in Section 3 hereof; and (ii) all fees payable in connection with this Amendment pursuant to each Amendment Fee Letter. | ||
e. | Other Required Documentation. Administrative Agent shall have received all other documents and legal matters in connection with the transactions contemplated by this Amendment and such documents shall have been delivered or executed or recorded and shall be in form and substance satisfactory to Administrative Agent. |
5. | Assignment. On the Third Amendment Effective Date, but immediately prior to giving effect to the amendments contained in Section 2 of this Amendment, Harris N.A. hereby agrees to sell and assign without representation, recourse, or warranty (except that Harris N.A. represents it has authority to execute and deliver this Amendment and sell its Obligations contemplated hereby, which Obligations are owned by Harris N.A. free and clear of all Liens), and Bank of Montreal hereby agrees to purchase, 100% of Harris N.A.s outstanding Obligations under the Credit Agreement and the Loan Documents for a purchase price equal to the outstanding principal balance of Loans and accrued but unpaid interest and fees owed to Harris N.A. under the Credit Agreement as of the Third Amendment Effective Date, which purchase price shall be paid in immediately available funds on the Third Amendment Effective Date. Upon the execution and delivery of this Amendment by Harris N.A., the Lenders, and the Borrowers and the payment of the Obligations owing to Harris N.A., Harris N.A. shall cease to be a Lender under the Credit Agreement and the other Loan Documents and (i) Bank of Montreal shall have the rights of Harris N.A. |
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thereunder subject to the terms and conditions hereof and (ii) Harris N.A. shall have relinquished its rights (other than rights that survive the repayment of the Obligations owed to Harris N.A. in accordance with the terms of the Credit Agreement) and be released from its obligations under the Credit Agreement. The parties hereto agree that, except as provided for in the preceding sentence, all references in the Loan Documents to the Lenders or any Lender shall from and after the date hereof no longer include Harris N.A. | |||
6. | Representations and Warranties. Each Borrower represents and warrants as follows: |
a. | Authority. Each Borrower has the requisite corporate power and authority to execute and deliver this Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended or modified hereby) to which it is a party. The execution, delivery, and performance by each Borrower of this Amendment have been duly approved by all necessary corporate action, have received all necessary governmental approval, if any, and do not contravene (i) any law or (ii) any contractual restriction binding on such Borrower, except for contraventions of contractual restrictions which would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No other corporate proceedings are necessary to consummate such transactions. | ||
b. | Enforceability. This Amendment has been duly executed and delivered by each Borrower. This Amendment and each Loan Document (as amended or modified hereby) (i) is the legal, valid, and binding obligation of each Borrower, enforceable against each Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other laws affecting creditors rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and (ii) is in full force and effect. | ||
c. | Representations and Warranties. The representations and warranties contained in each Loan Document (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are correct in all material respects on and as of the date hereof as though made on and as of the date hereof, as updated by the schedules attached hereto as Annex A. | ||
d. | No Default. No event has occurred and is continuing that constitutes a Default or Event of Default. |
7. | Choice of Law. The validity of this Amendment, the construction, interpretation and enforcement hereof, and the rights of the parties hereto with respect to all matters arising hereunder or related hereto shall be determined under, governed by, and construed in accordance wit the laws of the State of New York. | ||
8. | Counterparts. This Amendment may be executed in any number of counterparts and by different parties and separate counterparts, each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile shall be effective as delivery of a manually executed counterpart of the Amendment. |
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9. | Reference to and Effect on the Loan Documents. |
a. | Upon and after the Third Amendment Effective Date, each reference in the Existing Credit Agreement to this Agreement, hereunder, hereof or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the Credit Agreement, thereof or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. | ||
b. | Upon and after the Third Amendment Effective Date, each reference in the Security Agreement to this Agreement, hereunder, hereof or words of like import referring to the Security Agreement, and each reference in the other Loan Documents to the Security Agreement, thereof or words of like import referring to the Security Agreement, shall mean and be a reference to the Security Agreement as modified and amended hereby. | ||
c. | Except as specifically amended in Section 1 and Section 2 of this Amendment, the Existing Credit Agreement, the Security Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified, and confirmed and shall constitute the legal, valid, binding, and enforceable obligations of Borrowers to Administrative Agent and the Lenders without defense, offset, claim, or contribution. | ||
d. | The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power, or remedy of Administrative Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. |
10. | Ratification. Each Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement and the Security Agreement, as amended hereby, and the Loan Documents effective as of the date hereof. | ||
11. | Estoppel. To induce Administrative Agent and Lenders to enter into this Amendment and to induce Administrative Agent and the Lenders to continue to make advances to Borrowers under the Credit Agreement, each Borrower hereby acknowledges and agrees that, after giving effect to this Amendment, as of the date hereof, there exists no Default or Event of Default and no right of offset, defense, counterclaim, or objection in favor of any Borrower as against Administrative Agent or any Lender with respect to the Obligations. | ||
12. | Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject mater hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. | ||
13. | Severability. In case any provision in this Amendment shall be invalid, illegal, or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality , and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. |
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14. | Submission of Amendment. The submission of this Amendment to the parties or their agents or attorneys for review or signature does not constitute a commitment by Administrative Agent or any Lender to waive any of their respective rights and remedies under the Loan Documents, and this Amendment shall have no binding force or effect until all of the conditions to the effectiveness of this Amendment have been satisfied as set forth herein. |
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CORE-MARK HOLDING COMPANY, INC. | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer | |||
CORE-MARK INTERNATIONAL, INC. | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer | |||
CORE-MARK HOLDINGS I, INC. | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer | |||
CORE-MARK HOLDINGS II, INC. | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer | |||
CORE-MARK HOLDINGS III, INC. | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer | |||
CORE-MARK MIDCONTINENT, INC. | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer |
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CORE-MARK INTERRELATED COMPANIES, INC. | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer | |||
HEAD DISTRIBUTING COMPANY | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer | |||
MINTER-WEISMAN CO. | ||||
By | /s/ Greg Antholzner | |||
Name: | Greg Antholzner | |||
Title: | VP Finance & Treasurer | |||
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JPMORGAN CHASE BANK, N.A., as Administrative Agent and a Revolving Lender | ||||
By | /s/ Kevin D. Padgett | |||
Name: | Kevin D. Padgett | |||
Title: | Vice President | |||
JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as a Canadian Lender | ||||
By | /s/ Steve Voigt | |||
Name: | Steve Voigt | |||
Title: | Senior Vice President |
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BANK OF AMERICA, N.A., as a Revolving Lender | ||||
By | /s/ Gregory A. Jones | |||
Name: | Gregory A. Jones | |||
Title: | SVP | |||
BANK OF AMERICA, N.A., (acting through its Canada branch), as a Canadian Lender | ||||
By | /s/ Medina Sales de Andrade | |||
Name: | Medina Sales de Andrade | |||
Title: | Vice President |
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WACHOVIA CAPITAL FINANCE CORPORATION (WESTERN), as a Revolving Lender | ||||
By | /s/ Juan Barrera | |||
Name: | Juan Barrera | |||
Title: | Vice President | |||
WACHOVIA CAPITAL FINANCE CORPORATION (CANADA), as a Canadian Lender | ||||
By | /s/ Juan Barrera | |||
Name: | Juan Barrera | |||
Title: | Vice President |
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UNION BANK, N.A., as a Revolving Lender | ||||
By | /s/ Michele Scafani | |||
Name: | Michele Scafani | |||
Title: | Vice President | |||
UNION BANK, N.A., CANADA BRANCH as a Canadian Lender | ||||
By | /s/ Michele Scafani | |||
Name: | Michele Scafani | |||
Title: | Vice President |
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THE BANK OF NOVA SCOTIA, as a Revolving Lender and a Canadian Lender | ||||
By | /s/ Patrik G. Norris | |||
Name: | Patrik G. Norris | |||
Title: | Director |
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BANK OF MONTREAL, as a Revolving Lender | ||||
By | /s/ Michael W. Scolaro | |||
Name: | Michael W. Scolaro | |||
Title: | Managing Director | |||
BANK OF MONTREAL, as a Canadian Lender | ||||
By | /s/ Sean P. Gallaway | |||
Name: | Sean P. Gallaway | |||
Title: | Vice President |
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HARRIS N.A. | ||||
By | /s/ Michael W. Scolaro | |||
Name: | Michael W. Scolaro | |||
Title: | Managing Director |
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Revolving | Canadian | |||||||
Lender | Commitment | Commitment | ||||||
JPMorgan Chase Bank, N.A. | $ | 45,000,000 | cdn.$ | 24,750,000 | ||||
Wachovia Capital Finance Corporation (Western) | $ | 45,000,000 | cdn.$ | 0 | ||||
Wachovia Capital Finance Corporation (Canada) | $ | 0 | cdn.$ | 24,750,000 | ||||
Bank of America, N.A. | $ | 25,000,000 | cdn.$ | 13,750,000 | ||||
Union Bank, N.A. | $ | 20,000,000 | cdn.$ | 11,000,000 | ||||
The Bank of Nova Scotia | $ | 20,000,000 | cdn.$ | 11,000,000 | ||||
Bank of Montreal | $ | 45,000,000 | cdn.$ | 24,750,000 | ||||
Total | $ | 200,000,000 | cdn.$ | 110,000,000 | ||||
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SCHEDULE OF INTELLECTUAL PROPERTY | ANNEX A |
Mark | Legal Entity | Country | Classes | App. No. | App. Date | Reg. No. | Reg. Date | Status | ||||||||||||||||||||||||
ARCADIA BAY | Core-Mark International, Inc. | United States | 30 | 75/441,335 | 2/26/98 | 2,216,513 | 1/5/1999 | Registered | ||||||||||||||||||||||||
ARCADIA BAY | Core-Mark International, Inc. | United States | 35 | 75/501,429 | 6/11/98 | 2,323,187 | 2/29/2000 | Registered | ||||||||||||||||||||||||
CABLE CAR | Core-Mark International, Inc. | United States | 29, 30, 31 | 72/333,672 | 7/28/69 | 0,929,258 | 2/15/72 | Registered | ||||||||||||||||||||||||
CABLE CAR (and design) | Core-Mark International, Inc. | Canada | NA | 887,595 | 8/14/98 | TMA515,324 | 8/25/99 | Registered | ||||||||||||||||||||||||
CABLE CAR (and design) | Core-Mark International, Inc. | United States | 30 | 75/177,978 | 10/07/96 | 2,108,906 | 10/28/97 | Registered | ||||||||||||||||||||||||
CABLE CAR (and design) | Core-Mark International, Inc. | United States | 29, 30 | 77/363,344 | 1/3/08 | 3,574,884 | 2/17/09 | Registered | ||||||||||||||||||||||||
CABLE CAR SINCE 1890 & Design | Core-Mark International, Inc. | United States | 30 | 74/354,407 | 2/1/93 | 1,810,976 | 12/14/93 | Registered | ||||||||||||||||||||||||
CORE-MARK | Core-Mark International, Inc. | Canada | NA | 480,956 | 1/15/82 | TMA272,823 | 10/15/82 | Registered | ||||||||||||||||||||||||
CORE-MARK | Core-Mark International, Inc. | United States | 42 | 73/360,195 | 4/16/82 | 1,283,707 | 6/26/84 | Registered | ||||||||||||||||||||||||
CORE-MARK INTERNATIONAL & Design (New Design Logo) | Core-Mark International, Inc. | United States | 42 | 74/389,810 | 5/13/93 | 1,834,121 | 5/3/94 | Registered | ||||||||||||||||||||||||
CORE-MARK INTENRATIONAL & Design Logo (YOU CAN COUNT ON US) | Core-Mark International, Inc. | United States | 42 | 74/391,973 | 5/18/93 | 1,834,123 | 5/3/94 | Registered | ||||||||||||||||||||||||
EMERALD | Core-Mark International, Inc. | United States | 16 | 74/278,498 | 5/26/92 | 1,930,380 | 10/31/95 | Registered |
SCHEDULE OF INTELLECTUAL PROPERTY | ANNEX A |
Mark | Legal Entity | Country | Classes | App. No. | App. Date | Reg. No. | Reg. Date | Status | ||||||||||||||||||||||||
EMERALD | Core-Mark International, Inc. | United States | 16 | 76/354,062 | 12/31/01 | 2,807,166 | 1/20/04 | Registered | ||||||||||||||||||||||||
JAVA STREET (and design) | Core-Mark International, Inc. | United States | 35 | 75/849,949 | 11/16/99 | 2,429,626 | 2/20/01 | Registered | ||||||||||||||||||||||||
QUICKEATS | Core-Mark International, Inc. | United States | 35 | 78/912,119 | 6/20/06 | 3,390,137 | 2/26/08 | Registered | ||||||||||||||||||||||||
QUICKEATS | Core-Mark International, Inc. | United States | 43 | 78/912,123 | 6/20/06 | 3,337,314 | 11/13/07 | Registered | ||||||||||||||||||||||||
RICHLAND VALLEY | Core-Mark International, Inc. | United States | 29 | 77/113,939 | 2/22/07 | Allowed | ||||||||||||||||||||||||||
RICHLAND VALLEY | Core-Mark International, Inc. | United States | 30 | 77/114,070 | 2/22/07 | Allowed | ||||||||||||||||||||||||||
RICHLAND VALLEY | Core-Mark International, Inc. | United States | 32 | 77/113,953 | 2/22/07 | Allowed | ||||||||||||||||||||||||||
RICHLAND VALLEY (and design) | Core-Mark International, Inc. | United States | 29 | 77/116,349 | 2/26/07 | Allowed | ||||||||||||||||||||||||||
RICHLAND VALLEY (and design) | Core-Mark International, Inc. | United States | 30 | 77/116,345 | 2/26/07 | Allowed | ||||||||||||||||||||||||||
RICHLAND VALLEY (and design) | Core-Mark International, Inc. | United States | 32 | 77/113,975 | 2/22/07 | Allowed |
SCHEDULE OF INTELLECTUAL PROPERTY | ANNEX A |
Mark | Legal Entity | Country | Classes | App. No. | App. Date | Reg. No. | Reg. Date | Status | ||||||||||||||||||||||||
SMARTSTOCK | Core-Mark International, Inc. | Canada | NA | 867,945 | 2/2/98 | TMA737,108 | 3/27/09 | Registered | ||||||||||||||||||||||||
SMARTSTOCK | Core-Mark International, Inc. | United States | 35 | 75/334,833 | 8/2/97 | 2,271,065 | 8/17/99 | Registered | ||||||||||||||||||||||||
TASTEFULLY YOURS | Core-Mark International, Inc. | United States | 30 | 74/073,273 | 6/27/90 | 1,721,154 | 9/29/92 | Registered | ||||||||||||||||||||||||
TASTEFULLY YOURS | Core-Mark International, Inc. | United States | 29 | 74/234,229 | 12/30/91 | 1,711,973 | 9/1/92 | Registered |
CORE-MARK INTERNATIONAL, INC. SCHEDULE OF INSURANCE as of January 7, 2010 | ANNEX A |
Policy | Policy | AM Best | Deductible | |||||||||||||||||||
Policy | Number | Period | Carrier | Rate | Limits | Comments | Premium | |||||||||||||||
CASUALTY | ||||||||||||||||||||||
1 | Commercial General Liability | HDO G24938153 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | $ | 3,000,000 | Each Occurrence | $500,000 Deductible | $ | 116,587 | |||||||||||
$ | 3,000,000 | Personal & Advertising Injury | (excluding ALAE) | (excl claim handling and loss control) | ||||||||||||||||||
$ | 3,000,000 | Products-Completed Operations Aggregate | ||||||||||||||||||||
$ | 5,000,000 | General Aggregate | ||||||||||||||||||||
$ | 1,000,000 | Damage to Premises Rented to you Any one Premise | ||||||||||||||||||||
Excluded | Medical Expense | |||||||||||||||||||||
Employee Benefits Liability | $ | 1,000,000 | Each Claim | |||||||||||||||||||
(Claims Made) | $ | 1,000,000 | Aggregate | |||||||||||||||||||
Retro Date: 1/1/09 | ||||||||||||||||||||||
2 | Business Automobile Liability | ISA H08583572 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | $ | 5,000,000 | Liability Any Auto | $500,000 Deductible | $ | 875,853 | |||||||||||
& Physical Damage | Statutory | Personal Injury Protection | (excluding ALAE) | (excl claim handling and loss control) | ||||||||||||||||||
Statutory | Uninsured/Underinsured Motorists | |||||||||||||||||||||
$ | 500,000 | Comprehensive Deductible Owned Autos | ||||||||||||||||||||
$ | 500,000 | Collision Deductible Owned Autos | ||||||||||||||||||||
Auto Physical Damage (Symbols 2 & 8) | ||||||||||||||||||||||
$ | 500,000 | Comprehensive Deductible | ||||||||||||||||||||
$ | 500,000 | Collision Deductible | ||||||||||||||||||||
3 | Workers Compensation & | WLR C45709127 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | Statutory | Workers Compensation | $500,000 Deductible | $ | 735,047 | ||||||||||||
Employers Liability | (excluding ALAE) | (excl claim handling and loss control) | ||||||||||||||||||||
(Deductible) | Emploiyers Liability | |||||||||||||||||||||
(All states Except Wisconsin) | $ | 1,000,000 | Bodily Injury by Accident Each Accident | |||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Disease Policy Limit | (incl assessments) | |||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Disease Each Employee | ||||||||||||||||||||
(Incl in WC Premium above) | ||||||||||||||||||||||
4 | Workers Compensation & | SCF C45709139 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | Statutory | Workers Compensation | $500,000 Deductible | ||||||||||||||
Employers Liability | (excluding ALAE) | |||||||||||||||||||||
(Retro) | Emploiyers Liability | |||||||||||||||||||||
(Wisconsin) | $ | 1,000,000 | Bodily Injury by Accident Each Accident | |||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Disease Policy Limit | ||||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Disease Each Employee | ||||||||||||||||||||
5 | Umbrella Liability - Lead | XOO G24905159 | 1/1/2010 - 1/1/2011 | ACE Property & Casualty Ins. Co. | A+ XV | $ | 25,000,000 | Each Occurrence | $10,000 Self Insured Retention | $ | 180,392 | |||||||||||
$ | 25,000,000 | General Aggregate | ||||||||||||||||||||
6 | Excess Liability | LQ1 B71-073620-110 | 1/1/2010 - 1/1/2011 | Liberty Insurance Underwriters, Inc. | A XV | $ | 35,000,000 | Each Occurrence | $ | 78,000 | ||||||||||||
(Liberty International) | $ | 35,000,000 | General Aggregate | |||||||||||||||||||
Excess of $25,000,000 | ||||||||||||||||||||||
$5,000 Deductible - Per Claim or Corrective | ||||||||||||||||||||||
7 | Storage Tank Liability | G21858584 - 002 | 6/7/09 - 6/7/10 | ACE American Insurance Company | A+ XV | $ | 2,000,000 | Per Storage Tank Incident | Action Cost | $ | 690 | |||||||||||
$ | 2,000,000 | Aggregate | Retrodate: May 30, 1997 | |||||||||||||||||||
$ | 2,000,000 | Aggregate Legal Defensive Expenses |
CORE-MARK INTERNATIONAL, INC. SCHEDULE OF INSURANCE as of January 7, 2010 | ANNEX A |
Policy | Policy | AM Best | Deductible | |||||||||||||||||||
Policy | Number | Period | Carrier | Rate | Limits | Comments | Premium | |||||||||||||||
8 | Foreign Liability | CXCD36926235 | 1/1/2010 1/1/2011 | ACE American Insurance Company | A+ XV | $ | 3,000,000 | Per Occurrence | $8,050 | |||||||||||||
$ | 3,000,000 | Products/Completed Operations Aggregate | US$ | |||||||||||||||||||
$ | 3,000,000 | Personal & Advertising Injury Agggregate | ||||||||||||||||||||
$ | 3,000,000 | Premises Damage Per Occurrence | ||||||||||||||||||||
$ | 10,000 | Medical Expenses Any One Person | ||||||||||||||||||||
$ | 1,000,000 | Employee Benefits Liability ($1,000 Deductible) | ||||||||||||||||||||
$ | 3,000,000 | Contingent Auto Liability | ||||||||||||||||||||
Benefits for Voluntary Compensation | ||||||||||||||||||||||
North Americans State of Hire | ||||||||||||||||||||||
Third Country Nationals Country of Origin | ||||||||||||||||||||||
Local Nationals Employers Liability only | ||||||||||||||||||||||
$ | 500,000 | Policy Limit for Medical Assistance Services | ||||||||||||||||||||
$ | 1,000,000 | EL Each Accident Bodily Injury by Accident | ||||||||||||||||||||
$ | 1,000,000 | EL Each Employee Bodily Injury by Disease | ||||||||||||||||||||
$ | 1,000,000 | EL Policy Limit Bodily Injury by Disease | ||||||||||||||||||||
Canadian General Liability | CGL322703 | 1/1/2010 1/1/2011 | ACE-INA Insurance (Toronto, Canada) | A+ IX | $ | 3,000,000 | Per Occurrence. Bodily Injury, Property Damage, Personal Injury & Advertising Injury and Employers Liability Combined. | Nil | $62,338 | |||||||||||||
$ | 3,000,000 | Products/Completed Operations Annual Agg | US$ | |||||||||||||||||||
Canadian Non-owned Auto Liability | Legal Liability For Bodily Injury To Or Death Of Any Person Or Damage To | |||||||||||||||||||||
(for Short-term Rental Units) | SPF425908 | 1/1/2010 1/1/2011 | ACE-INA Insurance (Toronto, Canada) | A+ IX | $ | 3,000,000 | Property Of Others Not In The Care, Custody Or Control Of The Insured. | Nil | $12,667 | |||||||||||||
US$ | ||||||||||||||||||||||
Canadian Auto Liability | CAC301871 | 3/31/09 3/31/2010 | ACE INA (Marsh Calgary) | A+ IX | CAD 3,000,000 | Per Occurrence. Third Party Liability and Statutory Accident Benefits, CSL | CAD 5,000 Property Damage Reimbursement Deductible | CAD 112,607 | ||||||||||||||
PROPERTY | ||||||||||||||||||||||
9 | Property | 12815363 | 08/01/09 08/01/10 | Lexington Insurance Co. | A XV | $25,000,000 lead US Locations | $25,000/Core deductible | $838,766 | ||||||||||||||
including Boiler & Machinery | Southern Risk Specialists | Refer to Policy for additional sub-limits | Earth Movement: $100,000 Per Occurrence EXCEPT | Excluding taxes | ||||||||||||||||||
Earth Movement California Locations: 5% TIV | ||||||||||||||||||||||
and including ADC AND RDC | per location / $250,000 (min) | and surcharges | ||||||||||||||||||||
Flood: $100,000 Per Occurrence EXCEPT | ||||||||||||||||||||||
Flood-Zone A Buildings: $500,000 Per Occ. | ||||||||||||||||||||||
Flood-Zone A Contents: $500,000 Per Occ. | ||||||||||||||||||||||
Flood-Zone A Time Element: $100,000 Per Occ. | ||||||||||||||||||||||
Named Windstorm in Tier 1 counties in AL, GA, | ||||||||||||||||||||||
NC, SC, MS, LA, TX, VA and all of FL: 5%TIV | ||||||||||||||||||||||
per location /$250,000 (min) | ||||||||||||||||||||||
Inland Transit: $25,000 | ||||||||||||||||||||||
9 (A) | Property | 9897653 | 8/1/09 8/1/10 | AIG Commercial Insurance Company | A XV | $25,000,000 lead Canada Locations | $25,000/Core | USD 61,234 | ||||||||||||||
Including Boiler & Machinery | of Canada | Refer to Policy for additional sub-limits | Earth Movement: $100,000 Per Occurrence | Excluding provincial | ||||||||||||||||||
Flood: $100,000 Per Occurrence | taxes | |||||||||||||||||||||
Refer to policy for additional deductibles | ||||||||||||||||||||||
10 | Property | PL325709 | 8/1/09 8/1/10 | Lloyds of London | A XV | $45,000,000 Part of $50,000,000 | Refer to Cover Note for Excess Wording Clause | $92,778 | ||||||||||||||
Including Boiler & Machinery | Excess $25,000,000 | Excluding taxes | ||||||||||||||||||||
and including ADC AND RDC | Program Sublimits Apply | and surcharges | ||||||||||||||||||||
for US Locations | ||||||||||||||||||||||
(One policy issued for US & Canada but | ||||||||||||||||||||||
Marsh Dallas bills for the US Locations & | USD 11,623 | |||||||||||||||||||||
Marsh Toronto bills for the Canada Locations) | for Canada locations | |||||||||||||||||||||
Excluding provincial | ||||||||||||||||||||||
taxes |
CORE-MARK INTERNATIONAL, INC. SCHEDULE OF INSURANCE as of January 7, 2010 | ANNEX A |
Policy | Policy | AM Best | Deductible | |||||||||||||||||||
Policy | Number | Period | Carrier | Rate | Limits | Comments | Premium | |||||||||||||||
11 | Property Including Boiler & Machinery and including ADC AND RDC | GEP2427 | 8/1/09 - 8/1/10 | Lloyds of London | A XV | $5,000,000 Part of $50,000,000 Excess $25,000,000 Program Sublimits Apply | Refer to Cover Note for Excess Wording Clause | $ | 10,309 | |||||||||||||
Excluding taxes and surcharges | ||||||||||||||||||||||
for US Locations | ||||||||||||||||||||||
(One policy issued for US & Canada but | USD 1,546 | |||||||||||||||||||||
Marsh Dallas bills for the US Locations & | for Canada locations | |||||||||||||||||||||
Marsh Toronto bills for the Canada Locations) | Excluding provincial | |||||||||||||||||||||
taxes | ||||||||||||||||||||||
12 | Property | XIN37628 | 8/1/09 - 8/1/10 | Integon Specialty | A- IX | $25,000,000 | Refer to Policy for Excess | $ | 30,000 | |||||||||||||
Including Boiler & Machinery | US Locations Only | Excess $75,000,000 | Wording Clause | Excluding taxes | ||||||||||||||||||
and including ADC AND RDC | Program Sublimits Apply | and surcharges | ||||||||||||||||||||
US Locations Only | NOT COVERED | |||||||||||||||||||||
for Canada | ||||||||||||||||||||||
locations | ||||||||||||||||||||||
13 | Stand Alone Terrorism | TER2008004 | 2/15/09 - 2/15/10 | Lloyds of London | A XV | $15,103,481 | $10,000 | $ | 7,000 | |||||||||||||
for MN Warehouse | Excluding taxes | |||||||||||||||||||||
3750 Wells Fargo Center | fee and surcharges | |||||||||||||||||||||
90 South 7th St. | ||||||||||||||||||||||
Minneapolis, MN 55402 | ||||||||||||||||||||||
Total Property | #VALUE! | |||||||||||||||||||||
Excluding taxes | ||||||||||||||||||||||
and surcharges | ||||||||||||||||||||||
FINPRO | ||||||||||||||||||||||
14 | Directors & Officers Liability | ELU114376-09 | 11/01/09-11/01/10 | XL Specialty Insurance Company | A XV | Limit (agg): | $25,000,000 | $0 retention- Non-Indemnifiable Claims | $ | 450,000 | ||||||||||||
(ELU) | $250,000 retention- Each Indemnifiable Claim | |||||||||||||||||||||
$750,000 retention- Each Securities Claim | ||||||||||||||||||||||
15 | Directors & Officers Liability (Side A DIC) | V15WQ309PNDM | 11/01/09-11/01/10 | Beazley Insurance Company, Inc. | A VIII | Limit (agg): | $10,000,000 excess $25,000,000 | above | $ | 110,000 | ||||||||||||
16 | Directors & Officers Liability (Side A DIC) | DFX0009945 | 11/01/09-11/01/10 | Great American Insurance Company | A XIII | Limit (agg): | $10,000,000 excess $35,000,000 | above | $ | 93,253 | ||||||||||||
17 | Directors & Officers Liability (Side A DIC) | MCN729336/01/2009 | 11/01/09-11/01/10 | Axis Insurance Company | A XV | Limit (agg): | $10,000,000 excess $45,000,000 | above | $ | 75,042 | ||||||||||||
18 | Directors & Officers Liability (Side A DIC) | DOC ###-###-####-01 | 11/01/09-11/01/10 | Zurich American Insurance Company | A XV | Limit (agg): | $10,000,000 excess $55,000,000 | above | $ | 61,500 | ||||||||||||
19 | Directors & Officers Liability (Side A DIC) | 8210-9429 | 11/01/09-11/01/10 | Federal Insurance Company (Chubb) | A++ XV | Limit (agg): | $5,000,000 excess $65,000,000 | above | $ | 26,000 | ||||||||||||
20 | Fiduciary Liability | MCN735529/01/2009 | 11/01/09-11/01/10 | Axis Insurance Company | A XV | Limit (agg): | $10,000,000 | $50,000 retention per Claim | $ | 26,405 | ||||||||||||
$10,000,000 (each | ||||||||||||||||||||||
21 | Commercial Crime | FI4N439386004 | 04/05/09-04/05/10 | Liberty Mutual Insurance Company | A XV | Limit: | loss, except for certain sub-limited coverages) | $250,000 Each Claim | $ | 57,191 | ||||||||||||
National Union Fire Ins. Co. of | $5,000,000 (each | (except for certain sub-limits) | ||||||||||||||||||||
22 | Special Crime | 647-2001 | 08/05/07-08/05/10 | Pittsburgh PA | A XV | Limit: | loss, except for certain sub-limited coverages) | $0 | $ | 10,996 |
ADC ARIZONA DISTRIBUTION CENTER SCHEDULE OF INSURANCE As of January 7, 2010 | ![]() |
Policy | Policy | AM Best | Deductible | |||||||||||||||||||
Policy | Number | Period | Carrier | Rate | Limits | Comments | Premium | |||||||||||||||
CASUALTY (Separate Program for ADC) | ||||||||||||||||||||||
1 | Commercial General Liability | OGL G24938177 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | $ | 1,000,000 | Each Occurrence | Guaranteed Cost | $ | 36,154 | |||||||||||
$ | 1,000,000 | Personal & Advertising Injury | ||||||||||||||||||||
$ | 2,000,000 | Products-Completed Operations Aggregate | ||||||||||||||||||||
$ | 2,000,000 | General Aggregate | ||||||||||||||||||||
$ | 300,000 | Damage to Premises Rented to you Any one Premises | ||||||||||||||||||||
$ | 10,000 | Medical Expense Any one Person | ||||||||||||||||||||
$ | 1,000,000 | Each Claim | ||||||||||||||||||||
$ | 1,000,000 | Aggregate | ||||||||||||||||||||
$ | 1,000 | Deductible | ||||||||||||||||||||
Retro Date: 1/1/09 | ||||||||||||||||||||||
2 | Business Automobile Liability & Physical Damage | CAL H08583596 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | $ | 5,000,000 | Liability Each Accident Any Auto | Guaranteed Cost | $ | 156,651 | |||||||||||
Statutory | Personal Injury Protection | |||||||||||||||||||||
$ | 5,000 | Medical Payments Owned Autos | ||||||||||||||||||||
$ | 100,000 | Uninsured/Underinsured Motorists Each Accident Owned Autos | ||||||||||||||||||||
Auto Physical Damage (Symbols 2 & 8) | Included | |||||||||||||||||||||
$ | 2,500 | Comprehensive Deductible (ACV) Owned Autos & Hired Car | ||||||||||||||||||||
$ | 2,500 | Collision Deductible (ACV) Owned Autos & Hired Car | ||||||||||||||||||||
3 | Workers Compensation & Employers Liability | NWC C45709152 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | Statutory | Workers Compensation | Guaranteed Cost | $ | 274,536 | ||||||||||||
(Includes CM Arizona) | ||||||||||||||||||||||
Emploiyers Liability | ||||||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Accident Each Accident | ||||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Disease Policy Limit | ||||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Disease Each Employee | ||||||||||||||||||||
UMBRELLA / EXCESS (Refer to Core-Mark Program) | ||||||||||||||||||||||
Refer to policies on Core-Mark tab no separate policy for ADC | Included on Umbrella/Excess Liability program | Refer to Core-Mark tab | ||||||||||||||||||||
PROPERTY (Refer to Core-Mark program) | ||||||||||||||||||||||
Refer to policies on Core-Mark tab | Included on Property program | Refer to Core-Mark tab no separate policy for ADC |
RDC VALERO REGIONAL DISTRIBUTION CENTER SCHEDULE OF INSURANCE As of January 7, 2010 | ![]() |
Policy | Policy | AM Best | ||||||||||||||||||||
Policy | Number | Period | Carrier | Rate | Limits | Comments | Premium | |||||||||||||||
CASUALTY (Separate Program for TDC) | ||||||||||||||||||||||
1 | Commercial General Liability | OGL G24938165 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | $ | 1,000,000 | Each Occurrence | Guaranteed Cost | $ | 84,757 | |||||||||||
$ | 1,000,000 | Personal & Advertising Injury | ||||||||||||||||||||
$ | 2,000,000 | Products-Completed Operations Aggregate | ||||||||||||||||||||
$ | 2,000,000 | General Aggregate | ||||||||||||||||||||
$ | 300,000 | Damage to Premises Rented to you Any one Premises | ||||||||||||||||||||
$ | 10,000 | Medical Expense - Any one Person | ||||||||||||||||||||
$ | 1,000,000 | Each Claim | ||||||||||||||||||||
$ | 1,000,000 | Aggregate | ||||||||||||||||||||
$ | 1,000 | Deductible | ||||||||||||||||||||
Retro Date: 1/1/09 | ||||||||||||||||||||||
2 | Business Automobile Liability | CAL H08583584 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | $ | 5,000,000 | Liability Each Accident Any Auto | Guaranteed Cost | $ | 196,390 | |||||||||||
& Physical Damage | Statutory | Personal Injury Protection | ||||||||||||||||||||
(Including Auto Loan/Lease Gap Coverage) | $ | 5,000 | Medical Payments Owned Autos | |||||||||||||||||||
$ | 100,000 | Uninsured/Underinsured Motorists Each Accident Owned Autos | ||||||||||||||||||||
Auto Physical Damage (Symbols 2 & 8) | Included | |||||||||||||||||||||
$ | 2,500 | Comprehensive Deductible (ACV) Owned Autos & Hired Car | ||||||||||||||||||||
$ | 2,500 | Collision Deductible (ACV) Owned Autos & Hired Car | ||||||||||||||||||||
Auto Loan / Lease Gap Coverage all leased autos | Included | |||||||||||||||||||||
3 | Workers Compensation & | NWC C45709140 | 1/1/2010 - 1/1/2011 | ACE American Insurance Company | A+ XV | Statutory | Workers Compensation | Guaranteed Cost | $ | 400,194 | ||||||||||||
Employers Liability | ||||||||||||||||||||||
Emploiyers Liability | ||||||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Accident Each Accident | ||||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Disease Policy Limit | ||||||||||||||||||||
$ | 1,000,000 | Bodily Injury by Disease Each Employee | ||||||||||||||||||||
UMBRELLA / EXCESS (Refer to Core-Mark Program) | ||||||||||||||||||||||
Refer to policies on Core-Mark tab no separate policy for RDC | Included on Umbrella/Excess Liability program | Refer to Core-Mark tab | ||||||||||||||||||||
PROPERTY (Refer to Core-Mark Program) | ||||||||||||||||||||||
Refer to policies on Core-Mark tab no separate policy for RDC | Included on Property program | Refer to Core-Mark tab | ||||||||||||||||||||
Total | $ | 681,341 | ||||||||||||||||||||