EX-10.1 SENIOR SECURED CREDIT AGREEMENT
EX-10.1 3 g86040exv10w1.txt EX-10.1 SENIOR SECURED CREDIT AGREEMENT EXHIBIT 10.1 CREDIT AGREEMENT Dated as of November 13, 2003 between STANDARD MANAGEMENT CORPORATION as Borrower and THE CIT GROUP/EQUIPMENT FINANCING, INC. as Lender ARTICLE I..............................................DEFINITIONS AND ACCOUNTING TERMS 1 SECTION 1.01.................................................Certain Defined Terms 1 SECTION 1.02................................................Computation of Periods 15 SECTION 1.03...........................................................Conventions 15 ARTICLE II............................................AMOUNTS AND TERMS OF THE ADVANCES 15 SECTION 2.01..................................................The Revolving Credit 15 SECTION 2.02.............................................................Term Loan 18 SECTION 2.03...........................................................Prepayments 19 SECTION 2.04..........................................................Late Charges 20 SECTION 2.05.............................................Payments and Computations 20 SECTION 2.06.................................................................Taxes 21 SECTION 2.07.......................................................Use of Proceeds 22 SECTION 2.08....................................Designation as Senior Indebtedness 22 ARTICLE III.....................................CONDITIONS TO EFFECTIVENESS AND LENDING 22 SECTION 3.01.................................Conditions Precedent to Effectiveness 22 SECTION 3.02...........Conditions Precedent to the Making of Each Rev. Credit Adv. 25 ARTICLE IV...............................................REPRESENTATIONS AND WARRANTIES 25 SECTION 4.01........................Representations and Warranties of the Borrower 25 ARTICLE V.....................................................COVENANTS OF THE BORROWER 30 SECTION 5.01.................................................Affirmative Covenants 30 SECTION 5.02....................................................Negative Covenants 36 ARTICLE VI............................................................EVENTS OF DEFAULT 40 SECTION 6.01.....................................................Events of Default 40 ARTICLE VII...............................................................MISCELLANEOUS 43 SECTION 7.01......................................................Amendments, Etc. 43 SECTION 7.02.........................................................Notices, Etc. 43 SECTION 7.03...................................................No Waiver; Remedies 43
SECTION 7.04....................................................Costs and Expenses 43 SECTION 7.05......................................................Right of Set-off 44 SECTION 7.06........................................................Binding Effect 44 SECTION 7.07........................................Assignments and Participations 45 SECTION 7.08.......................................................Confidentiality 45 SECTION 7.09....................................................Further Assurances 46 SECTION 7.10.........................................................Governing Law 46 SECTION 7.11.............................................Execution in Counterparts 46 SECTION 7.12..................................................Waiver of Jury Trial 46
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