EX-10 5 abs10k2001exhibit10-29.txt 10.29 - AMENDED AND RESTATED CREDIT AGREEMENT [364-Day Agreement] EXECUTION VERSION ================================================================================ AMENDED AND RESTATED CREDIT AGREEMENT Dated as of March 13, 2002 among ALBERTSON'S, INC., BANK OF AMERICA, N.A. as Administrative Agent, BANK ONE, N.A., as Syndication Agent, UNION BANK OF CALIFORNIA, N.A. and WELLS FARGO BANK, N.A., as Documentation Agents and THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO Arranged by Banc of America Securities LLC, Sole Lead Arranger and Sole Book Manager ================================================================================ SFRLIBI\MMK\6146301.06 364-Day Credit Agreement AMENDED AND RESTATED CREDIT AGREEMENT This AMENDED AND RESTATED CREDIT AGREEMENT (this "Agreement") is entered into as of March 13, 2002, among Albertson's, Inc., a Delaware corporation (the "Company"), the several financial institutions from time to time party to this Agreement (individually, a "Bank" and, collectively, the "Banks"), Bank One, N.A., as syndication agent (in such capacity, the "Syndication Agent"), Union Bank of California, N.A. and Wells Fargo Bank, N.A., as documentation agents (in such capacity, the "Documentation Agents") and Bank of America, N.A., as administrative agent for itself and the Banks (in such capacity, the "Agent"). WHEREAS, the Company, the Banks party thereto and the Agent entered into a Credit Agreement dated as of March 22, 2000, as amended and restated as of March 15, 2001 (as in effect as of the date of this Agreement, the "Original Agreement") providing for a 364-day revolving credit facility; and WHEREAS, the parties hereto desire to amend the Original Agreement as set forth herein and to restate the Original Agreement in its entirety to read as set forth in the Original Agreement with the amendments specified below, subject to the terms and conditions of this Agreement; NOW, THEREFORE, the parties hereto agree as follows: 1. Definitions; References; Interpretation. (a) Unless otherwise specifically defined herein, each term used herein (including in the Recitals hereof) which is defined in the Original Agreement shall have the meaning assigned to such term in the Original Agreement. (b) Each reference to "this Agreement", "hereof", "hereunder", "herein" and "hereby" and each other similar reference contained in the Original Agreement, and each reference to "the Credit Agreement" and each other similar reference in the other Loan Documents, shall from and after the Effective Date (as defined in subsection 2) refer to the Original Agreement as amended and restated hereby. (c) The rules of interpretation set forth in Section 1.02 of the Original Agreement shall be applicable to this Agreement. 2. Amendments to Original Agreement. Subject to the terms and conditions hereof, the Original Agreement is amended as follows, effective as of the date of satisfaction of the conditions set forth in Section 4 (the "Effective Date"): (a) Syndication Agent and Documentation Agents. References in the Original Agreement to the Syndication Agent, the Documentation Agent, the Senior Managing Agents and the Managing Agents shall be deemed to be references to the Syndication Agent and the Documentation Agents named herein. (b) Amendments to Article I of the Original Agreement. SFRLIB1\MMK\6146301.06 2. 364-Day Credit Agreement (1) The term "Notes" defined in the Original Agreement shall include from and after the Effective Date the Notes delivered under this Agreement. (2) The definition of "Closing Date" is amended in its entirety to provide as follows: "Closing Date" means the date occurring on or before March 13, 2002 on which all conditions precedent set forth in Section 4.01 are satisfied or waived by all Banks (or, in the case of subsection 4.01(e), waived by the Person entitled to receive such payment). (3) The definition of "Revolving Termination Date" is amended in its entirety to provide as follows: "Revolving Termination Date" means the earlier to occur of: a. March 12, 2003 as the same may be extended from time to time pursuant to Section 2.16; and b. The date on which the Commitments terminate in accordance with the provisions of this Agreement. (4) The defined term, "Company's 1998 Form 10-K" shall be deleted, and a new defined term, "Company's 2000 Form 10K" shall be added as follows: "Company's 2000 Form 10-K" means the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2001, as filed with the SEC pursuant to the Exchange Act. Accordingly, each reference to "Company's 1998 Form 10-K" in the Original Agreement shall be deemed to refer to "Company's 2000 Form 10-K," and each reference to February 3, 2000 in Sections 1.01, 4.02 and 5.10 of the Original Agreement shall be deemed to refer to February 1, 2001. (5) The following new defined terms shall be added: "Consolidated Interest Expense" means as of any date of determination, for the Company and its Subsidiaries on a consolidated basis, all interest, premium payments, fees, charges and related expenses of the Company and its Subsidiaries in connection with borrowed money or in connection with the deferred purchase price of assets, to the extent treated as interest and net of interest income in accordance with GAAP, and the portion of rent expense with respect to capitalized lease obligations that is treated as interest in accordance with GAAP, but excluding amortization of discount and deferred debt expense as determined in accordance with GAAP. "Consolidated Rental Expense" means as of any date of determination, for the Company and its Subsidiaries on a consolidated basis the aggregate SFRLIB1\MMK\6146301.06 3. 364-Day Credit Agreement rental expense (including any contingent or percentage rental expense and any rent offsets, as applicable) of the Company and its Subsidiaries on a consolidated basis for such period in respect of all rent obligations under all operating leases for real or personal property minus any rental income of the Company and its Subsidiaries on a consolidated basis for such period (including licensee related income from licensees operating on the store premises of Company and its Subsidiaries). "EBITDAR" means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to (i) the sum of (a) net earnings before One Time Charges for such period, (b) all income taxes for such period, (c) Consolidated Interest Expense for such period, (d) depreciation and amortization expense for such period, and (e) Consolidated Rental Expense for such period, minus (ii) cash One Time Charges for such period. "Fixed Charge Coverage Ratio" means, as of any date of determination, for the Company and its Subsidiaries on a consolidated basis, the ratio of (a) EBITDAR for the period of four fiscal quarters ending on such date to (b) Total Fixed Charges for the period of four fiscal quarters ending on such date. "Initial Closing Date" means March 30, 1999. "One Time Charges" means unusual material charges or credits against earnings which the Company separately discloses in the discussion of the "Results of Operations" (including but not limited to merger related charges, restructuring charges, gains or losses from the disposition of assets and accounting changes). "Total Fixed Charges" means, for any period, for the Company and its Subsidiaries on a consolidated basis, (a) Consolidated Interest Expense for such period and (b) Consolidated Rental Expense for such period. (c) Amendments to Article II of the Original Agreement. (1) The agreement of the Bid Loan Banks to accept requests for Bid Loans from the Company pursuant to Sections 2.05 and 2.06 of the Original Agreement shall be terminated effective as of the Closing Date. (2) The reference to "$1,250,000,000" in Section 2.17(a)(G) of the Original Agreement shall be deleted and "$625,000,000" shall be inserted in its place. (d) Amendments to Article V of the Original Agreement. (1) The two references to October 29, 1999 in Section 5.10(b) of the Original Agreement shall be deleted and replaced by "November 1, 2001" for each such reference. (2) Section 5.15 shall be deleted. (e) Amendments to Article VII of the Original Agreement. SFRLIB1\MMK\6146301.06 4. 364-Day Credit Agreement (1) The reference to "Closing Date" in Section 7.03(e) of the Original Agreement shall be deleted and "Initial Closing Date" shall be inserted in its place. (2) The Minimum Consolidated Tangible Net Worth amount of $2,100,000,000 set forth in Section 7.05 of the Original Agreement shall be deleted and the amount "$3,000,000,000" shall be inserted in its place. (3) A new Section 7.06 shall be added as follows: 7.06 Fixed Charge Coverage Ratio. The Company shall not permit its Fixed Charge Coverage Ratio as determined as of the last day of any fiscal quarter to be less than 2.70 to 1.00. (f) Amendment to Article VIII of the Original Agreement. Subsection 8.01(c) of the Original Agreement is amended in its entirety to provide as follows: (c) Specific Defaults. The Company shall fail to observe or perform any covenant contained in Sections 7.01 through 7.06, inclusive; or (g) Amendment to Schedule 2.01 of the Original Agreement. Schedule 2.01 of the Original Agreement is replaced in its entirety by Schedule 2.01 (Amended) of this Agreement. (h) Amendment to Schedule 10.02 of the Original Agreement. Schedule 10.02 of the Original Agreement is replaced in its entirety by Schedule 10.02 (Amended) of this Agreement. (i) Amendment to Exhibit C of the Original Agreement. Exhibit C of the Original Agreement is replaced in its entirety by Exhibit C (Amended) of this Agreement. 3. Representations and Warranties. The Company hereby represents and warrants to the Agent and the Banks as follows: (a) No Default or Event of Default has occurred and is continuing (or would result from the amendment of the Original Agreement contemplated hereby). (b) The execution, delivery and performance by the Company of this Agreement and the Original Agreement (as amended and restated by this Agreement) have been duly authorized by all necessary corporate and other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person (including any Governmental Authority) in order to be effective and enforceable. (c) This Agreement, each Note delivered hereunder and the Original Agreement (as amended and restated by this Agreement) constitute the legal, valid and binding obligations of the Company, enforceable against it in accordance with their respective terms. (d) All representations and warranties of the Company contained in the Original Agreement are true and correct (except to the extent such representations and warranties expressly refer to an earlier date, in which case they shall be true and correct as of such earlier date and except that this SFRLIB1\MMK\6146301.06 5. 364-Day Credit Agreement subsection (d) shall be deemed instead to refer to (x) the last day of the most recent quarter and year for which financial statements have then been delivered; (y) to the most recent Form 10-K and Forms 10-Q filed subsequently thereto by the Company with the SEC, in respect of the representations and warranties made in Section 5.05 of the Original Agreement; and (z) to the most recent Form 10-K filed by the Company with the SEC, in respect of the representations and warranties made in Section 5.10(a) of the Original Agreement). (e) There has occurred since February 1, 2001 (except as disclosed in any public filings since such date), no event or circumstance that has resulted or could reasonably be expected to result in a Material Adverse Effect. (f) The Company is entering into this Agreement on the basis of its own investigation and for its own reasons, without reliance upon the Agent and the Banks or any other Person. (g) The Company's obligations under the Original Agreement and under the other Loan Documents are not subject to any defense, counterclaim, set-off, right of recoupment, abatement or other claim. 4. Conditions of Effectiveness. (a) The effectiveness of Section 2 of this Agreement shall be subject to the satisfaction of each of the following conditions precedent: (1) The Agent shall have received from the Company and each of the Banks (i) a duly executed original (or, if elected by the Agent, an executed facsimile copy) of this Agreement; and (ii) if requested by any Bank, a Note (or replacement Note) substantially in the form of Exhibit I to the Original Agreement. (2) The Agent shall have received evidence of payment by the Company of all fees, costs and expenses due and payable as of the Effective Date hereunder and under the Original Agreement, including any costs and expenses payable under Section 7(g) of this Agreement (including the Agent's Attorney Costs, to the extent invoiced on or prior to the Effective Date). (3) The Agent shall have received from the Company a copy of the resolutions passed by the board of directors of the Company, certified as of the Effective Date by the Secretary or an Assistant Secretary of such Person, authorizing the execution, delivery and performance of this Agreement, the Notes to be delivered hereunder and the Original Agreement (as amended and restated by this Agreement). (4) The Agent shall have received an opinion of Paul Rowan, Group Vice President, Business Law, and Acting General Counsel to the Company, dated the Effective Date and addressed to the Agent and the Banks, in substantially the form of Exhibit D to the Original Agreement. (5) The Agent shall have received a favorable opinion of Brobeck, Phleger & Harrison LLP, special counsel to the Agent, in substantially the form of the opinion delivered in connection with the Original Agreement, dated as of the Effective Date. SFRLIB1\MMK\6146301.06 6. 364-Day Credit Agreement (6) The Agent shall have received all other documents it or any Bank may reasonably request relating to any matters relevant hereto, all in form and substance satisfactory to the Agent and each Bank. (7) The representations and warranties in Section 3 of this Agreement shall be true and correct on and as of the Effective Date with the same effect as if made on and as of the Effective Date. (b) For purposes of determining compliance with the conditions specified in Section 4(a), each Bank that has executed this Agreement shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter either sent, or made available for inspection, by the Agent to such Bank for consent, approval, acceptance or satisfaction, or required thereunder to be consented to or approved by or acceptable or satisfactory to such Bank. (c) From and after the Effective Date, the Original Agreement is amended as set forth herein and is restated in its entirety to read as set forth in the Original Agreement with the amendments specified herein, and all outstanding Notes under the Original Agreement shall be superseded and replaced by the Notes delivered under this Agreement. All such previously outstanding Notes will be deemed cancelled upon the occurrence of the Effective Date. The Original Agreement (as amended and restated by this Agreement) is hereby ratified and confirmed in all respects. (d) The Agent will notify the Company and the Banks of the occurrence of the Effective Date. 5. Fees. At Closing, the Company shall pay to the Agent for itself the fees set forth in the Fee Letter dated as of February 15, 2002 by and between the Company, the Lead Arranger and the Agent. 6. Certain Transitional Matters. On the Effective Date, the Banks party to the Original Agreement, as amended and restated hereby, shall be the Banks listed on the signature pages hereof and shall have the respective Commitments in the amounts set forth in Schedule 2.01 (Amended) of this Agreement. Without limiting the generality of the foregoing, on the Effective Date, any Banks party to the Original Agreement not listed on the signature pages hereof shall cease to be parties to the Original Agreement, and each new Bank listed on the signature pages hereof not previously party to the Original Agreement shall be and become a party to the Original Agreement and shall have all of the rights and be obligated to perform all of the obligations of a Bank thereunder with a Commitment in the amount set forth opposite such Bank's name in Schedule 2.01 (Amended) of this Agreement. 7. Miscellaneous. (a) The Company acknowledges and agrees that the execution and delivery by the Agent and the Banks of this Agreement shall not be deemed to create a course of dealing or an obligation to execute similar amendments or provide any waivers or other amendments under the same or similar circumstances in the future. SFRLIB1\MMK\6146301.06 7. 364-Day Credit Agreement (b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns. (c) This Agreement shall be governed by and construed in accordance with the law of the State of New York provided that the Agent and the Banks shall retain all rights arising under Federal law. (d) This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Each of the parties hereto understands and agrees that this document (and any other document required herein) may be delivered by any party thereto either in the form of an executed original or an executed original sent by facsimile transmission to be followed promptly by mailing of a hard copy original, and that receipt by the Agent of a facsimile transmitted document purportedly bearing the signature of a Bank or the Company shall bind such Bank or the Company, respectively, with the same force and effect as the delivery of a hard copy original. Any failure by the Agent to receive the hard copy executed original of such document shall not diminish the binding effect of receipt of the facsimile transmitted executed original of such document of the party whose hard copy page was not received by the Agent. (e) This Agreement contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed herein. This Agreement supersedes all prior drafts and communications with respect hereto. This Agreement may not be amended except in accordance with the provisions of Section 10.01 of the Original Agreement. (f) If any term or provision of this Agreement shall be deemed prohibited by or invalid under any applicable law, such provision shall be invalidated without affecting the remaining provisions of this Agreement, the Original Agreement or the Loan Documents. (g) The Company agrees to pay or reimburse BofA (including in its capacity as Agent), upon demand, for all reasonable costs and expenses (including reasonable Attorney Costs) incurred by BofA (including in its capacity as Agent) in connection with the development, preparation, negotiation, execution and delivery of this Agreement. [Signature pages follow] SFRLIB1\MMK\6146301.06 8. 364-Day Credit Agreement IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. ALBERTSON'S, INC. By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-1 364-Day Credit Agreement BANK OF AMERICA, N.A., as Administrative Agent and as a Bank By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-2 364-Day Credit Agreement BANK ONE, N.A. as Syndication Agent and as a Bank By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-3 364-Day Credit Agreement UNION BANK OF CALIFORNIA, N.A. as Documentation Agent and as a Bank By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-4 364-Day Credit Agreement WELLS FARGO BANK, N.A. as Documentation Agent and as a Bank By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-5 364-Day Credit Agreement BANK OF OKLAHOMA, N.A. By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-6 364-Day Credit Agreement FIRST UNION NATIONAL BANK By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-7 364-Day Credit Agreement KEYBANK NATIONAL ASSOCIATION By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-8 364-Day Credit Agreement MERRILL LYNCH BANK USA By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-9 364-Day Credit Agreement THE NORTHERN TRUST COMPANY By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-10 364-Day Credit Agreement TCF NATIONAL BANK By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-11 364-Day Credit Agreement UMB BANK, N.A. By: -------------------------------- Name: -------------------------------- Title: -------------------------------- S-12 364-Day Credit Agreement SCHEDULE 2.01 (AMENDED) COMMITMENTS ----------- AND PRO RATA SHARES -------------------
BANK COMMITMENT PRO RATA SHARE ---------------------------------- --------------- --------------- BANK OF AMERICA, N.A. $ 70,000,000.00 20.000000000%* BANK ONE, N.A. 60,000,000.00 17.142857143%* UNION BANK OF CALIFORNIA, N.A. 50,000,000.00 14.285714286%* WELLS FARGO BANK, N.A. 50,000,000.00 14.285714286%* KEYBANK NATIONAL ASSOCIATION 25,000,000.00 7.142857143%* MERRILL LYNCH BANK USA 25,000,000.00 7.142857143%* THE NORTHERN TRUST COMPANY 25,000,000.00 7.142857143%* TCF NATIONAL BANK 15,000,000.00 4.285714286%* BANK OF OKLAHOMA, N.A. 10,000,000.00 2.857142857%* FIRST UNION NATIONAL BANK 10,000,000.00 2.857142857%* UMB BANK, N.A. 10,000,000.00 2.857142857%* --------------- --------------- TOTAL $350,000,000.00 100.000000000%*
* [9 DECIMAL PTS.] SFRLIB1\MMK\6146301.06 S-2.01 (Amended) -1 364-Day Credit Agreement SCHEDULE 10.02 (AMENDED) PAYMENT OFFICES; ADDRESSES FOR NOTICES; LENDING OFFICES ------------------------------------------------------- COMPANY ------- Address for Notices: Albertson's, Inc. 250 Parkcenter Blvd. Box 20 Boise, Idaho 83726 Attention: Finance Department Telephone: (208) 395-6534 Facsimile: (208) 395-6631 BANK OF AMERICA, N.A., as Agent --------------------- Notices for Borrowing, Conversions/Continuations, and Payments: Bank of America, N.A. Mail Code: CA4-706-05-09 Agency Services #5596 1850 Gateway Boulevard, 5th Floor Concord, California 94520 Attention: Jeff Khamsivone Telephone: (925) 675-8432 Facsimile: (888) 969-2451 Other Notices: Bank of America, N.A. Mail Code: CA5-701-05-19 Agency Services #5596 1455 Market Street, 5th Floor San Francisco, CA 94103-1339 Attention: Annie Cuenco Telephone: (415) 436-4008 Facsimile: (415) 503-5007 SFRLIB1\MMK\6146301.06 S-10.02 (Amended) -1 364-Day Credit Agreement with a copy to: Bank of America, N.A. Portfolio Management - Retail Group Mail Code: TX1-492-66-01 901 Main Street, 66th Floor Dallas, TX 75202 Attention: Daniel M. Killian, Managing Director Telephone: (214) 209-0978 Facsimile: (415) 209-0905 Agent's Payment Office: Bank of America, N.A. ABA No. 111000012 Attention: Agency Administrative Services Unit #5596 Reference: Albertson's, Inc. For credit to Acct. No. 37508-36479 BANK OF AMERICA, N.A., as a Bank --------------------- Domestic and Offshore Lending Office: (Borrowing Notices, Notices of Conversion/Continuation and Payments) Bank of America, N.A. Mail Code: CA4-706-05-09 Agency Services #5596 1850 Gateway Boulevard, 5th Floor Concord, California 94520 Attention: Jeff Khamsivone Telephone: (925) 675-8432 Facsimile: (888) 969-2451 All other Notices: Bank of America, N.A. Portfolio Management - Retail Group Mail Code: TX1-492-66-01 901 Main Street, 66th Floor Dallas, TX 75202 Attention: Daniel M. Killian, Managing Director Telephone: (214) 209-0978 Facsimile: (415) 209-0905 SFRLIB1\MMK\6146301.06 S-10.02 (Amended) -2 364-Day Credit Agreement BANK ONE, N.A., as Syndication Agent and as a Bank -------------- Domestic and Offshore Lending Office: Bank One, NA 1 Bank One Plaza IL1-0088 Chicago, Illinois 60670 Attention: April Yebd Telephone: (312) 732-4823 Facsimile: (312) 732-2715 Notices (other than Borrowing Notices and Notices of Conversion/Continuation): Bank One, NA 1 Bank One Plaza IL1-0086 Chicago, Illinois 60670 Attention: Paul E. Rigby, Senior Vice President Telephone: (312) 732-6132 Facsimile: (312) 732-2715 UNION BANK OF CALIFORNIA, N.A., as Documentation Agent and as a Bank ------------------------------ Domestic and Offshore Lending Office: Union Bank of California, N.A. Commercial Customer Service Unit 1980 Saturn Street Monterey Park, California 91755 Attention: Ruby Gonzales Telephone: (323) 720-7055 Facsimile: (323) 724-6198 Notices (other than Borrowing Notices and Notices of Conversion/Continuation): Union Bank of California, N.A. 350 California Street, 6th Floor San Francisco, California 94104 Attention: Timothy P. Streb, Vice President Telephone: (415) 705-7021 Facsimile: (415) 705-5093 SFRLIB1\MMK\6146301.06 S-10.02 (Amended) -3 364-Day Credit Agreement WELLS FARGO BANK, N.A., as Documentation Agent and as a Bank ---------------------- Domestic and Offshore Lending Office: Wells Fargo Bank, N.A. 201 Third Street MAC A0187-081 San Francisco, California 94103 Attention: Ginnie Padgett Telephone: (415) 477-5374 Facsimile: (415) 512-1943 Notices (other than Borrowing Notices and Notices of Conversion/Continuation): Wells Fargo Bank, N.A. 999 Third Avenue, 11th Floor MAC P6540-11E Seattle, Washington 98104 Attention: Steven J. Andersen Telephone: (206) 292-3666 Facsimile: (206) 292-3595 Secondary Contact: Wells Fargo Bank, N.A. 1300 SW 5th Ave., 7th Floor MAC P6101-076 Portland, OR 97201 Attention: Meggie A. Chichioco Telephone: (503) 886-2215 Facsimile: (503) 886-2211 BANK OF OKLAHOMA, N.A. ---------------------- Domestic and Offshore Lending Office: Bank of Oklahoma, N.A. One Williams Center 84 Tulsa, Oklahoma 74172 Attention: Sharon Shannon Telephone: (918) 588-6335 Facsimile: (918) 280-3368 SFRLIB1\MMK\6146301.06 S-10.02 (Amended) -4 364-Day Credit Agreement Notices (other than Borrowing Notices and Notices of Conversion/Continuation): Bank of Oklahoma, N.A. P.O. Box 2300 Tulsa, Oklahoma 74192 Attention: Jane Faulkenberry, Senior Vice President Telephone: (918) 588-6272 Facsimile: (918) 280-3368 FIRST UNION NATIONAL BANK ------------------------- Domestic and Offshore Lending Office: First Union National Bank 201 So. College St. CP-17 Charlotte, NC 28288 Attention: Todd Tucker Telephone: (704) 383-0905 Facsimile: (704) 383-7999 Notices (other than Borrowing Notice and Notices of Conversion/Continuation): First Union National Bank 1339 Chestnut Street Philadelphia, PA 19107 Attention: Anthony Braxton, Director Telephone: (267) 321-6606 Facsimile: (267) 321-6700 KEYBANK NATIONAL ASSOCIATION ---------------------------- Domestic and Offshore Lending Office: KeyBank National Association 431 E. Parkcenter Blvd. Boise, ID 83706 Attention: Western Loan Services, Specialty Services Telephone: (800) 297-5518 Facsimile: (800) 297-5495 SFRLIB1\MMK\6146301.06 S-10.02 (Amended) -5 364-Day Credit Agreement Notices (other than Borrowing Notices and Notices of Conversion/Continuation): KeyBank National Association 601 108th Avenue, N.E., 5th Floor Mailstop: WA-31-18-0512 Bellevue, WA 98004 Attention: Keven D. Smith, Portfolio Manager Telephone: (425) 709-4579 Facsimile: (425) 709-4587 MERRILL LYNCH BANK USA ---------------------- Domestic and Offshore Lending Office: Merrill Lynch Bank USA 15 W. South Temple Suite 300 Salt Lake City, UT 84101 Attention: Frank Stepan Telephone: (801) 526-8316 Facsimile: (801) 359-4667 Notices (other than Borrowing Notices and Notices of Conversion/Continuation): Merrill Lynch Bank USA 15 W. South Temple, Suite 300 Salt Lake City, UT 84101 Attention: Butch Alder, VP - Corp. Lending Officer Telephone: (801) 526-8324 Facsimile: (801) 531-7470 THE NORTHERN TRUST COMPANY -------------------------- Domestic and Offshore Lending Office: The Northern Trust Company 50 South LaSalle Chicago, Illinois 60675 Attention: Linda Honda Telephone: (312) 444-3532 Facsimile: (312) 630-1566 SFRLIB1\MMK\6146301.06 S-10.02 (Amended) -6 364-Day Credit Agreement Notices (other than Borrowing Notices and Notices of Conversion/Continuation): The Northern Trust Company 50 South LaSalle Chicago, Illinois 60675 Attention: David J. Mitchell Telephone: (312) 444-5033 Facsimile: (312) 444-5055 TCF NATIONAL BANK ----------------- Domestic and Offshore Lending Office: TCF National Bank 500 W. Brown Deer Road P.O. Box 170995 Milwaukee, WI 53217-8096 Attention: Sue Binder Telephone: (414) 351-8657 Facsimile: (414) 351-8694 Notices (other than Borrowing Notices and Notices of Conversion/Continuation): TCF National Bank 500 W. Brown Deer Road P.O. Box 170995 Milwaukee, WI 53217-8096 Attention: Russell P. McMinn, Senior Vice President Telephone: (414) 351-8383 Facsimile: (414) 351-8680 UMB BANK, N.A. -------------- Domestic and Offshore Lending Office: UMB Bank, N.A. 928 Grand Boulevard Kansas City, Missouri 64106 Attention: Vaughnda Ritchie Telephone: (816) 860-7019 Facsimile: (816) 860-7796 SFRLIB1\MMK\6146301.06 S-10.02 (Amended) -7 364-Day Credit Agreement Notices (other than Borrowing Notices and Notices of Conversion/Continuation): UMB Bank, N.A. 1010 Grand Boulevard Kansas City, Missouri 64106 Attention: David A. Proffitt, Senior Vice President Telephone: (816) 860-7935 Facsimile: (816) 860-7143 SFRLIB1\MMK\6146301.06 S-10.02 (Amended) -8 364-Day Credit Agreement EXHIBIT C (AMENDED) FORM OF COMPLIANCE CERTIFICATE ------------------------------ ALBERTSON'S, INC. Financial Statements Date: ______________ Reference is made to that certain Amended and Restated Credit Agreement dated as of March 13, 2002 (as extended, renewed, amended or restated from time to time, the "364-Day Credit Agreement"), among Albertson's, Inc. (the "Company"), the several financial institutions from time to time party thereto (the "Banks") and Bank of America, N.A., as Agent (in such capacity, the "Agent"). Unless otherwise defined herein, capitalized terms used herein have the respective meanings assigned to them in the 364-Day Credit Agreement. The undersigned Responsible Officer of the Company hereby certifies as of the date hereof that he/she is the [_______________] of the Company, and that, as such, he/she is authorized to execute and deliver this Certificate to the Banks and the Agent on the behalf of the Company and its consolidated Subsidiaries, and that: [Use the following paragraph if this Certificate is delivered in connection with the financial statements required by subsection 6.01(a) of the 364-Day Credit Agreement.] 1. Attached hereto are true and correct copies of the audited consolidated balance sheet of the Company and its Consolidated Subsidiaries as at the end of the fiscal year ended _______________ and the related consolidated statements of income or operations, shareholders' equity and cash flows for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on in a manner acceptable to the SEC, accompanied by the unqualified opinion of the Independent Auditor, which opinion (a) shall state that such consolidated financial statements present fairly the financial position for the periods indicated in conformity with GAAP applied on a basis consistent with prior years and (b) is not qualified as to (i) going concern, or (ii) any limitation in the scope of audit. or [Use the following paragraph if this Certificate is delivered in connection with the financial statements required by subsection 6.01(b) of the 364-Day Credit Agreement.] 1. Attached hereto are true and correct copies of the unaudited consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of the fiscal quarter ended _________ and the related consolidated SFRLIB1\MMK\6146301.06 C-1 364-Day Credit Agreement statements of income, shareholders' equity and cash flows for the period commencing on the first day and ending on the last day of such quarter, which are complete and accurate in all material respects and fairly present, in accordance with GAAP (subject to ordinary, good faith year-end audit adjustments), the financial position, the results of operations and the cash flows of the Company and the Consolidated Subsidiaries. 2. The undersigned has reviewed and is familiar with the terms of the 364-Day Credit Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Company and its Subsidiaries during the accounting period covered by the attached financial statements. 3. The Company and its Subsidiaries, during such period, have observed, performed or satisfied all of the covenants and other agreements, and satisfied every condition in the 364-Day Credit Agreement to be observed, performed or satisfied by the Company and its Subsidiaries, and the undersigned has no knowledge of any Default or Event of Default. 4. The financial covenant analyses and information set forth on Schedule 1 attached hereto are true and accurate on and as of the date of this Certificate. IN WITNESS WHEREOF, the undersigned has executed this Certificate as the ____________ of the Company as of ______________, _______. ALBERTSON'S, INC. By: ------------------------------------- Title: ---------------------------------- SFRLIB1\MMK\6146301.06 C-2 364-Day Credit Agreement SCHEDULE 1 to the Compliance Certificate ALBERTSON'S, INC. 364-DAY CREDIT AGREEMENT DATED AS OF MARCH 13, 2002 Dated _________________ For the fiscal quarter ended __________ (in thousands) Consolidated Tangible Net Worth Calculation: ------------------------------------------- Common stock $___________ Capital in excess ___________ Retained earnings ___________ Stockholders' equity ___________ Plus: Deferred investment tax credits ___________ Minus: Intangible assets: (specify) ___________ Plus: CTNW Adjustments, if any: (specify) ___________ Consolidated Tangible Net Worth $___________ Section 7.05: Consolidated Tangible Net Worth shall be not less than $3.0 billion $___________
SFRLIB1\MMK\6146301.06 C-1 364-Day Credit Agreement Fixed Charge Coverage Ratio Calculation: --------------------------------------- Net Earnings before One Time Charges $___________ Income Taxes ___________ Consolidated Interest Expense ___________ Depreciation & Amortization ___________ Consolidated Rental Expense ___________ Minus: Cash One Time Charges $___________ EBITDAR $___________ Consolidated Interest Expense $___________ Consolidated Rental Expense ___________ Total Fixed Charges $___________ Fixed Charge Coverage ___________ Section 7.06: Fixed Charge Coverage Ratio shall be not less than 2.70 to 1.00. ___________
SFRLIB1\MMK\6146301.06 C-2 364-Day Credit Agreement