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     <!-- Filing Type:    8k                                                                 -->
     <!-- Client Name:    NEW WORLD PASTA CO                                                          -->
     <TITLE>8K Form</TITLE>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>WASHINGTON, D.C. 20549</B>  </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM 8-K </B> </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CURRENT
REPORT<BR>PURSUANT TO SECTION 13 OR 15(d) OF THE<BR> SECURITIES EXCHANGE ACT OF 1934 </B> </FONT></TD></TR>
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     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of Report (Date of earliest event reported): </FONT></TD>
     <TD WIDTH="50%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;April 5, 2004</FONT></TD></TR>
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     <TD>&nbsp;</TD>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">New World Pasta Company</FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="left"><HR NOSHADE SIZE=1 width=100%></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact Name of Registrant as Specified in Charter)</FONT></TD></TR>
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<TD WIDTH="33%" ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>Delaware</font></td>
<TD WIDTH="34%" ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>333-76763</font></td>
<TD WIDTH="33%" ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>52-2006441</font></td>
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<TD ALIGN="left"><Hr Size=1 Noshade></td>
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<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(State or Other Jurisdiction <br>of Incorporation)</font></td>
<td ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(Commission<br>File Number) </font></td>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(IRS Employer<br> Identification No.) </font></td>
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     <TD WIDTH="70%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 85 Shannon Road,  Harrisburg, Pennsylvania</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17112</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of Principal Executive Offices)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</FONT></TD></TR>
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     <TD WIDTH="49%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registrant's telephone number, including area code:</FONT></TD>
     <TD WIDTH="31%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;(717) 526-2200</FONT></TD>
     <TD WIDTH="20%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 5.</B></FONT></TD>
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<B>Other Events.</B></FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April 5, 2004, New World Pasta Company, a Delaware corporation (the &#147;Company&#148;),
received a Notice of Default from The Bank of Nova Scotia, as Lead Arranger,
Administrative Agent and Collateral Agent, under the Company&#146;s Credit Facility. The
Notice of Default stated that the Company&#146;s failure to make mandatory principal and
amortization payments aggregating $425,000 constitutes an Event of Default under the
Company&#146;s Credit Agreement. The Notice of Default also provided for a reservation of
rights of the lenders under the Credit Facility and precludes the Company from making any
payments with respect to its Senior Subordinated Notes. The Company is in discussions with
representatives of the lenders under the Credit Facility with respect to the Notice of
Default and other matters. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the Notice of Default is attached hereto as Exhibit 99.1 and is incorporated
herein by reference. </FONT></TD></TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 7(c) </B></FONT></TD>
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<B>Exhibits.</B></FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Notice
of Default issued by The Bank of Nova Scotia on April 5, 2004.</FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIGNATURES</B> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized. </FONT></TD></TR>
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    <TD WIDTH="44%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> NEW WORLD PASTA COMPANY </FONT></TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: </FONT></TD>
<TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> April 8, 2004 </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> /s/ Cary A. Metz  </FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
    <TD WIDTH="43%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Cary A. Metz <BR>
Vice President, General Counsel <BR>and Corporate Secretary
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></H1></TD></TR>
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<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number</FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Description of Exhibit</FONT></TD>
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<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Notice of Default issued by The Bank of Nova Scotia on April 5, 2004.</FONT></TD>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Exhibit 99.1</U></B> </FONT></TD></TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCOTIABANK<BR>
The Bank of Novia Scotia<BR><BR>
New York Agency, One Liberty Plaza, New York, N.Y. &nbsp; 10006 </FONT></P></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF DEFAULT </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 5, 2004 </FONT></TD></TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>BY TELECOPIER AND FEDERAL EXPRESS</B></U>
<BR><BR>New World Pasta Company<BR>Pasta Acquisition Corp.<BR>The Prince Company, Inc.<BR>
Ronzoni Foods International Corporation<BR>
NWP Delaware, LLC<BR>85 Shannon Road<BR>
Harrisburg, Pennsylvania&nbsp;17112<BR>
Attention: &nbsp; Cary Metz
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Re: </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit Agreement dated as of<BR>
<U>January 28, 1999, as amended </U>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentleman: </FONT></P></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
refer to the Credit Agreement dated as of January 28, 1999 (as amended or modified by
Amendment No. 1 dated as of May 10, 2000, Amendment No. 2 dated as of July 30, 2001,
Amendment No. 3 dated as of August 14, 2002, Amendment and Waiver No. 4 dated as of
December 2, 2002 (as extended), Amendment and Waiver No. 5 dated as of February 18, 2003
(as twice extended), Amendment and Waiver No. 6 dated as of August 8, 2003 (as extended
three times) and the Technical Default Waiver dated March 2, 2004; as so amended,
modified and waived the &#147;<U>Credit Agreement</U>&#148;) among New World Pasta
Company, the various financial institutions parties thereto, certain financial
institutions, as Co-Agents, Morgan Stanley Senior Funding, Inc., as Syndication Agent,
and The Bank of Nova Scotia (&#147;<U>Scotia</U>&#148;), as Lead Arranger, Administrative
Agent and Collateral Agent. Capitalized terms herein have the meanings given to them in
the Credit Agreement, unless otherwise defined herein.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 31, 2004, the Borrower failed to make a mandatory principal prepayment of $50,000
in respect of the outstanding Revolving Loans, required by Section 3.1.1 clause (f) of
the Credit Agreement (triggered by the scheduled Revolving Loan Commitment Amount
reduction of $50,000, effective March 31, 2004, provided in Section 2.2.2 of the Credit
Agreement). The Borrower also failed to make the regularly scheduled Term-B Loan
amortization payment of $375,000, which was also due on March 31, 2004. These failures
constitute Events of Default pursuant to Section 8.1.1 of the Credit Agreement. Such
Events of Default entitle the Administrative Agent, upon the direction of the Required
Lenders, to exercise all of the Lenders&#146; rights and remedies under the Credit
Agreement and the other Loan Documents, including, without limitation, the right to
terminate the Commitments and to declare the principal of and interest on the Loans and
all other Obligations to be immediately due and payable. In addition, as a result of such
Events of Default; (i) interest on the outstanding Loans is accruing, effective April 1,
2004, at the post-maturity rate described in Section 3.2.2 of the Credit Agreement, (ii)
the waivers set forth in Section 1.14 of the Sixth Amendment may be terminated by
delivery of a written notice to that effect to the Borrower, and (iii) pursuant to
Section 9.02 of the Senior Subordinated Note Indenture, no payment of any kind or
character shall be made by or on behalf of the Borrower or any other Person on its behalf
with respect to any obligations on the Senior Subordinated High Yield Notes or to acquire
any of the Senior Subordinated High Yield Notes for cash or property or otherwise.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the present time, the Administrative Agent is reserving all of its and the Lenders&#146;rights
and remedies under the Credit Agreement and the other Loan Documents.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Notice of Default shall also constitute a demand for payment on the Subsidiary Guarantors
parties to the Subsidiary Guaranty dated as of July 30, 2001, as supplemented by the
Supplement to Subsidiary Guaranty dated as of August 14, 2002, in a principal amount
equal to the principal amount which the Borrower failed to pay on March 31, 2004. The
Administrative Agent reserves the right to deliver a second Notice of Default if the
Guarantors fail to make the payment demanded hereby.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
this letter, nor any delay or failure by the Administrative Agent or the Lenders in
exercising any of their rights and remedies, shall impair any power, right or privilege
granted to the Administrative Agent or the Lenders under the Credit Agreement or the
other Loan Documents, or by applicable law, or be construed to be a waiver of the Events
of Default referred to above.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
oral communication from or on behalf of the Administrative Agent or any Lender by any
party shall constitute an agreement, commitment, or evidence of any assurance or
intention of the Administrative Agent or any Lender with respect to the subject matter
hereof, the Credit Agreement or any other Loan Document. Any agreement, commitment,
assurance or intention of the Administrative Agent or any Lender shall be effective only
if in writing and duly executed on behalf of the Administrative Agent or such Lender.  </FONT></TD></TR>
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    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
THE BANK OF NOVIA SCOTIA<BR>
as Administrative Agent
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    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
<TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp;/s/ Brian Cerreta </FONT></TD>
  </TR>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
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    <TD WIDTH="57%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:</FONT></TD>
    <TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Brian Cerreta</FONT></TD>
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  <TR VALIGN="BOTTOM">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title: </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Director</FONT></TD></TR>
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{"company-data": {"conformed-name": "NEW WORLD PASTA CO", "cik": "0001081878", "assigned-sic": "2090", "irs-number": "522006441", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-76763", "film-number": "04726109"}, "business-address": {"street1": "85 SHANNON RD", "city": "HARRISBURG", "state": "PA", "zip": "17112", "phone": "7175262200"}, "mail-address": {"street1": "85 SHANNON RD", "city": "HARRISBURG", "state": "PA", "zip": "17112"}}
8K Form
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
April 5, 2004
New World Pasta Company
(Exact Name of Registrant as Specified in Charter)
Delaware
333-76763
52-2006441
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
85 Shannon Road,  Harrisburg, Pennsylvania
17112
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(717) 526-2200
Item 5.
Other Events.
On
April 5, 2004, New World Pasta Company, a Delaware corporation (the "Company"),
received a Notice of Default from The Bank of Nova Scotia, as Lead Arranger,
Administrative Agent and Collateral Agent, under the Company's Credit Facility. The
Notice of Default stated that the Company's failure to make mandatory principal and
amortization payments aggregating $425,000 constitutes an Event of Default under the
Company's Credit Agreement. The Notice of Default also provided for a reservation of
rights of the lenders under the Credit Facility and precludes the Company from making any
payments with respect to its Senior Subordinated Notes. The Company is in discussions with
representatives of the lenders under the Credit Facility with respect to the Notice of
Default and other matters.
A
copy of the Notice of Default is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item 7(c)
Exhibits.
99.1
Notice
of Default issued by The Bank of Nova Scotia on April 5, 2004.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
NEW WORLD PASTA COMPANY
Date:
April 8, 2004
By:
/s/ Cary A. Metz
Cary A. Metz
Vice President, General Counsel
and Corporate Secretary
EXHIBIT INDEX
Number
Description of Exhibit
99.1
Notice of Default issued by The Bank of Nova Scotia on April 5, 2004.
Exhibit 99.1
SCOTIABANK
The Bank of Novia Scotia
New York Agency, One Liberty Plaza, New York, N.Y.   10006
NOTICE OF DEFAULT
April 5, 2004
BY TELECOPIER AND FEDERAL EXPRESS
New World Pasta Company
Pasta Acquisition Corp.
The Prince Company, Inc.
Ronzoni Foods International Corporation
NWP Delaware, LLC
85 Shannon Road
Harrisburg, Pennsylvania 17112
Attention:   Cary Metz
Re:
Credit Agreement dated as of
January 28, 1999, as amended
Ladies and Gentleman:
We
refer to the Credit Agreement dated as of January 28, 1999 (as amended or modified by
Amendment No. 1 dated as of May 10, 2000, Amendment No. 2 dated as of July 30, 2001,
Amendment No. 3 dated as of August 14, 2002, Amendment and Waiver No. 4 dated as of
December 2, 2002 (as extended), Amendment and Waiver No. 5 dated as of February 18, 2003
(as twice extended), Amendment and Waiver No. 6 dated as of August 8, 2003 (as extended
three times) and the Technical Default Waiver dated March 2, 2004; as so amended,
modified and waived the "
Credit Agreement
") among New World Pasta
Company, the various financial institutions parties thereto, certain financial
institutions, as Co-Agents, Morgan Stanley Senior Funding, Inc., as Syndication Agent,
and The Bank of Nova Scotia ("
Scotia
"), as Lead Arranger, Administrative
Agent and Collateral Agent. Capitalized terms herein have the meanings given to them in
the Credit Agreement, unless otherwise defined herein.
On
March 31, 2004, the Borrower failed to make a mandatory principal prepayment of $50,000
in respect of the outstanding Revolving Loans, required by Section 3.1.1 clause (f) of
the Credit Agreement (triggered by the scheduled Revolving Loan Commitment Amount
reduction of $50,000, effective March 31, 2004, provided in Section 2.2.2 of the Credit
Agreement). The Borrower also failed to make the regularly scheduled Term-B Loan
amortization payment of $375,000, which was also due on March 31, 2004. These failures
constitute Events of Default pursuant to Section 8.1.1 of the Credit Agreement. Such
Events of Default entitle the Administrative Agent, upon the direction of the Required
Lenders, to exercise all of the Lenders' rights and remedies under the Credit
Agreement and the other Loan Documents, including, without limitation, the right to
terminate the Commitments and to declare the principal of and interest on the Loans and
all other Obligations to be immediately due and payable. In addition, as a result of such
Events of Default; (i) interest on the outstanding Loans is accruing, effective April 1,
2004, at the post-maturity rate described in Section 3.2.2 of the Credit Agreement, (ii)
the waivers set forth in Section 1.14 of the Sixth Amendment may be terminated by
delivery of a written notice to that effect to the Borrower, and (iii) pursuant to
Section 9.02 of the Senior Subordinated Note Indenture, no payment of any kind or
character shall be made by or on behalf of the Borrower or any other Person on its behalf
with respect to any obligations on the Senior Subordinated High Yield Notes or to acquire
any of the Senior Subordinated High Yield Notes for cash or property or otherwise.
At
the present time, the Administrative Agent is reserving all of its and the Lenders'rights
and remedies under the Credit Agreement and the other Loan Documents.
This
Notice of Default shall also constitute a demand for payment on the Subsidiary Guarantors
parties to the Subsidiary Guaranty dated as of July 30, 2001, as supplemented by the
Supplement to Subsidiary Guaranty dated as of August 14, 2002, in a principal amount
equal to the principal amount which the Borrower failed to pay on March 31, 2004. The
Administrative Agent reserves the right to deliver a second Notice of Default if the
Guarantors fail to make the payment demanded hereby.
Neither
this letter, nor any delay or failure by the Administrative Agent or the Lenders in
exercising any of their rights and remedies, shall impair any power, right or privilege
granted to the Administrative Agent or the Lenders under the Credit Agreement or the
other Loan Documents, or by applicable law, or be construed to be a waiver of the Events
of Default referred to above.
No
oral communication from or on behalf of the Administrative Agent or any Lender by any
party shall constitute an agreement, commitment, or evidence of any assurance or
intention of the Administrative Agent or any Lender with respect to the subject matter
hereof, the Credit Agreement or any other Loan Document. Any agreement, commitment,
assurance or intention of the Administrative Agent or any Lender shall be effective only
if in writing and duly executed on behalf of the Administrative Agent or such Lender.
THE BANK OF NOVIA SCOTIA
as Administrative Agent
By:
/s/ Brian Cerreta
Name:
Brian Cerreta
Title:
Director