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Exhibit
10.6
FIRST
AMENDMENT
TO
CREDIT
AGREEMENT
AND
GUARANTEE AND COLLATERAL
AGREEMENT
dated as
of
July 25,
2007
among
GENESIS CRUDE OIL,
L.P.,
as the
Borrower,
GENESIS ENERGY,
L.P.,
as the Parent and a
Guarantor,
and
the Lenders, Issuing Banks
and Guarantors Party Hereto
FORTIS CAPITAL
CORP.,
as Administrative
Agent,
DEUTSCHE BANK SECURITIES
INC.,
as Syndication
Agent,
and
BANK OF AMERICA,
N.A.,
U.S. BANK NATIONAL
ASSOCIATION,
WACHOVIA BANK, NATIONAL
ASSOCIATION,
BMO CAPITAL MARKETS
FINANCING, INC.,
ROYAL BANK OF CANADA,
and
SUNTRUST
BANK,
as Co-Documentation
Agents
TABLE OF
CONTENTS
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Section 1. Defined Terms
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1 |
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Section 2. Amendments to Credit
Agreement
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5 |
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2.1 Amendments to Section 1.01
(Defined Terms)
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5 |
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2.2 Amendment to Section 2.06(b)
(Letters of Credit)
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7 |
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2.3 Amendment to Section 5.10(a)
(Additional Collateral; Additional Guarantors)
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7 |
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2.4 Amendment to Section 6.01(e)
(Indebtedness)
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8 |
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2.5 Amendment to Section 6.01(g)
(Indebtedness)
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8 |
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2.6 Amendment to Section 6.01(h)
(Indebtedness)
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8 |
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2.7 Amendment to Section 6.02(f)
(Liens)
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8 |
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2.8 Amendment to Section 6.03(b)
(Fundamental Changes; Limitations on Business; Limited Purpose of
the Parent)
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8 |
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2.9 Amendment to Section 6.04(g)
(Investments, Loans, Advances, and Guarantees)
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9 |
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2.10 Amendment to Section 6.06(h)
(Sale of Assets)
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9 |
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2.11 Amendment to Section 6.12
(Creation of Subsidiaries)
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9 |
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2.12 Amendment to Section 6.13
(Limitation on Leases)
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9 |
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2.13 Amendment to Section 6.18
(Control Agreements)
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9 |
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2.14 Amendment to Section 6.23
(Excess Cash)
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9 |
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2.15 Amendment to Section 7.01(k)
(Events of Default)
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10 |
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2.16 Amendment to Section 7.01(p)
(Events of Default)
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10 |
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2.17 Amendment to Schedules; Credit
Agreement References
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10 |
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2.18 Consent and Waiver
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10 |
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2.19 Amendment to Exhibit F (Form of
Perfection Certificate)
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11 |
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Section 3. Amendments to Guarantee
and Collateral Agreement
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12 |
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3.1 Amendment to Section 5.08
(Instruments and Chattel Paper)
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12 |
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3.2 Amendment to Section 5.12
(Vehicles)
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12 |
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3.3 Amendment to Section 6.14
(Commercial Tort Claims)
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12 |
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3.4 New Section 6.16
(Vehicles)
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12 |
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3.5 Amendment to Schedules; Guarantee
and Collateral Agreement References
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13 |
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Section 4. Conditions
Precedent
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13 |
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Section 5. Miscellaneous
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17 |
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5.1 Increase of Committed Amount
Pursuant to Section 2.05
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17 |
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5.2 Confirmation
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18 |
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5.3 Ratification and Affirmation;
Representations and Warranties
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18 |
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5.4 Borrower Parties
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18 |
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5.5 Designation of Unrestricted
Subsidiaries
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19 |
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5.6 Credit Document
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19 |
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5.7 Security Document
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19 |
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5.8 Counterparts
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19 |
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5.9 No Oral Agreement
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19 |
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5.10 GOVERNING LAW
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19 |
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Exhibit A – Form of Primary
Counsel Opinion
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A |
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Schedule 2.01
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Committed
Amounts |
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Schedule 2.06
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Existing
Letters of Credit |
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Schedule 3.05
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Certain
Obligations |
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Schedule 3.06(a)
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Properties |
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Schedule 3.07
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Disclosed
Matters |
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Schedule 3.14
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Insurance |
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Schedule 3.15
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Material
Agreements |
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Schedule 3.16
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Imbalances |
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Schedule 3.18
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Force
Majeure |
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Schedule 3.19(a)
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Subsidiaries and Joint Ventures |
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Schedule 3.19(b)
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Consents |
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Schedule 3.19(c)
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Organizational Chart |
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Schedule 3.20(c)
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Copyright
Violations |
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Schedule 5.14
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Post-Effective Date Items |
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Schedule 6.01
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Indebtedness |
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Schedule 6.02
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Liens |
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Schedule 6.09
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Transactions with Affiliates |
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Schedule 6.18
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Control
Agreements |
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Annex B
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Schedule 1
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Notice
Addresses of Guarantors |
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Schedule 2
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Description of Pledged Securities |
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Schedule 3
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Filings
and Other Actions Required to Perfect Security
Interests |
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Schedule 4
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Legal
Name, Location of Jurisdiction of Organization, Organizational
Identification Number, Taxpayer Identification Number and Chief
Executive Office |
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Schedule 5
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Prior
Names, Prior Chief Executive Office, Location of Tangible
Assets |
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Schedule 6
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Patents
and Patent Licenses |
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Schedule 7
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Trademarks and Trademark Licenses |
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Schedule 8
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Vehicles |
ii
FIRST AMENDMENT TO CREDIT
AGREEMENT AND GUARANTEE AND
COLLATERAL
AGREEMENT
THIS FIRST AMENDMENT TO
CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT (this
“ First Amendment ”) dated as of July 25, 2007,
is by and among GENESIS CRUDE OIL, L.P., a Delaware limited
partnership (the “ Borrower ”), GENESIS
ENERGY, L.P., a Delaware limited partnership (the “
Parent ”), FORTIS CAPITAL CORP., as
administrative agent (in such capacity, together with its
successors in such capacity, the “ Administrative
Agent ”) for the lenders party to the Credit Agreement
referred to below (collectively, the “ Lenders
”), and the undersigned Guarantors and Lenders.
R E C I T A L
S
A.(i) The Borrower, the
Parent, the Lenders, the Administrative Agent and the other agents
referred to therein are parties to that certain Credit Agreement
dated as of November 15, 2006 (as amended, supplemented or
otherwise modified from time to time prior to the date hereof, the
“ Credit Agreement ”), pursuant to which the
lenders party thereto have made certain Loans and provided certain
Commitments (subject to the terms and conditions thereof) to the
Borrower and (ii) the Borrower, the Guarantors signatory
thereto and the Administrative Agent are party to that certain
Guarantee and Collateral Agreement dated as of November 15,
2006 (as amended, supplemented or otherwise modified from time to
time prior to the date hereof, the “ Guarantee and
Collateral Agreement ”).
B. In connection with the
Davison Acquisition (as defined below), the Parent has entered into
the Davison Contribution and Sale Agreement (as defined below)
pursuant to which it will acquire the assets and entities, and
enter into the other transactions therein described.
C. The Borrower has formed a
new Restricted Subsidiary, Genesis Alabama Pipeline, LLC, an
Alabama limited liability company (“ Genesis Alabama
”), that as of the First Amendment Effective Date will not
hold significant Real Property.
D. The Parent and the
Borrower wish, and the Lenders signatory hereto and the
Administrative Agent are willing, (i) to amend the Credit
Agreement to increase the aggregate Committed Amount to
$500,000,000, to be utilized in part to pay Acquisition
Consideration in connection with the Davison Acquisition,
(ii) to consent to the delay by the Borrower and the Parent in
meeting the Section 5.10 Timing Requirements (as defined
below) in respect of Genesis Alabama Real Property (as defined
below) and waive compliance with Section 5.10 with respect to
certain Arkansas Real Property (as defined below) and (iii) to
further amend the Credit Agreement and to amend the Guarantee and
Collateral Agreement in connection therewith.
NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
Section 1. Defined Terms . Each
capitalized term used herein but not otherwise defined herein has
the meaning given such term in the Credit Agreement. Unless
otherwise indicated, all
1
article, schedule, exhibit and section
references in this First Amendment refer to articles and sections
of the Credit Agreement.
As used in this First
Amendment, the following terms shall have the meanings specified
below:
“ Acquired
Companies ” has the meaning assigned to such term in the
Davison Contribution and Sale Agreement.
“ Additional
Guarantors ” means, collectively, Genesis Davison, LLC, a
Delaware limited liability company, TDC Energy Services, Inc., a
Delaware corporation, TDC Refinery Services Corp., Inc., a Delaware
corporation, TDC Services Corporation, Inc., a Delaware
corporation, Davison Petroleum Supply, LLC, a Delaware limited
liability company, Davison Transportation Services, LLC, a Delaware
limited liability company, Red River Terminals, L.L.C., a Louisiana
limited liability company, Red River Terminals, L.L.C., a Delaware
limited liability company, Davison Corp., Inc., a Delaware
corporation, Fuel Masters, LLC, a Texas limited liability company,
TDC, L.L.C., a Louisiana limited liability company, and Genesis TDC
Texas, LLC, a Texas limited liability company, and “
Additional Guarantor ” shall have the correlative
meaning.
“ Arkansas Real
Property ” means Real Property of the Borrower Parties
located in the State of Arkansas.
“ Davison
Acquisition ” means the acquisition by the Parent or its
designees (subject to Section 5.4(ii) of this First Amendment)
of, inter alia , the Subject Assets.
“ Davison
Acquisition Documents ” means, collectively, the Davison
Contribution and Sale Agreement and all schedules, exhibits and
annexes thereto and all side letters and agreements affecting the
terms thereof or entered into in connection therewith.
“ Davison
Contribution and Sale Agreement ” means the Contribution
and Sale Agreement by and among Davison Petroleum Products, L.L.C.,
Davison Transport, Inc., Transport Company, Davison Terminal
Service, Inc., Sunshine Oil & Storage, Inc., T&T
Chemical, Inc., Fuel Masters, LLC, TDC, L.L.C. and Red River
Terminal, L.L.C., as Sellers and Parent as Buyer, dated as of
April 25, 2007, as amended by Amendment No. 1 thereto
dated as of July 25, 2007.
“ First Amendment
Effective Date ” has the meaning assigned to such term in
Section 4 hereof.
“ First Amendment
Effective Date Real Property Requirements ” means the
following:
(a) with respect to each
applicable Mortgaged Property:
(i) a Mortgage encumbering
each such Mortgaged Property in favor of the Administrative Agent,
for the benefit of the Secured Parties, duly executed and
acknowledged by each Borrower Party that is the owner of or holder
of any
2
interest in such Mortgaged
Property, and otherwise in form for recording in the recording
office of each applicable political subdivision where each such
Mortgaged Property is situated, together with such certificates,
affidavits, questionnaires or returns as shall be required in
connection with the recording or filing thereof to create a lien
under applicable Governmental Requirements, and such financing
statements and any other instruments necessary to grant a mortgage
lien under the laws of any applicable jurisdiction, all of which
shall be in form and substance reasonably satisfactory to
Administrative Agent;
(ii) with respect to each
such Mortgaged Property, such consents, approvals, amendments,
supplements, estoppels, tenant subordination agreements or other
instruments as shall reasonably be deemed necessary by the
Administrative Agent in order for the owner or holder of the fee or
leasehold interest constituting such Mortgaged Property to grant
the Lien contemplated by the Mortgage with respect to such
Mortgaged Property; and
(iii) with respect to each
such Mortgage, opinions of local counsel to the Borrower Parties,
which opinions (A) shall be addressed to the Administrative
Agent and each of the Lenders and be dated the First Amendment
Effective Date, (B) shall cover the enforceability of the
respective Mortgage and such other matters incident to the
transactions contemplated herein as the Administrative Agent may
reasonably request and (C) shall be in form and substance
reasonably satisfactory to the Administrative Agent.
(b) evidence reasonably
acceptable to the Administrative Agent of payment by a Borrower
Party of all search and examination charges, escrow charges and
related charges, mortgage recording taxes, fees, charges, costs and
expenses required for the recording of the Mortgages referred to
above;
(c) with respect to each such
Mortgaged Property, the Parent and each Restricted Subsidiary shall
have made all notifications, registrations and filings, to the
extent required by, and in accordance with, all Governmental Real
Property Disclosure Requirements applicable to such Mortgaged
Property;
(d) to the extent requested
by the Administrative Agent, (i) ALTA mortgagee title
insurance policies or unconditional commitments therefor with
extended coverage guaranteeing over the standard exceptions to
title customarily contained in such policies, survey exceptions,
parties in possession exception, and mechanic’s and
materialman’s lien exceptions, issued by one or more title
companies reasonably satisfactory to the Administrative Agent with
respect to each such Mortgaged Property that is material to the
Borrower’s Business and constitutes interests owned in
“fee” (each, a “ Title Policy ”), in
amounts not less than the fair market value of each such Mortgaged
Property, together with a title report issued by a title company
with respect thereto, dated not more than thirty (30) days
prior to the First Amendment Effective Date and copies of all
recorded documents listed as exceptions to title or otherwise
referred to therein, each in form and substance reasonably
satisfactory to the Administrative Agent and
(ii) evidence
3
satisfactory to the
Administrative Agent that such Borrower Party has paid to the title
company or to the appropriate governmental authorities all expenses
and premiums of the title company and all other sums required in
connection with the issuance of each Title Policy; and
(e) to the extent requested
by the Administrative Agent, ALTA surveys of all such Mortgaged
Properties (other than Pipelines) that are material to the
Borrower’s Business and on which improvements are located, in
form and substance satisfactory to Administrative Agent, certified
to the Administrative Agent and dated not more than thirty
(30) days prior to the First Amendment Effective
Date.
“ First Amendment
Foreign Subsidiaries ” means TDC Peru, TDC Energy Canada
and TDC Chile.
“ First Amendment
Unrestricted Subsidiaries ” means the First Amendment
Foreign Subsidiaries, International Holdco and South America
Holdco.
“ Genesis
Alabama ” has the meaning assigned to such term in the
Recitals hereto.
“ Genesis Alabama
Pipeline Project ” means the crude oil gathering system
to be constructed in the Little Cedar Creek Field in Conecuh
County, Alabama and the crude oil pipeline systems connecting such
crude oil gathering system to the Genesis Pipeline USA Florida
Pipeline System at a point in Escambia County, Alabama.
“ Genesis Alabama
Real Property ” means all Real Property of Genesis
Alabama.
“ Genesis Alabama
Real Property Compliance Date ” has the meaning assigned
to such term in Section 2.18(a)(i) hereof.
“ International
Holdco ” means TDC Americas, LLC, a Delaware limited
liability company.
“ Port Hudson
Acquisition ” means the acquisition by Genesis Crude Oil,
L.P., of, inter alia , the Port Hudson Assets.
“ Port Hudson
Assets ” has the meaning assigned to such term in the
Port Hudson Purchase Agreement.
“ Port Hudson
Purchase Agreement ” means the Port Hudson Purchase
Agreement between BP Pipelines (North America) Inc., as Seller, and
Genesis Crude Oil, L.P., as Buyer, dated May 23,
2007.
“ Section 5.10
Timing Requirements ” means the timing requirements set
forth in Section 5.10 pertaining to the documentation,
collateral and other requirements set forth therein, which timing
requirements state that such documentation, collateral and other
requirements set forth in Section 5.10 must be complied with
promptly, by a certain specified date or within a certain specified
time period after a Restricted Subsidiary’s acquisition of
assets.
4
“ South America
Holdco ” means TDC South America, LLC, a Delaware limited
liability company.
“ Subject Assets
” has the meaning assigned to such term in the Davison
Contribution and Sale Agreement.
“ TDC Chile
” means an entity to be formed as a (direct or indirect)
Subsidiary of International Holdco and/or South America Holdco
under the laws of Chile.
“ TDC Energy
Canada ” means 0790683 B.C. Ltd., a Canadian
company.
“ TDC Peru
” means TDC Peru S.A.C., a Peruvian company.
Section 2. Amendments to Credit
Agreement .
2.1 Amendments to
Section 1.01 (Defined Terms).
(a) The definition of “
Agreement ” is hereby amended and restated in its
entirety to read as follows:
“ Agreement
” means this Credit Agreement, as amended by the First
Amendment, as the same may from time to time be amended, modified,
restated, or replaced from time to time, and any annexes, exhibits
and schedules to any of the foregoing.
(b) The definition of “
Committed Amount ” is hereby amended by amending and
restating the penultimate sentence thereof to read in its entirety
as follows:
The aggregate Committed
Amount as of the First Amendment Effective Date shall be
$500,000,000.
(c) The definition of “
Consolidated EBITDA ” is hereby amended by adding the
words “including all expense recorded for the Parent’s
stock appreciation rights plan in excess of cash payments for
exercised rights” immediately following the words “any
non-cash stock or stock option or similar compensation
expense,” in clause (iv) thereof.
(d) The definition of “
Material Acquisition ” is hereby deleted and replaced
in its entirety to read as follows:
“ Material
Acquisition ” means a Permitted Acquisition that, when
taken together with all other Permitted Acquisitions that have been
consummated in the immediately prior twelve months (but not
counting any Permitted Acquisition consummated prior to the
beginning of the most recently commenced Borrowing Base Multiple
Increase Period), collectively have an aggregate Acquisition
Consideration in excess of $75,000,000.
5
(e) Clause (d) of the
definition of “ Permitted Encumbrances ” is
hereby deleted and replaced in its entirety to read as
follows:
(d) deposits to secure the
performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds in an amount not to exceed
$3,000,000, performance bonds and other obligations of a like
nature, in each case in the ordinary course of business;
(f) The definition of “
Substantial Transaction ” is hereby deleted and
replaced in its entirety to read as follows:
“ Substantial
Transaction ” means any Permitted Acquisition or
Divestiture in respect of which the aggregate Acquisition
Consideration (or, in the case of a Divestiture, the consideration
paid by the purchaser if calculated in the same manner as the
definition of Acquisition Consideration) is in excess of
$25,000,000.
(g) The definition of
“Test Period” is hereby deleted and replaced in its
entirety to read as follows:
“ Test Period
” means each period of four consecutive fiscal quarters of
the Borrower then last ended, in each case taken as one accounting
period; provided that when used in this Agreement in connection
with a Substantial Transaction being consummated after the end of a
fiscal quarter but prior to the date for which financial statements
have been delivered to the Lenders for such fiscal quarter, it
shall mean the Calculation Period (without giving effect to this
proviso).
(h) The definition of
“Transactions” is hereby deleted and replaced in its
entirety to read as follows:
“ Transactions
” means the execution, delivery and performance by the
Borrower and the Parent of this Agreement (including for the
avoidance of doubt any amendments, modifications, supplements or
restatements thereof), the borrowing of Loans, the use of the
proceeds thereof (including to refinance loans under the Existing
Credit Agreement and to pay Acquisition Consideration for any
Permitted Acquisition) and the issuance of Letters of Credit
hereunder, and the execution, delivery and performance of the other
Loan Documents by the Borrower Parties.
(i) The following definitions
are hereby added where alphabetically appropriate to read as
follows:
“ Additional
Guarantors ” has the meaning assigned to such term in the
First Amendment.
6
“ Davison
Acquisition ” has the meaning assigned to such term in
the First Amendment.
“ Davison
Contribution and Sale Agreement ” has the meaning
assigned to such term in the First Amendment.
“ Davison
Information Memorandum Materials ” means the information
memorandum and the other written information distributed by the
Borrower in connection with the bank meeting on or about
June 15, 2007.
“ First
Amendment ” means the First Amendment to Credit Agreement
dated as of July 25, 2007 among the Borrower, the Parent, the
Administrative Agent, the Lenders party thereto, and the other
agents and parties thereto.
“ First Amendment
Effective Date ” has the meaning assigned to such term in
the First Amendment.
“ Port Hudson
Acquisition ” has the meaning assigned to such term in
the First Amendment.
2.2 Amendment to
Section 2.06(b) (Letters of Credit) . Section 2.06(b)
is hereby amended by deleting the dollar amount
“$50,000,000” in the last sentence thereof and
replacing it with the dollar amount $100,000,000”.
2.3 Amendment to
Section 5.10(a) (Additional Collateral; Additional
Guarantors).
(a) Section 5.10(a) of
the Credit Agreement is hereby amended by deleting the dollar
amount “$5,000,000” in the first parenthetical therein
and replacing it with the dollar amount
“$10,000,000”.
(b) Clause (ii) of
Section 5.10(a) of the Credit Agreement is hereby deleted and
replaced in its entirety to read as follows:
(ii) grant or cause to be
granted to the Administrative Agent for the benefit of the Secured
Parties a First Priority Lien of record on all such Equity
Interests, Real Property, Pipelines and Property (other than such
Equity Interests, Real Property, Pipelines and Property encumbered
by prior Liens in existence at the time of the acquisition thereof
and not created in anticipation of such acquisition, in which case
the Lien of the Administrative Agent for the benefit of the Secured
Parties shall be of such priority as is permitted by such prior
Lien), upon terms substantially the same as those set forth in the
Security Documents for Property of a similar type, and complete
such other actions as would have been necessary to satisfy the
conditions set forth in Section 4.01 of this Agreement or in
the definition of First Amendment Effective Date Real Property
Requirements (as defined in the First Amendment) had such Property
been owned thereby on the date of this Agreement or the First
Amendment, as applicable.
7
2.4 Amendment to
Section 6.01(e) (Indebtedness) . Section 6.01(e) of
the Credit Agreement is hereby deleted and replaced in its entirety
to read as follows:
(e) Guarantees by any
Borrower Party of up to (i) an aggregate of $7,500,000 of
Indebtedness of the Sandhill Joint Venture outstanding at any time,
and (ii) an additional aggregate $10,000,000 of Indebtedness
of one or more Joint Ventures, including the Sandhill Joint
Venture, outstanding at any time;
2.5 Amendment to
Section 6.01(g) (Indebtedness) . Section 6.01(g) of
the Credit Agreement is hereby deleted and replaced in its entirety
to read as follows:
(g) Indebtedness of any
Borrower Party owing in connection with deferred payments of
insurance premiums; provided that all such Indebtedness of all
Borrower Parties shall not exceed $15,000,000 outstanding at any
one time;
2.6 Amendment to
Section 6.01(h) (Indebtedness) . Section 6.01(h) of
the Credit Agreement is hereby deleted and replaced in its entirety
to read as follows:
(h) Indebtedness not to
exceed $20,000,000 in the aggregate outstanding at any one time
consisting of Non-Recourse Obligations of a Restricted Subsidiary
assumed by such Restricted Subsidiary in connection with any
Acquisition permitted pursuant to Section 6.05 (or, if such
Restricted Subsidiary is acquired as part of such Acquisition,
existing prior thereto); provided that such Indebtedness exists at
the time of such Acquisition at least in the amounts assumed in
connection therewith and is not drawn down, created or increased in
contemplation of or in connection with or subject to such
Acquisition;
2.7 Amendment to
Section 6.02(f) (Liens) . Section 6.02(f) of the
Credit Agreement is hereby amended by deleting the dollar amount
“$1,000,000” in clause (iv) thereof and replacing
it with the dollar amount “$10,000,000”.
2.8 Amendment to
Section 6.03(b) (Fundamental Changes; Limitations on Business;
Limited Purpose of the Parent) . Section 6.03(b) of the
Credit Agreement is hereby deleted and replaced in its entirety to
read as follows:
(b) It will not and will not
permit any of its subsidiaries or Joint Ventures to engage to any
material extent in any business other than (i) refining
services, gathering, transporting (by barge, pipeline, ship, truck
or other modes of transportation), terminalling, storing,
producing, acquiring, developing, exploring for, processing,
dehydrating, marketing, trading, fractionating and otherwise
handling hydrocarbons (including crude oil, natural gas,
condensate, natural gas liquids, liquefied natural gas, and refined
petroleum products), sulfur, sodium chloride, carbon dioxide,
sodium hydrosulfide and caustic soda, including constructing
pipeline, platform, dehydration, processing and other related
facilities, activities, services or derivative products related or
ancillary thereto, (ii)
8
businesses of the type
conducted by it and its subsidiaries and Joint Ventures as of the
date of the First Amendment and businesses reasonably related
thereto, (iii) bulk commodity transportation that the Sellers
or the Acquired Companies (each as defined in the Davison
Contribution and Sale Agreement) have historically transported and
(iv) any other businesses as long as the consolidated total
assets principally relating to such other businesses, taken
together, would not constitute greater than 5% of consolidated
total assets.
2.9 Amendment to
Section 6.04(g) (Investments, Loans, Advances, and
Guarantees) . Section 6.04(g) of the Credit Agreement is
hereby deleted and replaced in its entirety to read as
follows:
(g) Investments in Permitted
Joint Ventures or Unrestricted Subsidiaries (in addition to the
Investments described in clause (b) above), in an amount not
to exceed $10,000,000 in the aggregate during the term of this
Agreement.
2.10 Amendment to
Section 6.06(h) (Sale of Assets) . Section 6.06(h) of
the Credit Agreement is hereby amended by deleting the dollar
amount “$2,000,000” in the proviso thereto and
replacing it with the dollar amount
“$10,000,000”.
2.11 Amendment to
Section 6.12 (Creation of Subsidiaries) . Clause
(c) of Section 6.12 of the Credit Agreement is hereby
deleted and amended in its entirety to read as follows:
(c) any Foreign Subsidiary
(other than the First Amendment Foreign Subsidiaries (as such term
is defined in the First Amendment)) without the prior written
consent of the Required Lenders.
2.12 Amendment to
Section 6.13 (Limitation on Leases) . Section 6.13 of
the Credit Agreement is hereby amended by deleting the dollar
amount “$10,000,000” therein and replacing it with the
dollar amount “$25,000,000”.
2.13 Amendment to
Section 6.18 (Control Agreements) . Section 6.18 of
the Credit Agreement is hereby deleted and replaced in its entirety
to read as follows:
Neither it nor any of its
Restricted Subsidiaries shall open any deposit account, securities
account or commodities account without subjecting such account to a
First Priority Lien in favor of the Administrative Agent for the
benefit of the Secured Parties, pursuant to a Control Agreement in
form and substance satisfactory to the Administrative Agent;
provided , that the Borrower shall be permitted to maintain
the operating accounts set forth on Schedule 6.18 without
subjecting such accounts to the requirements of this
Section 6.18, subject to the conditions and requirements set
forth on such Schedule.
2.14 Amendment to
Section 6.23 (Excess Cash) . Section 6.23 of the
Credit Agreem
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