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EXHIBIT 10.1
AMENDED AND RESTATED
5-YEAR REVOLVING CREDIT AGREEMENT
dated as of
April 11, 2007
among
PIONEER NATURAL RESOURCES COMPANY,
as the Borrower
JPMORGAN CHASE BANK, N.A.
as Administrative Agent
JPMORGAN CHASE BANK, N.A.,
WACHOVIA BANK, NATIONAL ASSOCIATION and
BANK OF AMERICA, N.A.,
as Issuing Banks,
JPMORGAN CHASE BANK, N.A. and
WACHOVIA BANK, NATIONAL ASSOCIATION
as Swingline Banks
and
The Lenders Party Hereto
____________________________
WACHOVIA BANK, NATIONAL ASSOCIATION,
as Syndication Agent
BANK OF AMERICA, N.A., DEUTSCHE BANK SECURITIES
INC. and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Co-Documentation Agents
J.P. MORGAN SECURITIES INC. and WACHOVIA CAPITAL
MARKETS, LLC,
as Co-Arrangers and Joint Bookrunners
TABLE OF
CONTENTS
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Section 1.01
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Defined Terms
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1
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Section 1.02
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Classification of Loans and Borrowings
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18
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Section 1.03
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Terms Generally
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18
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Section 1.04
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Accounting Terms; GAAP
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19
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ARTICLE II THE CREDITS
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19
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Section 2.01
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Commitments
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19
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Section 2.02
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Commitment Increase
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19
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Section 2.03
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Revolving Loans and Borrowings
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21
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Section 2.04
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Requests for Revolving Borrowings
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21
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Section 2.05
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Swingline Loans
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22
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Section 2.06
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Letters of Credit
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24
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Section 2.07
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Funding of Borrowings
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28
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Section 2.08
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Interest Elections
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28
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Section 2.09
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Termination and Reduction of
Commitments
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29
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Section 2.10
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Repayment of Loans; Evidence of Debt
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30
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Section 2.11
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Prepayment of Loans
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31
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Section 2.14
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Alternate Rate of Interest
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33
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Section 2.15
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Increased Costs
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34
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Section 2.16
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Break Funding Payments
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35
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Section 2.18
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Payments Generally; Pro Rata Treatment; Sharing
of Set-offs
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37
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Section 2.19
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Mitigation Obligations; Replacement of
Lenders.
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38
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Section 2.20
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Extension of Maturity Date
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39
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ARTICLE III REPRESENTATIONS AND
WARRANTIES
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40
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Section 3.01
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Organization; Powers
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40
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Section 3.02
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Authorization; Enforceability
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40
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Section 3.03
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Governmental Approvals; No Conflicts
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40
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Section 3.04
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Financial Condition; No Material Adverse
Change
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40
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Section 3.05
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Properties
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41
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Section 3.06
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Litigation and Environmental Matters
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41
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Section 3.07
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Compliance with Laws
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41
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Section 3.08
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Investment Company Status
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41
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Section 3.11
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Disclosure
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42
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Section 4.01
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Effective Date
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42
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
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Section 4.02
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Each Credit Event
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43
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ARTICLE V AFFIRMATIVE COVENANTS
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44
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Section 5.01
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Financial Statements and Other
Information
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44
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Section 5.02
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Notices of Material Events
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45
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Section 5.03
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Existence; Conduct of Business
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46
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Section 5.04
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Payment of Obligations
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46
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Section 5.05
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Maintenance of Properties; Insurance
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46
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Section 5.06
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Books and Records; Inspection Rights
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46
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Section 5.07
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Compliance with Laws
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46
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Section 5.08
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Use of Proceeds and Letters of Credit
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46
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Section 5.09
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Operations
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46
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ARTICLE VI NEGATIVE COVENANTS
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47
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Section 6.01
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Indebtedness
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47
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Section 6.03
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Fundamental Changes
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48
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Section 6.04
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Financial Covenants
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49
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Section 6.05
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Investments, Loans, Advances and
Guarantees
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49
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Section 6.06
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Swap Agreements
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49
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Section 6.07
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Transactions with Affiliates
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49
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Section 6.08
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Restrictive Agreements
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50
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ARTICLE VII EVENTS OF DEFAULT
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50
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ARTICLE VIII THE ADMINISTRATIVE
AGENT
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53
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Section 8.01
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Administrative Agent
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53
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Section 8.02
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The Co-Arrangers, Joint Bookrunners, Syndication
Agent and Co-
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ARTICLE IX MISCELLANEOUS
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55
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Section 9.02
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Waivers; Amendments
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56
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Section 9.03
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Expenses; Indemnity; Damage Waiver
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56
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Section 9.04
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Successors and Assigns
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58
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Section 9.06
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Counterparts; Integration;
Effectiveness
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61
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Section 9.07
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Severability
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62
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Section 9.08
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Governing Law; Jurisdiction; Consent to Service
of Process
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62
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SECTION 9.09
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WAIVER OF JURY TRIAL
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63
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Section 9.11
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Confidentiality
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63
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Section 9.12
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Interest Rate Limitation
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64
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Section 9.13
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USA Patriot Act Notice
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65
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Section 9.14
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Restatement
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65
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
Schedules
:
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Schedule 1.01
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Existing Letters of
Credit
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Schedule 2.01
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Commitments
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Schedule 2.13
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Swingline Loan Rate
Calculation
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Schedule 3.06
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Disclosed Matters
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Schedule 6.08
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Existing Restrictive
Agreements
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Exhibits :
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Exhibit A
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Form of Assignment and
Assumption
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Exhibit B
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Notice of Commitment
Increase
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Exhibit C
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Form of Opinion of Borrower’s
Counsel
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Exhibit D
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Form of Subsidiary Guaranty
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Exhibit E
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Form of Promissory
Note
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Exhibit F
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Form of Maturity Date Extension
Request
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Exhibit G
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Form of Joinder
Agreement
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
-
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT dated as of April
11, 2007, among PIONEER NATURAL
RESOURCES COMPANY , a
Delaware corporation, as the Borrower, JPMORGAN CHASE BANK , N.A. as
Administrative Agent, JPMorgan Chase Bank, N.A., Wachovia Bank,
National Association and Bank of America, N.A., as Issuing Banks,
JPMORGAN CHASE BANK,
N.A., and WACHOVIA BANK, NATIONAL ASSOCIATION, as Swingline Lenders, the LENDERS party hereto,
WACHOVIA BANK, NATIONAL ASSOCIATION, as
Syndication Agent, BANK OF AMERICA, N.A., DEUTSCHE BANK SECURITIES INC. and WELLS FARGO BANK, NATIONAL ASSOCIATION , as
Co-Documentation Agents, and J.P. MORGAN
SECURITIES INC. and
WACHOVIA CAPITAL MARKETS, LLC , as Co-Arrangers and
Joint Bookrunners.
The parties hereto agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms . As used in
this Agreement, the following terms have the meanings specified
below:
" ABR ", when used in reference to any
Loan or Borrowing, refers to whether such Loan, or Loans comprising
such Borrowing, are bearing interest at a rate determined by
reference to the Alternate Base Rate.
" Adjusted LIBO Rate " means, with
respect to any Eurodollar Borrowing for any Interest Period, an
interest rate per annum (rounded upwards, if necessary, to the next
1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period
multiplied by (b) the Statutory Reserve Rate.
" Administrative Agent " means JPMorgan
Chase Bank, N.A. in its capacity as administrative agent for the
Lenders hereunder.
" Administrative Questionnaire " means an
Administrative Questionnaire in a form supplied by the
Administrative Agent.
" Affiliate " means, with respect to a
specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or
is under common Control with the Person specified.
" Agreement " means this Amended and
Restated 5-Year Revolving Credit Agreement, as the same may be
amended, modified, restated, or replaced from time to time.
" Alternate Base Rate " means, for any
day, a rate per annum equal to the greater of (a) the Prime Rate in
effect on such day and (b) the Federal Funds Effective Rate in
effect on such day plus 1/2 of 1%. Any change in the Alternate Base
Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective
date of such change in the Prime Rate or the Federal Funds
Effective Rate, respectively.
-1-
AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
" Applicable Margin "
means, for any day, with respect to any Eurodollar Loan, or with
respect to the commitment fees payable hereunder, as the case may
be, the Applicable Margin per annum set forth below under the
caption "Eurodollar Spread" or "Commitment Fee Rate", as the case
may be, based upon the ratings by Moody’s and S&P,
respectively, applicable on such date to the Index Debt:
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Index Debt
Ratings
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Commitment Fee
Rate
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Eurodollar
Spread
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Category 1
< Baa2/BBB
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0.090 %
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0.400 %
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Category 2
Baa3/BBB-
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0.110 %
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0.550 %
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Category 3
Ba1/BB+
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0.125 %
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0.750 %
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Category 4
< Ba2/BB
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0.150 %
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0.875 %
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On each day that the sum of the total Credit
Exposures exceed 50% of the total Commitments, the Eurodollar
Spread shall be 0.050% higher in the case of Category 1 and shall
be 0.100% higher in the case of Category 2. Applicable Margin for
ABR Loans is zero percent (0%).
For purposes of the foregoing, if both
Moody’s and S&P shall not have in effect a rating for the
Index Debt (other than by reason of the circumstances referred to
in the last sentence of this definition), then such agencies shall
be deemed to have established a rating in Category 4. If the
ratings established or deemed to have been established by
Moody’s and S&P for the Index Debt shall fall within
different Categories, the Applicable Margin shall be based on the
higher of the two ratings, unless one of the two ratings is two or
more Categories lower than the other, in which case the Applicable
Margin shall be determined by reference to the Category next above
that of the lower of the two ratings; provided ,
however , that if only one of Moody’s or S&P shall
have established a rating, then the Applicable Margin shall be
determined by reference to such available rating. If the ratings
established or deemed to have been established by Moody’s and
S&P for the Index Debt shall be changed (other than as a result
of a change in the rating system of Moody’s or S&P), such
change shall be effective as of the date on which it is first
announced by the applicable rating agency, irrespective of when
notice of such change shall have been furnished by the Borrower to
the Agent and the Lenders pursuant to Section 5.01 or
otherwise. Each change in the Applicable Margin shall apply during
the period commencing on the effective date of such change and
ending on the date immediately preceding the effective date of the
next such change. If the rating system of Moody’s or S&P
shall change, or if either such rating agency shall cease to be in
the business of rating corporate debt obligations, the Borrower and
the Lenders shall negotiate in good faith to amend this definition
to reflect such changed rating system or the unavailability of
ratings from such rating agency and, pending the
-2-
AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
effectiveness of any such
amendment, the Applicable Margin shall be determined by reference
to the rating of such agency most recently in effect prior to such
change or cessation.
" Applicable Percentage " means, with
respect to any Lender, the percentage of the Commitments
represented by such Lender’s Commitment. If the Commitments
have terminated or expired, the Applicable Percentages shall be
determined based upon the Commitments most recently in effect,
giving effect to any assignments.
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" Approved Fund " has the meaning assigned
to such term in Section 9.04 .
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" Assignment and Assumption " means an
assignment and assumption agreement entered into by a Lender and an
assignee (with the consent of any party whose consent is required
by Section 9.04 ), and accepted by the Administrative Agent,
in the form of Exhibit A or any other form approved by the
Administrative Agent.
" Availability Period " means the period
from and including the Effective Date to but excluding the earlier
of the Maturity Date and the date of termination of the
Commitments.
" Board " means the Board of Governors of
the Federal Reserve System of the United States of America.
" Borrower " means the Pioneer Natural
Resources Company, a Delaware corporation.
" Borrowing " means Revolving Loans of
the same Type, made, converted or continued on the same date and,
in the case of Eurodollar Loans, as to which a single Interest
Period is in effect or Swingline Loans, as to which a single
Interest Period is in effect.
" Borrowing Request " means a request by
the Borrower for a Revolving Borrowing in accordance with
Section 2.04 .
" Business Day " means any day that is
not a Saturday, Sunday or other day on which commercial banks in
New York City or Texas are authorized or required by law to remain
closed; provided that, when used in connection with a
Eurodollar Loan, the term "Business Day" shall also exclude any day
on which banks are not open for dealings in dollar deposits in the
London interbank market.
" Capital Lease Obligations " of any
Person means the obligations of such Person to pay rent or other
amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person under GAAP, and
the amount of such obligations shall be the capitalized amount
thereof determined in accordance with GAAP.
" Certifying Officer " has the meaning
set forth in Section 5.01(c) .
" Change in Control " means (a) the
acquisition of ownership, directly or indirectly, beneficially or
of record, by any Person or group (within the meaning of the
Securities Exchange Act of 1934, as amended, and the rules of the
Securities and Exchange Commission thereunder
-3-
AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
as in effect on the date hereof),
of Equity Interests representing more than 35% of the aggregate
ordinary voting power represented by the issued and outstanding
Equity Interests of the Borrower; or (b) occupation of a
majority of the seats (other than vacant seats) on the board of
directors of the Borrower by Persons who were neither (i) nominated
by the board of directors of the Borrower nor (ii) appointed by
directors so nominated.
" Change in Law " means (a) the adoption
of any law, rule or regulation after the date of this Agreement,
(b) any change in any law, rule or regulation or in the
interpretation or application thereof by any Governmental Authority
after the date of this Agreement or (c) compliance by any Lender or
the Issuing Banks (or, for purposes of Section 2.15(b) , by
any lending office of such Lender or by such Lender’s or the
Issuing Banks’ holding companies, if any) with any request,
guideline or directive (whether or not having the force of law) of
any Governmental Authority made or issued after the date of this
Agreement.
" CI Lender " has the meaning set forth
in Section 2.02(a) .
" Class ", when used in reference to any
Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are Revolving Loans or Swingline
Loans.
" Co-Arrangers " means both J.P. Morgan
Securities Inc. and Wachovia Capital Markets, LLC.
" Code " means the Internal Revenue Code
of 1986, as amended from time to time.
" Commitment " means, with respect to
each Lender, the commitment of such Lender to make Revolving Loans
and to acquire participations in Letters of Credit and Swingline
Loans hereunder, expressed as an amount representing the maximum
aggregate amount of such Lender’s Credit Exposure hereunder,
as such commitment may be (a) increased from time to time pursuant
to Section 2.02 , (b) reduced from time to time pursuant to
Section 2.09 , or (c) reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section
9.04 . The initial amount of each Lender’s Commitment is
set forth on Schedule 2.01 , or in the Assignment and
Assumption pursuant to which such Lender shall have assumed its
Commitment, as applicable. The initial aggregate amount of the
Lenders’ Commitments is $1,500,000,000.
" Commitment Increase " has the meaning
set forth in Section 2.02(a) .
" Commitment Increase Effective Date "
has the meaning set forth in Section 2.02(b) .
" Consenting Lender " has the meaning
assigned to such term in Section 2.20 .
" Consolidated Net Tangible Assets "
means, on any date, the aggregate amount of total assets of the
Borrower and its Subsidiaries, minus (a) all current liabilities of
the Borrower and its Subsidiaries (excluding current liabilities
included in the definition of Indebtedness and excluding current
liabilities attributable to commodities derivative contracts), (b)
all goodwill of the Borrower and its Subsidiaries and (c) current
and long-term assets attributable to commodities derivative
contracts, all determined on a consolidated basis in accordance
with GAAP.
-4-
AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
" Consolidated Tangible Net
Worth " means, at any date, (i) the Consolidated
shareholders’ equity of Borrower and its Restricted
Subsidiaries (determined in accordance with GAAP); less (ii) the
amount of Consolidated intangible assets of Borrower and its
Restricted Subsidiaries, provided , that to the extent oil
and gas mineral leases are classified as intangible assets under
GAAP, for purposes of this definition, those assets will be treated
as tangible assets; less (iii) the other comprehensive income
component of consolidated shareholders’ net equity of
Borrower and its Restricted Subsidiaries attributable to deferred
hedge gains, net of associated taxes; plus (iv) the aggregate
amount of any non-cash write downs under Statements of Financial
Accounting Standards Nos. 19, 109, 142, and 144, (and any
statements replacing, modifying or superceding such statement), on
a Consolidated basis, by Borrower and its Restricted Subsidiaries
after December 31, 2006, net of associated taxes; plus (v) the
other comprehensive income component of consolidated
shareholders’ net equity of Borrower and its Restricted
Subsidiaries attributable to deferred hedge losses, net of
associated taxes.
" Control " means the possession,
directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or
otherwise. "Controlling" and "Controlled" have meanings correlative
thereto.
" Credit Exposure " means, with respect
to any Lender at any time, the sum of the outstanding principal
amount of such Lender’s Loans and its LC Exposure and
Swingline Exposure at such time.
" Declining Lender " has the meaning
assigned to such term in Section 2.20 .
" Default " means any event or condition
which constitutes an Event of Default or which upon notice, lapse
of time or both would, unless cured or waived, become an Event of
Default.
" Disclosed Matters " means the actions,
suits and proceedings and the environmental matters disclosed in
Schedule 3.06 , disclosed in any filing with the Securities
and Exchange Commission or as otherwise disclosed in writing from
time to time to Administrative Agent.
" dollars " or " $ " refers to
lawful money of the United States of America.
" Effective Date " means the date on
which the conditions specified in Section 4.01 are satisfied
(or waived in accordance with Section 9.02 ).
" Environmental Laws " means all laws,
rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, notices or binding agreements issued, promulgated or
entered into by any Governmental Authority, relating in any way to
the environment, preservation or reclamation of natural resources,
the management, release or threatened release of any Hazardous
Material.
" Environmental Liability " means any
liability, contingent or otherwise (including any liability for
damages, costs of environmental remediation, fines, penalties or
indemnities), of the Borrower or any Subsidiary directly or
indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or
-5-
AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
disposal of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) the release
or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.
" Equity Interests " means shares of
capital stock, partnership interests, membership interests in a
limited liability company, beneficial interests in a trust or other
equity ownership interests in a Person, and any warrants, options
or other rights entitling the holder thereof to purchase or acquire
any such equity interest.
" ERISA " means the Employee Retirement
Income Security Act of 1974, as amended from time to time.
" ERISA Affiliate " means any trade or
business (whether or not incorporated) that, together with the
Borrower, is treated as a single employer under Section 414(b) or
(c) of the Code or, solely for purposes of Section 302 of ERISA and
Section 412 of the Code, is treated as a single employer under
Section 414 of the Code.
" ERISA Event " means (a) any "reportable
event", as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for
which the 30-day notice period is waived); (b) the existence with
respect to any Plan of an "accumulated funding deficiency" (as
defined in Section 412 of the Code or Section 302 of ERISA),
whether or not waived; (c) the filing pursuant to Section 412(d) of
the Code or Section 303(d) of ERISA of an application for a waiver
of the minimum funding standard with respect to any Plan; (d) the
incurrence by the Borrower or any of its ERISA Affiliates of any
liability under Title IV of ERISA with respect to the termination
of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an
intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (f) the incurrence by the Borrower or any of
its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer
Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of
any notice, or the receipt by any Multiemployer Plan from the
Borrower or any ERISA Affiliate of any notice, concerning the
imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in
reorganization, within the meaning of Title IV of ERISA.
" Eurodollar ", when used in reference to
any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate
determined by reference to the Adjusted LIBO Rate.
" Event of Default " has the meaning set
forth in Article VII .
" Excluded Taxes " means, with respect to
the Administrative Agent, any Lender, the Issuing Banks or any
other recipient of any payment to be made by or on account of any
obligation of the Borrower hereunder, (a) income or franchise taxes
by the United States of America, or by the jurisdiction under the
laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its
applicable lending office
-6-
AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
is located, (b) any branch
profits taxes imposed by the United States of America or any
similar tax imposed by any other jurisdiction in which the Borrower
is located and (c) in the case of a Foreign Lender (other than an
assignee pursuant to a request by the Borrower under Section
2.19(b) , any withholding tax that is imposed on amounts
payable to such Foreign Lender at the time such Foreign Lender
becomes a party to this Agreement whether upon execution or upon
assignment (or designates a new lending office) or is attributable
to such Foreign Lender’s failure to comply with Section
2.17(e) , except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new
lending office (or assignment), to receive additional amounts from
the Borrower with respect to such withholding tax pursuant to
Section 2.17(a) .
" Executive Officer " means any Financial
Officer, executive vice president, officer ranking above an
executive vice president and any officer that is the functional
equivalent of the foregoing.
" Existing Credit Agreement " means that
certain 5-Year Revolving Credit Agreement, dated as of September
30, 2005, among the Borrower, JPMorgan Chase Bank, N.A., as
Administrative Agent, JPMorgan Chase Bank, N.A., Wachovia Bank,
National Association and Bank of America, N.A. as Issuing Banks,
Wachovia Bank, National Association, as Syndication Agent, Bank of
America, N.A., Deutsche Bank Securities Inc. and Wells Fargo Bank,
National Association, as Co-Documentation Agents, and the lenders
parties thereto.
" Existing Letters of Credit " means the
Letters of Credit described on Schedule 1.01 that were
issued by JPMorgan Chase Bank, N.A., Wachovia Bank, National
Association or Bank of America, N.A. under the Existing Credit
Agreement and that shall be transferred to and deemed issued under
this Agreement, as such Letters of Credit may be renewed or amended
from time to time.
" Existing Maturity Date " has the
meaning assigned to such term in Section 2.20 .
" Federal Funds Effective Rate " means,
for any day, the weighted average (rounded upwards, if necessary,
to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by
Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is
not so published for any day that is a Business Day, the average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the
quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized
standing selected by it.
" Financial Officer " means, with respect
to any Person, the chief financial officer or principal accounting
officer. The term "Financial Officer" without reference to a Person
shall mean a Financial Officer of the Borrower.
" Foreign Lender " means any Lender that
is organized under the laws of a jurisdiction other than that in
which the Borrower is located. For purposes of this definition, the
United States of America, each State thereof and the District of
Columbia shall be deemed to constitute a single jurisdiction.
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
" GAAP " means generally
accepted accounting principles in the United States of
America.
" Governmental Authority " means the
government of the United States of America, any other nation or any
political subdivision thereof, whether state or local, and any
agency, authority, instrumentality, regulatory body, court, central
bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or
pertaining to government.
" Guarantee " of or by any Person (the
"guarantor") means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation of any other
Person (the "primary obligor") in any manner, whether directly or
indirectly, and including any obligation of the guarantor, direct
or indirect, (a) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Indebtedness or other obligation
or to purchase (or to advance or supply funds for the purchase of)
any security for the payment thereof, (b) to purchase or lease
property, securities or services for the purpose of assuring the
owner of such Indebtedness or other obligation of the payment
thereof, or (c) to maintain working capital, equity capital or any
other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation, provided , that the term
Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business.
" Hazardous Materials " means all
explosive or radioactive substances or wastes and all hazardous or
toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos containing
materials, polychlorinated biphenyls, radon gas, infectious or
medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law.
" Highest Lawful Rate " means, with
respect to each Lender, the maximum nonusurious interest rate, if
any, that at any time or from time to time may be contracted for,
taken, reserved charged or received on the Indebtedness under laws
applicable to such Lender which are presently in effect or, to the
extent allowed by law, under such applicable laws which may
hereafter be in effect and which allow a higher maximum nonusurious
interest rate than applicable laws allow as of the date hereof.
" Hybrid Equity Credit " means, on any
date, with respect to any Hybrid Equity Securities, the aggregate
principal amount of such Hybrid Equity Securities that is treated
as equity by S&P and Moody’s based on the classifications
for such Hybrid Equity Securities issued by S&P and
Moody’s; provided that if the classifications for such
Hybrid Equity Securities issued by S&P and Moody’s are
different, then the higher classification (i.e., the classification
that provides for the most equity) will apply to determine the
amount of "Hybrid Equity Credit" for such Hybrid Equity
Securities.
" Hybrid Equity Securities " means, on
any date (the "determination date"), any securities issued by the
Borrower or any of the Restricted Subsidiaries or a financing
vehicle of the Borrower or any of the Restricted Subsidiaries,
other than common stock, that meet the following criteria: (a) (i)
the Borrower demonstrates that such securities are classified, at
the time
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
they are issued, as possessing a
minimum of "intermediate equity content" by S&P and "Basket C
equity credit" by Moody’s (or the equivalent classifications
then in effect by such agencies) and (ii) on such determination
date such securities are classified as possessing a minimum of
"intermediate equity content" by S&P or "Basket C equity
credit" by Moody’s (or the equivalent classifications then in
effect by such agencies) and (b) such securities require no
repayments or prepayments and no mandatory redemptions or
repurchases, in each case, prior to at least 91 days after the
later of the termination of the Commitments and the repayment in
full of all obligations of the Borrower under this Agreement. As
used in this definition, "mandatory redemption" shall not include
conversion of a security into common stock.
" Hydrocarbon Interests " means all
rights, titles, interests and estates now owned or hereafter
acquired in and to oil and gas leases, oil, gas and mineral leases,
or other liquid or gaseous hydrocarbon leases, mineral fee or lease
interests, farm-outs, overriding royalty and royalty interests, net
profit interests, oil payments, production payment interests and
similar mineral interests, including any reserved or residual
interest of whatever nature.
" Hydrocarbons " means oil, gas,
casinghead gas, condensate, distillate, liquid hydrocarbons,
gaseous hydrocarbons, all products refined, separated, settled and
dehydrated therefrom and all products refined therefrom, including,
without limitation, kerosene, liquefied petroleum gas, refined
lubricating oils, diesel fuel, drip gasoline, natural gasoline,
helium, sulfur and all other minerals.
" Indebtedness " of any Person means,
without duplication, (a) all obligations of such Person for
borrowed money, (b) all obligations of such Person evidenced by
bonds, debentures, notes or similar instruments, (c) all
obligations of such Person in respect of the deferred purchase
price of property or services (other than customary payment terms
taken in the ordinary course of business), (d) all Indebtedness of
others secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any
Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed limited, however
to the lesser of (1) the amount of its liability or (2) the book
value of such property, (e) all Guarantees by such Person of
Indebtedness of others, (f) all Capital Lease Obligations of such
Person, (g) all obligations, contingent or otherwise, of such
Person as an account party in respect of letters of credit, (h) all
obligations, contingent or otherwise, of such Person in respect of
bankers’ acceptances, (i) the amount of deferred revenue
attributed to any forward sale of production for which such Person
has received payment in advance other than on ordinary trade terms,
(j) all obligations of such Person in respect of synthetic leases
and (k) the undischarged balance of any production payment created
by such Person or for the creation of which such Person directly or
indirectly received payment. The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such
Person’s ownership interest in or other relationship with
such entity, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor.
" Indemnified Taxes " means Taxes other
than Excluded Taxes.
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
" Index Debt " means
senior, unsecured, long-term indebtedness for borrowed money of the
Borrower that is not guaranteed by any other Person except for a
Subsidiary Guarantor or subject to any other credit enhancement;
provided , that if the Borrower does not have any such
indebtedness, Index Debt shall be the indebtedness under this
Agreement.
" Interest Election Request " means a
request by the Borrower to convert or continue a Borrowing in
accordance with Section 2.08 .
" Interest Payment Date " means (a) with
respect to any ABR Loan, the last day of each March, June,
September and December, (b) with respect to any Eurodollar Loan,
the last day of the Interest Period applicable to the Borrowing of
which such Loan is a part and, in the case of a Eurodollar
Borrowing with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period
that occurs at intervals of three months’ duration after the
first day of such Interest Period and (c) with respect to any
Swingline Loan, the first day of each calendar month, unless such
day shall not be a Business Day, in which case the next succeeding
Business Day.
" Interest Period " means (a) with
respect to any Eurodollar Revolving Borrowing, the period
commencing on the date of such Borrowing and ending on the
numerically corresponding day in the calendar month that is one,
two, three or six months or, with the consent of the Administrative
Agent, nine or twelve months thereafter, as the Borrower may elect,
and (b) with respect to any Swingline Loan, the period commencing
on the date of such Borrowing and ending on the date specified in
Section 2.10(a) ; provided , that (i) if any Interest
Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day
unless, in the case of a Eurodollar Revolving Borrowing only, such
next succeeding Business Day would fall in the next calendar month,
in which case such Interest Period shall end on the next preceding
Business Day and (ii) any Interest Period pertaining to a
Eurodollar Revolving Borrowing that commences on the last Business
Day of a calendar month (or on a day for which there is no
numerically corresponding day in the last calendar month of such
Interest Period) shall end on the last Business Day of the last
calendar month of such Interest Period. For purposes hereof, the
date of a Borrowing initially shall be the date on which such
Borrowing is made and, in the case of a Revolving Borrowing,
thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.
" Investment Grade Date " means the first
date on which the Borrower’s Index Debt rating is BBB- or
better by S&P’s or Baa3 or better by Moody’s,
unless one of the two ratings is two or more categories lower than
the other and the category that is one above the lower rating is
not BBB- or better or Baa3 or better.
" Issuing Bank " means each of JPMorgan
Chase Bank, N.A. and Wachovia Bank, National Association, in its
capacity as the issuer of Letters of Credit hereunder, and its
successors in such capacity as provided in Section 2.06(i) .
The Issuing Bank may, in its discretion, arrange for one or more
Letters of Credit to be issued by Affiliates of the Issuing Bank,
in which case the term "Issuing Bank" shall include such Affiliate
with respect to Letters of Credit issued by such Affiliate. Bank of
America, N.A. shall also be an Issuing Bank as to Existing Letters
of Credit. The Borrower may, with the consent of the Administrative
Agent and
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
the relevant Lender, appoint such
Lender hereunder as an Issuing Bank in addition to JPMorgan Chase
Bank, N.A. and Wachovia Bank, National Association.
" Joinder Agreement " has the meaning set
forth in Section 2.02(a) .
" LC Disbursement " means a payment made
by an Issuing Bank pursuant to a Letter of Credit.
" LC Exposure " means, at any time, the
sum of (a) the aggregate undrawn amount of all outstanding Letters
of Credit at such time plus (b) the aggregate amount of all LC
Disbursements that have not yet been reimbursed by or on behalf of
the Borrower at such time. The LC Exposure of any Lender at any
time shall be its Applicable Percentage of the total LC Exposure at
such time.
" Lenders " means the Persons listed on
Schedule 2.01 and any other Person that shall have become a
party hereto pursuant to Section 2.02 or pursuant to an
Assignment and Assumption, other than any such Person that ceases
to be a party hereto pursuant to an Assignment and Assumption.
Unless the context otherwise requires, the term "Lenders" includes
the Swingline Lenders.
" Letter of Credit " means any letter of
credit issued pursuant to this Agreement.
" LIBO Rate " means, with respect to any
Eurodollar Revolving Borrowing for any Interest Period, the rate
appearing on Page 3750 of the Dow Jones Market Service (or on any
successor or substitute page of such Service, or any successor to
or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such
Service, as determined by the Administrative Agent from time to
time for purposes of providing quotations of interest rates
applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to
the commencement of such Interest Period, as the rate for dollar
deposits with a maturity comparable to such Interest Period. In the
event that such rate is not available at such time for any reason,
then the "LIBO Rate" with respect to such Eurodollar Borrowing for
such Interest Period shall be the rate at which dollar deposits of
$5,000,000 and for a maturity comparable to such Interest Period
are offered by the principal London office of the Administrative
Agent in immediately available funds in the London interbank market
at approximately 11:00 a.m., London time, two Business Days prior
to the commencement of such Interest Period.
" Lien " means, with respect to any
asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, or security interest in, on or of such asset, or any
other charge or encumbrance on any such asset to secure
Indebtedness or liabilities, but excluding any right to netting or
setoff (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same
economic effect as any of the foregoing) relating to such asset and
(c) in the case of securities, any purchase option, call or similar
right of a third party with respect to such securities.
" Loan Documents " means this Agreement
and the Subsidiary Guaranties.
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
" Loans " means the loans
made by the Lenders to the Borrower pursuant to this
Agreement.
" Material Adverse Effect " means a
material adverse effect on (a) the business, assets, operations, or
financial condition of the Borrower and the Restricted Subsidiaries
taken as a whole, (b) the ability of the Borrower and the
Subsidiary Guarantors, if any, to perform their obligations, taken
as a whole, under this Agreement and the other Loan Documents or
(c) the rights of or benefits available to the Lenders under this
Agreement and the other Loan Documents.
" Material Indebtedness " means (a)
Indebtedness (other than the Loans and Letters of Credit), or (b)
obligations in respect of one or more Swap Agreements, in each case
under clause (a) or (b) of any one or more of the Borrower and its
Restricted Subsidiaries in an aggregate principal amount exceeding
$75,000,000. For purposes of determining Material Indebtedness, the
"principal amount" of the obligations of the Borrower or any
Restricted Subsidiary in respect of any Swap Agreement at any time
shall be the maximum aggregate amount (giving effect to any netting
agreements) that the Borrower or such Restricted Subsidiary would
be required to pay if such Swap Agreement were terminated at such
time.
" Maturity Date " means the later of (a)
April 11, 2012 and (b) if maturity is extended pursuant to
Section 2.20 , such extended maturity date as determined
pursuant to Section 2.20 (it being understood and agreed
that any such maturity shall not be deemed extended for any Lender
that has not consented to such extension).
" Maturity Date Extension Request " means
a request by the Borrower, in the Form of Exhibit F hereto
or any other form approved by the Administrative Agent, for the
extension of the Maturity Date pursuant to Section 2.20
.
" Moody’s " means Moody’s
Investors Service, Inc.
" Multiemployer Plan " means a
multiemployer plan as defined in Section 4001(a)(3) of ERISA.
" New Funds Amount " has the meaning set
forth in Section 2.02(d) .
" Notice of Commitment Increase " has the
meaning set forth in Section 2.02(b) .
" Obligors " means the Borrower and the
Subsidiary Guarantors, each an "Obligor".
" Oil and Gas Properties " means
Hydrocarbon Interests; the properties now or hereafter pooled or
unitized with Hydrocarbon Interests; all presently existing or
future unitization, pooling agreements and declarations of pooled
units and the units created thereby (including without limitation
all units created under orders, regulations and rules of any
Governmental Authority having jurisdiction) which may affect all or
any portion of the Hydrocarbon Interests; all pipelines, gathering
lines, compression facilities, tanks and processing plants; all
interests held in royalty trusts whether presently existing or
hereafter created; all Hydrocarbons in and under and which may be
produced, saved, processed or attributable to the Hydrocarbon
Interests, the lands covered thereby and all Hydrocarbons in
pipelines, gathering lines, tanks and
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
processing plants and all rents,
issues, profits, proceeds, products, revenues and other incomes
from or attributable to the Hydrocarbon Interests; all tenements,
hereditaments, appurtenances and properties in any way
appertaining, belonging, affixed or incidental to the Hydrocarbon
Interests, and all rights, titles, interests and estates described
or referred to above, including any and all real property, now
owned or hereafter acquired, used or held for use in connection
with the operating, working or development of any of such
Hydrocarbon Interests or property and including any and all surface
leases, rights-of-way, easements and servitudes together with all
additions, substitutions, replacements, accessions and attachments
to any and all of the foregoing; all oil, gas and mineral leasehold
and fee interests, all overriding royalty interests, mineral
interests, royalty interests, net profits interests, net revenue
interests, oil payments, production payments, carried interests and
any and all other interests in Hydrocarbons; in each case whether
now owned or hereafter acquired directly or indirectly.
" Other Taxes " means any and all present
or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment
made hereunder or from the execution, delivery or enforcement of,
or otherwise with respect to, this Agreement.
" Participant " has the meaning set forth
in Section 9.04 .
" PBGC " means the Pension Benefit
Guaranty Corporation referred to and defined in ERISA and any
successor entity performing similar functions.
" Permitted Encumbrances " means:
-
-
(b) carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s,
landlords, vendors, workmen, operators, and other like Liens
arising in the ordinary course of business or incident to the
exploration, development, operation, processing and maintenance of
Hydrocarbons and related facilities and assets and securing
obligations that are not overdue by more than 90 days or are being
contested in compliance with Section 5.04 ;
-
-
(d) deposits to secure the performance of bids,
tenders, trade contracts, leases, statutory obligations, surety and
appeal bonds, performance bonds, and other obligations of a like
nature, in each case in the ordinary course of business;
(e) judgment liens in respect of judgments that
do not constitute an Event of Default under clause (k) of
Article VII ;
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
-
-
(f) easements, zoning
restrictions, rights-of-way, servitudes, permits, conditions,
exceptions, reservations, and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that
do not secure any Indebtedness and do not materially interfere with
the ordinary conduct of business of the Borrower or any Restricted
Subsidiary;
-
-
(g) legal or equitable encumbrances deemed to
exist by reason of negative pledges such as in Section 6.02
of this Agreement or the existence of any litigation or other legal
proceeding and any related lis pendens filing (excluding any
attachment prior to judgment, judgment lien or attachment lien in
aid of execution on a judgment);
(h) rights of a common owner of any interest in
property held by Borrower or any Restricted Subsidiary as a common
owner;
(i) farmout, carried working interest, joint
operating, unitization, royalty, overriding royalty, sales, area of
mutual interest, division order, joint venture, partnership and
similar agreements relating to the exploration or development of,
or production from, oil and gas properties incurred in the ordinary
course of business,
(j) Liens arising pursuant to Section 9.343 of
the Texas Uniform Commercial Code or other similar statutory
provisions of other states with respect to production purchased
from others;
(k) any defects, irregularities, or deficiencies
in title to easements, rights-of-way, or other properties which do
not in the aggregate have a Material Adverse Effect;
(l) Liens on the stock or other ownership
interest of or in any Unrestricted Subsidiary, provided that
there is no recourse to the Borrower or any Restricted Subsidiary
other than recourse to such stock or other ownership interest and
proceeds thereof;
(m) Liens resulting from the deposit of funds or
evidences of Indebtedness in trust for the purpose of defeasing
Indebtedness of the Borrower or any Restricted Subsidiary;
(n) Liens arising under customary letter of
credit reimbursement agreements and customary deposit account
agreement, and similar agreements entered into in the ordinary
course of business with respect to instruments or money in the
possession of the other party thereto in the ordinary course of
business; and
(o) Liens in renewal or extension of any of the
foregoing permitted Liens, so long as limited to the property or
assets encumbered and the amounts of indebtedness secured
immediately prior to such renewal or extension is not
increased.
" Person " means any natural person,
corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other
entity.
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
" Plan " means any
employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of
the Code or Section 302 of ERISA, and in respect of which the
Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an
"employer" as defined in Section 3(5) of ERISA.
" Prime Rate " means the rate of interest
per annum publicly announced from time to time by JPMorgan Chase
Bank, N.A. as its prime rate in effect at its principal office in
New York City; each change in the Prime Rate shall be effective
from and including the date such change is publicly announced as
being effective.
" Proved Reserves " means the estimated
quantities of crude oil, condensate, natural gas and natural gas
liquids that adequate geological and engineering data demonstrate
with reasonable certainty to be recoverable in future years from
proved reservoirs under existing economic and operating conditions
(i.e., prices and costs as of the date the estimate is made).
" PV " means the calculation of the net
present value of projected future cash flows from Proved Reserves
based upon the most recently delivered Reserve Report (using the
arithmetical average of the discount rate and customary price deck
of JPMorgan Chase Bank, N.A. and Wachovia Bank, National
Association as of the December 31 effective date of such Reserve
Report and giving effect to the Borrower’s hedging
arrangements and long-term contracts). For purposes of calculating
the PV, a maximum of 35% of the PV value will be included from
Proved Reserves that are not proved developed producing reserves.
If, during any period between the December 31 effective dates of
Reserve Reports, the aggregate fair market value, in the reasonable
opinion of the Borrower, of Oil and Gas Properties disposed of or
purchased by the Borrower and the Restricted Subsidiaries shall
exceed $100,000,000, then the PV for such period shall be reduced
or increased, as the case may be, from time to time, by an amount
equal to the value assigned such Oil and Gas Properties in the most
recent calculation of the PV for such period (or if no value was
assigned, by an amount agreed to by the Borrower, JPMorgan Chase
Bank, N.A. and Wachovia Bank, National Association). PV shall
reflect the deferred revenue with respect to production payments
included in Total Debt, at a value that is equal to the amount of
deferred revenues so included in Total Debt.
" Reducing Percentage Lender " has the
meaning set forth in Section 2.02(d) .
" Reduction Amount " has the meaning set
forth in Section 2.02(d) .
" Register " has the meaning set forth in
Section 9.04 .
" Related Parties " means, with respect
to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of
such Person and such Person’s Affiliates.
" Required Lenders " means, at any time,
Lenders having Credit Exposures and unused Commitments representing
greater than 50% of the sum of the total Credit Exposures and
unused Commitments at such time.
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
" Reserve Report " means a
report prepared as of December 31 of each year by the Borrower with
respect to the Oil and Gas Properties of the Borrower and the
Restricted Subsidiaries and audited at least as to 60% of the net
present value of all such Proved Reserves by Gaffney, Cline &
Associates, Ryder Scott Company, Netherland, Sewell &
Associates, Inc. or another independent engineering firm selected
by the Borrower and reasonably acceptable to the Administrative
Agent.
" Restricted Subsidiaries " means all
Subsidiary Guarantors and, without duplication, all Subsidiaries of
the Borrower that are not Unrestricted Subsidiaries.
" Revolving Loan " means a Loan made
pursuant to Section 2.03 .
" S&P " means Standard &
Poor’s.
" Statutory Reserve Rate " means a
fraction (expressed as a decimal), the numerator of which is the
number one and the denominator of which is the number one minus the
aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as
a decimal established by the Board to which the Administrative
Agent is subject with respect to the Adjusted LIBO Rate, for
eurocurrency funding (currently referred to as "Eurocurrency
Liabilities" in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation
D. Eurodollar Loans shall be deemed to constitute eurocurrency
funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may
be available from time to time to any Lender under such Regulation
D or any comparable regulation. The Statutory Reserve Rate shall be
adjusted automatically on and as of the effective date of any
change in any reserve percentage.
" subsidiary " means, with respect to any
Person (the " parent ") at any date, any corporation,
limited liability company, partnership, association or other entity
the accounts of which would be consolidated with those of the
parent in the parent’s consolidated financial statements if
such financial statements were prepared in accordance with GAAP as
of such date, as well as any other corporation, limited liability
company, partnership, association or other entity of which
securities or other ownership interests representing more than 50%
of the ordinary voting power or, in the case of a partnership, more
than 50% of the general partnership interests are, as of such date,
owned, controlled or held by the parent and one or more
subsidiaries of the parent.
" Subsidiary " means any subsidiary of
the Borrower.
" Subsidiary Guarantor " means any
Restricted Subsidiary that is required to execute and deliver a
Subsidiary Guaranty.
" Subsidiary Guarant y" means a
Subsidiary Guaranty substantially in the form of Exhibit D
executed by a Restricted Subsidiary
" Swap Agreement " means any agreement
with respect to any swap, forward, future or derivative transaction
or option or similar agreement involving, or settled by reference
to, one or
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
more rates, currencies,
commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or
pricing risk or value or any similar transaction or any combination
of these transactions; provided that no phantom stock or
similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or
consultants of the Borrower or the Subsidiaries shall be a Swap
Agreement.
" Swingline Commitment " means, with
respect to each Swingline Lender, the commitment of such Swingline
Lender to make Swingline Loans. The amount of each Swingline
Commitment for each Swingline Lender is $75,000,000 and the total
Swingline Commitment is $150,000,000.
" Swingline Exposure " means at any time,
the aggregate principal amount of all Swingline Loans outstanding
at such time. The Swingline Exposure of any Lender at any time
shall be its Applicable Percentage of the total Swingline Exposure
at such time.
" Swingline Lenders " means JPMorgan
Chase Bank, N.A. and Wachovia Bank, National Association.
" Swingline Loan " means a Loan made
pursuant to Section 2.05 .
" Taxes " means any and all present or
future taxes, levies, imposts, duties, deductions, charges or
withholdings imposed by any Governmental Authority.
" Total Adjusted Debt " means as of any
date of determination, all Indebtedness (without duplication) of
the Borrower and the Restricted Subsidiaries on a consolidated
basis (including any Indebtedness proposed to be incurred on such
date of determination and excluding all Indebtedness to be paid on
such date of determination with the proceeds thereof).
" Total Cap " means, as of any date of
determination, the sum of Total Debt plus Consolidated Tangible Net
Worth of the Borrower and the Restricted Subsidiaries.
" Total Debt " means as of any date of
determination, all Indebtedness (without duplication) of the
Borrower and the Restricted Subsidiaries on a consolidated basis
(including any Indebtedness proposed to be incurred on such date of
determination and excluding (i) all Indebtedness to be paid on such
date of determination with the proceeds thereof, (ii) excluding any
Indebtedness described in clause (g) of the definition of
Indebtedness herein and (iii) excluding the aggregate amount of
Hybrid Equity Credit for Hybrid Equity Securities existing on such
date of determination).
" Transactions " means the execution,
delivery and performance by the Borrower of this Agreement, the
borrowing of Loans, the use of the proceeds thereof, and the
issuance of Letters of Credit hereunder and the guarantee by the
Subsidiary Guarantors of the obligations of the Borrower under this
Agreement.
" Type ", when used in reference to any
Loan or Borrowing, refers to whether the rate of interest on such
Loan, or on the Loans comprising such Borrowing, is determined by
reference to the Adjusted LIBO Rate or the Alternate Base Rate.
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
" Unrestricted Subsidiary
" means:
(1) any Subsidiary of the Borrower that at the
time of determination shall be designated an Unrestricted
Subsidiary by a Financial Officer of the Borrower in the manner
provided below; and
(2) any Subsidiary of an Unrestricted
Subsidiary. A Financial Officer may designate any Subsidiary of the
Borrower (including any newly acquired or newly formed Subsidiary
of the Borrower and a Restricted Subsidiary but excluding any
Subsidiary Guarantor) to be an Unrestricted Subsidiary unless such
Subsidiary or any of its Subsidiaries owns any Equity Interests or
Indebtedness of, or owns or holds any Lien on any property of, the
Borrower or any other Subsidiary of the Borrower that is not a
Subsidiary of the Subsidiary to be so designated. A Financial
Officer may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided , however , that (i)
giving effect to such designation shall not result in the
occurrence and continuance of a Default and (ii) any Indebtedness
of such Subsidiary shall not be secured by Liens at the time of
such designation except for Liens permitted by Section 6.02
. Any such designation by a Financial Officer shall be evidenced to
the Administrative Agent by promptly filing with the Administrative
Agent a copy of the resolution of a Financial Officer giving effect
to such designation and an Officers’ Certificate certifying
that such designation complied with the foregoing provisions.
" Withdrawal Liability " means liability
to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined
in Part I of Subtitle E of Title IV of ERISA.
Section 1.02 Classification of
Loans and Borrowings. For purposes of this Agreement, Loans
may be classified and referred to by Class (e.g., a " Revolving
Loan ") or by Type (e.g., a " Eurodollar Loan ") or by
Class and Type (e.g., a " Eurodollar Revolving Loan ").
Borrowings also may be classified and referred to by Class (e.g., a
" Revolving Borrowing ") or by Type (e.g., a " Eurodollar
Borrowing ") or by Class and Type (e.g., a " Eurodollar
Revolving Borrowing ").
Section 1.03 Terms Generally . The
definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words "include", "includes" and
"including" shall be deemed to be followed by the phrase "without
limitation". The word "will" shall be construed to have the same
meaning and effect as the word "shall". Unless the context requires
otherwise i) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set
forth herein), ii) any reference herein to any Person shall be
construed to include such Person’s successors and assigns,
iii) the words "herein", "hereof" and "hereunder", and words of
similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, iv) all
references herein to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement and
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
v) the words "asset" and
"property" shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract
rights.
Section 1.04 Accounting Terms; GAAP
. Except as otherwise expressly provided herein, all terms of
an accounting or financial nature shall be construed in accordance
with GAAP, as in effect from time to time; provided that, if
the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the
effect of any change occurring after the date hereof in GAAP
(including but not limited to any Statement of Financial Accounting
Standards) or in the application thereof on the operation of such
provision (or if the Administrative Agent notifies the Borrower
that the Required Lenders request an amendment to any provision
hereof for such purpose), regardless of whether any such notice is
given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of
GAAP as in effect and applied immediately before such change shall
have become effective until such notice shall have been withdrawn
or such provision amended in accordance herewith.
ARTICLE II
THE CREDITS
Section 2.01 Commitments . Subject to the
terms and conditions set forth herein, each Lender agrees to make
Revolving Loans in dollars to the Borrower from time to time during
the Availability Period in an aggregate principal amount that will
not result in (1) such Lender’s Credit Exposure exceeding
such Lender’s Commitment or (2) the sum of the total Credit
Exposures exceeding the total Commitments. Within the foregoing
limits and subject to the terms and conditions set forth herein,
the Borrower may borrow, prepay and reborrow Revolving Loans.
Section 2.02 Commitment Increase
.
(a) Subject to the terms and conditions set
forth herein, the Borrower shall have the right, without the
consent of the Lenders but with the prior approval of the
Administrative Agent, to cause from time to time an increase in the
Commitments of the Lenders (a " Commitment Increase ") by
adding to this Agreement one or more additional financial
institutions that is not already a Lender hereunder and that is
reasonably satisfactory to the Administrative Agent or by allowing
one or more existing Lenders to increase their respective
Commitments (each a " CI Lender "); provided ,
however that (3) no Event of Default shall have occurred
which is continuing, (4) no such Commitment Increase shall cause
the Commitments under this Agreement to exceed $2,000,000,000, (5)
no Lender’s Commitment shall be increased without such
Lender’s prior written consent, (iv) if, on the effective
date of such increase, any Loans have been funded, then the
Borrower shall be obligated to pay any breakage fees or costs in
connection with the reallocation of such outstanding Loans, and (v)
each CI Lender shall execute a joinder agreement in the form of
Exhibit G attached hereto (a " Joinder Agreement
").
(b) Any Commitment Increase shall be requested
by written notice from the Borrower to the Administrative Agent (a
" Notice of Commitment Increase ") in the form of Exhibit
B attached hereto and shall be approved by the Administrative
Agent, such consent to not be unreasonably
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
withheld. Each such Notice of
Commitment Increase shall specify (6) the proposed effective date
of such Commitment Increase, which date shall be no earlier than
five (5) Business Days after receipt by the Administrative Agent of
such Notice of Commitment Increase, (7) the amount of the requested
Commitment Increase ( provided that after giving effect to
such requested Commitment Increase, the aggregate amount of the
Commitments does not exceed the amount set forth in subsection
1.(ii) above), (8) t he identity of each CI Lender, and (9)
the amount of the respective Commitments of the then existing
Lenders and the CI Lenders from and after the Commitment Increase
Effective Date (as defined below). The Administrative Agent shall
review each Notice of Commitment Increase and shall notify the
Borrower whether or not the Administrative Agent consents to the
proposed Commitment Increase. If the Administrative Agent consents
to such Commitment Increase (such consent not to be unreasonably
withheld), the Administrative Agent shall execute a counterpart of
the Notice of Commitment Increase and such Commitment Increase
shall be effective on the proposed effective date set forth in the
Notice of Commitment Increase (if the Administrative Agent
consented to such Commitment Increase prior to such proposed date)
or on another date agreed to by the Administrative Agent and the
Borrower (such date referred to as the " Commitment Increase
Effective Date ").
(c) On each Commitment Increase Effective Date,
to the extent that there are Loans outstanding as of such date,
(10) each CI Lender shall, by wire transfer of immediately
available funds, deliver to the Administrative Agent such CI
Lender’s New Funds Amount, which amount, for each such CI
Lender, shall constitute Loans made by such CI Lender to the
Borrower pursuant to this Agreement on such Commitment Increase
Effective Date, (11) the Administrative Agent shall, by wire
transfer of immediately available funds, pay to each then Reducing
Percentage Lender its Reduction Amount, which amount, for each such
Reducing Percentage Lender, shall constitute a prepayment by the
Borrower pursuant to Section 2.11 , ratably in accordance
with the respective principal amounts thereof, of the principal
amounts of all then outstanding Loans of such Reducing Percentage
Lender, and (12) the Borrower shall be responsible to pay to each
Lender any breakage fees or costs in connection with the
reallocation of any outstanding Loans.
(d) For purposes of this Section 2.02 and
Exhibit B , the following defined terms shall have the
following meanings: (13) " New Funds Amount " means the
amount equal to the product of a CI Lender’s increased
Commitment or a CI Lender’s new Commitment (as applicable)
represented as a percentage of the aggregate Commitments after
giving effect to the Commitment Increase, times the aggregate
principal amount of the outstanding Loans immediately prior to
giving effect to the Commitment Increase, if any, as of a
Commitment Increase Effective Date (without regard to any increase
in the aggregate principal amount of Loans as a result of
borrowings made after giving effect to the Commitment Increase on
such Commitment Increase Effective Date); (14) " Reducing
Percentage Lender " means each then existing Lender immediately
prior to giving effect to the Commitment Increase that does not
increase its respective Commitment as a result of the Commitment
Increase and whose relative percentage of the Commitments shall be
reduced after giving effect to such Commitment Increase; and (15) "
Reduction Amount " means the amount by which a Reducing
Percentage Lender’s outstanding Loans decrease as of a
Commitment Increase Effective Date (without regard to the effect of
any borrowings made on such Commitment Increase Effective Date
after giving effect to the Commitment Increase).
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
(e) Each Commitment Increase
shall become effective on its Commitment Increase Effective Date
and upon such effectiveness (16) the Administrative Agent shall
record in the register each then CI Lender’s information as
provided in the Notice of Commitment Increase and pursuant to an
Administrative Questionnaire satisfactory to the Administrative
Agent that shall be executed and delivered by each CI Lender to the
Administrative Agent on or before the Commitment Increase Effective
Date, (17) Schedule 2.01 hereof shall be amended and
restated to set forth all Lenders (including any CI Lenders) that
will be Lenders hereunder after giving effect to such Commitment
Increase (which shall be set forth in Annex I to the applicable
Notice of Commitment Increase) and the Administrative Agent shall
distribute to each Lender (including each CI Lender) a copy of such
amended and restated Schedule 2.01 , and (18) each CI Lender
identified on the Notice of Commitment Increase for such Commitment
Increase shall be a "Lender" for all purposes under this
Agreement.
Section 2.03 Revolving Loans and
Borrowings .
(a) Each Revolving Loan shall be made as part of
a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance with their respective Commitments. The
failure of any Lender to make any Loan required to be made by it
shall not relieve any other Lender of its obligations hereunder;
provided that the Commitments of the Lenders are several and
no Lender shall be responsible for any other Lender’s failure
to make Loans as required.
(b) Subject to Section 2.14 , each
Revolving Borrowing shall be comprised entirely of ABR Loans or
Eurodollar Loans as the Borrower may request in accordance
herewith. Each Lender at its option (but subject to Section
2.19 ) may make any Eurodollar Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan;
provided that any exercise of such option shall not affect
the obligation of the Borrower to repay such Loan in accordance
with the terms of this Agreement.
(c) At the commencement of each Interest Period
for any Eurodollar Revolving Borrowing, such Borrowing shall be in
an aggregate amount that is an integral multiple of $1,000,000 and
not less than $5,000,000. At the time that each ABR Revolving
Borrowing is made, such Borrowing shall be in an aggregate amount
that is an integral multiple of $1,000,000 and not less than
$5,000,000; provided that an ABR Revolving Borrowing may be
in an aggregate amount that is equal to the entire unused balance
of the total Commitments or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section
2.06(e) . Borrowings of more than one Type and Class may be
outstanding at the same time; provided that there shall not
at any time be more than a total of fifteen (15) Eurodollar
Revolving Borrowings outstanding.
(d) Notwithstanding any other provision of this
Agreement, the Borrower shall not be entitled to request, or to
elect to convert or continue, any Revolving Borrowing if the
Interest Period requested with respect thereto would end after the
Maturity Date.
Section 2.04 Requests for Revolving
Borrowings . To request a Revolving Borrowing, the Borrower
shall notify the Administrative Agent of such request by telephone
vi) in the case of a Eurodollar Borrowing, not later than 12:00
noon, New York City time, three Business Days before the date of
the proposed Borrowing and vii) in the case of an ABR Borrowing,
not later
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
than 12:00 noon, New York City
time, on the same Business Day of the proposed Borrowing;
provided that any such notice of an ABR Borrowing to finance
the reimbursement of an LC Disbursement as contemplated by
Section 2.06(e) may be given not later than 12:00 noon, New
York City time, on the date of the proposed Borrowing. Each such
telephonic Borrowing Request shall be irrevocable and shall be
confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Borrowing Request in a form
approved by the Administrative Agent and signed by the Borrower.
Each such telephonic and written Borrowing Request shall specify
the following information in compliance with Section 2.02
:
-
-
(i) the aggregate amount of the requested
Borrowing;
(ii) the date of such Borrowing, which shall be
a Business Day;
(iii) whether such Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing;
(iv) in the case of a Eurodollar Borrowing, the
initial Interest Period to be applicable thereto, which shall be a
period contemplated by the definition of the term "Interest
Period"; and
(v) the location and number of the
Borrower’s account to which funds are to be disbursed, which
shall comply with the requirements of Section 2.07 .
If no election as to the Type of Revolving
Borrowing is specified, then the requested Borrowing shall be an
ABR Borrowing. If no Interest Period is specified with respect to
any requested Eurodollar Revolving Borrowing, then the Borrower
shall be deemed to have selected an Interest Period of one
month’s duration. Promptly following receipt of a Borrowing
Request in accordance with this Section, the Administrative Agent
shall advise each Lender of the details thereof and of the amount
of such Lender’s Loan to be made as part of the requested
Borrowing.
Section 2.05 Swingline Loans .
(a) Subject to the terms and conditions set
forth herein, the Swingline Lenders agree to make Swingline Loans
in dollars to the Borrower from time to time during the
Availability Period ratably in accordance with its respective
Swingline Commitment, in an aggregate principal amount at any time
outstanding that will not result in (i) the aggregate principal
amount of outstanding Swingline Loans exceeding for the Swingline
Lender $75,000,000 or for both Swingline Lenders $150,000,000 or
(ii) the total Credit Exposures exceeding the total Commitments;
provided that the Swingline Lenders shall not be required to
make a Swingline Loan to refinance an outstanding Swingline Loan.
Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow
Swingline Loans. The failure of any Swingline Lender to make any
Swingline Loan required to be made by it shall not relieve any
other Swingline Lender of its obligations hereunder;
provided that the Swingline Commitments of the Swingline
Lenders are several and no Swingline Lender shall be responsible
for any other Swingline Lender’s failure to make Loans as
required. Each Swingline Loan shall be in an amount that is an
integral multiple of $1,000,000 and not less than $5,000,000;
provided , that a Swingline Loan may be in an aggregate
amount that is equal to the
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
entire available balance of the
total Swingline Commitments or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section
2.06(c) .
(b) To request a Swingline Loan, the Borrower
shall notify the Administrative Agent of such request by telephone
(confirmed by telecopy), not later than 1:00 p.m., New York City
time, on the day of a proposed Swingline Loan. Each such notice
shall be irrevocable and shall specify the requested date (which
shall be a Business Day) and amount of the requested Swingline
Loan. The Administrative Agent will promptly advise each Swingline
Lender of any such notice received from the Borrower. Each
Swingline Lender shall make its pro rata share of each Swingline
Loan available to the Administrative Agent who will in turn make
such amount received available to the Borrower by means of a credit
to the general deposit account of the Borrower with the
Administrative Agent (or, in the case of a Swingline Loan made to
finance the reimbursement of an LC Disbursement as provided in
Section 2.06(e) , by remittance to the Issuing Bank) by 3:00
p.m., New York City time, on the requested date of such Swingline
Loan.
(c) The Swingline Lenders may by written notice
given to the Administrative Agent not later than 10:00 a.m., New
York City time, on any Business Day require the Lenders to acquire
participations on such Business Day in all or a portion of the
Swingline Loans outstanding. Such notice shall specify the
aggregate amount of Swingline Loans in which Lenders will
participate. Promptly upon receipt of such notice, the
Administrative Agent will give notice thereof to each Lender,
specifying in such notice such Lender’s Applicable Percentage
of such Swingline Loan or Loans. Each Lender hereby absolutely and
unconditionally agrees, upon receipt of notice as provided above,
to pay to the Administrative Agent, for the account of each
Swingline Lender, such Lender’s Applicable Percentage of such
Swingline Loan or Loans. Each Lender acknowledges and agrees that
its obligation to acquire participations in Swingline Loans
pursuant to this Section 2.05(c) is absolute and
unconditional and shall not be affected by any circumstance
whatsoever, including the occurrence and continuance of a Default
or reduction or termination of the Commitments, and that each such
payment shall be made without any offset, abatement, withholding or
reduction whatsoever. Each Lender shall comply with its obligation
under this Section 2.05(c) by wire transfer of immediately
available funds, in the same manner as provided in Section
2.07 with respect to Loans made by such Lender (and Section
2.07 shall apply, mutatis mutandis , to the payment
obligations of the Lenders), and the Administrative Agent shall
promptly pay to the Swingline Lenders the amounts so received by it
from the Lenders. The Administrative Agent shall notify the
Borrower of any participations in any Swingline Loan acquired
pursuant to this Section 2.05(c) , and thereafter payments
in respect of such Swingline Loan shall be made to the
Administrative Agent and not to the Swingline Lenders. Any amounts
received by a Swingline Lender from the Borrower (or other party on
behalf of the Borrower) in respect of a Swingline Loan after
receipt by such Swingline Lender of the proceeds of a sale of
participations therein shall be promptly remitted to the
Administrative Agent; any such amounts received by the
Administrative Agent shall be promptly remitted by the
Administrative Agent to the Lenders that shall have made their
payments pursuant to this Section 2.05(c) and to such
Swingline Lender, as their interests may appear; provided
that any such payment so remitted shall be repaid to such Swingline
Lender or to the Administrative Agent, as applicable, if and to the
extent such payment is required to be refunded to the Borrower for
any reason. The purchase of participations in a Swingline Loan
pursuant to this Section 2.05(c) shall not relieve the
Borrower of any default in the payment thereof.
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
|
|
Section 2.06
|
Letters of Credit
.
|
(a) General . The
Borrower, the Administrative Agent, Bank of America, N.A., as the
Issuing Bank, and Lenders hereby agree that all Existing Letters of
Credit shall be deemed to be issued under this Agreement as of the
Effective Date and shall constitute Letters of Credit hereunder for
all purposes (except that the Issuing Bank's standard issuance fee
shall not be payable on such deemed issuance). Except as provided
in Section 2.06(i) , Bank of America, N.A. shall only serve
as Issuing Bank for the Existing Letters of Credit, and JPMorgan
Chase Bank, N.A. and Wachovia Bank, National Association shall
serve as Issuing Bank for all other Letters of Credit. Subject to
the terms and conditions set forth herein, the Borrower may request
the issuance of standby Letters of Credit, in dollars and in a form
reasonably acceptable to the Administrative Agent and the
applicable Issuing Bank, at any time and from time to time during
the Availability Period. In the event of any inconsistency between
the terms and conditions of this Agreement and the terms and
conditions of any form of letter of credit application or other
agreement submitted by the Borrower to, or entered into by the
Borrower with, the applicable Issuing Bank relating to any Letter
of Credit, the terms and conditions of this Agreement shall
control.
(b) Notice of Issuance, Amendment, Renewal,
Extension; Certain Condition . To request the issuance of a
Letter of Credit (or the amendment, renewal or extension of an
outstanding Letter of Credit), the Borrower shall hand deliver or
telecopy (or transmit by electronic communication, if arrangements
for doing so have been approved by the applicable Issuing Bank) to
the applicable Issuing Bank and the Administrative Agent
(reasonably in advance of the requested date of issuance,
amendment, renewal or extension) a notice requesting the issuance
of a Letter of Credit, or identifying the Letter of Credit to be
amended, renewed or extended, and specifying the date of issuance,
amendment, renewal or extension (which shall be a Business Day),
the date on which such Letter of Credit is to expire (which shall
comply with paragraph (c) below), the amount of such Letter of
Credit, the name and address of the beneficiary thereof and such
other information as shall be necessary to prepare, amend, renew or
extend such Letter of Credit. If requested by an Issuing Bank, the
Borrower also shall submit a letter of credit application on such
Issuing Bank’s standard form in connection with any request
for a Letter of Credit; provided that no provision in such
application shall be deemed effective to the extent such provision
contains, provides for, or requires, representations, warranties,
covenants, security interests, Liens, indemnities, reimbursements
of costs or expenses, events of defaults, remedies, or standards of
care or to the extent such provision conflicts or is inconsistent
with this Agreement. A Letter of Credit shall be issued, amended,
renewed or extended only if (and upon issuance, amendment, renewal
or extension of each Letter of Credit the Borrower shall be deemed
to represent and warrant that), after giving effect to such
issuance, amendment, renewal or extension (i) the total Credit
Exposures shall not exceed the total Commitments and (ii) the LC
Exposure of such Issuing Bank shall not exceed in the aggregate
$250,000,000 at any time.
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
(c) Expiration Date . Each
Letter of Credit shall expire at or prior to the close of business
on the earlier of (1) the date one year after the date of the
issuance of such Letter of Credit (or, in the case of any renewal
or extension thereof, one year after such renewal or extension) and
(2) the date that is five Business Days prior to the Maturity Date;
provided that no Letter of Credit may expire after the date
that is five Business Days prior to an Existing Maturity Date in
respect of any Declining Lenders under Section 2.20 if,
after giving effect to such Letter of Credit, the aggregate
Commitments of the Consenting Lenders (including any replacement
Lenders) for the period following such Existing Maturity Date would
be less than the LC Exposure following such Existing Maturity
Date.
(d) Participation . By the issuance of a
Letter of Credit (or an amendment to a Letter of Credit increasing
the amount thereof) and without any further action on the part of
the Issuing Banks or the Lenders, the Issuing Banks hereby grant to
each Lender, and each Lender hereby acquires from the Issuing
Banks, a participation in such Letter of Credit equal to such
Lender’s Applicable Percentage of the aggregate amount
available to be drawn under such Letter of Credit. In consideration
and in furtherance of the foregoing, each Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent, for
the account of the Issuing Banks, such Lender’s Applicable
Percentage of each LC Disbursement made by the Issuing Banks and
not reimbursed by the Borrower on the date due as provided in
paragraph (e) below, or of any reimbursement payment required to be
refunded to the Borrower for any reason. Each Lender acknowledges
and agrees that its obligation to acquire participations pursuant
to this paragraph in respect of Letters of Credit is absolute and
unconditional and shall not be affected by any circumstance
whatsoever, including any amendment, renewal or extension of any
Letter of Credit or the occurrence and continuance of a Default or
reduction or termination of the Commitments, and that each such
payment shall be made without any offset, abatement, withholding or
reduction whatsoever.
(e) Reimbursement . If an Issuing Bank
shall make any LC Disbursement in respect of a Letter of Credit,
the Borrower shall reimburse such LC Disbursement by paying to the
Administrative Agent an amount equal to such LC Disbursement not
later than 1:00 p.m., New York City time, on the date that such LC
Disbursement is made, if the Borrower shall have received notice of
such LC Disbursement prior to 10:00 a.m., New York City time, on
such date, or, if such notice has not been received by the Borrower
prior to such time on such date, then not later than 12:00 noon,
New York City time, on (3) the Business Day that the Borrower
receives such notice, if such notice is received prior to 10:00
a.m., New York City time, on the day of receipt, or (4) the
Business Day immediately following the day that the Borrower
receives such notice, if such notice is not received prior to such
time on the day of receipt; provided that, if such LC
Disbursement is not less than $5,000,000, the Borrower may, subject
to the conditions to borrowing set forth herein, request in
accordance with Section 2.04 that such payment be financed
with an ABR Revolving Borrowing or Swingline Loan in an equivalent
amount and, to the extent so financed, the Borrower’s
obligation to make such payment shall be discharged and replaced by
the resulting ABR Revolving Borrowing or Swingline Loan. If the
Borrower fails to make such payment when due, the Administrative
Agent shall notify each Lender of the applicable LC Disbursement,
the payment then due from the Borrower in respect thereof and such
Lender’s Applicable Percentage thereof. Promptly following
receipt of such notice, each Lender shall pay to the Administrative
Agent its Applicable Percentage of the payment then due from the
Borrower, in the same manner as provided in Section 2.07
with respect to Loans made
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
by such Lender (and Section
2.07 shall apply, mutatis mutandis , to the payment
obligations of the Lenders), and the Administrative Agent shall
promptly pay to the Issuing Bank the amounts so received by it from
the Lenders. Promptly following receipt by the Administrative Agent
of any payment from the Borrower pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the Issuing
Bank or, to the extent that Lenders have made payments pursuant to
this paragraph to reimburse the Issuing Bank, then to such Lenders
and the Issuing Bank as its interests may appear. Any payment made
by a Lender pursuant to this paragraph to reimburse the Issuing
Bank for any LC Disbursement (other than the funding of ABR
Revolving Loans or Swingline Loan as contemplated above) shall not
constitute a Loan and shall not relieve the Borrower of its
obligation to reimburse such LC Disbursement.
(f) Obligations Absolute . The
Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (e) above shall be absolute, unconditional
and irrevocable, and shall be performed strictly in accordance with
the terms of this Agreement under any and all circumstances
whatsoever and irrespective of (5) any lack of validity or
enforceability of any Letter of Credit or this Agreement, or any
term or provision therein, (6) any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, or (7) any other event or circumstance
whatsoever (other than failure to comply with the terms of such
Letter of Credit), whether or not similar to any of the foregoing,
that might, but for the provisions of this Section, constitute a
legal or equitable discharge of, or provide a right of setoff
against, the Borrower’s obligations hereunder. Neither the
Administrative Agent, the Lenders nor the Issuing Banks, nor any of
their Related Parties, shall have any liability or responsibility
by reason of or in connection with the issuance or transfer of any
Letter of Credit or any payment or failure to make any payment
thereunder (irrespective of any of the circumstances referred to in
the preceding sentence), or any error, omission, interruption, loss
or delay in transmission or delivery of any draft, notice or other
communication under or relating to any Letter of Credit (including
any document required to make a drawing thereunder), any error in
interpretation of technical terms or any consequence arising from
causes beyond the control of the Issuing Banks; provided
that the foregoing shall not be construed to excuse the Issuing
Banks from liability to the Borrower to the extent of any direct
damages (as opposed to consequential damages, claims in respect of
which are hereby waived by the Borrower to the extent permitted by
applicable law) suffered by the Borrower that are caused by the
Issuing Banks’ failure to exercise care when determining
whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof. The parties hereto expressly
agree that, in the absence of gross negligence or willful
misconduct on the part of the Issuing Banks (as finally determined
by a court of competent jurisdiction), the Issuing Banks shall be
deemed to have exercised care in each such determination. In
furtherance of the foregoing and without limiting the generality
thereof, the parties agree that, with respect to documents
presented which appear on their face to be in substantial
compliance with the terms of a Letter of Credit, the Issuing Banks
may, in their sole discretion, either accept and make payment upon
such documents without responsibility for further investigation,
regardless of any notice or information to the contrary, or refuse
to accept and make payment upon such documents if such documents
are not in strict compliance with the terms of such Letter of
Credit.
(g) Disbursement Procedures . The Issuing
Banks shall, promptly following receipt thereof, examine all
documents purporting to represent a demand for payment under a
Letter of
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AMENDED AND RESTATED 5 -YEAR REVOLVING CREDIT AGREEMENT
Credit. The Issuing Banks shall
promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and
whether the Issuing Banks have made or will make an LC Disbursement
thereunder; provided that any failure to give or delay in
giving such notice shall not relieve the Borrower of its obligation
to reimburse the Issuing Banks and the Lenders with respect to any
such LC Disbursement.
(h) Interim Interest . If an Issuing Bank
shall make any LC Disbursement, then, unless the Borrower shall
reimburse such LC Disbursement in full on the date such LC
Disbursement is made, the unpaid amount thereof shall bear
interest, for each day from and including the date such LC
Disbursement is made to but excluding the date that the Borrower
reimburses such LC Disbursement, at the rate per annum then
applicable to ABR Revolving Loans; provided that, if the
Borrower fails to reimburse such LC Disbursement when due pursuant
to paragraph (e) above, then Section 2.13(d) shall apply.
Interest accrued pursuant to this paragraph shall be for the
account of the Issuing Bank, except that interest accrued on and
after the date of payment by any Lender pursuant to paragraph (e)
of this Section to reimburse the Issuing Bank shall be for the
account of such Lender to the extent of such payment.
(i) Replacement of the Issuing Banks . An
Issuing Bank may be replaced at any time by written agreement among
the Borrower, the Administrative Agent, the replaced Issuing Bank
and the successor Issuing Bank. The Administrative Agent shall
notify the Lenders of any such replacement of an Issuing Bank. At
the time any such replacement shall become effective, the Borrower
shall pay all unpaid fees accrued for the account of the replaced
Issuing Bank pursuant to Section 2.12(b) . From and after
the effective date of any such replacement, (8) the successor
Issuing Bank shall have all the rights and obligations of the
Issuing Bank under this Agreement with respect to Letters of Credit
to be issued thereafter and (9) references herein to the term
"Issuing Bank" shall be deemed to refer to such successor or to any
previous Issuing Bank, or to such successor and all previous
Issuing Banks, as the context shall require. After the replacement
of an Issuing Bank hereunder, the replaced Issuing Bank shall
remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank under this Agreement with respect to
Letters of Credit issued by it prior to such replacement, but shall
not be required to issue additional Letters of Credit.
(j) Cash Collateralization . If the Loans
have become immediately due and payable pursuant to Article
VII , on the Business Day following the Business Day that the
Borrower receives notice from the Administrative Agent (at the
direction of Required Lenders) or the Required Lenders demanding
the deposit of cash collateral pursuant to this paragraph, the
Borrower shall deposit in an account with the Administrative Agent,
in the name of the Administrative Agent and for the benefit of the
Lenders, an amount in cash equal to the LC Exposure as of such date
plus any accrued and unpaid interest on LC Disbursements comprising
such LC Exposure. Such deposit shall b
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