EXHIBIT 10.1
FIRST AMENDMENT TO
5-YEAR REVOLVING CREDIT
AGREEMENT
dated as of
March 10,
2006
among
XTO ENERGY INC.,
as Borrower,
JPMORGAN CHASE BANK,
N.A.,
as Administrative
Agent,
and
The Lenders Party
Hereto
BANK OF AMERICA,
N.A.,
BNP PARIBAS,
CALYON NEW YORK
BRANCH,
and
WACHOVIA BANK, NATIONAL
ASSOCIATION,
as Co-Syndication
Agents
and
CITIBANK, N.A.,
HARRIS NESBITT FINANCING,
INC.,
and
SUNTRUST BANK,
as Co-Documentation
Agents
J.P. MORGAN SECURITIES INC. and
BANC OF AMERICA SECURITIES LLC,
as Co-Arrangers and Joint
Bookrunners
FIRST AMENDMENT TO 5-YEAR
REVOLVING CREDIT AGREEMENT
THIS FIRST AMENDMENT TO 5-YEAR
REVOLVING CREDIT AGREEMENT (this “ First Amendment ”)
dated as of March 10, 2006, is among XTO ENERGY INC. ,
a Delaware corporation, as the Borrower; JPM
ORGAN C HASE B ANK , N.A. , as Administrative Agent, JPM
ORGAN C HASE B ANK , N.A. , B ANK OF A MERICA , N.A., and U.S. B ANK N ATIONAL A SSOCIATION , as Issuing Banks, and the Lenders party
hereto.
R E C I T A L
S
A. The Borrower, the Administrative
Agent and the Lenders are parties to that certain 5-Year Revolving
Credit Agreement dated as of April 1, 2005 (the “
Credit Agreement ”), pursuant to which the Lenders
have made certain loans to and extensions of credit for the account
of the Borrower.
B. The Borrower has requested and
the Lenders have agreed to amend certain provisions of the Credit
Agreement.
C. NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, for good
and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as
follows:
Section 1. Defined Terms
. Each capitalized term used herein but not otherwise defined
herein has the meaning given such term in the Credit Agreement.
Unless otherwise indicated, all article and section references in
this First Amendment refer to articles and sections of the Credit
Agreement.
Section 2. Amendments to
Credit Agreement .
2.1 Amendments to
Section 1.01 .
(a) The definition of “
Agreement ” is hereby amended in its entirety to read
as follows:
“ Agreement ”
means this 5-Year Revolving Credit Agreement, as amended by the
First Amendment, as the same may from time to time be amended,
modified, restated, or replaced from time to time.
(b) The first paragraph of the
definition of “ Applicable Margin ” is hereby
amended to read as follows:
“ 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 “Commitment Fee Rate” or “Eurodollar
Spread”, as the case may be, based upon the rating by S&P
and Moody’s, respectively, applicable on such date to the
Index Debt:
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Commitment
Fee Rate
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Eurodollar Spread
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Category
1 > A3/A-
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0.050%
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0.25%
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Category
2
Baa1/BBB+
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0.070%
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0.30%
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Category
3
Baa2/BBB
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0.090%
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0.40%
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Category
4
Baa3/BBB-
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0.110%
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0.55%
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Category
5
< Ba1/BB+
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0.125%
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0.70%
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provided that for each day during
which the Borrower’s utilization of available commitments is
greater than or equal to 50%, the then applicable Eurodollar Spread
will be increased by 0.05% if the Borrower’s Index Debt
Rating is in Category 1, 2 or 3 and will be increased by 0.10% if
the Borrower’s Index Debt Rating is in Category 4 or
5.
(c) The definition of “
Indebtedness ” is hereby amended to insert the word
“and” prior to clause (l) and to delete the phrase
“, and (m) obligations in respect of
“ship-or-pay” or “take-or-pay”
contracts” in its entirety.
(d) The definition of “
Maturity Date ” is hereby amended in its entirety to
read as follows:
“ Maturity Date ”
means the later of (a) April 1, 2011 and (b) if
maturity is extended pursuant to Section 2.05, such extended
maturity date as determined pursuant to Section 2.05 (it being
understood and agreed that any such maturity shall not be deemed
extended for any Lender that has not consented to such
extension).
(e) The definitions of “
Investments ” and “ Permitted Investments
” are hereby deleted.
(f) The following definition is
hereby added where alphabetically appropriate to read as
follows:
“ First Amendment
” means the First Amendment to 5-Year Revolving Credit
Agreement dated as of March 10, 2006 among the Borrower and
the Lenders party thereto.
2
2.2 Amendment to Section 1.04.
Section 1.04 is hereby deleted and the following inserted in
lieu thereof:
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 i