Amendments of Credit Agreement. The Credit Agreement is hereby amended by:
(a) inserting the following new clause (a)(v) in the definition of “Consolidated EBITDA” in the appropriate numerical order and re-numbering the existing clause (a)(v) as clause (a)(vi):
(v) to the extent not otherwise permitted to be capitalized, non-recurring costs and expenses for inspection, repairs, testing and monitoring until June 30, 2014 in connection with the Borrower’s acquisition of pipeline assets pursuant to the Chevron Acquisition Agreement and”
(b) deleting the definition of “Consolidated Leverage Ratio” in its entirety and replacing it with the following:
Amendments of Credit Agreement promptly and in any event within 10 Business Days after the execution and delivery of any amendment or other modification of the Credit Agreement (including termination thereof) that affects Section 10.1, 10.2 or 10.8, including any defined term used therein, a copy thereof; and
Amendments of Credit Agreement. Effective as of the date hereof, the Credit Agreement is hereby amended as follows:
Amendments of Credit Agreement. The Credit Agreement is hereby amended as follows:
(a) Section 1.1 of the Credit Agreement is hereby amended by adding the following new defined terms in their appropriate alphabetical order:
Amendments of Credit Agreement. Subject to the fulfillment of the conditions precedent to the effectiveness of this Modification which are set forth below, the Credit Agreement shall be amended from and after this date as follows:
(a) Section 1.01 of the Credit Agreement shall be amended by deleting the definition of "Loan Commitment" and by substituting in lieu thereof the following new definition of such term:
Amendments of Credit Agreement. A. Section 1.1 of the Credit Agreement is hereby amended by inserting the following definitions in alphabetical order: BORROWER ADJUSTED CONSOLIDATED CASH FLOW FROM OPERATIONS for any period of determination shall mean the difference between (i) Borrower Cash Flow From Operations and (ii) capital expenditures, in each case of the Borrower for such period determined in accordance with GAAP. BORROWER BASE NET WORTH shall mean the sum of $29,000,OOO plus (i) 50% of the net income of the Borrower for each fiscal quarter in which net income was earned (as opposed to a net loss) during the period from January 1, 1998 through the date of determination, and (ii) an amount equal to the net proceeds received by the Borrower after the Closing Date resulting from the issuance of capital stock of the Borrower which is treated as equity in accordance with GAAP (but without, in any event, any adjustments for any losses).
Amendments of Credit Agreement. The Credit Agreement is hereby amended, as of the Amendment Effective Date described in Section 3 below, as follows:
(a) Section 1.01. The definition of the term "GAAP" in Section 1.01 of the Credit Agreement is hereby amended by deleting the language "the independent accountants of recognized national standing regularly retained by such Person" and substituting "the independent accountants regularly retained by such Person" therefor.
(b) Section 8.1(a). Section 8.1(a) of the Credit Agreement is hereby amended by deleting the language "KPMG Peat Marwick or another nationally recognized independent public accounting firm" and substituting "GLO CPAs, LLP or another independent public accounting firm acceptable to the Agent" therefor.
(c) Section 9.20. Clauses (vi), (vii) and (viii) of Section 9.20 of the Credit Agreement are hereby amended by restating such clauses in their entirety as follows:
(vi) $18,000,000, for the period beginning on October 1, 2005 and ending on March 31, 2006, (vii) $20,000,000, for the period beginning on October 1, 2005 and ending on April 30, 2006, and (viii) $22,000,000, for the period beginning on October 1, 2005 and ending on May 31, 2006.
(d) Section 9.21. Clause (ii) of Section 9.21 of the Credit Agreement is hereby amended by restating such clause in its entirety as follows:
Amendments of Credit Agreement. A. Section 8.2.6(2) of the Credit Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:
Amendments of Credit Agreement. (a) Section 1 of the Loan and Security Agreement is hereby amended by inserting the phrase "the L/C Amount and" after the word "minus" in the first sentence of Section 1.1.
(b) Section 2 of the Credit Agreement is hereby further amended by adding the following Sections 2.10, 2.11, 2.12 and 2.13 thereto: 81 Section 2.10.
Amendments of Credit Agreement. Subject to the satisfaction of the conditions described in Section 4 hereof, the Credit Agreement is hereby amended as follows:
(a) The defined term "Change of Control" in Section 1.1 of the Credit Agreement is hereby amended as of the Amendment Effective Date by adding the following clause to the end thereof: "or (c) the occurrence of any Fundamental Change as such term is defined in each indenture governing Convertible Notes".
