Interest-bearing Debt to Total Capitalization. Permit the ratio, as of the last day of any fiscal quarter of the Borrower, of (a) Interest-bearing Debt, to (b) Total Capitalization to be greater than 0.60 to 1.00.
Interest-bearing Debt to Total Capitalization. Interest-bearing Debt: $__________ to: Total Capitalization: $__________ (Required: not greater than 0.60 to 1.00).
4. For purposes of calculating the Applicable Commitment Fee Rate and Applicable Margin, the Long Term Debt Ratings of the Borrower are as follows: S&P __________ Xxxxx’x __________ Fitch __________ OTTER TAIL POWER COMPANY By: Title: Treasurer This Agreement, dated as of the date set forth in Item I (each reference to an “Item” herein shall be deemed to refer to such Item on Schedule I hereto), is made by the party named in Item II, (the “Assignor”) to the entity named in Item III (the “Assignee”).
Interest-bearing Debt to Total Capitalization. Interest-bearing Debt: $_________ to: Total Capitalization: $_________
Interest-bearing Debt to Total Capitalization. Interest-bearing Debt: $__________ to: Total Capitalization: $__________ (Required: not greater than 0.60 to 1.00).
4. For purposes of calculating the Applicable Commitment Fee Rate and Applicable Margin, the Long Term Debt Ratings of the Borrower are as follows: S&P Xxxxx’x Fitch By: Title: Treasurer This Agreement, dated as of the date set forth in Item I (each reference to an “Item” herein shall be deemed to refer to such Item on Schedule I hereto), is made by the party named in Item II, (the “Assignor”) to the entity named in Item III (the “Assignee”).
Interest-bearing Debt to Total Capitalization. Interest-bearing Debt: $__________ to: Total Capitalization: $__________ (Required: not greater than 0.60 to 1.00). OTTER TAIL POWER COMPANY By: Title: Treasurer JPMorgan Chase Bank, N.A. 10 S. Xxxxxxxx Street Floor 7, Mail Code IL1-0010 Cxxxxxx, XX 00000 Ladies and Gentlemen: I have acted as counsel to Otter Tail Power Company, a Minnesota corporation (the “Company”), in connection with entry by the Company into that certain Credit Agreement, dated as of March 1, 2013, by and between the Company and JPMorgan Chase Bank, N.A. a national banking association (the “Bank”), (the “Credit Agreement”). This opinion is being delivered to you pursuant to Section 6.1 of the Credit Agreement. Capitalized terms used herein, except as otherwise specifically defined herein, are used with the same meaning as defined in the Credit Agreement. In connection with this opinion, I have examined the following documents:
1. The Articles or Certificate of Incorporation of the Company;
2. The Bylaws of the Company;
3. Resolutions of the Board of Directors of the Company; and
4. An executed copy of the Credit Agreement. I also have examined such other documents and reviewed such questions of law as I have considered necessary and appropriate for the purposes of this opinion. In rendering my opinions set forth below, I have assumed the authenticity of all documents submitted to me as originals, the genuineness of all signatures (other than the signatures of officers of the Company) and the conformity to authentic originals of all documents submitted to me as copies. I also have assumed the legal capacity for all purposes relevant hereto of all natural persons (other than officers of the Company) and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements or instruments are the valid, binding and enforceable obligations of such parties. As to questions of fact material to my opinion, I have relied upon representations and certificates of officers and other employees of the Company (known by me to have authority to make such representations and certifications on behalf of the Company) and certificates of public officials. Based ...
