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EXHIBIT (10)(p)
FOURTH AMENDMENT TO CREDIT AGREEMENT
THIS FOURTH AMENDMENT TO CREDIT AGREEMENT is made and dated as of August 13,
1997 (the "Fourth Amendment") among ONEOK INC., a Delaware corporation (the
"Company"), the financial institutions party to the Credit Agreement
(collectively, the "Banks") referred to below, and BANK OF AMERICA NATIONAL
TRUST AND SAVINGS ASSOCIATION, as Agent (the "Agent"), and amends that certain
Credit Agreement dated as of August 20, 1993, among the Company, the Banks and
the Agent, as amended by a First Amendment dated as of August 18, 1994, a Second
Amendment dated as of August 17, 1995 and a Third Amendment dated as of August
15, 1996 (as so amended or modified from time to time, the "Agreement").
RECITALS
The Company has requested that the Agreement be amended, and the Banks and the
Agent are willing to do so on the terms and conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereby agree as follows:
1. Terms. All terms used herein shall have the same meanings as in the
Agreement unless otherwise defined herein. All references to the
Agreement shall mean the Agreement as hereby amended.
2. Amendments. The Borrower, the Banks and the Agent hereby agree to amend
the Agreement as follows:
2.1 The definition of "Maturity Date" in Section 1.1 of the
Agreement is hereby amended by deleting "August 13, 1997" and
inserting "August 12, 1998" in lieu thereof.
2.2 The definition of "Offshore Applicable Margin" in Section 1.1 of
the Agreement shall be amended and restated in its entirety as
follows:
"Offshore Applicable Margin" means, with respect to Offshore
Rate Loans, 0.1675% per annum."
2.3 Section 2.10(b) shall be amended by deleting ".075%" and
inserting ".0575%" in lieu thereof.
2.4 Section 5.5 shall be amended by deleting "August 31, 1995" and
inserting "August 31, 1996" and by deleting "November 30, 1995,
February 28, 1996 and May 31, 1996" and inserting "November 30,
1996, February 28, 1997 and May 31, 1997" in lieu thereof.
2.5 Section 5.11(b) shall be amended by deleting "August 31, 1995"
and inserting "August 31, 1996" in lieu thereof.
2.6 Schedules 1.1 and 3 attached to the Credit Agreement are hereby
deleted and Schedule 1.1 and 3 attached to this Fourth Amendment
are inserted in lieu thereof.
3. Representations and Warranties. The Company represents and warrants to
Banks and Agent that, on and as of the date hereof, and after giving
effect to this Fourth Amendment:
3.1 Authorization. The execution, delivery and performance of this
Fourth Amendment have been duly authorized by all necessary
corporate action by the Company and this Fourth Amendment has
been duly executed and delivered by the Company.
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3.2 Binding Obligation. This Fourth Amendment is the legal, valid
and binding obligation of Company, enforceable against the
Company in accordance with its terms.
3.3 No Legal Obstacle to Agreement. The execution, delivery and
performance of this Fourth Amendment will not (a) contravene the
terms of the Company's certificate of incorporation, by-laws or
other organization document; (b) conflict with or result in any
breach or contravention of the provisions of any contract to
which the Company is a party, or the violation of any law,
judgment, decree or governmental order, rule or regulation
applicable to Company, or result in the creation under any
agreement or instrument of any security interest, lien, charge,
or encumbrance upon any of the assets of the Company. No
approval or authorization of any governmental authority is
required to permit the execution, delivery or performance by the
Company of this Fourth Amendment, or the transactions
contemplated hereby.
3.4 Incorporation of Certain Representations. The representations
and warranties of the Company set forth in Section 5 of the
Agreement are true and correct in all respects on and as of the
date hereof as though made on and as of the date hereof.
3.5 Default. No Default or Event of Default under the Agreement has
occurred and is continuing.
4. Conditions, Effectiveness. The effectiveness of this Fourth Amendment
shall be subject to the compliance by the Company with its agreements
herein contained, and to the delivery of the following to the Agent in
form and substance satisfactory to the Agent and the Banks:
4.1 Resolutions and Authorized Signatories. Copies of the
resolutions of the board of directors of the Company approving
and authorizing the execution, delivery and performance by the
Company of this Fourth Amendment certified by the Secretary or
an Assistant Secretary of the Company, as of the date of this
Fourth Amendment, along with a certificate, signed by the
Secretary or an Assistant Secretary of the Company and dated the
date of this Fourth Amendment, as to the incumbency of the
person or persons authorized to execute and deliver this Fourth
Amendment and any instrument or agreement required hereunder on
behalf of the Company.
4.2 Other Evidence. Such other evidence with respect to the Company
or any other person as the Agent or any Bank may reasonably
request in connection with this Fourth Amendment and the
compliance with the conditions set forth herein.
5. Miscellaneous.
5.1 Purchasing and Selling of Commitments and Loans. On the date of
this Fourth Amendment, certain Banks (the "Buying Banks") hereby
agree to purchase without recourse, and certain Banks (the
"Selling Banks") hereby agree to sell without recourse, such an
interest in the Aggregate Commitment and the outstanding Loans
as is required (together with the increase in the Aggregate
Commitment provided for in Schedule 1.1) to give each Bank its
share of the Aggregate Commitment and Loans indicated on
Schedule 1.1 hereto.
Each Selling Bank represents and warrants to each Buying Bank
that it is the legal and beneficial owner of the Commitment and
Loans being assigned by it and that the same are free and clear
of any adverse claim. Other than as provided above, no Selling
Bank makes any representation or warranty and assumes no
responsibility with respect to the Commitments, the Loans, this
Agreement or any other instrument or document furnished pursuant
thereto, the financial condition of the Company, or the
performance or observance by the Company hereunder. The Company
agrees to pay on demand directly to any Selling Bank any costs
of the type set forth in Section 3.6 of the Agreement incurred
by such Selling Bank in respect of any portion of its Loans
being assigned hereunder. The Company and the Agent hereby
consent to such assignments.
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By signing below, each Buying Bank not heretofore a Bank
hereunder agrees to be a party to, and be bound by the terms of,
this Agreement as a "Bank" thereunder as if a signatory thereto.
From and after the date hereof, Boatmen's First National Bank of
Oklahoma and First Southwest Bank of Xxxxxxxxx shall no longer
be parties to this Agreement.
5.2 Effectiveness of the Agreement and the Loan Documents. Except as
hereby expressly amended, the Agreement and each other Loan
Document shall each remain in full force and effect, and are
hereby ratified and confirmed in all respects on and as of the
date hereof.
5.3 Waivers. This Fourth Amendment is limited solely to the matters
expressly set forth herein and is specific in time and in intent
and does not constitute, nor should it be construed as, a waiver
or amendment of any other term or condition, right, power or
privilege under the Agreement, the Loan Documents, or under any
agreement, contract, indenture, document or instrument mentioned
therein; nor does it preclude or prejudice any rights of the
Agent or the Banks thereunder, or any exercise thereof or the
exercise of any other right, power or privilege, nor shall it
require the Requisite Banks to agree to an amendment, waiver or
consent for a similar transaction or on a future occasion, nor
shall any future waiver of any right, power, privilege or
default hereunder, or under any agreement, contract, indenture,
document or instrument mentioned in the Agreement, constitute a
waiver of any other default of the same or of any other term or
provision.
5.4 Counterparts. This Fourth Amendment may be executed in any
number of counterparts and all of such counterparts taken
together shall be deemed to constitute one and the same
instrument. This Fourth Amendment shall not become effective
until the Company, the Banks and the Agent shall have signed a
copy hereof, whether the same or counterparts, and the same
shall have been delivered to the Agent.
5.5 Jurisdiction. This Fourth Amendment shall be governed by and
construed under the laws of the State of California.
IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be
duly executed and delivered as of the date first written above.
ONEOK INC.
By: XXXXX X. XXXX
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Name: Xxxxx X. Xxxx
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Title: Vice President, Chief Financial Officer and Treasurer
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BANK OF AMERICA NATIONAL TRUST AND
SAVINGS ASSOCIATION, as Agent
By: XXXXX X. XXXXXX
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Name: Xxxxx X. Xxxxxx
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Title: Vice President
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(Signatures continue)
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BANK OF AMERICA NATIONAL TRUST AND
SAVINGS ASSOCIATION, as a Bank
By: XXXXX X. XXXXXX
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Name: Xxxxx X. Xxxxxx
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Title: Vice President
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NATIONSBANK OF TEXAS, N.A.
By: XXXXXX X. XXXXXXXX
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Name: Xxxxxx X. Xxxxxxxx
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Title: Senior Vice President
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TEXAS COMMERCE BANK NATIONAL ASSOCIATION
By: XXXXX X. GERMAN
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Name: Xxxxx X. German
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Title: Senior Vice President
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BANK OF OKLAHOMA NA
By: XXXX X. XXXXXXXXXXXX
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Name: Xxxx X. Xxxxxxxxxxxx
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Title: Vice President
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MELLON BANK, N.A.
By: A. XXXX XXXXX
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Name: A. Xxxx Xxxxx
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Title: Senior Vice President
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PNC BANK, NATIONAL ASSOCIATION
By: XXXXX X. XXXX
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Name: Xxxxx X. Xxxx
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Title: Commercial Banking Officer
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(Signatures continue)
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SUNTRUST BANK, ATLANTA
By: XXXX X. XXXXX
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Name: Xxxx X. Xxxxx
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Title: Assistant Vice President
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By: XXXXXX X. XXXXX
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Name: Xxxxxx X. Xxxxx
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Title: Corporate Banking Officer
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UMB BANK, N.A.
By: XXXXX X. XXXXXXXX
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Name: Xxxxx X. Xxxxxxxx
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Title: Senior Vice President
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LIBERTY BANK AND TRUST COMPANY OF OKLAHOMA CITY, N.A.
By: XXXX X. DEMOS
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Name: Xxxx X. Demos
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Title: Vice President
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BANK ONE, OKLAHOMA CITY
By: XXXXX X. XXXXXXX
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Name: Xxxxx X. Xxxxxxx
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Title: Senior Vice President
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LIBERTY BANK AND TRUST COMPANY OF TULSA, NATIONAL ASSOCIATION
By: XXXXXXXXXXX X. XXXXXX
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Name: Xxxxxxxxxxx X. Xxxxxx
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Title: Assistant Vice President
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(Signatures continue)
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WESTAR BANK OF BARTLESVILLE
By: XXXXXXX XXXXXX
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Name: Xxxxxxx Xxxxxx
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Title: Commercial Loan Officer
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AMERICAN NATIONAL BANK & TRUST COMPANY OF SHAWNEE
By: XXXX X. XXXXXXXX
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Name: Xxxx X. XxXxxxxx
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Title: Executive Vice President
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CITIZENS BANK OF LAWTON
By: XXXX X. XXXXXX
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Name: Xxxx X. Xxxxxx
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Title: President
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THE STILLWATER NATIONAL BANK AND TRUST COMPANY
By: XXXXX X. XXXXX
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Name: Xxxxx X. Xxxxx
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Title: Senior Vice President
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NATIONSBANK, N.A. SUCCESSOR BY MERGER TO
BOATMEN'S FIRST NATIONAL BANK OF OKLAHOMA
(as a Selling Bank for purposes of Section 5.1 only)
By: XXXXXX X. XXXXXXXX
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Name: Xxxxxx X. Xxxxxxxx
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Title: Senior Vice President
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FIRST SOUTHWEST BANK OF XXXXXXXXX
(as a Selling Bank for purposes of Section 5.1 only)
By: XXXX XXXXXXXX
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Name: Xxxx Xxxxxxxx
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Title: Vice President
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SCHEDULE 1.1
COMMITMENTS AND PRO RATA SHARES
PRO RATA
BANK COMMITMENT SHARE
--------------------------------------------------------------------------------
Bank of America National Trust
and Savings Association $ 35,000,000 20.0000000000%
NationsBank of Texas, N.A 25,000,000 14.0000000000
Texas Commerce Bank, National
Association 25,000,000 14.0000000000
Bank of Oklahoma NA 20,000,000 11.4285714289
Mellon Bank, N.A 15,000,000 8.5714285715
PNC Bank, National Association 10,000,000 5.7142857143
SunTrust Bank, Atlanta 10,000,000 5.7142857143
UMB Bank, N.A 10,000,000 5.7142857143
Liberty Bank and Trust Company
of Oklahoma City, N.A 8,000,000 4.5714285715
Bank One, Oklahoma City 6,000,000 3.4285714286
Liberty Bank and Trust Company of
Tulsa, National Association 6,000,000 3.4285714286
Westar Bank of Bartlesville 2,000,000 1.1428571429
American National Bank &
Trust Company of Shawnee 1,000,000 .5714285800
Citizens Bank of Lawton 1,000,000 .5714285800
The Stillwater National Bank
and Trust Company 1,000,000 .5714285800
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TOTAL $175,000,000 100.0000000000%
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SCHEDULE 3
OFFSHORE AND DOMESTIC LENDING OFFICES
ADDRESSES FOR NOTICES
Xxxxx Xxxxxx
Vice President
Bank of America NT&SA (Agent and Lender)
Three Xxxxx Center, Ste. 4550
000 Xxxx Xxxxxx
Xxxxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
May Xxxxxx
Bank of America NT&SA (Lending Office)
0xx Xxxxx
0000 Xxxxxxx
Xxxxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxxxx X. Xxxxxxxx
NationsBank of Texas, N.A.
Sixty Fourth Floor
000 Xxxx Xxxxxx
Xxxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxxx German
Texas Commerce Bank National
Association
0000 Xxxx Xxxxxx, 0xx Xxxxx
Xxxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxx X. Xxxxxxxxxxxx
Vice President
Bank of Oklahoma NA
Xxxxxx Xxxxx
Xxx Xxxxxxxx Xxxxxx
Xxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxx Xxxxx
Senior Vice President
Mellon Bank, N.A.
Xxx Xxxxxx Xxxx Xxxxxx
Xxxxx 0000
Xxxxxxxxxx, XX 00000-0000
Phone: (000) 000-0000
Fax: (000) 000-0000
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Xxxxxxxxxxx Xxxxxxx
PNC Bank, National Association
One PNC Plaza, 3rd Floor
000 Xxxxx Xxxxxx
Xxxxxxxxxx,, XX 00000-0000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxx X. Xxxxx
SunTrust Bank, Atlanta
00 Xxxx Xxxxx, XX 000
Xxxxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxxx X. Xxxxxxxx
Senior Vice President
UMB Bank, N.A.
Commercial Loan Dept.
0000 Xxxxx Xxxx.
Xxxxxx Xxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxx X. Demos
Liberty Bank and Trust Company
of Oklahoma City, N.A.
000 Xxxxx Xxxxxxxx
Xxxxxxxx Xxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxx Xxxxxxx
Bank One, Oklahoma City
0000 Xxxxx Xxxxxxxx
Xxxxxxxx Xxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxxxxx X. Xxxxxx, Xx.
Liberty Bank and Trust Company
of Tulsa, National Association
Xxxxxx Xxxxx
00 Xxxx Xxxxx Xxxxxx
Xxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxxxxx Xxxxxx
WestStar Bank of Bartlesville
000 Xxxxxxxxx Xxxxx Xxxxxxxx Xxxx.
Xxxxxxxxxxxx, XX 00000
(P.O. Xxx 000
Xxxxxxxxxxxx, XX 00000-0000)
Phone: (000) 000-0000
Fax: (000) 000-0000
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Xxxx XxXxxxx
American National Bank &
Trust Company of Shawnee
000 Xxxxx Xxxxxxxx
Xxxxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxx Xxxxxxx
Citizens Bank of Lawton
0000 X. Xxx Xxxxxxxxx
Xxxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Xxxxx X. Xxxxx
The Stillwater National
Bank and Trust Company
000 Xxxxx Xxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
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