EXHIBIT 10.62 AMENDMENT NO. 3 TO CREDIT AGREEMENT. AMENDMENT dated as of December 31, 1998 among ULTRAMAR DIAMOND SHAMROCK CORPORATION, CANADIAN ULTRAMAR COMPANY (the "Borrower"), the LENDERS listed on the signature pages hereof (the "Lenders") and...
EXHIBIT 10.62
AMENDMENT NO. 3 TO CREDIT AGREEMENT.
AMENDMENT dated as of December 31, 1998 among ULTRAMAR DIAMOND
SHAMROCK CORPORATION, CANADIAN ULTRAMAR COMPANY (the "Borrower"), the
LENDERS listed on the signature pages hereof (the "Lenders") and CANADIAN
IMPERIAL BANK OF COMMERCE, as Agent (the "Agent").
PREAMBLE:
1. The parties hereto entered into a Credit Agreement dated December 19,
1996 (the "Agreement"), as amended in February, 1997 and on November
7,1997; and
2. The parties hereto desire to amend certain provisions of the Agreement
in the manner set forth below.
AGREEMENT:
For good an valuable consideration, the parties hereto agree as follows:
1.1 Definition. References. Unless otherwise specifically defined herein, each
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term used herein which is defined in the Agreement shall have the meaning
given such term in the Agreement. Each reference to "hereof", "hereunder",
"herein" and "hereby" and each other similar reference and each reference
to "this Agreement" and each other similar reference contained in the
Agreement shall from and after the date hereof refer to the Agreement as
amended hereby.
2.1 Amendment to Section 1.1 of the Agreement. The definition of "Consolidated
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Net Income" in Section 1.1 of the Agreement is replaced with the
following:
"Consolidated Net Income" means, for any period, the net income (or
loss) of the Borrower or UDSC, as the case may be, and its
Consolidated Subsidiaries for such period; provided that there shall
be excluded from such calculation (i) any after-tax gains or losses
attributable to asset sales (other than sales in the ordinary course
of business) or returned surplus assets of any Plan, (ii) in the case
of UDSC only, up to U.S. $127,800,000 of non-recurring charges in
connection with or as a result of (A) the Merger or (B) certain
changes to conform the accounting practices of Ultramar Corporation
and Diamond Shamrock, Inc., (iii) (A) U.S. $131,600,000 in non-
recurring restructuring charges in connection with certain corporate
restructuring activities initiated in 1998, as reflected by UDSC's
report on Form 10-Q/A for the quarterly period ended June 30, 1998,
and (B) up to U.S. $135,000,000 of non-recurring non-cash charges
against income taken in connection with the adjustment of inventory
value for the fiscal year ended
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December 31, 1998, and (iv) to the extent not included in clauses (i),
(ii) or (iii), any net extraordinary gains or net extraordinary
losses.
3.1 Governing Law. This Amendment shall be governed by and construed in
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accordance with the laws of the Province of Ontario, Canada.
4.1 Counterparts; Effectiveness. This Amendment may be signed in any number of
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counterparts, each of which shall be an original, with the same effect as
if the signatures thereto and hereto were upon the same instrument. This
Amendment shall become effective as of the date hereof when the Agent shall
have received duly executed counterparts hereof signed by the Borrower and
the Majority Lenders (or, in the case of any party as to which an executed
counterpart shall not have been received, the Agent shall have received
telegraphic, telex or other written confirmation from such party of
execution of a counterpart hereof by such party).
The parties hereto have caused this Amendment to be executed by their
respective authorized representatives or officers effective the date referred to
above.
CANADIAN ULTRAMAR COMPANY
By: /s/ Xxxxx Xxxxx
--------------------------------
Name: Xxxxx Xxxxx
Title: Treasurer
Address: c/o Ultramar Diamond Shamrock Corporation
Facsimile: (210) 592- 2010
ULTRAMAR DIAMOND SHAMROCK
CORPORATION
By: /s/ Xxxxx Xxxxx
--------------------------------
Name: Xxxxxx X. Blank
Title: Vice President and Treasurer
Address: 0000 X Xxxx 0000 X
Xxx Xxxxxxx, Xxxxx 00000
Facsimile: (000) 000-0000
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LENDERS SIGNATURES
CANADIAN IMPERIAL BANK OF COMMERCE, AS AGENT
By: /s/ Xxx Xxxxxx
--------------------------------
Name: Xxx Xxxxxx
Title: Executive Director
Address: Xxxxxxxx Xxxxx Xxxx, 0xx Xxx.,
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
By: /s/ D. Xxxxxx
-------------------------------
Name: D. Xxxxxx
Title: Director
Address: Xxxxxxxx Xxxxx Xxxx, 0xx Xxx.,
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
CANADIAN IMPERIAL BANK OF COMMERCE
By:_______________________________
Name:
Title:
Address: 10th FIr., 000 - 0xx Xxxxxx, X.X.
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
By:_______________________________
Name:
Title:
Address: 00xx Xxx., 000 - 0xx Xxxxxx, X.X.
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
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LENDERS SIGNATURES
CANADIAN IMPERIAL BANK OF COMMERCE, AS AGENT
By:_______________________________
Name:
Title:
Address: Xxxxxxxx Xxxxx Xxxx, 0xx Xxx.,
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
By:_______________________________
Name:
Title:
Address: Xxxxxxxx Xxxxx Xxxx, 0xx Xxx.,
Xxxxxxx, Xxxxxxx X0X 1AS
Facsimile: (000) 000-0000
CANADIAN IMPERIAL BANK OF COMMERCE
By: /s/ X. X. Xxxxx
--------------------------------
Name: X. X. Xxxxx
Title: Vice President
Address: 00xx Xxx., 000 - 0xx Xxxxxx, X.X.
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
By: /s/ X. Xxxxxxx
-------------------------------
Name: X. Xxxxxxx
Title: Executive Director
Address: 00xx Xxx., 000 - 0xx Xxxxxx, X.X.
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
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BANK OF TOKYO - MITSUBISHI (CANADA)
By: /s/ Xxxx Xxxxxxx
-------------------------------
Name: Xxxx Xxxxxxx
Title: General Manager
Address: 000 xxx xx xx Xxxxxxxxxxx Xxxxx, Xxxxx 0000,
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
FUJI BANK CANADA
By:_______________________________
Name:
Title:
Address:
Facsimile:
THE BANK OF NOVA SCOTIA
By:________________________________
Name: Xxxxx Xxxxxx
Title: Relationship Manager
Address: 00 Xxxx Xxxxxx Xxxx,
Xxxxxxx, Xxxxxxx XXX 0X0
Facsimile: (000) 000-0000
By:_______________________________
Name:
Title:
Address: 00 Xxxx Xxxxxx Xxxx,
Xxxxxxx, Xxxxxxx XXX 0X0
Facsimile: (000) 000-0000
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BANK OF TOKYO - MITSUBISHI (CANADA)
By:_______________________________
Name: Xxxx Xxxxxxx
Title: General Manager
Address: 000 xxx xx xx Xxxxxxxxxxx Xxxxx, Xxxxx 0000,
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
FUJI BANK CANADA
By:/s/ Xxxxxx Xxx
-------------------------------
Name: Xxxxxx Xxx
Title: Senior Vice President
Address:
Facsimile:
THE BANK OF NOVA SCOTIA
By:_______________________________
Name: Xxxxx Xxxxxx
Title: Relationship Manager
Address: 00 Xxxx Xxxxxx Xxxx,
Xxxxxxx, Xxxxxxx XXX 0X0
Facsimile: (000) 000-0000
By:________________________________
Name:
Title:
Address: 00 Xxxx Xxxxxx Xxxx,
Xxxxxxx, Xxxxxxx XXX 0X0
Facsimile: (000) 000-0000
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BANK OF TOKYO - MITSUBISHI (CANADA)
By:_______________________________
Name: Xxxx Xxxxxxx
Title: General Manager
Address: 000 xxx xx xx Xxxxxxxxxxx Xxxxx, Xxxxx 0000,
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
FUJI BANK CANADA
By:_______________________________
Name:
Title:
Address:
Facsimile:
THE BANK OF NOVA SCOTIA
By: /s/ Xxxxx Xxxxxx
-------------------------------
Name: Xxxxx Xxxxxx
Title: Relationship Manager
Address: 00 Xxxx Xxxxxx Xxxx,
Xxxxxxx, Xxxxxxx XXX 0X0
Facsimile: (000) 000-0000
By: /s/ Xxxxxxxxx Xxxxxxx
-------------------------------
Name: Xxxxxxxxx Xxxxxxx
Title: Account Officer
Address: 00 Xxxx Xxxxxx Xxxx,
Xxxxxxx, Xxxxxxx XXX 0X0
Facsimile: (000) 000-0000
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ABN AMRO BANK CANADA
By:/s/ [SIGNATURE ILLEGIBLE]^^
--------------------------------
Name: [ILLEGIBLE]^^
Title: SENIOR VICE PRESIDENT
Address: #1500, 000 xx Xxxxxxxxxxx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
CAISSE CENTRALE XXXXXXXXXX
By:_______________________________
Name: Xxxxxx XxXxxxx
Title: Director, Corporate Banking
Address: 0 Xxxxxxx Xxxxxxxxxx, Xxxxx 0000
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
CREDIT LYONNAIS CANADA
By:________________________________
Name: Xxxxxxxx Xxxx
Title: Vice President
Address: 0000 Xxxxxxxxx, 00xx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
By:_______________________________
Name: Xxxxxxx Xxxxxx
Title: Assistant Vice President
Address: 0000 Xxxxxxxxx, 00xx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
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ABN AMRO BANK CANADA
By:_______________________________
Name: Xxxxxx Xxxxxxxx
Title:
Address: #1500, 000 xx Xxxxxxxxxxx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimilie (000) 000-0000
CASSIE CENTRALE DESJARDINS
By: /s/ Xxxxxx XxXxxxx
-------------------------------
Name: Xxxxxx XxXxxxx
Title: Director, Corporate Banking
Address: 0 Xxxxxxxx Xxxxxxxxxx, Xxxxx 0000
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
CREDIT LYONNAIS CANADA
By:________________________________
Name: Xxxxxxx Xxxx
Title: Vice President
Address: 0000 Xxxxxxxxx, 00xx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
By:________________________________
Name: Xxxxxxx Xxxxxx
Title: Assistant Vice President
Address: 0000 Xxxxxxxxx, 00xx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
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ABN AMRO BANK CANADA
By:________________________________
Name: Xxxxxx Xxxxxxxx
Title:
Address: #1500, 000 xx Xxxxxxxxxxx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimilie (000) 000-0000
CASSIE CENTRALE DESJARDINS
By:________________________________
Name: Xxxxxx XxXxxxx
Title: Director, Corporate Banking
Address: 0 Xxxxxxxx Xxxxxxxxxx, Xxxxx 0000
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
CREDIT LYONNAIS CANADA
By: /s/ Xxxxxxx Xxxx
--------------------------------
Name: Xxxxxxx Xxxx
Title: Vice President
Address: 0000 Xxxxxxxxx, 00xx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
By: /s/ Xxxxxxx Xxxxxx
--------------------------------
Name: Xxxxxxx Xxxxxx
Title: Assistant Vice President
Address: 0000 Xxxxxxxxx, 00xx Xxxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
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THE INDUSTRIAL BANK OF JAPAN (CANADA)
By: /s/ Xxxxxxxx XxXxxxx
----------------------------------
Name: Xxxxxxxx McLeish
Title: Senior Vice President
Address: 000 Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
ROYAL BANK OF CANADA
By:________________________________
Name: Xxxxx Xxxxxx
Title: Senior Manager
Address: 0 Xxxxx Xxxxx Xxxxx, 0xx Xxxxx Xxxx Wing
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
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THE INDUSTRIAL BANK OF JAPAN (CANADA)
By:________________________________
Name: Xxxxxxxx XxXxxxx
Title: Senior Vice President
Address: 000 Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxx X0X 0X0
Facsimile: (000) 000-0000
ROYAL BANK OF CANADA
By: /s/ Xxxxx Xxxxxx
-------------------------------
Name: Xxxxx Xxxxxx
Title: Senior Manager
Address: 1 Place Ville Xxxxx, 0xx Xxxxx Xxxx Xxxx
Xxxxxxxx, Xxxxxx X0X 0X0
Facsimile: (000) 000-0000
