EXHIBIT 10.2
FIRST AMENDMENT
TO CREDIT AGREEMENT
(364-Day Revolving Credit Facility)
THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of February 28, 2001
(the "First Amendment"), among PURE RESOURCES, INC., a Delaware corporation (the
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"Borrower"), the lenders party hereto (the "Lenders"), and THE CHASE MANHATTAN
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BANK, individually, as Issuing Bank and as Administrative Agent (the
"Administrative Agent").
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W I T N E S S E T H:
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WHEREAS, the Borrower, the Lenders, and the Administrative Agent are
parties to that certain Credit Agreement dated as of September 29, 2000 (the
"Credit Agreement"), whereby, pursuant to the terms and conditions contained
----------------
therein, the Lenders agreed to make loans to and extensions on behalf of the
Borrower under a $250,000,000 364-day revolving credit facility; and
WHEREAS, the parties to the Credit Agreement intend to amend the
Credit Agreement to add additional Lenders as parties to the Credit Agreement
pursuant to Section 2.01(c)(ii) thereof and to otherwise amend the Credit
Agreement;
NOW, THEREFORE, the parties to the Credit Agreement hereby agree as
follows:
SECTION 1. Amendments to Credit Agreement.
------------------------------
(a) Section 1.01 of the Credit Agreement hereby is amended by
inserting the following definitions in their appropriate alphabetical order:
"Agreement" means this Credit Agreement dated as of September 29,
2000, among the Borrower, the Lenders, the Administrative Agent and the
Issuing Bank, as amended by the First Amendment, and as the same may be
further amended, waived or otherwise modified from time to time in
accordance herewith.
"First Amendment" means that certain First Amendment to Credit
---------------
Agreement dated as of February 28, 2001, among the Borrower, the Lenders
party thereto, the Administrative Agent and the Issuing Bank.
(b) The definition of "Lenders" appearing in Section 1.01 of the
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Credit Agreement hereby is amended in its entirety to read as follows:
"Lenders" means the lenders listed on Schedule 2.01 attached to
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the First Amendment, and any other Person that shall have become a party to
this Agreement pursuant to an Assignment and Acceptance, other than any
such
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Person that ceases to be a party hereto pursuant to an Assignment and
Acceptance."
(c) Schedule 2.01 attached to the Credit Agreement is hereby amended
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and restated by replacing Schedule 2.01 attached to the Credit Agreement in its
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entirety with Schedule 2.01 attached to this First Amendment. From and after
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the date of this First Amendment, all references contained in the Credit
Agreement to Schedule 2.01 shall be references to Schedule 2.01 attached to this
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First Amendment.
SECTION 2. Conditions Precedent to Effectiveness. This First
-------------------------------------
Amendment shall become effective as of the date hereof when the Administrative
Agent shall have received:
(a) counterparts hereof duly executed by the Borrower, the Lenders,
the Administrative Agent and the Issuing Bank (or, in the case of any party as
to which an executed counterpart shall not have been received, telegraphic,
telex, or other written confirmation from such party of execution of a
counterpart hereof by such party);
(b) to the extent requested by any of the Lenders signatory to this
First Amendment, duly executed Notes payable to the order of such Lender
reflecting such Lender's Commitment as set forth on Schedule 2.01 attached
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hereto; and
(c) no Default or Event of Default shall have occurred and be
continuing as of the date of this First Amendment.
Upon effectiveness of this First Amendment, each Lender signatory to this First
Amendment shall for all purposes be a Lender party to the Credit Agreement, as
amended by this First Amendment, and any other Loan Documents executed by the
Lenders and shall have the rights and obligations of a Lender under the Loan
Documents to the same extent as if they were originally parties to the Credit
Agreement, and no further consent or action by the Borrower, the Lenders, the
Administrative Agent or the Issuing Bank shall be required and the Lenders shall
have the Commitments set forth in Schedule 2.01 attached hereto.
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SECTION 3. Reaffirmation of Representations and Warranties. To
-----------------------------------------------
induce the Lenders, the Administrative Agent and the Issuing Bank to enter into
this First Amendment, the Borrower hereby reaffirms, as of the date hereof, its
representations and warranties in their entirety contained in Article III of the
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Credit Agreement and in all other documents executed pursuant thereto (except to
the extent such representations and warranties relate solely to an earlier date)
and additionally represents and warrants as follows:
(a) The Borrower is a corporation duly organized, validly existing
and in good standing under the laws of its jurisdiction of formation and has all
power and authority and all governmental licenses, authorizations, consents and
approvals required in each case to carry on its business, except to the extent
that the failure to have such power, authority, licenses, authorizations,
consents and approvals could not reasonably be expected to have a Material
Adverse Effect.
(b) The execution, delivery and performance by the Borrower of this
First Amendment are within the Borrower's corporate powers, have been duly
authorized by all
2
necessary corporate action of the Borrower, require, in respect of the Borrower,
no action by or in respect of, or filing with, any governmental body, agency or
official and do not contravene or constitute a default under, any provision of
law or regulation (including Regulation X issued by the Federal Reserve Board)
applicable to the Borrower or Regulation U or the articles or certificate of
incorporation of the Borrower or the bylaws of the Borrower or any judgment,
injunction, order, decree or material agreement binding upon the Borrower or
result in or require the creation or imposition of any Lien on any asset of the
Borrower.
(c) This First Amendment has been duly executed and delivered by the
Borrower. This First Amendment, the Credit Agreement, as amended by this First
Amendment, and each other Loan Document to which the Borrower is a party are
legal, valid and binding obligations of the Borrower enforceable against the
Borrower in accordance with their respective terms, except as the enforceability
thereof may be limited by any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' rights generally and by general
principles of equity.
(d) Since September 29, 2000, no event or circumstance has occurred
that has resulted in or could reasonably be expected to have a Material Adverse
Effect. No Event of Default has occurred and is continuing as of the date
hereof.
(e) There is no action, suit or proceeding pending against the
Borrower, or to the knowledge of the Borrower threatened against the Borrower,
before any court or arbitrator or any governmental body, agency or official in
which there is a reasonable possibility of an adverse decision which could
reasonably be expected to have a Material Adverse Effect or which in any manner
draws into question the legality, validity, binding effect or enforceability of
this First Amendment, the Credit Agreement, as amended hereby, or any other Loan
Document.
SECTION 4. Defined Terms. Except as amended hereby, terms used herein
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when defined in the Credit Agreement shall have the same meanings herein unless
the context otherwise requires.
SECTION 5. Reaffirmation of Credit Agreement. This First Amendment
---------------------------------
shall be deemed to be an amendment to the Credit Agreement, and the Credit
Agreement, as amended hereby, is hereby ratified, approved and confirmed in each
and every respect. All references to the Credit Agreement herein and in any
other document, instrument, agreement or writing shall hereafter be deemed to
refer to the Credit Agreement as amended hereby.
SECTION 6. Governing Law; Entire Agreement. This First Amendment and
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the Notes shall be governed by, and construed in accordance with, the laws of
the State of Texas. The Credit Agreement as amended by this First Amendment, the
Notes and the other Loan Documents constitute the entire understanding among the
parties hereto with respect to the subject matter hereof and supersede any prior
agreements, written or oral, with respect thereto.
SECTION 7. Severability of Provisions. Any provision in this First
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Amendment that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or
invalid without affecting the remaining provisions
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in that jurisdiction or the operation, enforceability, or validity of that
provision in any other jurisdiction, and to this end the provisions of this
First Amendment are declared to be severable.
SECTION 8. Counterparts. This First Amendment may be executed in any
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number of counterparts, all of which taken together shall constitute one
agreement, and any of the parties hereto may execute this First Amendment by
signing any such counterpart.
SECTION 9. Headings. Article and section headings in this First
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Amendment are for convenience of reference only, and shall not govern the
interpretation of any of the provisions of this First Amendment.
SECTION 10. Successors and Assigns. This First Amendment shall be
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binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.
[SIGNATURES BEGIN ON FOLLOWING PAGE]
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IN WITNESS WHEREOF, the Borrower, the Lenders, the Administrative
Agent, the Syndication Agent, the Documentation Agent and the Issuing Bank have
executed this First Amendment as of the date first above written.
PURE RESOURCES, INC.
By: /s/ Xxxxxxx X. Xxxxx
-------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
[First Amendment to Credit Agreement - Signature Page 1]
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THE CHASE MANHATTAN BANK, individually
and as Administrative Agent,
By: /s/ Xxxxxx Xxxxxxx
----------------------------------
Name: Xxxxxx Xxxxxxx
Title: Vice President
Lending Office for ABR Loans and
Eurodollar Loans and Address for Notice:
The Chase Manhattan Bank
One Chase Xxxxxxxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No. 212/552-2261
Attention: Xxxxxxx Xxxxxxx
[First Amendment to Credit Agreement - Signature Page 2]
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FIRST UNION NATIONAL BANK, individually
and as Syndication Agent
By: /s/ Xxxxxx X. Weteroff
------------------------------------
Name: Xxxxxx X. Weteroff
Title: Senior Vice President
Lending Office for ABR Loans and
Eurodollar Loans:
000 Xxxxx Xxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Address for Notice:
Business/Credit:
First Union National Bank
0000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telephone No.: 713/000-0000
Telecopier No.: 713/650-6354
Attention: Xxxxx X. Xxxxxxxxx
Administrative:
First Union National Bank
0000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telephone No.: 713/000-0000
Telecopier No.: 713/650-6354
Attention: Xxxxxx Xxxxx
[First Amendment to Credit Agreement - Signature Page 3]
0
XXX XXXX XX XXX XXXX
By: /s/ Xxxxx Xxxxxx
----------------------------------
Name: Xxxxx Xxxxxx
Title: Vice President
Lending Office for ABR Loans and
Eurodollar Loans:
The Bank of New York
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxx Xxxxxxxx
Address for Notice:\
Business/Credit:
The Bank of New York
Xxx Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone No.: 212/000-0000
Telecopier No.: 212/635-7923
Attn.: Xxxxx Xxxxxx
Administrative:
The Bank of New York
Xxx Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone No.: 212/000-0000
Telecopier No.: 212/635-7923
Attn.: Xxxxxxx X. Xxxx
[First Amendment to Credit Agreement - Signature Page 4]
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CREDIT LYONNAIS NEW YORK BRANCH
By:________________________________
Name:
Title:
Lending Office for ABR Loans and
Eurodollar Loans:
Credit Lyonnais New York Branch
1301 Avenue of the Americas
Xxx Xxxx, Xxx Xxxx 00000
Address for Notice:
Business/Credit:
Credit Lyonnais
0000 Xxxxxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telephone No.: 713/000-0000
Telecopier No.: 713/751-0307
Attention: Xxxx Xxxxxxxxxx
Administrative:
Credit Xxxxxxxx Xxx Xxxx Xxxxxx
0000Xxxxxx of the Americas
Xxx Xxxx, Xxx Xxxx 00000
Telephone No.: 212/000-0000
Telecopier No.: 917/849-5440
Attention: Xxxxx Xxxxx
[First Amendment to Credit Agreement - Signature Page 5]
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BNP PARIBAS, individually and as Documentation
Agent
By:___________________________________________
Name:
Title:
By:___________________________________________
Name:
Title:
Lending Office for ABR Loans and
Eurodollar Loans:
BNP Paribas
0000 Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Address for Notice:
Business/Credit:
0000 Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telephone No.: 713/000-0000
Telecopier No.: 713/659-6915
Attention: Xxxxx Xxxxxx
Administrative:
0000 Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telephone No.: 713/000-0000
Telecopier No.: 713/659-5305
Attention: Xxxx Xxxxx Xxxxxx
[First Amendment to Credit Agreement - Signature Page 6]
00
XXXX XXX, XXXXX, N.A.
By"___________________________________
Name:
Title:
Lending Office for ABR Loans and
Eurodollar Loans:
Bank One, Texas, N.A.
0000 Xxxx Xxxxxx, 0xx Xxxxx
Xxxxxx, Xxxxx 00000
Address for Notice:
Business/Credit:
0000 Xxxx Xxxxxx, 0xx Xxxxx
Xxxxxx, Xxxxx 00000
Telephone No.: 214/000-0000
Telecopier No.: 214/290-2332
Attention: Xxxx Xxxxxxx
Administrative:
0000 Xxxx Xxxxxx, 0xx Xxxxx
Xxxxxx, Xxxxx 00000
Telephone No.: 214/000-0000
Telecopier No.: 214/290-2627
Attention: Xxxxx Xxxxxx
[First Amendment to Credit Agreement - Signature Page 7]
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THE FUJI BANK, LIMITED
By: /s/ Xxxxxxx Xxxxxxx
--------------------------------------------
Name: Xxxxxxx Xxxxxxx
Title: Senior Vice President & Manager
Lending Office for ABR Loans and
Eurodollar Loans:
The Fuji Bank, Limited
Two Xxxxx Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Address for Notice:
Business Credit:
The Fuji Bank, Limited
One Houston Center
0000 XxXxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telephone No.: 713/000-0000
Telecopier No.: 713/759-0717
Attention: Xxxx Xxxxxxx
Administrative:
The Fuji Bank, Limited
Two Xxxxx Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone No.: 212/000-0000
Telecopier No.: 212/488-8216
Attention: Xxxx Xxxxxxxx
[First Amendment to Credit Agreement - Signature Page 8]
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CIBC, INC.
By: /s/ Xxxx X. Xxxxxx
-----------------------------------------
Name: Xxxx X. Xxxxxx
Title: Authorized Signatory
Lending Office for ABR Loans and
Eurodollar Loans:
CIBC, Inc.
2 Paces West
2727 Paces Ferry Road, Suite 1200
Attention: Xxxxx Xxxxxx
Address for Notice:
Business/Credit:
CIBC World Markets
0000 Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telephone No.: 713/000-0000
Telecopier No.: 713/650-7675
Attention: Xxxx Xxxx
Administrative:
CIBC, Inc.
2 Paces West
0000 Xxxxx Xxxxx Xxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxx 00000
Telephone No.: 770/000-0000
Telecopier No.: 770/319-4950
Attention: Xxxxx Xxxxxx
[First Amendment to Credit Agreement - Signature Page 9]
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XXXXX FARGO BANK (TEXAS), N.A.
By:_____________________________________
Name:
Title:
Lending Office for ABR Loans and
Eurodollar Loans:
Xxxxx Fargo Bank Texas, N.A.
0000 Xxxx Xxxxxx, Xxxxx 000,
MAC T 0000 - 000
Xxxxxx, Xxxxx 00000
Address for Notice:
Business/Credit:
Xxxxx Fargo Bank Texas, N.A.
0000 Xxxx Xxxxxx, Xxxxx 000,
MAC T 0000 - 000
Xxxxxx, Xxxxx 00000
Telephone No.: 214/000-0000
Telecopier No.: 214/303-1839
Attention: Xxxxxxx X. Xxxxxxx
Administrative:
Xxxxx Fargo Bank, N.A.
0000 Xxxxxxxx
Xxxxxx, Xxxxxxxx 00000
Telephone No.: 303/000-0000
Telecopier No.: 303/863-2729
Attention: Xxxxx Xxxx
[First Amendment to Credit Agreement - Signature Page 10]
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FLEET NATIONAL BANK
By: /s/ Xxxxxxx X. Xxxxxxx
-------------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Vice President
Lending Office for ABR Loans and
Eurodollar Loans:
Fleet National Bank
000 Xxxxxxx Xxxxxx
M/C: MADE10008A
Xxxxxx, Xxxxxxxxxxxxx 00000
Address for Notice:
Business/Credit:
Fleet National Bank
000 Xxxxxxx Xxxxxx
M/C: MADE10008A
Xxxxxx, Xxxxxxxxxxxxx 00000
Telephone No.: 617/000-0000
Telecopier No.: 617/434-3652
Attention: Xxxxxxx Xxxxxxx
Administrative:
Fleet National Bank
One Federal Street
M/C: MADE1008A
Xxxxxx, Xxxxxxxxxxxxx 00000
Telephone No.: 617/000-0000
Telecopier No.: 617/434-0201
Attention: Xxxxxxx Xxxxxxxx
[First Amendment to Credit Agreement - Signature Page 11]
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THE SANWA BANK LIMITED
By: /s/ Xxxxxxx Xxxxxxx
-------------------------------------
Name: Xxxxxxx Xxxxxxx
Title: Assistant Vice President
Lending Office for ABR Loans and
Eurodollar Loans:
The Sanwa Bank Limited
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
Address for Notice:
C. Xxxxxxxx Xxxxxx
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
Administrative:
Xxxxxxxxx Xxxx
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
[First Amendment to Credit Agreement - Signature Page 12]
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THE BANK OF TOKYO-MITSUBISHI, LTD.
By: /s/ Xxxxxx Xxxxxxxxx
-----------------------------------------
Name: Xxxxxx Xxxxxxxxx
Title: Vice President
Lending Office for ABR Loans and
Eurodollar Loans:
The Bank of Tokyo-Mitsubishi, Ltd.
0000 Xxxxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
Telecopier No.: 713/658-0116
Attention: ________
Business/Credit:
0000 Xxxxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
Telecopier No.: 713/658-0116
Attention: Xxxx Xxxxxxx
Administrative:
0000 Xxxxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
Telecopier No.: 713/658-0116
Attention: Xxxxx Xxxxx
[First Amendment to Credit Agreement - Signature Page 13]
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CREDIT SUISSE FIRST BOSTON
By: /s/ Xxxx X'Xxxx
------------------------------------
Name: Xxxx X'Xxxx
Title: Vice President
Lending Office for ABR Loans and
Eurodollar Loans:
Credit Suisse First Boston
00 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No.: 212/325-8615
Business/Credit:
00 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Telecopier No.: 212/325-8615
Attention: Xxxxx Xxxxx
Administrative:
0 Xxxxx Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No.: 212/335-0593
Attention: Xxxxxxxxx Xxxxxxxx
[First Amendment to Credit Agreement - Signature Page 14]
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SCHEDULE 2.01
COMMITMENTS
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Lender Commitment Percentage Share
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The Chase Manhattan Bank $ 25,000,000 10.638297872%
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First Union National Bank $ 25,000,000 10.638297872%
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BNP Paribas $ 25,000,000 10.638297872%
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Credit Lyonnais New York Branch $ 25,000,000 10.638297872%
----------------------------------------------------------------------------------------------
Bank One, Texas, N.A. $ 25,000,000 10.638297872%
----------------------------------------------------------------------------------------------
Fleet National Bank $ 22,500,000 9.574468085%
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The Bank of New York $ 12,500,000 5.319148936%
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CIBC, Inc. $ 12,500,000 5.319148936%
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The Fuji Bank, Limited $ 12,500,000 5.319148936%
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Xxxxx Fargo Bank Texas, N.A. $ 12,500,000 5.319148936%
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Sanwa Bank $ 12,500,000 5.319148936%
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The Bank of Tokyo-Mitsuibishi, Ltd. $ 12,500,000 5.319148936%
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Credit Suisse First Boston $ 12,500,000 5.319148936%
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Total: $235,000,000 100.000000000%
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[Schedule 2.01 - Page 1]
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