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EXHIBIT 10.13.1
FIRST AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
BY AND AMONG
TITAN RESOURCES, L.P.,
as Company,
THE CHASE MANHATTAN BANK,
as Administrative Agent,
FIRST UNION NATIONAL BANK OF NORTH CAROLINA,
as Documentation Agent
XXXXXX GUARANTY TRUST COMPANY OF NEW YORK,
as Syndication Agent,
and
THE LENDERS SIGNATORY HERETO
May 12, 1997
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FIRST AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this "First
Amendment") dated effective as of the 12th day of May, 1997 (the "Effective
Date"), is by and among TITAN RESOURCES, L.P., a Texas limited partnership (the
("Company"); THE CHASE MANHATTAN BANK, individually, as the Issuing Bank and as
Administrative Agent (in such capacity, the "Administrative Agent"); FIRST
UNION NATIONAL BANK OF NORTH CAROLINA, individually and as Documentation Agent
(in such capacity, the "Documentation Agent"); XXXXXX GUARANTY TRUST COMPANY
OF NEW YORK, individually and as Syndication Agent (in such capacity, the
"Syndication Agent"); and each of the lenders that is a signatory hereto or
which becomes a signatory hereto and to the Credit Agreement (hereinafter
defined) as provided in Section 8.07 of the Credit Agreement (individually,
together with its successors and assigns, "Lender" and collectively,
"Lenders").
WITNESSETH:
WHEREAS, the Company, the Administrative Agent, the Documentation Agent, the
Syndication Agent and Lenders are parties to that certain Amended and Restated
Credit Agreement dated as of October 31, 1996 (the "Credit Agreement"),
pursuant to which Lenders agreed to make loans to and extensions of credit on
behalf of the Company; and
WHEREAS, the Company, the Administrative Agent, the Documentation Agent, the
Syndication Agent and Lenders desire to amend the Credit Agreement in the
particulars hereinafter provided;
NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:
ARTICLE I. DEFINITIONS
Section 1.01 Terms Defined Above. As used in this First Amendment, each of the
terms "Administrative Agent," "Company," "Credit Agreement," "Documentation
Agent," "First Amendment," "Lender," "Lenders" and "Syndication Agent" shall
have the meaning assigned to such term hereinabove.
Section 1.02 Terms Defined in Credit Agreement. Each term defined in the Credit
Agreement and used herein without definition shall have the meaning assigned to
such term in the Credit Agreement, unless expressly provided to the contrary.
Section 1.03 Other Definitional Provisions.
(a) The words "hereby," "herein," "hereinafter", "hereof," "hereto" and
"hereunder" when used in this First Amendment shall refer to this First
Amendment as a whole and not to any particular Article, Section, subsection or
provision of this First Amendment.
(b) Section, subsection and Exhibit references herein are to such Sections,
subsections and Exhibits to this First Amendment unless otherwise specified.
ARTICLE II. AMENDMENTS TO CREDIT AGREEMENT
The Company, the Administrative Agent, the Documentation Agent, the Syndication
Agent and Lenders agree that the Credit Agreement is hereby amended, effective
as of the Effective Date, in the following particulars.
Section 2.01 Amendments and Supplements to Definitions.
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(a) The term "Agreement," as defined in the Credit Agreement, is hereby amended
to mean the Credit Agreement, as amended and supplemented by this First
Amendment and as the same may from time to time be further amended or
supplemented.
(b) The term "Guarantors," as defined in the Credit Agreement, is hereby
amended in its entirety to read as follows:
"Guarantors" means (a) the Parent, ((b)) the General Partner, (C)
Titan Resources Holdings, Inc., a Nevada corporation, and (d) those
Subsidiaries of the Company designated as Guarantors on Exhibit B and
any other Subsidiary of the Company, designated as a Guarantor by (i)
the Company with the approval of the Administrative Agent, or (ii) the
Majority Lenders, in each case pursuant to Section 5.01(j).
Section 2.02 Amendment to Section 5.03(d) - Distribution, Etc. Section 5.03(d)
of the Credit Agreement is hereby amended in its entirety to read as follows:
"(d) Distribution, etc. Make any distribution of profits or purchase,
redeem or otherwise acquire for value any of the partnership interests
in the Company now or hereafter outstanding, return any capital to its
Partners, or make any distribution of its assets to its Partners as
such; provided, however, so long as no Default or Event of Default has
occurred and is continuing hereunder or would occur as a consequence
thereof, the Company may make (i) distributions to its Partners for
the payment of cash taxes due and payable by the Partners as a result
of their partnership interests in the Company, (ii) distributions to
the Parent which will be used by the Parent from time to time to
purchase up to and including $25,000,000 in the aggregate of its
issued and outstanding common stock; provided, however, no such
distribution shall be made unless twenty-five percent (25%) of the
Maximum Available Amount shall remain available under this Agreement
after giving effect to the latest borrowings hereunder made in
connection with the acquisition of the Parent's common stock, and
(iii) other distributions to its Partners not to exceed $2,500,000 in
the aggregate in any calendar year, less the aggregate principal
amount of Indebtedness permitted by Section 5.03(a)(v) which is
incurred and outstanding in the same calendar year."
Section 2.03 Amendment to Section 5 03(j) - Proceeds of Loan. Section 5.03(j)
is hereby amended by deleting clause (iii) from the first sentence thereof and
substituting in its place a new clause (iii) and a new clause (iv) which shall
read in their entirety, as follows:
"(iii) for general corporate purposes (not including dividends or
distributions to its Partners) and (iv) to pay dividends or make
distributions to its Parent for the purpose of enabling its Parent to
repurchase from time to time its issued and outstanding common stock;
provided, however, no borrowings may be made on the Loan in connection
with any repurchase of the Parent's common stock, unless twenty-five
percent (25%) of the Maximum Available Amount shall remain available
under this Agreement after giving effect to the latest borrowings
hereunder made in connection with the acquisition of the Parent's
common stock."
ARTICLE III. MISCELLANEOUS
Section 3.01 Adoption. Ratification and Confirmation of Credit Agreement. Each
of the Company, the Administrative Agent, the Documentation Agent, the
Syndication Agent and Lenders does hereby adopt, ratify and confirm the Credit
Agreement, as amended hereby, and acknowledges and agrees that the Credit
Agreement, as amended hereby, is and remains in full force and effect.
Section 3.02 Successors and Assigns. This First Amendment shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns permitted pursuant to the Credit Agreement.
Section 3.03 Counterparts. This First Amendment may be executed by one or more
of the parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument and shall be enforceable as of the Effective Date upon the execution
of one or more counterparts hereof by the Company, the Administrative Agent,
the Documentation Agent, the Syndication Agent
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and Lenders. In this regard, each of the parties hereto acknowledges that a
counterpart of this First Amendment containing a set of counterpart execution
pages reflecting the execution of each party hereto shall be sufficient to
reflect the execution of this First Amendment by each necessary party hereto
and shall constitute one instrument.
Section 3.04 Number and Gender. Whenever the context requires, reference herein
made to the single number shall be understood to include the plural; and
likewise, the plural shall be understood to include the singular. Words
denoting sex shall be construed to include the masculine, feminine and neuter,
when such construction is appropriate; and specific enumeration shall not
exclude the general but shall be construed as cumulative. Definitions of terms
defined in the singular or plural shall be equally applicable to the plural or
singular, as the case may be, unless otherwise indicated.
Section 3.05 Entire Agreement. This First Amendment constitutes the entire
agreement among the parties hereto with respect to the subject hereof. All
prior understandings, statements and agreements, whether written or oral,
relating to the subject hereof are superseded by this First Amendment.
Section 3.06 Invalidity. In the event that any one or more of the provisions
contained in this First Amendment shall for any reason be held invalid, illegal
or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this First Amendment.
Section 3.07 Titles of Articles. Sections and Subsections. All titles or
headings to Articles, Sections, subsections or other divisions of this First
Amendment or the exhibits hereto, if any, are only for the convenience of the
parties and shall not be construed to have any effect or meaning with respect
to the other content of such Articles, Sections, subsections, other divisions
or exhibits, such other content being controlling as the agreement among the
parties hereto.
Section 3.08 Governing Law. This First Amendment shall be deemed to be a
contract made under and shall be governed by and construed in accordance with
the internal laws of the State of New York.
THIS FIRST AMENDMENT, THE CREDIT AGREEMENT, AS SUPPLEMENTED AND AMENDED HEREBY,
THE NOTES, AND THE OTHER SECURITY INSTRUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the Effective Date.
BORROWER: TITAN RESOURCES, L.P., a Texas limited
partnership
By: Titan Resources I, Inc., its General Partner
By: /s/ Xxxx Xxxxxxxxx
-----------------------------------
Name: Xxxx Xxxxxxxxx
Title: President
AGENT AND LENDERS: THE CHASE MANHATTAN BANK, Individually
as Issuing Bank and as Administrative Agent
By: /s/ Xxxx Xx Xxxxxxxx
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Name: Xxxx Xx Xxxxxxxx
Title: Vice President
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FIRST UNION NATIONAL BANK OF NORTH
CAROLINA, Individually and as Documentation
Agent
By:/s/ Xxxxxxx X. Xxxxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxxxx
Title: Vice President
XXXXXX GUARANTY TRUST COMPANY OF
NEW YORK, Individually and as Syndication Agent
By:/s/ Xxxx Xxxxxxxxx
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Name: Xxxx Xxxxxxxxx
Title: Vice President
CREDIT LYONNAIS NEW YORK BRANCH
By:/s/ Pascal Poupelle
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Name: Pascal Poupelle
Title: Executive Vice President
BANK ONE, TEXAS, N.A..
By:/s/ Wm. Xxxx Xxxxxx
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Name: Wm. Xxxx Xxxxxx
Title: Vice President
BANQUE PARIBAS
By:/s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
Title: Vice President
By:/s/ Xxxxxx Xxxxxxxxxx
-----------------------------------
Name: Xxxxxx Xxxxxxxxxx
Title: Vice President
UNION BANK OF CALIFORNIA, N.A..
By:/s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
Title: Vice President
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By:/s/ Xxxx X. Xxxxxx
-----------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
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