FIRST AMENDMENT OF THIRD AMENDED AND RESTATED CREDIT AGREEMENT
Exhibit 10.8
FIRST AMENDMENT OF
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
THIS FIRST AMENDMENT OF THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of May 23, 2007, is by and among INTREPID MINING LLC, a Colorado limited liability company (“IMLLC”), INTREPID POTASH-MOAB, LLC, a Delaware limited liability company (“IPMLLC”), INTREPID POTASH-NEW MEXICO, LLC, a New Mexico limited liability company (“IPNMLLC”), INTREPID POTASH-WENDOVER, LLC, a Colorado limited liability company (“IPWLLC”), U.S. BANK NATIONAL ASSOCIATION, a national banking association (“USB”), in its capacity as lead arranger and Agent (“Agent”), and the Lender referred to below.
RECITALS
A. IMLLC, IPMLLC, IPNMLLC and IPWLLC (“Borrowers”), Agent and USB, in its capacity as the sole lender thereunder (“Lender”), are parties to a Third Amended and Restated Credit Agreement dated as of March 9, 2007 (the “Credit Agreement”).
B. Borrowers, Agent and Lender desire that this Amendment be executed and delivered in order to amend certain terms and provisions of the Credit Agreement.
AMENDMENT
NOW, THEREFORE, in consideration of $10.00 and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1. | Credit Agreement. The Credit Agreement shall be, and hereby is, amended as follows as of the date hereof: |
a. | The following shall be substituted for the definition of “Aggregate Lenders’ Commitment (Revolving)” in Section 1.1 on page 2 of the Credit Agreement: |
“Aggregate Lenders’ Commitment (Revolving)” means, at any time, the sum of the Commitments (Revolving) of all Lenders at that time; provided that, upon the request of Borrowers, unless Agent is aware, either at the time of such request or at any time prior to its implementation, of the occurrence and continuation of an uncured Event of Default, Agent may agree to increase said amount to a maximum of $125,000,000, so long as Agent is able to obtain sufficient additional Commitments (Revolving) from Lenders (including then-existing Lenders and third parties willing to become Lenders hereunder) to fund any such increase.
1
b. | In lines 3 and 4 of the definition of “Collateral” in Section 1.1 on page 4 of the Credit Agreement, “or of any Borrower” shall be deleted. |
c. | The following shall be substituted for the definition of “Commitment (Revolving)” in Section 1.1 on page 4 of the Credit Agreement: |
“Commitment (Revolving)” means, at any time, for any Lender: (a) such Lender’s Initial Commitment (Revolving), plus (b) any portion of any other Lender’s Initial Commitment (Revolving) that has been assigned to such Lender pursuant to Section 10.3 below, plus (c) the portion, if any, of any and all increases in the Aggregate Lenders’ Commitment (Revolving) that such Lender has agreed to fund, minus (d) any portion of such Lender’s Initial Commitment (Revolving) that it has assigned to any other Lender pursuant to Section 10.3 below, minus (e) any reduction in such Lender’s Commitment (Revolving) pursuant to Section 2.6 below.
d. | The following shall be substituted for the definition of “Guarantor Subsidiary” in Section 1.1 on page 8 of the Credit Agreement: |
“Guarantor Subsidiary” means either of the Initial Guarantors or any other Subsidiary that has been requested to execute a Guaranty and/or any Security Document as provided in Section 6.2(p) below.
e. | “Initial Commitment (Revolving)” shall be substituted for “Initial Commitment (Revolver)” in lines 1 and 2 of the first full paragraph on page 9 of the Credit Agreement. |
f. | In line 11 of the definition of “Mandatory Prepayment Amounts” in Section 1.1 on page 11 of the Credit Agreement, “not later than six months after the date of transfer” shall be inserted just prior to the comma after the word “transferred”. |
g. | The following shall be substituted for clause (b) of the definition of “Mandatory Prepayment Amounts” in Section 1.1 on page 11 of the Credit Agreement: |
(b) 50 percent of the net cash proceeds received by any Borrower upon the issuance of any subordinated debt or equity securities (excluding the proceeds of the sale of approximately 20 percent of the equity in IMLLC to Platte River Ventures or an affiliate thereof for approximately $39,000,000 on or before August 31, 2007), except to the extent that such net cash proceeds are used for the Solution Mining Project.
h. | In line 2 of Section 2.2(a) on page 19 of the Credit Agreement, “Initial Commitment (Term)” shall be substituted for “Percentage Share (Term)”. |
i. | In line 1 of Section 3.4(b) on page 24 of the Credit Agreement, “ratable account of Lenders having Commitments (Revolving)” shall be substituted for “account of Lenders”. |
2
j. | The open parenthesis at the beginning of line 2 of Section 3.5(a) on page 25 of the Credit Agreement shall be deleted. |
k. | The following shall be inserted at the end of Section 6.1(b)(6) on page 37 of the Credit Agreement: “provided that other information satisfactory to Agent may be submitted by Borrowers in lieu of the internally-prepared twenty-year mine plan due by March 30, 2007;”. |
l. | In line 4 of Section 7.1(c) on page 48 of the Credit Agreement, “or a default under Section 6.1(d)(2) above” shall be inserted just prior to the closed parenthesis. |
m. | In line 1 of Section 7.1(h) on page 49 of the Credit Agreement, “or any Security Document” shall be inserted just after the word “Guarantor”. |
n. | In line 3 of Section 7.3 on page 50 of the Credit Agreement, “obligations, damages, penalties, judgments, suits, costs, expenses, disbursements,” shall be inserted just after the word “all”. |
o. | In line 27 of Section 7.3 on page 50 of the Credit Agreement, “, and (e) matters as to which any or all Lenders are required to indemnify Agent pursuant to Section 8.8 below” shall be inserted just prior to the period after the word “otherwise”. |
p. | In line 8 of Section 8.16 on page 55 of the Credit Agreement, “or any Guarantor” shall be inserted just prior to the comma after the word “Collateral”. |
q. | In lines 1 and 2 of Section 10.2(b) on page 56 of the Credit Agreement, “, without the consent of any Participant,” shall be deleted. |
r. | Schedule I attached hereto shall be substituted for Schedule I originally attached to the Credit Agreement. |
2. | Loan Documents. All references in any document to the Credit Agreement shall be deemed to refer to the Credit Agreement, as amended pursuant to this Amendment. |
3. | Certification by Borrowers. Borrowers hereby certify to Agent and Lender that, as of the date of this Amendment: (a) all of Borrowers’ representations and warranties contained in the Credit Agreement are true, accurate and complete in all material respects, (b) Borrowers have performed and complied with all agreements and conditions required to be performed or complied with by them under the Credit Agreement and/or any Loan Document on or prior to this date, and (c) no Default or Event of Default has occurred and is continuing under the Credit Agreement. |
4. | Continuation of the Credit Agreement. Except as specified in this Amendment, the provisions of the Credit Agreement shall remain in full force and effect, and if there is a conflict between the terms of this Amendment and those of the Credit Agreement or any other document executed and delivered in connection therewith, the terms of this Amendment shall control. |
3
5. | Miscellaneous. This Amendment shall be governed by and construed under the laws of the State of Colorado and shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. |
EXECUTED as of the date first above written.
BORROWERS: | ||
INTREPID MINING LLC | ||
By: | /s/ Xxxx X. Xxxxxx, Xx. | |
Xxxx X. Xxxxxx, Xx. | ||
Manager | ||
INTREPID POTASH-MOAB, LLC | ||
By: | /s/ Xxxx X. Xxxxxx, Xx. | |
Xxxx X. Xxxxxx, Xx. | ||
Manager | ||
INTREPID POTASH-NEW MEXICO, LLC | ||
By: | /s/ Xxxx X. Xxxxxx, Xx. | |
Xxxx X. Xxxxxx, Xx. | ||
Manager | ||
INTREPID POTASH-WENDOVER, LLC | ||
By: | /s/ Xxxx X. Xxxxxx, Xx. | |
Xxxx X. Xxxxxx, Xx. | ||
Manager | ||
AGENT AND LENDER: | ||
U.S. BANK NATIONAL ASSOCIATION |
4
By: | /s/ Xxxx X. Xxxxxxxx | |
Xxxx X. Xxxxxxxx | ||
Senior Vice President |
CONSENTED AND AGREED TO BY THE UNDERSIGNED, AS GUARANTORS: | ||
MOAB GAS PIPELINE, LLC | ||
By: | /s/ Xxxx X. Xxxxxx, Xx | |
Xxxx X. Xxxxxx, Xx. | ||
Manager | ||
XX XXXXXX LLC | ||
By: | /s/ Xxxx X. Xxxxxx, Xx | |
Xxxx X. Xxxxxx, Xx. | ||
Manager |
5
SCHEDULE I
LENDERS’ COMMITMENTS AND OTHER LENDER/AGENT DATA
A. INITIAL LENDER AND COMMITMENTS AS OF MARCH 9, 2007:
Initial Lender and Address |
Initial Commitment (Revolving) |
Initial Commitment (Term) | ||||
U.S. Bank National Association 0000 Xxxxx Xxxxxx Xxxxxxx, Xxxxxxxxxx 00000 Attention: Xxxx X. Xxxxxx Telephone: 000-000-0000 Telefax: 000-000-0000 |
$ | 100,000,000 | $ | 50,000,000 | ||
with a copy to: 000 Xxxxxxxxxxx Xxxxxx, 0xx Xxxxx XX-XX-X0X Xxxxxx, Xxxxxxxx 00000 Attention: Xxxx X. Xxxxxxxx Telephone: 000-000-0000 Telefax: 000-000-0000 |
B. LENDERS AND COMMITMENTS AS OF MAY 31, 2007:
Lender and Address |
Commitment (Revolving) |
Commitment (Term) | ||||
U.S. Bank National Association 0000 Xxxxx Xxxxxx Xxxxxxx, Xxxxxxxxxx 00000 Attention: Xxxx X. Xxxxxx Telephone: 000-000-0000 Telefax: 000-000-0000 |
$ | 33,333,333.33 | $ | 16,666,666.67 | ||
with a copy to: 000 Xxxxxxxxxxx Xxxxxx, 0xx Xxxxx XX-XX-X0X Xxxxxx, Xxxxxxxx 00000 Attention: Xxxx X. Xxxxxxxx Telephone: 000-000-0000 Telefax: 000-000-0000 |
Schedule I-1
Lender and Address |
Commitment- (Revolving) |
Commitment (Term) | ||||
Cooperatieve Centrale |
||||||
Raiffeisen-Boerenleenbank B.A., |
||||||
“Rabobank Nederland” |
||||||
New York Branch |
$ | 20,000,000.00 | $ | 10,000,000.00 | ||
000 Xxxxx Xxxxxx Xxxxx |
||||||
Xxxxx 0000 |
||||||
Xxxxxxx, Xxxxxxxx 00000 |
||||||
Attention: Xxxx Xxxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
||||||
with a copy to: |
||||||
000 Xxxxx Xxxxxx Xxxxx |
||||||
Xxxxx 0000 |
||||||
Xxxxxxx, Xxxxxxxx 00000 |
||||||
Attention: Xxxxxx XxXxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
||||||
Farm Credit Services of |
||||||
Minnesota Valley, PCA |
||||||
d/b/a FCS Commercial |
||||||
Finance Group |
$ | 13,333,333.33 | $ | 6,666,666.67 | ||
000 Xxxxx Xxxxxxx 000 |
||||||
Xxxxx 000 |
||||||
Xxxxxxxxxxx, Xxxxxxxxx 00000 |
||||||
Attention: Xxx Best |
||||||
Telephone: 000-000-0000, ext 307 |
||||||
Telefax: 000-000-0000 |
||||||
with a copy to: |
||||||
000 Xxxxxxx Xxxxxx |
||||||
Xx. Xxxx, Xxxxxxxxx 00000 |
||||||
Attention: Xxxxxxx Xxxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
||||||
Guaranty Bank and Trust Company |
$ | 16,666,666.67 | $ | 8,333,333.33 | ||
0000 Xxxxxxxxxxx Xxxxxx |
||||||
Xxxxxx, Xxxxxxxx 00000 |
||||||
Attention: Xxxx X. Xxxxxxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
Schedule I-2
Lender and Address |
Commitment- (Revolving) |
Commitment (Term) | ||||
with a copy to: |
||||||
0000 Xxxxxxxxxxx Xxxxxx |
||||||
Xxxxxx, Xxxxxxxx 00000 |
||||||
Attention: Xxxxxx Xxxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
||||||
United Western Bank |
$ | 10,000,000.00 | $ | 5,000,000.00 | ||
000 Xxxxxxxxxxx Xxxxxx |
||||||
Xxxxx 000 |
||||||
Xxxxxx, Xxxxxxxx 00000 |
||||||
Attention: Xxxxx Xxxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
||||||
with a copy to: |
||||||
000 Xxxxxxxxxxx Xxxxxx |
||||||
Xxxxx 000 |
||||||
Xxxxxx, Xxxxxxxx 00000 |
||||||
Attention: Xxxxx X. Xxxxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
||||||
Vectra Bank Colorado National Association |
$ | 6,666,666.67 | $ | 3,333,333.33 | ||
0000 X. Xxxxxxxx Xxxx. |
||||||
Xxxxx 0-0000 |
||||||
Xxxxxx, Xxxxxxxx 00000 |
||||||
Attention: Xxxx Xxxxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
||||||
with a copy to: |
||||||
000 Xxxx Xxxxxxx 00 |
||||||
Xxxxxxxx Xxxx, Xxxxxxxx 00000 |
||||||
Attention: Xxxxxx Xxxxxxxx |
||||||
Telephone: 000-000-0000 |
||||||
Telefax: 000-000-0000 |
Schedule I-3
C. AGENT INFORMATION:
Agent’s Address:
U.S. Bank National Association |
0000 Xxxxx Xxxxxx |
Xxxxxxx, Xxxxxxxxxx 00000 |
Attention: Xxxx X. Xxxxxx |
Telephone: 000-000-0000 |
Telefax: 000-000-0000 |
with a copy to: |
000 Xxxxxxxxxxx Xxxxxx, 0xx Xxxxx |
XX-XX-X0X |
Xxxxxx, Xxxxxxxx 00000 |
Attention: Xxxx X. Xxxxxxxx |
Telephone: 000-000-0000 |
Telefax: 000-000-0000 |
Schedule I-4