509265-1804-15860-Active.21190040.12 rights and obligations of a Lender under the Credit Agreement and the other Loan Documents and shall be bound by the provisions thereof. (b) As of the Amendment Effective Date (i) and until the next change in...
Execution Version
509265-1804-15860-Active.21190040.12
AMENDMENT
THIS AMENDMENT, dated as of April 27, 2017 (this “Amendment”), is among XXXXXXX
OPERATING RESOURCES LLC, a Delaware limited liability company (the “U.S. Borrower”),
KILDAIR SERVICE ULC, an unlimited liability company formed under the laws of British Columbia
(the “Canadian Borrower”, and together with the U.S. Borrower, the “Borrowers”), the other Loan Parties
party hereto, the Lenders party hereto and JPMORGAN CHASE BANK, N.A., as administrative agent.
Terms used but not defined herein shall have the respective meanings ascribed thereto in the Credit
Agreement (as hereinafter defined).
RECITALS
WHEREAS, the Borrowers, the lenders party thereto, the Administrative Agent and the other
agents party thereto, are parties to an Amended and Restated Credit Agreement dated as of December 9,
2014 (as amended, restated or otherwise modified prior to the Amendment Effective Date (as defined
below), the “Existing Credit Agreement”; and the Existing Credit Agreement as amended by this
Amendment, the “Credit Agreement”);
WHEREAS, the Borrowers desire to amend the Existing Credit Agreement to extend the maturity
date of the Loans and Commitments outstanding thereunder (the “Maturity Date Extension”) and to
amend certain other provisions of the Existing Credit Agreement;
WHEREAS, the U.S. Borrower has engaged JPMorgan Chase Bank, N.A. to act as a joint lead
arranger and joint bookrunner in respect of this Amendment; and
WHEREAS, each financial institution identified on the signature pages hereto as a “Lender”
(each, a “Continuing Lender”) is willing to agree to the amendments set forth herein;
NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the
parties hereto hereby agree as follows:
TERMS
ARTICLE I. AMENDMENTS. Pursuant to Section 11.1 of the Existing Credit Agreement,
effective as of the Amendment Effective Date:
(a) the Existing Credit Agreement (excluding the Schedules and the Exhibits thereto, which
(except as set forth in clause (b) below) shall continue to be the Schedules and Exhibits under the Credit
Agreement) is hereby amended to delete the stricken text (indicated textually in the same manner as the
following example: stricken text) and to add the double-underlined text (indicated textually in the same
manner as the following example: double-underlined text) as set forth in the pages of the Credit
Agreement attached as Annex I hereto; and
(b) Schedule 1.0 to the Existing Credit Agreement is deleted in its entirety and replaced with
the Schedule attached as Annex II hereto.
ARTICLE II. AGREEMENTS.
(a) As of the Amendment Effective Date, each Continuing Lender shall be a party to the
Credit Agreement and, to the extent provided in this Amendment and the Credit Agreement, have the
Exhibit 10.1
509265-1804-15860-Active.21190040.12
rights and obligations of a Lender under the Credit Agreement and the other Loan Documents and shall
be bound by the provisions thereof.
(b) As of the Amendment Effective Date (i) and until the next change in margin pursuant to
the last paragraph of the defined term “Applicable L/C Fee Rate”, the margin applicable to Acquisition
Facility Letters of Credit shall be determined pursuant to the pricing grid set forth in clause (c) of the
defined term “Applicable L/C Fee Rate” (as set forth in the Credit Agreement) and based on the
consolidated financial statements of the MLP that were most recently delivered pursuant to Section 7.1(a)
or (b) of the Existing Credit Agreement prior to the Amendment Effective Date and (ii) until the next
change in margin pursuant to the last paragraph of the defined term “Applicable Margin”, the margin
applicable to Acquisition Facility Loans shall be determined pursuant to the pricing grid set forth in
clause (c) of the defined term “Applicable Margin” (as set forth in the Credit Agreement) and based on
the consolidated financial statements of the MLP that were most recently delivered prior to the
Amendment Effective Date.
(c) If any Existing Lender (as defined below) is not a Continuing Lender (any such Existing
Lender, a “Non-Continuing Lender”), the Existing Commitments (as defined below) and the Existing
Loans (as defined below) of such Non-Continuing Lender shall be assigned to the Continuing Lenders on
the Amendment Effective Date pursuant to Section 4.17 of the Credit Agreement, and the Continuing
Lenders shall purchase such Existing Commitments and Existing Loans in accordance with the applicable
Commitment Percentages of the Continuing Lenders as of the Amendment Effective Date (determined
immediately after giving effect to this Amendment). The Administrative Agent is authorized to establish
procedures to any such assignments as it may reasonably determine in order to enable such assignments to
be effected in a manner reasonably convenient for the parties thereto, the Borrowers and the
Administrative Agent, notwithstanding that such procedures may be inconsistent with the terms of
Section 4.17 of the Credit Agreement.
“Existing Commitments” means any Commitments (as defined in the Existing Credit Agreement)
outstanding immediately prior to giving effect to this Amendment.
“Existing Lender” means any Lender (as defined in the Existing Credit Agreement) immediately
prior to giving effect to this Amendment.
“Existing Loans” means any Loans (as defined in the Existing Credit Agreement) outstanding
immediately prior to giving effect to this Amendment.
(d) On the Amendment Effective Date, after giving effect to any assignments by Non-
Continuing Lenders pursuant to clause (c) above, (i) the Commitments of each Continuing Lender shall
be as set forth on Schedule 1.0 to the Credit Agreement (and the Existing Commitments of Continuing
Lenders shall be terminated to the extent such Existing Commitments are in excess of the Commitments
of such Continuing Lender as set forth on Schedule 1.0 to the Credit Agreement), (ii) any outstanding
Loans shall be reallocated among the Continuing Lenders in accordance with their applicable
Commitment Percentages then in effect (determined immediately after giving effect to this Amendment)
and the Continuing Lenders shall make adjustments among themselves, and payments to each other as
needed, with respect to any Loans then outstanding as shall be necessary, in the opinion of the
Administrative Agent, in order to effect such reallocation and (ii) the participations in respect of
outstanding Letters of Credit and Swing Line Loans shall be reallocated among the Continuing Lenders in
accordance with their applicable Commitment Percentages then in effect (determined immediately after
giving effect to this Amendment).
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(e) The Administrative Agent and the Lenders hereby agree that any Lien on any Subject
Natural Gas Receivable granted to the Secured Parties pursuant to the Loan Documents is expressly
subordinated to any Lien on such Subject Natural Gas Receivable permitted under Section 8.3(u) of the
Credit Agreement. The Administrative Agent is hereby authorized to enter into any subordination
agreement, in form and substance reasonably satisfactory to the Administrative Agent, to evidence the
foregoing.
ARTICLE III. NEW LENDERS. Each Continuing Lender that is not an Existing Lender (each
such Continuing Lender, a “New Lender”) acknowledges and agrees that none of the Administrative
Agent, the Amendment Arranger, any Arranger, any Existing Lender or any Continuing Lender (i) has
made any representation or warranty and none of them shall have any responsibility with respect to any
statements, warranties or representations made in or in connection with the Credit Agreement or any other
Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of
the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant
thereto; or (ii) has made any representation or warranty and none of them shall have any responsibility
with respect to the financial condition of any Borrower or any other obligor or the performance or
observance by any Borrower or any obligor of any of their respective obligations under the Credit
Agreement or any other Loan Document or any other instrument or document furnished pursuant hereto
or thereto. Each New Lender represents and warrants that it is legally authorized to enter into this
Amendment, and each New Lender (i) confirms that it has received a copy of the Credit Agreement,
together with copies of the financial statements most recently delivered pursuant to Section 7.1 of the
Existing Credit Agreement and such other documents and information as it has deemed appropriate to
make its own credit analysis and decision to enter into this Amendment; (ii) agrees that it will,
independently and without reliance upon the Lenders, the Administrative Agent or any other Agent and
based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Credit Agreement, the other Loan
Documents or any other instrument or document furnished pursuant thereto; (iii) appoints and authorizes
each Agent to take such action as agent on its behalf and to exercise such powers and discretion under the
Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant
thereto as are delegated to such Agent by the terms thereof, together with such powers as are incidental
thereto; and (iv) agrees that it will be bound by the provisions of the Credit Agreement and will perform
in accordance with its terms all the obligations which by the terms of the Credit Agreement are required
to be performed by it as a Lender.
ARTICLE IV. REPRESENTATIONS. The U.S. Borrower hereby represents and warrants to the
undersigned Lenders that (a) the representations and warranties made by the U.S. Borrower and the other
Loan Parties in or pursuant to the Loan Documents are true and correct in all material respects (except
that any representation and warranty that is qualified by “materiality” or “Material Adverse Effect” is true
and correct in all respects as so qualified) on and as of the Amendment Effective Date, except to the extent
any such representation and warranty relates solely to a specified prior date, in which case such
representation and warranty shall have been true and correct in all material respects as of such specified
date and (b) no Default or Event of Default has occurred and is continuing on the Amendment Effective
Date or would result after giving effect to this Amendment.
ARTICLE V. CONDITIONS OF EFFECTIVENESS. This Amendment shall become effective upon
the satisfaction of the following conditions precedent (such date, the “Amendment Effective Date”):
(a) The Administrative Agent shall have received (each of the documents in subclauses (i)
through (iv) being referred to herein as an “Amendment Document”):
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(i) this Amendment, executed and delivered by a duly authorized officer of each of the
Borrowers, the Administrative Agent and each Continuing Lender (which Continuing Lenders shall
constitute Supermajority Lenders (as defined in the Existing Credit Agreement));
(ii) a reaffirmation of the Guarantee, executed and delivered by a duly authorized
officer of each Loan Party party thereto;
(iii) a reaffirmation of each Security Document, executed and delivered by a duly
authorized officer of each Loan Party party thereto;
(iv) subject to Article VI of this Amendment in respect of the following clauses (A)
through (D), in respect of each Mortgaged Property (A) such amendments to the Mortgage and
Security Agreements in form and substance reasonably satisfactory to the Administrative Agent, and
approved by a local counsel in the jurisdiction in which the Mortgaged Property subject to such
Mortgage and Security Agreement is located, executed and delivered by a duly authorized officer of
the relevant Loan Party to the extent necessary to reflect the Maturity Date Extension, (B) with
respect to each such Mortgage and Security Agreement, a date-down endorsement to the title
insurance policy covering such Mortgaged Property (or if a date-down endorsement is not available
in a particular jurisdiction, a new title insurance policy in the same insured amount as originally
issued or marked up unconditional title commitment, pro forma policy or binder for such insurance)
in form and substance not materially less favorable to the Administrative Agent or the Continuing
Lenders as such title policies or marked up unconditional title commitments, pro forma policies or
binders delivered on or prior to the Restatement Effective Date, (C) evidence satisfactory to the
Administrative Agent that all premiums in respect of the related date-down endorsement or title
policy (or policies) have been paid, and (D) to the extent required by applicable Law a standard flood
hazard determination for each Mortgaged Property located in the United States, and with respect to
any Mortgaged Property located in the United States that is located in a special flood hazard area and
in respect of Mortgaged Property located in Canada in a flood plain, evidence of flood insurance in
form and substance reasonably satisfactory to the Administrative Agent;
(v) a certificate of each Loan Party, dated as of the Amendment Effective Date,
substantially in the form of Exhibit E to the Credit Agreement, with appropriate insertions and
attachments (provided that, any such Loan Party may certify on such certificate that its Governing
Documents have not changed since the Restatement Effective Date in lieu of attaching such
Governing Documents to such certificate), reasonably satisfactory in form and substance to the
Administrative Agent, executed by the President or any Vice President or Treasurer and the Secretary
or any Assistant Secretary of such Loan Party, or, if applicable, of the general partner or managing
member or members of such Loan Party, on behalf of such Loan Party.
(vi) a copy of the resolutions, in form and substance reasonably satisfactory to the
Administrative Agent, of the Board of Directors (or analogous body) of each Loan Party
authorizing (as applicable to such Loan Party) the execution, delivery and performance of this
Amendment, the other Amendment Documents, in each case, certified by the Secretary or an
Assistant Secretary of such Loan Party, or, if applicable, of the general partner or managing
member or members of such Loan Party as of the Amendment Effective Date, which
certification shall be included in the certificate delivered in respect of such Person pursuant to
subclause (v) above and shall state that the resolutions thereby certified have not been amended,
modified, revoked or rescinded;
(vii) to the extent the following have been amended, supplemented or otherwise
modified since the Restatement Effective Date, a certificate of each Loan Party, dated the
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Amendment Effective Date, as to the incumbency and signature of the officers of such Loan
Party or, if applicable, of the general partner or managing member or members of such Loan
Party, executing this Amendment or any other Amendment Document, or having authorization to
execute any certificate, notice or other submission required to be delivered to the Administrative
Agent or a Continuing Lender pursuant to this Amendment, which certificate shall be included in
the certificate delivered in respect of such Loan Party pursuant to subclause (v) above and shall
be reasonably satisfactory in form and substance to the Administrative Agent;
(viii) certificates dated as of a recent date from the Secretary of State or other
appropriate authority, evidencing the good standing of each Loan Party in the jurisdiction of its
organization;
(ix) a certificate of a Responsible Person of each Borrower either (i) attaching copies
of all consents, authorizations and filings referred to in Section 5.4 of the Credit Agreement
(other than the Mortgage and Security Agreements and any Uniform Commercial Code
financing statement or PPSA financing statement filed pursuant to the Security Documents), and
stating that such consents, authorizations and filings are in full force and effect, and each such
consent, authorization and filing shall be in form and substance reasonably satisfactory to the
Administrative Agent or (ii) stating that no such consents, authorizations or filings are so
required;
(x) the executed legal opinions of counsel to the Loan Parties referred to in Section
6.1(k) of the Credit Agreement, in form and substance reasonably satisfactory to the
Administrative Agent. The legal opinions shall cover such matters incident to the transactions
contemplated by this Amendment as the Administrative Agent and the Continuing Lenders may
reasonably require in accordance with customary opinion practice; provided that the Loan Parties
shall not be required to deliver an opinion of local counsel with respect to real property or the
mortgage amendments referenced in clause (a)(iv) above;
(xi) the results of a recent search by a Person reasonably satisfactory to the
Administrative Agent, under the Uniform Commercial Code, PPSA, Civil Code of Quebec and
equivalent legislation in all relevant jurisdictions and all customary judgment and tax Lien
searches for financing transactions of this nature in all applicable jurisdictions, which may have
been filed with respect to personal property of the Loan Parties, and the results of such search
shall be reasonably satisfactory to the Administrative Agent; and
(xii) a certificate from the U.S. Borrower certifying that, immediately before and
immediately after giving effect to the Amendment, (A) the representations and warranties made by
the U.S. Borrower and the other Loan Parties in or pursuant to the Loan Documents are true and
correct in all material respects (except that any representation and warranty that is qualified by
“materiality” or “Material Adverse Effect” is true and correct in all respects as so qualified) on and
as of the Amendment Effective Date, except to the extent any such representation and warranty
relates solely to a specified prior date, in which case such representation and warranty shall have
been true and correct in all material respects as of such specified date and (b) no Default or
Event of Default has occurred and is continuing on the Amendment Effective Date or would
result after giving effect to this Amendment.
(b) The Existing Lenders shall have received all interest and fees then due and owing in
respect of the Existing Commitments and the Existing Loans.
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(c) Each Non-Continuing Lender shall have received (i) payment of an amount equal to the
outstanding principal of its Loans and (ii) payment of any additional amounts (including indemnity
payments) payable to it under the Loan Documents.
(d) The Administrative Agent and the Lenders shall have received the fees (including
reasonable fees, disbursements and other charges of counsel to the Administrative Agent) to be received
on the Amendment Effective Date and all reasonable and invoiced out-of-pocket costs and expenses
incurred by the Administrative Agent in connection with the negotiation of the Amendment.
ARTICLE VI. Mortgaged Property. To the extent the conditions set forth in clause (a)(iv) of
Article V of this Amendment (other than clause (D) thereof) are not satisfied on the Amendment Effective
Date with respect to any Mortgaged Property after the U.S. Borrower’s use of commercially reasonable
efforts to have such conditions satisfied, the U.S. Borrower covenants to satisfy such conditions with
respect to such Mortgaged Property within 30 Business Days of the Amendment Effective Date (or such
later date as the Administrative Agent may agree in its sole discretion).
ARTICLE VII . MISCELLANEOUS.
(a) References in the Credit Agreement or in any other Loan Document to the Credit Agreement
shall be deemed to be references to the Credit Agreement as amended hereby and as further amended,
restated, modified or supplemented from time to time. This Amendment shall constitute a Loan Document.
(b) Except as expressly amended or waived hereby, the Credit Agreement, the Notes and the
other Loan Documents shall remain in full force and effect in accordance with their respective terms,
without any waiver, amendment or modification of any provision thereof.
(c) This Amendment may be executed by one or more of the parties hereto on any number
of separate counterparts (including by facsimile transmission or other electronic transmission) and all of
said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of
an executed page of this Amendment by facsimile transmission or other electronic transmission shall be
effective as delivery of a manually executed counterpart hereof.
(d) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(e) Any provision in this 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 in that jurisdiction or the operation, enforceability, or validity of that provision
in any other jurisdiction, and to this end the provisions of this Amendment are declared to be severable.
[Remainder of page intentionally blank]
Commerce Bank & Trust Company,
as a Lender
By:
Titl~-. Semor Vie President
I~i~’lll)[lll¢ [la~l~ Ill Alll¢lldl11Cllll
Annex I
[Credit Agreement]
Execution Version
509265-1804-0000000000-Active.18599927.1821183188.22
AMENDED AND RESTATED CREDIT AGREEMENT
among
XXXXXXX OPERATING RESOURCES LLC,
as U.S. Borrower,
XXXXXXX RESOURCES ULC
and KILDAIR SERVICE ULTDC.
as Initial Canadian Borrowers,
and
The Several Lenders
from time to time Parties Hereto,
and
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent,
and
JPMORGAN CHASE BANK, N.A., TORONTO BRANCH
as Canadian Agent,
and
JPMORGAN CHASE BANK, N.A.
and BNP PARIBAS,
as Co-Collateral Agents
and
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
CITIZENS BANK, N.A.,
NATIXIS,
SOCIÉTÉ GÉNÉRALE,
and XXXXX FARGO BANK, N.A.,
as Co-Syndication Agents
and
and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BRABOBANK U.A.,
“RABOBANK NEDERLAND”, NEW YORK BRANCH
as Co-Syndication Agents
and
and SANTANDER BANK, N.A.,
as Co-Documentation Agents
Dated as of December 9, 2014
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
X.X. XXXXXX SECURITIES LLC,
BNP PARIBAS,
CITIZENS BANK, N.A.,
NATIXIS,
SOCIÉTÉ GÉNÉRALE,
and XXXXX FARGO SECURITIES, LLC,
and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH
509265-1804-0000000000-Active.18599927.621183188.22
509265-1804-15404-Active.18599927.18 04/27/2017 11:49 AM
as Joint Lead Arrangers and Joint Bookrunners
i
509265-1804-0000000000-Active.18599927.1821183188.22
TABLE OF CONTENTS
Page
SECTION 1 DEFINITIONS ...................................................................................................................... 1
1.1 Defined Terms ....................................................................................................................... 1
1.2 Other Definitional Provisions .......................................................................................... 7475
1.3 Rounding .......................................................................................................................... 7576
1.4 Quebec Matters ................................................................................................................ 7576
SECTION 2 AMOUNT AND TERMS OF THE LOANS AND COMMITMENTS ......................... 7577
2.1 Working Capital Facility Loans ....................................................................................... 7577
2.2 [Reserved] ........................................................................................................................ 7678
2.3 Swing Line Loans ............................................................................................................ 7678
2.4 Acquisition Facility Loans ............................................................................................... 7779
2.5 Procedure for Borrowing Loans ....................................................................................... 7779
2.6 Refunding of Swing Line Loans ...................................................................................... 8082
2.7 Foreign Exchange Rate .................................................................................................... 8284
2.8 Commitment Fee .............................................................................................................. 8384
SECTION 3 LETTERS OF CREDIT .................................................................................................. 8385
3.1 Working Capital Facility Letters of Credit ...................................................................... 8385
3.2 Acquisition Facility Letters of Credit .............................................................................. 8485
3.3 Procedure for the Issuance and Amendments of Letters of Credit .................................. 8486
3.4 General Terms of Letters of Credit .................................................................................. 8687
3.5 Fees, Commissions and Other Charges ............................................................................ 8889
3.6 L/C Participations ............................................................................................................ 8890
3.7 Reimbursement Obligations of the Borrowers ................................................................. 8991
3.8 Obligations Absolute ....................................................................................................... 9092
3.9 Role of the Issuing Lenders ............................................................................................. 9193
3.10 Letter of Credit Request ................................................................................................... 9294
SECTION 4 GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT
9294
4.1 Increase, Termination or Reduction of Commitments ..................................................... 9294
4.2 Interest Rates and Payment Dates .................................................................................... 9596
4.3 Conversion and Continuation Options ............................................................................. 9597
4.4 Minimum Amounts of Tranches; Maximum Number of Tranches ................................. 9698
4.5 Repayment of Loans; Evidence of Debt .......................................................................... 9698
4.6 Optional Prepayments ...................................................................................................... 9799
4.7 Mandatory Prepayments ................................................................................................ 98100
4.8 Computation of Interest and Fees ................................................................................ 100101
4.9 Pro Rata Treatment and Payments ............................................................................... 100102
4.10 Requirements of Law ................................................................................................... 101103
4.11 Taxes ............................................................................................................................ 103104
4.12 Lending Offices ........................................................................................................... 106108
4.13 Credit Utilization Reporting......................................................................................... 106108
4.14 Indemnity ..................................................................................................................... 107108
4.15 Market Disruption and Inability to Determine Interest Rate........................................ 107109
4.16 Illegality ....................................................................................................................... 108109
4.17 Replacement of Lenders............................................................................................... 108110
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4.18 Defaulting Lender ........................................................................................................ 109110
4.19 Interest Act (Canada) ................................................................................................... 111113
4.20 Limitations on Interest ................................................................................................. 111113
4.21 Replacement Facility ......................................................................................................... 113
SECTION 5 REPRESENTATIONS AND WARRANTIES ........................................................... 111115
5.1 Financial Condition ...................................................................................................... 111115
5.2 No Change ................................................................................................................... 112116
5.3 Existence; Compliance with Law ................................................................................ 112116
5.4 Power; Authorization; Enforceable Obligations .......................................................... 113116
5.5 No Legal Bar ................................................................................................................ 113116
5.6 No Material Litigation ................................................................................................. 113117
5.7 No Default .................................................................................................................... 114117
5.8 Ownership of Property; Liens ...................................................................................... 114117
5.9 Intellectual Property ..................................................................................................... 114117
5.10 No Burdensome Restrictions ....................................................................................... 114117
5.11 Taxes ............................................................................................................................ 114117
5.12 Federal Regulations ..................................................................................................... 114118
5.13 ERISA .......................................................................................................................... 114118
5.14 Investment Company Act; Other Regulations ............................................................. 116119
5.15 Subsidiaries .................................................................................................................. 116119
5.16 Security Documents ..................................................................................................... 116119
5.17 Accuracy and Completeness of Information ................................................................ 117120
5.18 Labor Relations ............................................................................................................ 117121
5.19 Insurance ...................................................................................................................... 118121
5.20 Solvency ....................................................................................................................... 118121
5.21 Use of Letters of Credit and Proceeds of Loans .......................................................... 118121
5.22 Environmental Matters ................................................................................................. 119122
5.23 Risk Management Policy ............................................................................................. 120123
5.24 Anti-Corruption Laws and Sanctions ........................................................................... 120123
5.25 Canadian Pension Plan and Benefit Plans .................................................................... 121124
5.26 Works Council ............................................................................................................. 121124
5.27 EEA Financial Institutions ........................................................................................... 121124
SECTION 6 CONDITIONS PRECEDENT .................................................................................... 121124
6.1 Conditions Precedent ................................................................................................... 121124
6.2 Conditions to Each Credit Extension ........................................................................... 130133
SECTION 7 AFFIRMATIVE COVENANTS ................................................................................. 132135
7.1 Financial Statements .................................................................................................... 132135
7.2 Certificates; Other Information .................................................................................... 134136
7.3 Payment of Obligations ................................................................................................ 135138
7.4 Conduct of Business and Maintenance of Existence ................................................... 135138
7.5 Maintenance of Property; Insurance ............................................................................ 135138
7.6 Inspection of Property; Books and Records; Discussions ............................................ 136138
7.7 Notices ......................................................................................................................... 136139
7.8 Environmental Laws .................................................................................................... 137140
7.9 Periodic Audit of Borrowing Base Assets ................................................................... 137140
7.10 Risk Management Policy ............................................................................................. 138140
7.11 Collections of Accounts Receivable ............................................................................ 138141
7.12 Taxes ............................................................................................................................ 138141
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7.13 Additional Collateral; Further Actions ........................................................................ 139141
7.14 Use of Proceeds ............................................................................................................ 141144
7.15 Cash Management ........................................................................................................ 141144
7.16 New Business Valuations of Approved Acquisition Assets ........................................ 141144
7.17 Post-Closing Matters .................................................................................................... 141144
7.18 Additional Post-Closing Transactions ......................................................................... 143146
7.19 Canadian Pension Plans and Benefit Plans .................................................................. 143146
7.20 Center of Main Interest ................................................................................................ 144147
SECTION 8 NEGATIVE COVENANTS ....................................................................................... 144147
8.1 Financial Condition Covenants .................................................................................... 144147
8.2 Limitation on Indebtedness .......................................................................................... 144147
8.3 Limitation on Liens ...................................................................................................... 146149
8.4 Limitation on Fundamental Changes ........................................................................... 147150
8.5 Restricted Payments ..................................................................................................... 148151
8.6 Limitation on Sale of Assets ........................................................................................ 149152
8.7 Limitation on Capital Expenditures ............................................................................. 150153
8.8 Limitation on Investments, Loans and Advances ........................................................ 150153
8.9 Limitation on Payments or Modifications of Junior Debt Instruments ........................ 151154
8.10 Limitation on Transactions with Affiliates .................................................................. 151154
8.11 Accounting Changes .................................................................................................... 152155
8.12 Limitation on Negative Pledge Clauses ....................................................................... 152155
8.13 Limitation on Lines of Business .................................................................................. 153156
8.14 Governing Documents ................................................................................................. 153156
8.15 Limitations on Clauses Restricting Subsidiary Distributions ...................................... 153156
8.16 Canadian Pension Plan ................................................................................................. 154157
8.17 Use of Proceeds ............................................................................................................ 154157
8.18 Loan Parties ................................................................................................................. 154157
SECTION 9 EVENTS OF DEFAULT ............................................................................................ 154157
9.1 Events of Default ......................................................................................................... 154157
SECTION 10 THE AGENTS ............................................................................................................ 158161
10.1 Appointment ................................................................................................................ 158161
10.2 Delegation of Duties .................................................................................................... 159162
10.3 Exculpatory Provisions ................................................................................................ 159162
10.4 Reliance by Agents ...................................................................................................... 159162
10.5 Notice of Default .......................................................................................................... 160162
10.6 Non-Reliance on Agents and Other Lenders ............................................................... 160163
10.7 Indemnification ............................................................................................................ 160163
10.8 Agents in Their Individual Capacity ............................................................................ 161164
10.9 Successor Agents ......................................................................................................... 161164
10.10 Collateral Matters ......................................................................................................... 163166
10.11 The Co-Collateral Agents; Co-Documentation Agents and the Co-Syndication
Agents .......................................................................................................................... 163166
10.12 Credit Bidding .................................................................................................................... 166
SECTION 11 MISCELLANEOUS ................................................................................................... 164167
11.1 Amendments and Waivers ........................................................................................... 164167
11.2 Notices ......................................................................................................................... 165169
11.3 No Waiver; Cumulative Remedies .............................................................................. 168171
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11.4 Survival of Representations and Warranties ................................................................ 168171
11.5 Release of Collateral and Guarantee Obligations ........................................................ 168171
11.6 Payment of Costs and Expenses ................................................................................... 168172
11.7 Successors and Assigns; Participations and Assignments ........................................... 169173
11.8 Adjustments; Set-off .................................................................................................... 173177
11.9 Counterparts ................................................................................................................. 174178
11.10 Severability .................................................................................................................. 174178
11.11 Integration .................................................................................................................... 174178
11.12 Governing Law ............................................................................................................ 174178
11.13 Submission to Jurisdiction ........................................................................................... 175178
11.14 Acknowledgements. ..................................................................................................... 175179
11.15 Waivers of Jury Trial ................................................................................................... 175179
11.16 Confidentiality ............................................................................................................. 175179
11.17 Specified Laws ............................................................................................................. 177180
11.18 [Reserved] ........................................................................................... 177No Fiduciary Duty,
etc ....................................................................................................................................... 180
11.19 Additional Borrowers ................................................................................................... 177181
11.20 Joint and Several Liability ........................................................................................... 178182
11.21 Contribution and Indemnification among the Borrower Parties; Subordination ......... 179183
11.22 Express Waivers by Borrower Parties in Respect of Cross Guaranties and Cross
Collateralization. .......................................................................................................... 180184
11.23 Limitation on Obligations of Borrower Parties ............................................................ 181185
11.24 [Reserved] .................................................................................................................... 181185
11.25 Judgment Currency ...................................................................................................... 181185
11.26 English Language ......................................................................................................... 182186
11.27 Amendment and Restatement ...................................................................................... 182186
11.28 Acknowledgement and Consent to Bail-In of EEA Financial Institutions .................. 182186
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SCHEDULES
Schedule 1.0 Lenders, Commitments, and Applicable Lending Offices
Schedule 1.1(A) Approved Inventory Locations
Schedule 1.1(B) Cash Management Banks
Schedule 1.1(C) Eligible Foreign Counterparties
Schedule 1.1(D) Independent Entity Schedule
Schedule 1.1(E) Mortgaged Property
Schedule 1.1(F) Specified Account Debtors
Schedule 2.2 Wire Instructions for Working Capital Facility Loans and Swing Line
Loans
Schedule 3.1(a) Existing Kildair Letters of Credit
Schedule 3.1(b) Existing Xxxxxxx Letters of Credit
Schedule 3.2 Existing Acquisition Facility Letters of Credit
Schedule 5.1(c) Liabilities
Schedule 5.1(f) Acquisitions
Schedule 5.4 Consents and Authorizations
Schedule 5.9 Intellectual Property
Schedule 5.15 Subsidiaries
Schedule 5.16 Filing Jurisdictions
Schedule 5.19 Insurance
Schedule 5.22 Environmental Matters
Schedule 5.25 Canadian Pension Plans and Benefit Plans
Schedule 8.2 Existing Indebtedness
Schedule 8.3 Existing Liens
Schedule 8.8 Investments
Schedule 8.10 Transactions with Affiliates
EXHIBITS
Exhibit A-1 Form of Dollar Working Capital Facility Note
Exhibit A-2 Form of Multicurrency Working Capital Facility Note
Exhibit A-3 Form of Dollar Swing Line Note
Exhibit A-4 Form of Multicurrency Swing Line Note
Exhibit A-5 Form of Acquisition Facility Note
Exhibit B-1 Form of U.S. Security Agreement
Exhibit B-2 Form of Canadian Security Agreement
Exhibit B-3 Form of Dutch Receivables Pledge Agreement
Exhibit C-1 Form of U.S. Pledge Agreement
Exhibit C-2 Form of Canadian Pledge Agreement
Exhibit C-3 Form of Dutch Membership Pledge Agreement
Exhibit D-1 Form of Section 4.11 Certificate (For Non-U.S. Lenders That Are Not
Partnerships)
Exhibit D-2 Form of Section 4.11 Certificate (For Non-U.S. Participants That Are
Not Partnerships)
Exhibit D-3 Form of Section 4.11 Certificate (For Non-U.S. Participants That Are
Partnerships)
Exhibit D-4 Form of Section 4.11 Certificate (For Non-U.S. Lenders That Are
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Partnerships)
Exhibit E Form of Secretary’s Certificate
Exhibit F Form of Assignment and Acceptance
Exhibit G Form of Borrowing Base Report
Exhibit H-1 Form of Intercompany Subordination Agreement
Exhibit H-2 Form of Xxxx Xxxxxxx Subordination Agreement
Exhibit I Risk Management Policy
Exhibit J [Reserved]
Exhibit K Cash Collateral Documentation
Exhibit L Form of U.S. Mortgage and Security Agreement
Exhibit M Form of Position Report
Exhibit N Form of Guarantee
Exhibit O Form of Compliance Certificate
Exhibit P Form of Increase and New Lender Agreement
Exhibit Q Form of Perfection Certificate
Exhibit R Form of Marked-to-Market Report
Exhibit S Form of Borrower’s Certificate
Exhibit T Form of Hedging Agreement Qualification Notification
Exhibit U Form of Joinder Agreement
Exhibit V Form of Solvency Certificate
ANNEXES
Annex I Form of Borrowing Notice
Annex II Form of Continuation/Conversion Notice
Annex III Form of Notice of Prepayment
Annex IV Form of Credit Utilization Summary
509265-1804-0000000000-Active.18599927.1821183188.22
AMENDED AND RESTATED CREDIT AGREEMENT
AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 9, 2014,
among XXXXXXX OPERATING RESOURCES LLC, a Delaware limited liability company (the “U.S.
Borrower”), Kildair Service Ltd.ULC, a corporation formed under the laws of Canada and continued
under the laws of British Columbia (“Kildair”), Xxxxxxx Resources ULC, an unlimited liability company
formed under the laws of British Columbia (“AcquireCo” and, together with Kildair, the “Initial Canadian
Borrowers”), the several banks and other financial institutions or entities from time to time parties to this
Agreement, as lenders (the “Lenders”), JPMORGAN CHASE BANK, N.A., (“JPMorgan Chase Bank”),
as administrative agent (together with any successor Administrative Agent appointed pursuant to Section
10.9, in such capacity the “Administrative Agent”), JPMORGAN CHASE BANK, N.A., TORONTO
BRANCH, as Canadian agent (together with any successor Canadian Agent appointed pursuant to Section
10.9, in such capacity the “Canadian Agent”), JPMORGAN CHASE BANK and BNP PARIBAS (“BNP
Paribas”), as Co-Collateral agents (together with any successor Co-Collateral Agent appointed pursuant to
Section 10.9, in such capacities the “Co-Collateral Agents”), THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD., CITIZENS BANK, N.A., NATIXIS, SOCIÉTÉ GÉNÉRALE and, XXXXX FARGO BANK,
N.A., and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as co-syndication agents (in
such capacities, the “Co-Syndication Agents”) and COÖPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH and
SANTANDER BANK, N.A., as co-documentation agents (in such capacitiesy, the “Co-Documentation
Agents”).
W I T N E S S E T H:
WHEREAS, the U.S. Borrower is party to the Existing Credit Agreement (as defined
below) with the several banks and other financial institutions parties thereto and JPMorgan Chase Bank,
N.A., as administrative agent;
WHEREAS, the U.S. Borrower, the Lenders and the Administrative Agent have, subject
to the terms and conditions set forth herein, agreed to amend and restate the Existing Credit Agreement as
provided in this Agreement;
WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a
novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence
repayment of any such obligations and liabilities and that this Agreement amend and restate in its entirety
the Existing Credit Agreement and re-evidence the obligations of the U.S. Borrower outstanding
thereunder;
NOW, THEREFORE, in consideration of the above premises, the U.S. Borrower, each of
the Initial Canadian Borrowers, each Lender and the Administrative Agent agree that on the Restatement
Effective Date (as defined below) the Existing Credit Agreement shall be amended and restated in its
entirety as follows:
SECTION 1 DEFINITIONS
1.1 Defined Terms. As used in this Agreement, the following terms shall have the
following meanings:
“Acceptable Investment Grade Credit Enhancement”: with respect to any Account
Receivable, (i) a letter of credit in form and substance reasonably acceptable to the Administrative Agent
issued by a bank which is Investment Grade and which letter of credit does not terminate earlier than
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fifteen (15) days after the expected payment date of such Account Receivable; provided, that, upon the
request of the Administrative Agent during the continuance of an Event of Default, with respect to each
letter of credit described in this clause (i), the applicable Loan Party shall (A) assign the proceeds of such
letter of credit to the Administrative Agent, (B) cause the issuing bank of such letter of credit to consent
to such assignment and (C) cause any such letter of credit issued to be advised by the Administrative
Agent, or (ii) a parent guarantee, insurance policy, surety bond or other customary credit support, in each
case, (A) provided by any Person who is Investment Grade and (B) in form and substance reasonably
acceptable to the Administrative Agent.
“Account”: any “account” as defined in Section 9-102 of the New York Uniform
Commercial Code and any “account” as defined under the PPSA and any “Claim” for purposes of the
Civil Code of Quebec.
“Account Control Agreements”: with respect to any Deposit Account, Commodity
Account or Securities Account of a Loan Party (other than Excluded Accounts), an account control
agreement in form and substance reasonably acceptable to the applicable Loan Party and the
Administrative Agent.
“Account Debtor”: a Person who is obligated to a Loan Party under an Account
Receivable or Exchange Receivable of such Loan Party.
“Account Receivable”: an Account or Payment Intangible of a Loan Party.
“AcquireCo”: as defined in the introductory paragraph of this Agreement.
“Acquisition”: as to any Person, the acquisition by such Person of (a) Capital Stock of
any other Person if, after giving effect to the acquisition of such Capital Stock, such other Person would
be a Subsidiary, (b) all or substantially all of the assets of any other Person or (c) assets constituting one
or more business units of any other Person.
“Acquisition Assets”: all assets of the Loan Parties other than (a) assets of any Exempt
CFC or any Subsidiary thereof, (b) assets included in the U.S. Borrowing Base or the Kildair Borrowing
Base and (c) Excluded Assets (as defined in the U.S. Security Agreement or the Canadian Security
Agreement, as applicable); provided that (i) subject to clause (ii) below, no such asset shall be an
Acquisition Asset unless it is subject to a Perfected First Lien and is free and clear of all Liens other than
Liens permitted hereunder. and (ii) any asset that is acquired in an acquisition permitted by this
Agreement and that would constitute an Acquisition Asset but for the fact that it is not subject to a
Perfected First Lien shall be deemed to be an Acquisition Asset from the date of acquisition thereof, but
shall cease to be an Acquisition Asset on the 60th day (or such longer time as may be agreed by the
Administrative Agent) following the date of its acquisition unless on or prior to that day it has become,
and then remains, subject to a Perfected First Lien and is free and clear of all Liens other than Liens
permitted hereunder.
“Acquisition Facility”: the Acquisition Facility Commitments and the extensions of credit
thereunder.
“Acquisition Facility Acquisition Extensions of Credit”: at any date, as to any
Acquisition Facility Lender, that portion of the Acquisition Facility Extensions of Credit that are not
Acquisition Facility Working Capital Extensions of Credit.
“Acquisition Facility Acquisition Letter of Credit”: each Acquisition Facility Letter of
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Credit that is an Acquisition Facility Acquisition Extension of Credit.
“Acquisition Facility Acquisition Loan”: each Acquisition Facility Loan that is an
Acquisition Facility Acquisition Extension of Credit.
“Acquisition Facility Commitment”: at any date, as to any Acquisition Facility Lender,
the obligation of such Acquisition Facility Lender to make Acquisition Facility Loans to the Borrowers
pursuant to Section 2.4 and to participate in Acquisition Facility Letters of Credit in an aggregate
principal and/or face amount at any one time outstanding not to exceed the amount set forth opposite such
Acquisition Facility Lender’s name on Schedule 1.0 under the caption “Acquisition Facility
Commitment” or, as the case may be, in the Assignment and Acceptance pursuant to which such
Acquisition Facility Lender becomes a party hereto, as such amount may be changed from time to time in
accordance with the terms of this Agreement. As of the Amendment Effective Date, the original
aggregate amount of the Acquisition Facility Commitments is $550,000,000.
“Acquisition Facility Commitment Percentage”: as to any Acquisition Facility Lender at
any time, the percentage which such Acquisition Facility Lender’s Acquisition Facility Commitment then
constitutes of the aggregate Acquisition Facility Commitments of all Acquisition Facility Lenders at such
time (or, at any time after the Acquisition Facility Commitments shall have expired or terminated, such
Acquisition Facility Lender’s Acquisition Facility Credit Exposure Percentage).
“Acquisition Facility Commitment Period”: the period from and including the
Restatement Effective Date to but not including the Acquisition Facility Commitment Termination Date
or such earlier date on which all of the Acquisition Facility Commitments shall terminate as provided
herein.
“Acquisition Facility Commitment Termination Date”: the date that is the fifth
anniversary of the Restatement Effective DateApril 27, 2021, or, if such date is not a Business Day, the
next preceding Business Day.
“Acquisition Facility Credit Exposure”: as to any Acquisition Facility Lender at any time,
the Available Acquisition Facility Commitment of such Acquisition Facility Lender plus, the amount of
the Acquisition Facility Extensions of Credit of such Acquisition Facility Lender.
“Acquisition Facility Credit Exposure Percentage”: as to any Acquisition Facility Lender
at any time, the fraction (expressed as a percentage), the numerator of which is the Acquisition Facility
Credit Exposure of such Acquisition Facility Lender at such time and the denominator of which is the
aggregate Acquisition Facility Credit Exposures of all of the Acquisition Facility Lenders at such time.
“Acquisition Facility Extensions of Credit”: at any date, as to any Acquisition Facility
Lender at any time, an amount equal to the aggregate principal amount of Acquisition Facility Loans
made by such Acquisition Facility Lender plus the amount of the undivided interest of such Acquisition
Facility Lender (based on such Acquisition Facility Lenders’ Acquisition Facility Credit Exposure
Percentage) in any then-outstanding Acquisition Facility L/C Obligations.
“Acquisition Facility Increase”: as defined in Section 4.1(b).
“Acquisition Facility Issuing Lenders”: JPMorgan Chase Bank, N.A., BNP Paribas,
Societe Generale, Natixis, New York Branch and each other Acquisition Facility Lender from time to
time designated by the U.S. Borrower (and agreed to by such Lender) as an Acquisition Facility Issuing
Lender with the prior consent of the Administrative Agent (such consent not to be unreasonably withheld,
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conditioned or delayed), each in its capacity as issuer of any Acquisition Facility Letter of Credit.
“Acquisition Facility L/C Obligations”: at any time, an amount equal to the sum of (a) the
aggregate then undrawn and unexpired amount of the then outstanding Acquisition Facility Letters of
Credit and (b) the aggregate amount of drawings under Acquisition Facility Letters of Credit which have
not then been reimbursed or converted to an Acquisition Facility Loan pursuant to Section 3.7.
“Acquisition Facility L/C Participants”: with respect to any Acquisition Facility Letter of
Credit, all of the Acquisition Facility Lenders other than the Acquisition Facility Issuing Lender thereof.
“Acquisition Facility L/C Participation Obligations”: the obligations of the Acquisition
Facility L/C Participants to purchase participations in the obligations of the Acquisition Facility Issuing
Lenders under outstanding Acquisition Facility Letters of Credit pursuant to Section 3.6.
“Acquisition Facility Lender”: each Lender having an Acquisition Facility Commitment
(or, after the termination of the Acquisition Facility Commitments, each Lender holding Acquisition
Facility Extensions of Credit), and, as the context requires, includes the Acquisition Facility Issuing
Lenders. As of the Amendment Effective Date, each Acquisition Facility Lender is specified on Schedule
1.0.
“Acquisition Facility Letter of Credit”: as defined in Section 3.2.
“Acquisition Facility Letter of Credit Sub-Limit”: $50,000,000 at any time outstanding.
“Acquisition Facility Loans”: as defined in Section 2.4(a).
“Acquisition Facility Maintenance Cap-Ex Extensions of Credit”: Acquisition Facility
Loans and Acquisition Facility Letters of Credit which are used to finance Capital Expenditures for the
maintenance of existing assets or property of the Loan Parties, as designated by the applicable Borrower
in good faith.
“Acquisition Facility Maintenance Cap-Ex Sub-Limit”: $25,000,000 during any Fiscal
Year.
“Acquisition Facility Maturity Date”: with respect to any Acquisition Facility Loan, the
earliest to occur of (i) the date on which the Acquisition Facility Loans become due and payable pursuant
to Section 9, (ii) the date on which the Acquisition Facility Commitments terminate pursuant to Section
4.1 and (iii) the Acquisition Facility Commitment Termination Date.
“Acquisition Facility Working Capital Availability Time”: any time during the period
commencing on August 1 of any year and ending on March 31 of the next year when the sum of the
aggregate Available Dollar Working Capital Facility Commitments and aggregate Available
Multicurrency Working Capital Facility Commitments is $0.
“Acquisition Facility Working Capital Extensions of Credit”: Acquisition Facility Loans
and Acquisition Facility Letters of Credit which are used for general working capital purposes, including
to finance assets included in the U.S. Borrowing Base or the Kildair Borrowing Base.
“Acquisition Facility Working Capital Letter of Credit”: each Acquisition Facility Letter
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of Credit that is an Acquisition Facility Working Capital Extension of Credit.
“Acquisition Facility Working Capital Loan”: each Acquisition Facility Loan that is an
Acquisition Facility Working Capital Extension of Credit.
“Acquisition Facility Working Capital Sub-Limit”: an amount at the time of the
incurrence of any Acquisition Facility Working Capital Extension of Credit equal to (a) at any time when
an Acquisition Facility Working Capital Availability Time is in effect, the lesser of (i) the Borrowing
Base Availability and (ii) the Available Acquisition Facility Commitment, and (b) at any time other than
when an Acquisition Facility Working Capital Availability Time is in effect, $0.
“Additional Borrower”: as defined in Section 11.19.
“Additional Borrower Collateral Risk Review”: as defined in Section 11.19.
“Administrative Agent”: as defined in the introductory paragraph of this Agreement.
“Affiliate”: as to any Person, any other Person (other than a Subsidiary) which, directly
or indirectly, is in control of, is controlled by, or is under common control with, such Person. For
purposes of this definition, “control” of a Person (including, with its correlative meanings, “controlled
by” and “under common control with”) means the power, directly or indirectly, either to (a) vote 25% or
more of the securities having ordinary voting power for the election of directors (or, if such Person is not
a corporation, similar governing Persons) of such Person or (b) direct or cause the direction of the
management and policies of such Person, whether by contract or otherwise.
“Agent-Related Person”: as defined in Section 10.3.
“Agents”: the Administrative Agent, the Canadian Agent and the Co-Collateral Agents,
and “Agent” means each of them, as the context requires.
“Aggregate Borrowing Base Amount”: on any date, an amount equal to the sum of the
U.S. Borrowing Base and the Kildair Borrowing Base.
“Aggregate Eligible In the Money Forward Contract Amount”: the aggregate of all
Eligible In the Money Forward Contract Amounts with respect to all Forward Contract Counterparties.
“Agreement”: this Amended and Restated Credit Agreement.
“Allowed Reserve”: with respect to any Fiscal Year, an amount equal to the
transportation and hedged storage gains or losses arising under contracts in place that the Borrowers and
the other Loan Parties have elected to defer for use in calculations hereunder, which shall be reflected in
the Borrowers’ and the other Loan Parties’ Reconciliation Summary.
“Amalgamation”: the amalgamation of Kildair with AcquireCo, with the post-
amalgamation entity to be Kildair (the “Post-Amalgamation Entity”).
“Amendment”: the Amendment to this Agreement, dated as of March 10April 27,
20162017, among the Borrowers, the Administrative Agent and the Lenders party thereto.
“Amendment Arranger”: JPMorgan Chase Bank, as solejoint lead arranger and solejoint
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bookrunner in respect of the Amendment and the Incremental Commitments (as defined therein).
“Amendment Effective Date”: the date on which the conditions precedent set forth in
Article VI of the Amendment shall be satisfied or waived.
“Annual Budget”: the annual budget of the MLP and its consolidated Subsidiaries which
encompasses, among other things, environmental matters, in form and substance satisfactory to the
Administrative Agent, as updated from time to time pursuant to Section 7.1(d).
“Anti-Corruption Laws”: all laws, rules and regulations of any jurisdiction applicable to
the U.S. Borrower, the Canadian Borrower or their respective Affiliates from time to time concerning or
relating to bribery or corruption.
“Applicable Commitment Fee Rate”: on any day,
(a) with respect to the Dollar Working Capital Facility, the rate per annum set forth
in the table below as the Applicable Commitment Fee Rate opposite the applicable Dollar Working
Capital Facility Utilization for the immediately preceding fiscal quarter.
Dollar Working
Capital
Facility Utilization
Applicable
Commitment Fee
Rate
Category 1:
≥ 75%
0.50%
Category 2:
< 75%
0.375%
(b) with respect to the Multicurrency Working Capital Facility, the rate per annum
set forth in the table below as the Applicable Commitment Fee Rate opposite the applicable
Multicurrency Working Capital Facility Utilization for the immediately preceding fiscal quarter.
Multicurrency
Working Capital
Facility Utilization
Applicable
Commitment Fee
Rate
Category 1:
≥ 75%
0.50%
Category 2:
< 75%
0.375%
(c) with respect to the Acquisition Facility, the rate per annum set forth in the table
below as the Applicable Commitment Fee Rate opposite the applicable Consolidated Total Leverage
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Ratio for the immediately preceding fiscal quarter.
Consolidated Total
Leverage Ratio
Applicable
Commitment Fee Rate
Category 1:
≥ 3.5:1.0
0.50%
Category 12:
< 3.5:1.0 and ≥
3.0:1.0
0.50%
Category 23:
< 3.0:1.0 and ≥
2.0:1.0
0.375%
Category 4:
< 2.0:1.0
0.375%
For purposes of the foregoing, (i) the Applicable Commitment Fee Rate shall be determined as of
the end of each fiscal quarter of the U.S. Borrower, and (A) in the case of any determination of the
Applicable Commitment Fee Rate based on Dollar Working Capital Facility Utilization or Multicurrency
Working Capital Facility Utilization, shall be based on the Borrowing Base Reports that are delivered
from time to time pursuant to Section 7.2 and the Applicable Commitment Fee Rate so determined shall
become effective as of the first day of the month succeeding the applicable Borrowing Base Date of the
last Borrowing Base Report delivered for a date included in the applicable fiscal quarter and (B) in the
case of any determination of the Applicable Commitment Fee Rate based on the Consolidated Total
Leverage Ratio, based upon those monthly consolidated financial statements of the MLP that are
delivered after the end of each fiscal quarter pursuant to Section 7.1(c) and (ii) each change in the
Applicable Commitment Fee Rate resulting from a change in the Consolidated Total Leverage Ratio shall
be effective during the period commencing on the first day of the month (the “Commitment Fee
Adjustment Date”) succeeding the date of delivery to the Administrative Agent of the last set of
consolidated financial statements for a period included in the applicable fiscal quarter and ending on the
date immediately preceding the next Commitment Fee Adjustment Date, provided that (x) subject to
clause (y) below, the Applicable Commitment Fee Rate determined pursuant to each of clauses (a) and (b)
shall be deemed to be Category 2 until the delivery pursuant to Section 7.2 of the first Borrowing Base
Report delivered after the end of the first fiscal quarter ending after the Restatement Effective Date (it
being understood that the first determination of the Applicable Commitment Fee Rate pursuant to clauses
(a) and (b) in accordance with this clause (x) shall be calculated with respect to Dollar Working Capital
Facility Utilization or Multicurrency Working Capital Facility Utilization, as applicable, for the portion of
the preceding fiscal quarter ended on and after the Restatement Effective Date) and the Applicable
Commitment Fee Rate determined pursuant to clause (c) shall be deemed to be Category 2 until the
delivery pursuant to Section 7.1(c) of the first financial statements after the end of the first fiscal quarter
ending after the Restatement Effective Date and (y) the Applicable Commitment Fee Rate determined
pursuant to each of clauses (a), (b) and (c) shall be deemed to be Category 1 (A) at any time that an Event
of Default has occurred and is continuing or (B) at the option of the Administrative Agent or at the
request of the Required Lenders if the U.S. Borrower fails to deliver the consolidated financial statements
required to be delivered by it pursuant to Section 7.1(c) or any Borrowing Base Report required to be
delivered by it pursuant to Section 7.2, during the period from the expiration of the time for delivery
thereof specified in Section 7.1 or Section 7.2, as applicable, until such consolidated financial statements
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or Borrowing Base Report, as applicable, are delivered.
“Applicable L/C Fee Rate”: on any day,
(a) with respect to each Dollar Working Capital Facility Letter of Credit, the rate per
annum set forth in the table below for such Dollar Working Capital Facility Letter of Credit opposite the
applicable Dollar Working Capital Facility Utilization for the immediately preceding fiscal quarter.
Dollar Working
Capital
Facility Utilization
Applicable L/C Fee
Rate
(Trade Letters of
Credit – Dollar
Working
Capital Facility)
Applicable L/C Fee
Rate
(Performance
Letters of Credit –
Dollar Working
Capital
Facility)
Category 1:
≥ 75%
2.50% 2.50%
Category 2:
< 75% but ≥ 40%
2.25% 2.25%
Category 3:
< 40%
2.00% 2.00%
(b) with respect to each Multicurrency Working Capital Facility Letter of Credit, the
rate per annum set forth in the table below for such Multicurrency Working Capital Facility Letter of
Credit opposite the applicable Multicurrency Working Capital Facility Utilization for the immediately
preceding fiscal quarter.
Multicurrency
Working Capital
Facility Utilization
Applicable L/C Fee
Rate
(Trade Letters of
Credit –
Multicurrency
Working
Capital Facility)
Applicable L/C Fee
Rate
(Performance
Letters of Credit –
Multicurrency
Working Capital
Facility)
Category 1:
≥ 75%
2.50% 2.50%
Category 2:
< 75% but ≥ 40%
2.25% 2.25%
Category 3:
< 40%
2.00% 2.00%
(c) with respect to any Acquisition Facility Letter of Credit, the rate per annum set
forth in the table below for such Acquisition Facility Letter of Credit opposite the applicable Consolidated
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Total Leverage Ratio for the immediately preceding fiscal quarter.
Consolidated Total
Leverage Ratio
Applicable L/C Fee
Rate
(Acquisition Facility
Letters of Credit)
Category 1:
≥ 3.05:1.0
3.25%
Category 2:
< 3.5:1.0 and ≥
3.0:1.0
3.00%
Category 23:
< 3.0:1.0 and ≥
2.0:1.0
3.1252.50%
Category 34:
< 2.0:1.0
3.002.25%
For purposes of the foregoing, (i) the Applicable L/C Fee Rate shall be determined as of the end
of each fiscal quarter of the U.S. Borrower, and (A) in the case of any determination of the Applicable
L/C Fee Rate based on Dollar Working Capital Facility Utilization or Multicurrency Working Capital
Facility Utilization, shall be based on the Borrowing Base Reports that are delivered from time to time
pursuant to Section 7.2 and the Applicable L/C Fee Rate so determined shall become effective as of the
first day of the month succeeding the applicable Borrowing Base Date of the last Borrowing Base Report
delivered for a date included in the applicable fiscal quarter and (B) in the case of any determination of
the Applicable L/C Fee Rate based on the Consolidated Total Leverage Ratio, based upon those monthly
consolidated financial statements of the MLP that are delivered after the end of each fiscal quarter
pursuant to Section 7.1(c) and (ii) each change in the Applicable L/C Fee Rate resulting from a change in
the Consolidated Total Leverage Ratio shall be effective during the period commencing on the first day of
the month (the “L/C Fee Adjustment Date”) succeeding the date of delivery to the Administrative Agent
of the last set of consolidated financial statements for a period included in the applicable fiscal quarter
and ending on the date immediately preceding the next L/C Fee Adjustment Date, provided that (x)
subject to clause (y) below, the Applicable L/C Fee Rate determined pursuant to clause (a) shall be
determined to be Category 3 and the Applicable L/C Fee Rate determined pursuant to clause (b) shall be
deemed to be Category 2, in each case until the delivery pursuant to Section 7.2 of the first Borrowing
Base Report delivered after the end of the first fiscal quarter ending after the Restatement Effective Date
(it being understood that the first determination of the Applicable L/C Fee Rate pursuant to clauses (a)
and (b) in accordance with this clause (x) shall be calculated with respect to Dollar Working Capital
Facility Utilization or Multicurrency Working Capital Facility Utilization, as applicable, for the portion of
the preceding fiscal quarter ended on and after the Restatement Effective Date) and the Applicable L/C
Fee Rate determined pursuant to clause (c) shall be deemed to be Category 3 until the delivery pursuant to
Section 7.1(c) of the first financial statements after the end of the first fiscal quarter ending after the
Restatement Effective Date and (y) the Applicable L/C Fee Rate determined pursuant to each of clauses
(a), (b) and (c) shall be deemed to be Category 1 (A) at any time that an Event of Default has occurred
and is continuing or (B) at the option of the Administrative Agent or at the request of the Required
Lenders if the U.S. Borrower fails to deliver the consolidated financial statements required to be delivered
by it pursuant to Section 7.1(c) or any Borrowing Base Report required to be delivered by it pursuant to
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Section 7.2, during the period from the expiration of the time for delivery thereof specified in Section 7.1
or Section 7.2, as applicable, until such consolidated financial statements or Borrowing Base Report, as
applicable, are delivered.
“Applicable Lending Office”: for each Lender and for each Type of Loan, and/or
participation in any Reimbursement Obligation, the lending office of such Lender designated on Schedule
1.0 (or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a
party hereto) for such Type of Loan and/or participation in any Reimbursement Obligation (or any other
lending office from time to time notified to the Administrative Agent by such Lender) as the office at
which its Loans and/or participation in any Reimbursement Obligation of such Type are to be made and
maintained.
“Applicable Margin”: on any date:
(a) on any day with respect to each Dollar Working Capital Facility Loan or Dollar
Swing Line Loan, the rate per annum set forth in the table below for such Loans opposite the applicable
Dollar Working Capital Facility Utilization for the immediately preceding fiscal quarter.
Dollar Working
Capital
Facility Utilization
Applicable Margin
(Base Rate Loans)
Applicable Margin
(Eurocurrency Loans)
Category 1:
≥ 75%
1.50% 2.50%
Category 2:
<75% but ≥ 40%
1.25% 2.25%
Category 3:
< 40%
1.00% 2.00%
(b) on any day with respect to each Multicurrency Working Capital Facility Loan or
Multicurrency Swing Line Loan, the rate per annum set forth in the table below for such Loans opposite
the applicable Multicurrency Working Capital Facility Utilization for the immediately preceding fiscal
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quarter.
Multicurrency
Working Capital
Facility Utilization
Applicable Margin
(Base Rate /Prime
Rate Loans)
Applicable Margin
(Eurocurrency Loans)
Category 1:
≥ 75%
1.50% 2.50%
Category 2:
<75% but ≥ 40%
1.25% 2.25%
Category 3:
< 40%
1.00% 2.00%
(c) on any day with respect to any Acquisition Facility Loan, the rate per annum set
forth in the table below opposite the applicable Consolidated Total Leverage Ratio for the immediately
preceding fiscal quarter.
Consolidated Total
Leverage Ratio
Applicable
Margin
(Base Rate
Loans)
Applicable Margin
(Eurocurrency Loans)
Category 1:
≥ 3.05:1.0
2.25% 3.25%
Category 2:
<3.5:1.0 and ≥ 3.0:1.0
2.00% 3.00%
Category 23:
< 3.0:1.0 and ≥ 2.0:1.0
2.1251.50% 3.1252.50%
Category 34:
< 2.0:1.0
2.001.25% 3.002.25%
For purposes of the foregoing, (i) the Applicable Margin shall be determined as of the end of each
fiscal quarter of the U.S. Borrower (A) in the case of any determination of the Applicable Margin based
on Dollar Working Capital Facility Utilization or Multicurrency Working Capital Facility Utilization
shall be based on the Borrowing Base Reports that are delivered from time to time pursuant to Section 7.2
and the Applicable Margin so determined shall become effective as of the first day of the month
succeeding the applicable Borrowing Base Date of the last Borrowing Base Report delivered for a date
included in the applicable fiscal quarter and (B) in the case of any determination of the Applicable Margin
based on the Consolidated Total Leverage Ratio shall be based upon those monthly consolidated financial
statements of the MLP that are delivered after the end of each fiscal quarter pursuant to Section 7.1(c) and
(ii) each change in the Applicable Margin resulting from a change in the Consolidated Total Leverage
Ratio shall be effective during the period commencing on the first day of the month (the “Margin
Adjustment Date”) succeeding the date of delivery to the Administrative Agent of the last set of
consolidated financial statements for a period included in the applicable fiscal quarter and ending on the
date immediately preceding the next Margin Adjustment Date, provided that (x) subject to clause (y)
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below, the Applicable Margin determined pursuant to clause (a) shall be deemed to be Category 3 and the
Applicable Margin determined pursuant to clause (b) shall be deemed to be Category 2, in each case until
the delivery pursuant to Section 7.2 of the first Borrowing Base Report delivered after the end of the first
fiscal quarter ending after the Restatement Effective Date (it being understood that the first determination
of the Applicable Margin pursuant to clauses (a) and (b) in accordance with this clause (x) shall be
calculated with respect to Dollar Working Capital Facility Utilization or Multicurrency Working Capital
Facility Utilization, as applicable, for the portion of the preceding fiscal quarter ended on and after the
Restatement Effective Date) and the Applicable Margin determined pursuant to clause (c) shall be
deemed to be Category 3 until the delivery pursuant to Section 7.1(c) of the first financial statements after
the end of the first fiscal quarter ending after the Restatement Effective Date and (y) the Applicable
Margin determined pursuant to each of clauses (a), (b) and (c) shall be deemed to be Category 1 (A) at
any time that an Event of Default has occurred and is continuing or (B) at the option of the Administrative
Agent or at the request of the Required Lenders if the U.S. Borrower fails to deliver the consolidated
financial statements required to be delivered by it pursuant to Section 7.1(c) or any Borrowing Base
Report required to be delivered by it pursuant to Section 7.2, during the period from the expiration of the
time for delivery thereof specified in Section 7.1 or Section 7.2, as applicable, until such consolidated
financial statements or Borrowing Base Report, as applicable, are delivered.
“Applicable Sub-Limit”: each of the following:
(a) [reserved];
(b) [reserved];
(c) with respect to Dollar Swing Line Loans, the Dollar Swing Line Loan Sub-Limit;
(d) with respect to Multicurrency Swing Line Loans, the Multicurrency Swing Line
Loan Sub-Limit;
(e) with respect to Dollar Working Capital Facility Letters of Credit, the Dollar
Working Capital Facility Letter of Credit Sub-Limit;
(f) with respect to Multicurrency Working Capital Facility Letters of Credit, the
Multicurrency Working Capital Facility Letter of Credit Sub-Limit;
(g) with respect to Dollar Working Capital Facility Performance Letters of Credit,
the Dollar Performance Letter of Credit Sub-Limit;
(h) with respect to Multicurrency Working Capital Facility Performance Letters of
Credit, the Multicurrency Performance Letter of Credit Sub-Limit;
(i) with respect to Dollar Working Capital Facility Long Tenor Letters of Credit, the
Dollar Long Tenor Letter of Credit Sub-Limit;
(j) with respect to Multicurrency Working Capital Facility Long Tenor Letters of
Credit, the Multicurrency Long Tenor Letter of Credit Sub-Limit;
(k) with respect to Acquisition Facility Letters of Credit, the Acquisition Facility
Letter of Credit Sub-Limit;
(l) with respect to Acquisition Facility Working Capital Extensions of Credit, the
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Acquisition Facility Working Capital Sub-Limit; and
(m) with respect to Acquisition Facility Maintenance Cap-Ex Extensions of Credit,
the Acquisition Facility Maintenance Cap-Ex Sub-Limit.
“Approved Acquisition Assets”: each Acquisition Asset for which the Administrative
Agent has received a Business Valuation meeting the requirements of the definition therefor; provided
that no asset shall be an Approved Acquisition Asset unless it is subject to a Perfected First Lien and is
free and clear of all Liens other than Liens permitted hereunder.
“Approved Fund”: (a) with respect to any Lender, any Bank CLO of such Lender, and (b)
with respect to any Lender that is a fund that invests in commercial loans and similar extensions of credit,
any other fund that invests in commercial loans and similar extensions of credit and is managed by the
same investment advisor as such Lender or by an Affiliate or Subsidiary of such investment advisor.
“Approved Inventory Location”: (a) any pipeline or storage facility owned by any Loan
Party and (b) any other pipeline, third-party carrier or third party storage facility that (i) (A) within forty-
five (45) days after the Restatement Effective Date, has been sent notice of the Administrative Agent’s
Perfected First Lien on the inventory owned by any Loan Party located in or at such pipeline, third party
carrier or third party storage facility in accordance with the U.S. Security Agreement or the Canadian
Security Documents, as applicable, or (B) within forty-five (45) days after the Closing Date, was sent
notice of the Administrative Agent’s Perfected First Lien on the inventory owned by any Loan Party
located in or at such pipeline, third party carrier or third party storage facility in accordance with the U.S.
Security Agreement (as defined in the Existing Credit Agreement) and (ii) (A) is identified on Schedule
1.1(A) (the “Approved Inventory Location Schedule”) or (B) has been approved by the Administrative
Agent, in its sole discretion (exercised in good faith), from time to time after the Restatement Effective
Date, unless in each case, the status of such pipeline, third party carrier or third party storage facility as an
Approved Inventory Location has been revoked upon ten (10) Business Days’ notice to the U.S. Borrower
from the Administrative Agent, acting in its reasonable discretion. The Approved Inventory Location
Schedule shall be deemed amended to include such Approved Inventory Locations without further action
immediately upon the Administrative Agent’s approval.
“Arrangers”: the Lead Arranger, the Amendment Arranger, The Bank of Tokyo-
Mitsubishi UFJ, Ltd., BNP Paribas, Citizens Bank, N.A., Natixis, Société Générale and Xxxxx Fargo
Securities, LLC.
“Asset Sale”: any conveyance, sale, lease, sub-lease, assignment, transfer or other
disposition of property or series of related sales, leases or other dispositions of property (excluding any
such sale, lease or other disposition permitted by Section 8.6) which yields Net Cash Proceeds to any
Borrower or any other Loan Party (valued at the initial principal amount thereof in the case of non-cash
proceeds consisting of notes or other debt securities and valued at fair market value in the case of other
non-cash proceeds) in excess of $5,000,000.
“Assignee”: as defined in Section 11.7(c).
“Assignment and Acceptance”: as defined in Section 11.7(c).
“Assignment of Claims Act”: the Federal Assignment of Claims Act of 1940 (31 X.X.X.
§0000 et seq.) and any similar state or local laws, together with all rules, regulations, interpretations and
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binding court decisions related thereto.
“Auto-Renewal Letter of Credit”: as defined in Section 3.4(c).
“Availability Certification”: as defined in Section 6.2(e)(viii).
“Available Acquisition Facility Commitment”: as to any Acquisition Facility Lender at
any time, an amount equal to the excess, if any, of (i) the amount of such Acquisition Facility Lender’s
Acquisition Facility Commitment at such time over (ii) such Acquisition Facility Lender’s Acquisition
Facility Extensions of Credit outstanding at such time; provided, that such amount shall never be less than
zero.
“Available Commitment”: at any time as to any Lender, all or any of the Available Dollar
Working Capital Facility Commitment, the Available Multicurrency Working Capital Facility
Commitment and/or the Available Acquisition Facility Commitment of such Lender at such time, as the
context requires.
“Available Dollar Working Capital Facility Commitment”: as to any Dollar Working
Capital Facility Lender at any time, an amount equal to the excess, if any, of (i) the amount of such Dollar
Working Capital Facility Lender’s Dollar Working Capital Facility Commitment at such time over (ii)
such Dollar Working Capital Facility Lender’s Dollar Working Capital Facility Extensions of Credit
outstanding at such time; provided, that such amount shall never be less than zero; provided further that
solely for purposes of determining fees pursuant to Section 2.8, the amount of outstanding Dollar
Working Capital Facility Extensions of Credit consisting of Dollar Swing Line Loans shall be deemed to
be zero.
“Available Multicurrency Working Capital Facility Commitment”: as to any
Multicurrency Working Capital Facility Lender at any time, an amount equal to the excess, if any, of (i)
the amount of such Multicurrency Working Capital Facility Lender’s Multicurrency Working Capital
Facility Commitment at such time over (ii) the Dollar Equivalent of such Multicurrency Working Capital
Facility Lender’s Multicurrency Working Capital Facility Extensions of Credit outstanding at such time;
provided, that such amount shall never be less than zero; provided further that solely for purposes of
determining fees pursuant to Section 2.8, the amount of outstanding Multicurrency Working Capital
Facility Extensions of Credit consisting of Multicurrency Swing Line Loans shall be deemed to be zero.
“Xxxx Xxxxxxx Affiliate”: any Person that is directly or indirectly in control of, controlled
by, or under common control with, Xxxx Xxxxxxx Inc., excluding any Loan Party and any other Person
with respect to whom any Loan Party has the power, directly or indirectly to (x) vote any of the securities
having ordinary voting power for the election of directors (or, if such Person is not a corporation, similar
governing Persons) of such Person or (y) direct or cause the direction of the management and policies of
such Person, whether by contract or otherwise. For purposes of this definition, “control” of a Person
(including, with its correlative meanings, “controlled by” and “under common control with”) means the
power, directly or indirectly, either to (a) vote more than 50% of the securities having ordinary voting
power for the election of directors (or, if such Person is not a corporation, similar governing Persons) of
such Person or (b) direct or cause the direction of the management and policies of such Person, whether
by contract or otherwise.
“Xxxx Xxxxxxx Subordinated Indebtedness”: with respect to any Loan Party, unsecured
Indebtedness owed by such Loan Party to any Xxxx Xxxxxxx Affiliate that is subject to a subordination
agreement substantially in the form of Exhibit H-2, which such form provides that there shall be no
restriction as to the incurrence of such Indebtedness by any Loan Party, or the interest rate or stated
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maturity applicable thereto, or, except as provided in Section 8.9, as to the repayment of such
Indebtedness.
“Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation”: with respect to any EEA Member Country implementing Article
55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule.
“Bank CLO”: as to any Lender, any entity (whether a corporation, partnership, trust or
otherwise) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business and is administered or managed by such
Lender or an Affiliate or Subsidiary of such Lender.
“Banking Services”: each and any of the following bank services provided to any Loan
Party or its Subsidiaries: (a) credit cards for commercial customers (including, without limitation,
“commercial credit cards” and purchasing cards), (b) stored value cards and (c) merchant processing
services.
“Bankruptcy Code”: Title 11 of the United States Code (11 U.S.C. § 101 et seq.).
“Barrel”: forty-two U.S. gallons.
“Base Rate”: for any day, the rate per annum equal to the greatest of (a) the Federal
Funds EffectiveNYFRB Rate in effect on such day plus 1/2 of 1.00%, (b) the U.S. Prime Rate in effect
on such day (rounded upward, if necessary, to the next 1/16 of 1.00%) and (c) the one-month
Eurocurrency Rate for United States Dollars in effect on such day plus 1.00% (or if the LIBOR Screen
Rate is not available for a one-month period Interest Period, the Interpolated Rate). For purposes hereof:
“U.S. Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by
JPMorgan Chase Bank as its prime rate in effect at its principal office in New York City (the U.S. Prime
Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank in connection
with extensions of credit to debtors). Any change in the Base Rate due to a change in the U.S. Prime Rate,
the Federal Funds Effective Rate or the Eurocurrency Rate shall be effective as of the opening of business
on the day such change in the U.S. Prime Rate, the Federal Funds Effective Rate or the Eurocurrency
Rate becomes effective, respectively.
“Base Rate Loans”: Loans the rate of interest of which is based upon the Base Rate.
“Benefited Lender”: as defined in Section 11.8(a).
“BNP Paribas”: as defined in the introductory paragraph of this Agreement.
“Board”: the Board of Governors of the Federal Reserve System of the United States (or
any successor).
“Borrower Materials”: as defined in Section 11.2.
“Borrowers”: collectively, (i) the U.S. Borrower and (ii)(x) prior to the Amalgamation,
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each Initial Canadian Borrower and (y) after the Amalgamation, the Post-Amalgamation Entity.
“Borrower Parties”: collectively, the Borrowers and any Additional Borrowers.
“Borrowing Base Availability”: at any time, an amount equal to the Aggregate
Borrowing Base Amount at such time minus the Total Working Capital Facility Extensions of Credit at
such time minus the Total Acquisition Facility Working Capital Extensions of Credit.
“Borrowing Base Date”: the most recent date as of which the U.S. Borrower has based a
Borrowing Base Report to be delivered by the U.S. Borrower pursuant to Section 7.2(c).
“Borrowing Base Report”: a report certified by a Responsible Person of the U.S.
Borrower, substantially in the form of Exhibit G, with appropriate insertions and schedules, showing the
Aggregate Borrowing Base Amount, the U.S. Borrowing Base and the Kildair Borrowing Base, in each
case as of the date set forth therein and the basis on which it was calculated, together with the following
detailed supporting information:
(i) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
Eligible Cash and Cash Equivalents, a statement as of the applicable Borrowing Base
Date of the account balance, issued by each Cash Management Bank;
(ii) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
Eligible Tier 1 Accounts Receivable, Eligible Tier 2 Accounts Receivable, Eligible
Unbilled Tier 1 Accounts Receivable, and Eligible Unbilled Tier 2 Accounts Receivable,
(A) a schedule listing each Account Receivable which is supported
by a letter of credit, together with the amount of such Account Receivable, the
Account Debtor of such Account Receivable, the issuing bank, the applicant and
the expiration date of the related letter of credit, the terms of the auto-renewal
provision, if any, and the face amount of the related letter of credit (or, if
applicable, the maximum value of the related letter of credit after giving effect to
any tolerance included therein, and the amount of such tolerance);
(B) a schedule of each Eligible Account Receivable and Eligible
Unbilled Account Receivable, listing the counterparty thereof, and each of the
offsets and deductions to the amount of such Eligible Account Receivable or
Eligible Unbilled Account Receivable, as applicable, including, if applicable, (1)
the contra account balance thereof, (2) any offset or counterclaim resulting from
trade liabilities, (3) the net marked-to-market net-off calculation of any losses
applied to the Account Debtor after deduction for all margin monies received
and/or paid and the details of any related letters of credit described in clause (A)
above, (4) any Out of the Money Forward Contract Amounts applied thereto
pursuant to clause (F) of the definition of “U.S. Borrowing Base” or “Kildair
Borrowing Base”, as applicable) and (5) any adjustments described in the
definitions of U.S. Borrowing Base or Kildair Borrowing Base, as applicable, to
the extent applicable; and
(C) with respect to each Eligible Account Receivable, other than
Eligible Unbilled Accounts Receivable, to the extent applicable, an aging report
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in form and substance satisfactory to the Co-Collateral Agents;
(iii) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
Eligible Inventory, a schedule of (A) inventory locations, (B) Market Value and
inventory volumes by location and type of Eligible Commodity, (C) if requested by the
Co-Collateral Agents, in the case of Eligible Hedged Petroleum Inventory and (in the
case of the U.S. Borrowing Base) Eligible Hedged Natural Gas Inventory, evidence of the
hedge as demonstrated to the reasonable satisfaction of the Co-Collateral Agents in the
Position Report delivered concurrently with the applicable Borrowing Base Report, (D)
each of the offsets and deductions used in determining the value of the Eligible
Inventory, including any exchange payable or other offsets and any adjustments
described in the definitions of U.S. Borrowing Base or Kildair Borrowing Base, as
applicable, to the extent applicable, (E) except to the extent covered by clause (F) or
clause (G) below, available supporting documentation for the inventory volumes as of
such Borrowing Base Date, (F) within thirty (30) days after each Borrowing Base Date
with respect to a calendar month (provided that the U.S. Borrower shall use best efforts to
provide within thirty (30) days following receipt therefor a Borrowing Base Report
requested by the Co-Collateral Agents), a volume difference reconciliation comparing the
inventory volumes reflected in the U.S. Borrower’s accounting records with the U.S.
Borrower’s third party statements, together with a copy of such statements (provided, that
a copy of such third party statements shall not be required with respect to any storage site
not owned or operated by the U.S. Borrower or any of its Affiliates where less than 5,000
Barrels of Eligible Petroleum Inventory is held) and (G) within thirty (30) days after each
Borrowing Base Date that occurs on the last day of March, June, September and
December of each year, if requested by the Co-Collateral Agents, inventory and field
reports supplied by 25% of the terminals owned by the Loan Parties (so that, in one
calendar year, reports with respect to each terminal owned by any Loan Party shall have
been delivered);
(iv) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
Eligible Net Liquidity in Futures Accounts, copies of summary account statements (or if
requested by the Co-Collateral Agents, the full account statements) issued by the Eligible
Broker where such assets are held as of the applicable Borrowing Base Date together
with additional statements for each commodities futures account that account for any (x)
discounted face value of any U.S. Treasury Securities held in such account that are zero
coupon securities issued by the United States of America and (y) unearned interest on
such U.S. Treasury Securities;
(v) for the U.S. Borrowing Base, for Eligible Exchange Receivables, (A) a
schedule of each Eligible Exchange Receivable, the counterparty thereof, the time
outstanding and each of the offsets and deductions to the amount of such Eligible
Exchange Receivable used in determining the value of Eligible Exchange Receivables,
including any contra account balance thereof and, if applicable, any Out of the Money
Forward Contract Amounts applied thereto pursuant to clause (F) of the definition of
“U.S. Borrowing Base” and any other adjustments described in the definitions of
Borrowing Base, to the extent applicable, and (B) to the extent applicable, information
described in clause (ii)(A) above;
(vi) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
the Eligible Short Term Unrealized Forward Gains and, solely with respect to the U.S.
Borrowing Base, for the Eligible Medium Term Unrealized Forward Gains and Eligible
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Long Term Unrealized Forward Gains, a summary schedule thereof listing:
(A) the Marked-to-Market Value and the date of the final cash or
physical settlement of each Forward Contract;
(B) the aggregate amount of each of the offsets and deductions to the
Marked-to-Market Value of such Forward Contracts included in the calculation
of the Counterparty Forward Contract Amount with respect to a Forward
Contract Counterparty, including, to the extent applicable, the aggregate contra
account balance of such Forward Contract Counterparty (and the calculation of
such contra balance), all margin monies received and/or paid with respect to such
Forward Contracts and the details of any related letters of credit and any
adjustments described in the definitions of U.S. Borrowing Base or Kildair
Borrowing Base, as applicable, to the extent applicable; and
(C) the Counterparty Forward Contract Amount for each Forward
Contract Counterparty;
(vii) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
Eligible Letters of Credit Issued for Commodities Not Yet Received, (A) a schedule
listing each Letter of Credit giving rise to Eligible Letters of Credit Issued for
Commodities Not Yet Received, together with the name of the applicant, the expiration
date of the related Letter of Credit and the face value thereof (or, if applicable, the
maximum value of such Letter of Credit after giving effect to any tolerance included
therein, and the amount of such tolerance), (B) a calculation supporting the value of
physical volume delivered and the liability owed by the applicable Loan Party to the
beneficiary of the Letter of Credit in connection therewith versus the face amount of such
Letters of Credit, and (C) a schedule of each of the offsets and deductions used in
determining the value of Eligible Letters of Credit Issued for Commodities Not Yet
Received, including the amounts and a calculation, by type (i.e., xxxx-to-market loss,
exchange payables and other type of liability owed), supporting the value of any other
liabilities owed by the applicable Loan Party to the beneficiary of the Letter of Credit
versus the face amount of such Letters of Credit and any adjustments described in the
definitions of U.S. Borrowing Base or Kildair Borrowing Base, as applicable, to the
extent applicable;
(viii) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
Paid but Unexpired Letters of Credit, (A) a schedule listing each Letter of Credit giving
rise to Paid but Unexpired Letters of Credit, together with the name of the applicant, the
expiration date of the related Letter of Credit and the face value thereof (or, if applicable,
the maximum value of such Letter of Credit after giving effect to any tolerance included
therein, and the amount of such tolerance), (B) a statement describing the existing
liabilities that may be satisfied with such Letter of Credit and the amount therefor, (C) a
schedule of any payments made by the applicable Loan Party to satisfy the obligations for
which such Letter of Credit was issued, (D) a schedule of the underlying “operational
tolerance” with respect to any such Trade Letter of Credit (if applicable) and (E) a
schedule of each of the offsets and deductions used in determining the value of Paid but
Unexpired Letters of Credit, including the amounts and a calculation, by type (i.e. xxxx-
to-market loss, exchange payables and other type of liability owed), supporting the value
of any other liabilities owed by the applicable Loan Party to the beneficiary of the Letter
of Credit versus the face amount of such Letters of Credit and any adjustments described
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in the definitions of U.S. Borrowing Base or Kildair Borrowing Base, as applicable, to
the extent applicable;
(ix) for the U.S. Borrowing Base, for Eligible RINs, a schedule summarizing
the value of the RINs inventory available for sale, including the total RINs volume
separated by fuel category. For each fuel category the RINs volumes and values for each
RINs year for which there is inventory also will be shown;
(x) for the U.S. Borrowing Base, for the First Purchaser Lien Amount, a
schedule setting forth the holder of each First Purchaser Lien, the amount of the
obligations outstanding giving rise to the First Purchaser Lien Amount to such holder,
each of the offsets and deductions to the amount of such obligations used in determining
the First Purchaser Lien Amount, including the portion thereof reduced by any Letter of
Credit, and any adjustments described in the definitions of Borrowing Base, to the extent
applicable;
(xi) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
Product Taxes, a schedule listing the amounts of each tax liability by taxing authority, the
description thereof and the period(s) for which such taxes were assessed;
(xii) for each of the U.S. Borrowing Base and the Kildair Borrowing Base, for
Swap Amounts due to Qualified Counterparties, a schedule listing the aggregate net
unrealized gains or losses with respect to each Commodity OTC Agreement with a
Qualified Counterparty and each Financial Hedging Agreement with a Qualified
Counterparty (whether or not the Swap Amounts due to Qualified Counterparties is equal
to or in excess of $20,000,000 (in the case of the U.S. Borrowing Base) or $5,000,000 (in
the case of the Kildair Borrowing Base));
(xiii) a summary report showing the total amount outstanding under each type
of extension of credit made hereunder; and
(xiv) a summary of the Dollar Working Capital Facility Utilization and the
Multicurrency Working Capital Facility Utilization for the period from the immediately
preceding Borrowing Base Date (or, in the case of the first Borrowing Base Report, the
Restatement Effective Date) to (but not including) the Borrowing Base Date for such
Borrowing Base Report.
“Borrowing Date”: any Business Day specified (i) in a Borrowing Notice as a date on
which a Loan requested by a Borrower is to be made or (ii) in a Letter of Credit Request as a date on
which a Letter of Credit requested by a Borrower is to be issued, amended or renewed.
“Borrowing Notice”: as defined in Section 2.5(a).
“Brokerage Account Deducts”: as defined in the definition of “Eligible Net Liquidity in
Futures Accounts” in this Section 1.1.
“Business”: as defined in Section 5.22(b).
“Business Day”: (i) for all purposes other than as covered by clauses (ii) and (iii) of this
definition, a day other than a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by Law to close, (ii) with respect to all notices and determinations in
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connection with, and payments of principal and interest on, Eurocurrency Loans, any day which is a
Business Day as described in clause (i) of this definition and which is also a day on which dealings in
United States Dollar deposits are carried out in the London interbank market and (iii) with respect to all
notices and determinations in connection with, and payments of principal and interest on, Loans made to
the Canadian Borrower or made in Canadian Dollars, any day which is a Business Day as described in
clause (i) of this definition and which is also a day on which banks are open for dealings in Canadian
Dollars in Xxxxxxx, Xxxxxxx.
“Business Valuation”: with respect to any Approved Acquisition Asset, a business
valuation commissioned by and addressed to the Administrative Agent and in form and substance
reasonably acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld,
conditioned or delayed) and prepared by a Valuation Agent.
“CAML”: the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
(Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction and
“know your client” laws.
“Calculation Date”: the last Business Day of each calendar month (or any other day
selected by the Administrative Agent); provided that (a) the second Business Day preceding (or such
other Business Day as the Administrative Agent shall deem applicable with respect to Canadian Dollars
in accordance with rate-setting convention for Canadian Dollars) (i) each Borrowing Date with respect to
any Loan denominated in Canadian Dollars or (ii) any date on which a Loan denominated in Canadian
Dollars is continued shall also be a “Calculation Date”, (b) each Borrowing Date with respect to any other
Loan made hereunder shall also be a “Calculation Date” and (c) the date of issuance, amendment, renewal
or extension of a Letter of Credit shall also be a Calculation Date.
“Canadian Agent”: as defined in the introductory paragraph of this Agreement.
“Canadian Benefit Plans”: any plan, fund, program, or policy, whether oral or written,
formal or informal, funded or unfunded, insured or uninsured, providing employee benefits, including
medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings
benefits, under which any Loan Party or any Subsidiary of any Loan Party that carries on business in
Canada, has any liability with respect to any employee or former employee, but excluding any Canadian
Pension Plans.
“Canadian Borrower”: collectively, (a) prior to the Amalgamation, each Initial Canadian
Borrower and (b) after the Amalgamation, the Post-Amalgamation Entity.
“Canadian Dollar Equivalent”: with respect to (i) an amount denominated in any currency
other than Canadian Dollars, the equivalent in Canadian Dollars of such amount determined at the
Exchange Rate on the most recent Calculation Date and (ii) an amount denominated in Canadian Dollars,
such amount.
“Canadian Dollars” and “C$”: dollars in lawful currency of Canada.
“Canadian Pension Plans”: each pension plan required to be registered under Canadian
federal or provincial law that is maintained or contributed to by a Loan Party or any Subsidiary of any
Loan Party for its employees or former employees, but does not include the Canada Pension Plan or the
Quebec Pension Plan as administered by the Government of Canada or the Province of Quebec,
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respectively.
“Canadian Pledge Agreement”: the Canadian Pledge Agreement, substantially in the
form of Exhibit C-2, to be executed and delivered by (a) each Loan Party pledging Capital Stock of any
Person organized under the laws of any jurisdiction within Canada and (b) with respect to the pledge of
Capital Stock of any Person not organized under the laws of any jurisdiction within Canada, any Loan
Party organized under the laws of any jurisdiction within Canada or having its chief executive office or
domicile in any jurisdiction in Canada.
“Canadian Security Agreement”: the Canadian Security Agreement, substantially in the
form of Exhibit B-2, to be executed and delivered by the Loan Parties organized under the laws of any
jurisdiction within Canada, having its chief executive office (or domicile) in any jurisdiction in Canada or
having tangible assets in any jurisdiction within Canada.
“Canadian Security Documents”: collectively, the Canadian Security Agreement, the
Canadian Pledge Agreement, the Quebec Security Documents and each Mortgage and Security
Agreement in respect of any real property located in Canada.
“Canadian Subsidiary” means any Subsidiary of the U.S. Borrower organized or
incorporated under the laws of Canada or any province thereof.
“Capital Expenditures”: for any period with respect to any Person, all expenditures made
by such Person during such period that, in accordance with GAAP, should be classified as a capital
expenditure.
“Capital Stock”: any and all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation or unlimited liability company, all membership interests in a
limited liability company, all partnership interests in a limited partnership or partnership, all membership
rights in a cooperative or any and all similar ownership interests in a Person (other than a corporation,
unlimited liability company, limited liability company, limited partnership or partnership) and any and all
warrants, rights or options to purchase any of the foregoing.
“Cash and Carry Transaction”: in respect of a particular commodity, all transactions that
occur during a Contango Market consisting of:
(a) the entering into of future or swap contracts for the purchase of such commodity
offset by the concurrent entering into of future or swap contracts for the sale of the same quantity of such
commodity for a later delivery date and a maximum period not exceeding twelve (12) months; and/or
(b) the physical purchase by the U.S. Borrower or any other Loan Party of such
commodity which shall be stored for a period not exceeding twelve (12) months from the date of delivery
of such commodity to the U.S. Borrower or such Loan Party, and the sale of which shall be Hedged by
xxxxxx that have a maximum tenor not exceeding twelve (12) months; and/or
(c) any combination of the foregoing.
“Cash (100%) Collateralize”; “Cash (100%) Collateralized”: with respect to any Letter of
Credit, to pledge and deposit as collateral for the Obligations Cash Collateral in the currency in which
such Letter of Credit is denominated and in an amount equal to 100% of the undrawn face amount of such
Letter of Credit plus unpaid fees associated with such Letter of Credit (including any letter of credit
commissions) then due and payable or to be owed with respect to such Letter of Credit for the period
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from the time such Cash Collateral is deposited as collateral until the expiration date of such Letter of
Credit, pursuant to documentation substantially in the form of Exhibit K or such other substantially
similar form reasonably satisfactory to the Administrative Agent.
“Cash Collateral”: with respect to any Letter of Credit, cash or deposit account balances
denominated in United States Dollars or Canadian Dollars that have been pledged and deposited with or
delivered to the Administrative Agent for the ratable benefit of the Secured Parties as collateral for the
Obligations, including the repayment of such Letter of Credit.
“Cash Collateralize”, “Cash Collateralized”, “Cash Collateralization”: with respect to any
Letter of Credit, to pledge and deposit as collateral for the Obligations Cash Collateral in the currency in
which such Letter of Credit is denominated and in an amount equal to 105% of the undrawn face amount
of such Letter of Credit plus unpaid fees associated with such Letter of Credit (including any letter of
credit commissions) then due and payable or to be owed with respect to such Letter of Credit for the
period from the time such Cash Collateral is deposited as collateral until the expiration date of such Letter
of Credit, pursuant to documentation substantially in the form of Exhibit K or such other substantially
similar form reasonably satisfactory to the Administrative Agent.
“Cash Equivalents”: (a) securities with maturities of twelve (12) months or less from the
date of acquisition or acceptance which are issued or fully guaranteed or insured by the United States,
Canada or any agency or instrumentality thereof, (b) bankers’ acceptances, certificates of deposit and
eurodollar time deposits with maturities of nine (9) months or less from the date of acquisition and
overnight bank deposits, in each case, of any Lender or of any international or national commercial bank
with commercial paper rated, on the day of such purchase, at least A-1 or the equivalent thereof by S&P
or P-1 or the equivalent thereof by Xxxxx’x, (c) commercial paper, variable rate or auction rate securities,
or any other short term, liquid investment having a rating, on the date of purchase, of at least A-1 or the
equivalent thereof by S&P or at least P-1 or the equivalent thereof by Xxxxx’x and that matures or resets
not more than nine (9) months after the date of acquisition, (d) obligations of any U.S. state, Canadian
province or a division, public instrumentality or taxing authority thereof, having on the date of purchase a
rating of at least AA or the equivalent thereof by S&P or at least Aa2 or the equivalent thereof by
Xxxxx’x and (e) investments in money market funds, mutual funds or other pooled investment vehicles,
in each case acceptable to the Administrative Agent in its sole discretion, the assets of which consist
solely of the foregoing.
“Cash Management Account”: a Deposit Account or Securities Account maintained with
any Cash Management Bank.
“Cash Management Bank”: JPMorgan Chase Bank and each of the banks and other
financial institutions listed on Schedule 1.1(B) and any other bank or financial institution (which is
reasonably acceptable to the Administrative Agent) from time to time designated by the U.S. Borrower as
a bank or financial institution (i) at which any Borrower or any other Loan Party or any of their
Subsidiaries maintains any Controlled Account or (ii) with which the Borrower or any other Loan Party
or any of their Subsidiaries engages in Banking Services.
“Cash Management Bank Agreement”: any (i) account agreement, account control
agreement or other agreement governing the relationship between a Cash Management Bank and a Loan
Party with respect to a Cash Management Account and (ii) any agreement governing Banking Services.
“CDOR Screen Rate”: with respect to any Interest Period, (i) the annual rate of interest
determined with reference to the arithmetic average of the discount rate quotations of all institutions listed
in respect of the relevant Interest Period for Canadian Dollar-denominated bankers’ acceptances displayed
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and identified as such on the CDOR page of the Reuters screen (or on any successor or substitute page on
such screen or service that displays such rate, or on the appropriate page of such other information service
that publishes such rate as shall be selected by the Administrative Agent from time to time in its
reasonable discretion) as of the Specified Time on the Quotation Day for such Interest Period (as adjusted
by the Administrative Agent after the Specified Time to reflect any error in the posted rate of interest or
in the posted average annual rate of interest); plus (ii) 0.10% per annum.
“Change of Control”: the occurrence of any of the following events: (a) the Permitted
Investors shall cease to own and control, of record and beneficially, directly or indirectly, more than 50%
of the total voting power of all classes of Capital Stock of the General Partner entitled to vote generally in
the election of directors free and clear of all Liens, other than Liens of the type permitted pursuant to
Section 8.3 (as if Section 8.3 were applicable), (b) the General Partner shall cease to own and control, of
record and beneficially, 100% of the general partnership interests of the MLP free and clear of all Liens,
other than Liens of the type permitted pursuant to Section 8.3 (as if Section 8.3 were applicable) or (c) the
MLP shall cease to own and control, of record and beneficially, directly or indirectly, 100% of each class
of outstanding Capital Stock of each Borrower and each other Loan Party (other than the MLP) free and
clear of all Liens, other than Liens permitted pursuant to Section 8.3.
“Chapter 11 Debtor”: as defined in the definition of “Eligible Account Receivable” in
this Section 1.1.
“Closing Date”: the date on which the conditions precedent set forth in Section 6.1 of the
Existing Credit Agreement were satisfied, which date was October 30, 2013.
“Coal Products”: coal and any other product or by-product of the foregoing and all rights
to transmit, transport or store the foregoing.
“Code”: the Internal Revenue Code of 1986, as amended.
“Co-Collateral Agents”: as defined in the introductory paragraph of this Agreement.
“Co-Documentation Agents”: as defined in the introductory paragraph of this
Agreement.
“Co-Syndication Agents”: as defined in the introductory paragraph of this Agreement.
“Collateral”: all property and interests in property of the Loan Parties now owned or
hereafter acquired, upon which a Lien is purported to be created by any Security Document.
“Commitment”: at any date, as to any Lender, the Dollar Working Capital Facility
Commitments, the Multicurrency Working Capital Facility Commitments and/or the Acquisition Facility
Commitments of such Lender, as the context requires.
“Commitment Percentage”: at any time, as to any Lender, the Acquisition Facility
Commitment Percentage, the Dollar Working Capital Facility Commitment Percentage or the
Multicurrency Working Capital Facility Commitment Percentage of such Lender at such time, as the
context requires.
“Commitment Period”: the Acquisition Facility Commitment Period, the Dollar Working
Capital Facility Commitment Period or the Multicurrency Working Capital Facility Commitment Period,
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as the context requires.
“Commitment Termination Date”: the Acquisition Facility Commitment Termination
Date, the Dollar Working Capital Facility Commitment Termination Date or the Multicurrency Working
Capital Facility Commitment Termination Date, as the context requires.
“Commodity Account”: any “Commodity Account” as defined in Section 9-102 of the
New York Uniform Commercial Code, any “Futures Account” as defined under the PPSA and any
“securities account” as defined in the Quebec STA in which is held “commodity futures contracts”,
“security futures contracts”. “financial instrument futures contracts” and other similar “futures contracts”,
as such terms are defined in the Quebec STA.
“Commodity Contract”: (a) a Physical Commodity Contract, (b) any Commodity OTC
Agreement or (c) a contract for the storage or transportation of any physical Eligible Commodity.
“Commodity OTC Agreement”: (i) any forward commodity contracts (excluding any
Forward Contract which is a Physical Commodity Contract), swaps, options, collars, caps , or floor
transactions, in each case based on Eligible Commodities and (ii) any other similar transaction (including
any option to enter into any of the foregoing) or any combination of the foregoing.
“Commonly Controlled Entity”: an entity, whether or not incorporated, which is under
common control with the U.S. Borrower within the meaning of Section 4001(a)(14) of ERISA or is part
of a group which includes the U.S. Borrower and which is treated as a single employer under Section
414(b), (c), (m) or (o) of the Code.
“Compliance Certificate”: as defined in Section 7.2(b).
“Conduit Lender”: any special purpose entity organized and administered by any Lender
(or an affiliate of such Lender) for the purpose of making Loans required to be made by such Lender or of
funding such Lender’s participation in any unpaid Reimbursement Obligation and designated as its
Conduit Lender by such Lender in a written instrument; provided, that the designation by any Lender of a
Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan or a
participation in any unpaid Reimbursement Obligation under this Agreement if, for any reason, its
Conduit Lender fails to fund any such Loan or participation in any unpaid Reimbursement Obligation,
and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to
deliver all consents and waivers required or requested under this Agreement with respect to its Conduit
Lender; provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount
pursuant to Section 11.6 than the designating Lender would have been entitled to receive in respect of the
extensions of credit made by such Conduit Lender or (b) be deemed to have any commitment hereunder.
“Confidential Information”: as defined in Section 11.16.
“Consolidated Current Assets”: as of any date of determination, all assets of the Credit
Parties that, in accordance with GAAP adjusted on an Economic Basis, would be classified as current
assets on a consolidated balance sheet of the Credit Parties; provided, that amounts otherwise classified as
current assets which are due from any Affiliate (including shareholders (other than public limited partners
of the MLP)) or Subsidiary of any Credit Party shall not be classified as current assets.
“Consolidated Current Liabilities”: as of any date of determination, all liabilities of the
Credit Parties that, in accordance with GAAP adjusted on an Economic Basis, would be classified as
current liabilities on a consolidated balance sheet of the Credit Parties; provided that “Consolidated
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Current Liabilities” shall (i) include (A) except to the extent excluded in clause (ii) below, all Loans
outstanding hereunder from time to time, and (B) the current portion of all Indebtedness with a maturity
(as of such date of determination) of longer than one (1) year, and (ii) exclude any (A) Xxxx Xxxxxxx
Subordinated Indebtedness, (B) Intercompany Subordinated Indebtedness, (C) unsecured Indebtedness
permitted under Section 8.2(h) and (D) Acquisition Facility Loans.
“Consolidated EBITDA”: for any period, Consolidated Net Income of the Credit Parties
for such period, plus, without duplication and to the extent used in determining such Consolidated Net
Income, the sum of:
(1) provisions for income taxes, interest expense, and depreciation and
amortization expense;
(2) amounts deducted in respect of other non-cash expenses;
(3) the amount of any aggregate net loss (or minus the amount of any gain)
arising from the Disposition of capital assets by such Person and its Subsidiaries; and
(4) extraordinary, unusual or non-recurring losses and charges;
provided that (i) each of the foregoing items (1)-(4) shall be calculated in accordance with GAAP
adjusted on an Economic Basis, (ii) for the purposes of this definition, with respect to a business or assets
acquired by the Credit Parties pursuant to an Acquisition permitted under this Agreement, Consolidated
EBITDA shall be calculated on a pro forma basis, using historical numbers, in accordance with GAAP
and such calculation shall be determined in good faith by a financial officer of the U.S. Borrower (and the
U.S. Borrower will provide to the Administrative Agent such supporting information as Administrative
Agent may reasonably request), without giving effect to any anticipated or proposed change in operations,
revenues, expenses or other items included in the computation of Consolidated EBITDA, and in a manner
which is reasonably satisfactory to the Administrative Agent in all respects, adjusted on an Economic
Basis plus or minus any Allowed Reserve, as if the acquisition had been consummated on the first day of
such period and (iii) for the purposes of this definition, with respect to a business or assets disposed of by
the Credit Parties pursuant to a disposition permitted under this Agreement, Consolidated EBITDA shall
be calculated on a pro forma basis, using historical numbers, in accordance with GAAP and such
calculation shall be determined in good faith by a financial officer of the U.S. Borrower (and the U.S.
Borrower will provide to the Administrative Agent such supporting information as Administrative Agent
may reasonably request), without giving effect to any anticipated or proposed change in operations,
revenues, expenses or other items included in the computation of Consolidated EBITDA, and in a manner
which is reasonably satisfactory to the Administrative Agent in all respects, as if such disposition had
been consummated on the first day of such period. Notwithstanding the foregoing, but subject to clauses
(ii) and (iii) of the proviso above, Consolidated EBITDA shall be deemed to be (x) $51,912,000 with
respect to the fiscal quarter ending March 31, 2014, (y) $6,787,337 with respect to the fiscal quarter
ending June 30, 2014 and (z) $19,438,000 with respect to the fiscal quarter ending September 30, 2014.
“Consolidated Fixed Charge Coverage Ratio”: for any period, the ratio of Consolidated
EBITDA to Consolidated Fixed Charges for such period.
“Consolidated Fixed Charges”: for any period with respect to the Credit Parties, the sum
(without duplication) of (i) the amounts deducted for the cash portion of Consolidated Interest Expense in
determining Consolidated Net Income for such period, (ii) letter of credit fees to the extent paid in cash
during such period, and (iii) principal paid or payable during such period in respect of Indebtedness
(excluding (A) principal on any Loan, (B) principal on the Xxxx Xxxxxxx Subordinated Indebtedness, (C)
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principal on any Intercompany Subordinated Indebtedness, (D) principal on unsecured Indebtedness
permitted under Section 8.2(h) incurred for working capital purposes in an aggregate outstanding amount
(as of such date of determination) of $50,000,000 or less with a maturity (as of such date of
determination) of less than one (1) year that is not a note (other than a promissory note evidencing
commercial Indebtedness), debenture, bond or other like obligation) of the Credit Parties and (E) principal
on any Indebtedness outstanding under a Contango Facility). For purposes of the above calculation, (1)
with respect to a business or assets acquired by the Credit Parties pursuant to an Acquisition permitted
under this Agreement, Consolidated Interest Expense shall be calculated on a pro forma basis, using
historical numbers, in accordance with GAAP and such calculation shall be determined in good faith by a
financial officer of the U.S. Borrower (and the U.S. Borrower will provide to the Administrative Agent
such supporting information as Administrative Agent may reasonably request), without giving effect to
any anticipated or proposed change in operations, revenues, expenses or other items included in the
computation of Consolidated Interest Expense, and in a manner which is reasonably satisfactory to the
Administrative Agent in all respects, as if the Indebtedness associated with the Acquisition had been
incurred on the first day of such period (it being understood that, with respect to any Indebtedness
incurred in connection with such Acquisition, if such Indebtedness has a floating or formula rate, it shall
have an implied rate of interest for the applicable period for purposes of this definition determined by
utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of
determination) and (2) with respect to a business or assets disposed of by the Credit Parties pursuant to a
disposition permitted under this Agreement, Consolidated Interest Expense shall be calculated on a pro
forma basis, using historical numbers, in accordance with GAAP and such calculation shall be determined
in good faith by a financial officer of the U.S. Borrower (and the U.S. Borrower will provide to the
Administrative Agent such supporting information as the Administrative Agent may reasonably request),
without giving effect to any anticipated or proposed change in operations, revenues, expenses or other
items included in the computation of Consolidated Interest Expense, and in a manner which is reasonably
satisfactory to the Administrative Agent in all respects, as if such disposition had been consummated on
the first day of such period.
Notwithstanding the foregoing, but subject to causes (1) and (2) above, Consolidated Fixed
Charges shall be deemed to be (i) $10,039,998 with respect to the fiscal quarter ending Xxxxx 00, 0000, (xx)
$7,615,358 with respect to the fiscal quarter ending June 30, 2014 and (iii) $7,092,398 with respect to the
fiscal quarter ending September 30, 2014.
“Consolidated Interest Expense”: for any period with respect to the Credit Parties, the
amount which, in conformity with GAAP adjusted on an Economic Bases plus or minus any Allowed
Reserve, as applicable, would be set forth opposite the caption “interest expense” or any like caption
(including imputed interest included in payments under Financing Leases) on a consolidated income
statement of the Credit Parties for such period excluding the amortization of any original issue discount;
provided that “Consolidated Interest Expense” shall not include interest expense with respect to the Maine
Dock Liability Obligations.
“Consolidated Net Income”: for any period, the consolidated net income (or deficit) of
the Credit Parties for such period (taken as a cumulative whole) determined in accordance with GAAP
adjusted on an Economic Basis plus or minus any Allowed Reserve, as applicable; provided that there
shall be excluded (a) the income (or deficit) of any Credit Party accrued prior to the date it becomes a
Subsidiary or is merged into or consolidated with any Credit Party, (b) any write-up of any fixed asset
(other than write-ups as the result of the application of purchase accounting), (c) any net gain from the
collection of the proceeds of life insurance policies, and (d) any gain arising from the acquisition of any
securities, or the extinguishment, under GAAP, of any Indebtedness, of any Credit Party.
“Consolidated Net Working Capital”: as of any date of determination, (a) Consolidated
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Current Assets as of such date minus (b) Consolidated Current Liabilities as of such date.
“Consolidated Senior Secured Leverage Ratio”: as of any date of determination, the ratio
of (a) the Dollar Equivalent of the aggregate outstanding principal amount of Indebtedness of the Credit
Parties secured by Liens on any assets of any Credit Party as of such date minus (i) the aggregate
outstanding principal amount of Dollar Working Capital Facility Loans and any Unreimbursed Amounts
in respect of Dollar Working Capital Facility Letters of Credit outstanding at such time and (ii) the Dollar
Equivalent of the aggregate outstanding principal amount of Multicurrency Working Capital Facility
Loans and any Unreimbursed Amounts in respect of Multicurrency Working Capital Facility Letters of
Credit outstanding at such time to (b) Consolidated EBITDA for the twelve (12) month period ending as
of such date.
“Consolidated Total Leverage Ratio”: as of any date of determination, the ratio of (a) the
Dollar Equivalent of the aggregate outstanding principal amount of Indebtedness (excluding any (A) Xxxx
Xxxxxxx Subordinated Indebtedness, (B) Intercompany Subordinated Indebtedness or (C) unsecured
Indebtedness permitted under Section 8.2(h) incurred for working capital purposes in an aggregate
outstanding amount (as of such date of determination) of $50,000,000 or less with a maturity (as of such
date of determination) of less than one (1) year that is not a note (other than a promissory note evidencing
commercial Indebtedness), debenture, bond or other like obligation) of the Credit Parties as of such date
minus (x) the aggregate outstanding principal amount of Dollar Working Capital Facility Loans and any
Unreimbursed Amounts in respect of Dollar Working Capital Facility Letters of Credit outstanding at
such time and (y) the Dollar Equivalent of the aggregate outstanding principal amount of Multicurrency
Working Capital Facility Loans and any Unreimbursed Amounts in respect of Multicurrency Working
Capital Facility Letters of Credit outstanding at such time to (b) Consolidated EBITDA for the twelve
(12) month period ending as of such date.
“Contango Facility”: a senior secured credit facility of any Loan Party solely to be used
to finance Cash and Carry Transactions, the recourse to such Loan Party with respect to such credit
facility Indebtedness is limited to its interest in the inventory, forward contracts and receivables related to
such Cash and Carry Transactions (and the proceeds thereof); provided, that (a) any release of Collateral
hereunder for inclusion as collateral for the Contango Facility has been approved by the Administrative
Agent and the Supermajority Lenders and (b) such facility is subject to an intercreditor agreement in form
and substance satisfactory to the Administrative Agent and the Supermajority Lenders.
“Contango Market”: the market condition in which the price of a commodity for forward
delivery is higher than the price that is quoted for spot settlement, or where a far forward delivery price is
higher than a nearer forward delivery price.
“Continuation/Conversion Notice”: as defined in Section 4.3(a)
“Continue”, “Continuation” and “Continued”: the continuation of a Eurocurrency Loan
from one Interest Period to the next Interest Period.
“Contractual Obligation”: as to any Person, any provision of any security issued by such
Person or of any agreement, instrument or other undertaking to which such Person is a party or by which
it or any of its property is bound.
“Controlled Account”: each Pledged Account that is subject to an Account Control
Agreement.
“Convert”, “Conversion” and “Converted”: a conversion of Base Rate Loans or Prime
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Rate Loans into Eurocurrency Loans, or a conversion of Eurocurrency Loans into Base Rate Loans or
Prime Rate Loans, which may be accompanied by the transfer by a Lender (at its sole discretion) of a
Loan from one Applicable Lending Office to another.
“Counterparty Forward Contract Amount”: with respect to any Forward Contract
Counterparty, an amount equal to (a) the aggregate Marked-to-Market Value of all Eligible Forward
Contracts of the Loan Parties with such Forward Contract Counterparty with a positive value, net of (i)
cash and Cash Equivalents held by the Loan Parties from such Forward Contract Counterparty for such
Eligible Forward Contract and (ii) any claim of offset or other counterclaim known to the Loan Parties to
have been asserted in respect of those Eligible Forward Contracts by such Forward Contract
Counterparty, minus, (b) the aggregate Marked-to-Market Value of all Forward Contracts of the Loan
Parties with such Forward Contract Counterparty with a negative value, net of cash and Cash Equivalents
posted by the Loan Parties with such Forward Contract Counterparty for such Forward Contract.
“Credit Exposure”: as to any Lender at any time, the sum of its Acquisition Facility
Credit Exposure, its Dollar Working Capital Facility Credit Exposure and its Multicurrency Working
Capital Facility Credit Exposure.
“Credit Exposure Percentage”: as to any Lender at any time, the fraction (expressed as a
percentage), the numerator of which is the Credit Exposure of such Lender at such time and the
denominator of which is the aggregate Credit Exposures of all of the Lenders at such time.
“Credit Parties”: collectively, the Loan Parties, Wintergreen, and Xxxxxxx Resources
Canada.
“Credit Utilization Summary”: as defined in Section 4.13.
“Default”: any of the events specified in Section 9.1, whether or not any requirement for
the giving of notice, the lapse of time, or both, has been satisfied.
“Defaulting Lender”: at any time, any Lender that (a) within two (2) Business Days of
when due, has failed to fund any portion of any Working Capital Facility Loan, Acquisition Facility Loan,
Swing Line Loan, Refunded Swing Line Loan, Dollar Swing Line Participation Amount, Multicurrency
Swing Line Participation Amount or L/C Participation Obligation (or any participation in the foregoing)
to, as applicable, any Borrower, the Administrative Agent, any Swing Line Lender or any Issuing Lender
required pursuant to the terms of this Agreement to be funded by such Lender, or has notified the
Administrative Agent that it does not intend to do so unless such Lender notifies the Administrative
Agent in writing that such failure is the result of such Lender’s determination that one or more conditions
precedent to funding (each of which conditions precedent, together with any applicable Default, shall be
specifically identified in writing) has not been satisfied; or (b) notified any Borrower, the Administrative
Agent, any Issuing Lender, or any Lender in writing that it does not intend to comply with any of its
funding obligations under this Agreement (unless such writing states that such position is based on such
Lender’s determination that a condition precedent to funding (which condition precedent, together with
any applicable Default, shall be specifically identified in writing) cannot be satisfied) or has made a
public statement to the effect that it does not intend to comply with its funding obligations under this
Agreement or under other agreements generally in which it commits to extend credit; or (c) failed, within
three (3) Business Day after request by the Administrative Agent or the U.S. Borrower, to confirm that it
will comply with the terms of this Agreement relating to any of its obligations to fund prospective
Working Capital Facility Loans, Acquisition Facility Loans, Swing Line Loans, Refunded Swing Line
Loans, Dollar Swing Line Participation Amounts, Multicurrency Swing Line Participation Amounts or
L/C Participation Obligations; or (d) otherwise failed to pay over to the Administrative Agent, any
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Issuing Lender, or any other Lender any other amount required to be paid by it hereunder within one (1)
Business Day of the date when due, unless the subject of a good faith dispute; or (e) (i) has become or is
insolvent or has a parent company that has become or is insolvent, (ii) has become the subject of a
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed
for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in
any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment or (iii) has, or has a parent company that has, become the subject of a Bail-In
Action. For the avoidance of doubt, a Lender shall not be deemed to be a Defaulting Lender solely by
virtue of the ownership or acquisition of any Capital Stock of such Lender or a parent company of such
Lender by a Governmental Authority.
“Deposit Account”: as defined in Section 9-102 of the New York Uniform Commercial
Code.
“Designated Account Receivable” means any Account Receivable arising from the sale
or transfer of refined products by a Loan Party to any Person that is located in the New York metropolitan
area that is a commercial or industrial customer of the line of business acquired by the Loan Parties
through the acquisition of certain assets of the Castle Oil Corporation.
“Disclosing Party”: as defined in Section 11.16(b).
“Disposition”: with respect to any Property, any sale, lease, sale and leaseback,
assignment, conveyance, transfer or other disposition thereof; and the terms “Dispose” and “Disposed of”
shall have correlative meanings.
“Dollar Equivalent”: with respect to (i) an amount denominated in any currency other
than United States Dollars, the equivalent in United States Dollars of such amount determined at the
Exchange Rate on the most recent Calculation Date and (ii) an amount denominated in United States
Dollars, such amount.
“Dollar L/C Exposure”: at any time, the total L/C Obligations with respect to Dollar
Working Capital Facility Letters of Credit. The Dollar L/C Exposure of any Dollar Working Capital
Facility Lender at any time shall be its Dollar Working Capital Facility Commitment Percentage of the
total Dollar L/C Exposure at such time.
“Dollar Long Tenor Letter of Credit Sub-Limit”: $75,000,000 at any time outstanding.
“Dollar Performance Letter of Credit Sub-Limit”: $50,000,000 at any time outstanding.
“Dollar Swing Line Exposure”: at any time, the sum of the aggregate amount of all
outstanding Dollar Swing Line Loans at such time. The Dollar Swing Line Exposure of any Dollar
Working Capital Facility Lender at any time shall be the sum of (a) its Dollar Working Capital Facility
Commitment Percentage of the total Dollar Swing Line Exposure at such time related to Dollar Swing
Line Loans other than any Dollar Swing Line Loans made by such Lender in its capacity as a Dollar
Swing Line Lender and (b) if such Lender shall be a Dollar Swing Line Lender, the principal amount of
all Dollar Swing Line Loans made by such Lender outstanding at such time (to the extent that the other
Dollar Working Capital Facility Lenders shall not have funded their participations in such Swing Line
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Loans).
“Dollar Swing Line Lenders”: JPMorgan Chase Bank and BNP Paribas and each other
Dollar Working Capital Facility Lender approved by the Administrative Agent and the U.S. Borrower that
has agreed to act as a “Dollar Swing Line Lender hereunder”, in each case in its capacity as lender of
Dollar Swing Line Loans hereunder.
“Dollar Swing Line Loan Sub-Limit”: $70,000,000 at any time outstanding.
“Dollar Swing Line Loans”: as defined in Section 2.3(a).
“Dollar Swing Line Participation Amount”: as defined in Section 2.6(b)(i).
“Dollar Working Capital Facility”: the Dollar Working Capital Facility Commitments
and the extensions of credit thereunder.
“Dollar Working Capital Facility Commitment”: at any date, as to any Dollar Working
Capital Facility Lender, the obligation of such Dollar Working Capital Facility Lender to make Dollar
Working Capital Facility Loans to the Borrowers pursuant to Section 2.1(a) and to participate in Dollar
Swing Line Loans and Dollar Working Capital Facility Letters of Credit in an aggregate principal and/or
face amount at any one time outstanding not to exceed the amount set forth opposite such Dollar Working
Capital Facility Lender’s name on Schedule 1.0 under the caption “Dollar Working Capital Facility
Commitment” or, as the case may be, in the Assignment and Acceptance pursuant to which such Dollar
Working Capital Facility Lender becomes a party hereto, as such amount may be changed from time to
time in accordance with the terms of this Agreement. As of the RestatementAmendment Effective Date,
the original aggregate amount of the Dollar Working Capital Facility Commitments is
$1,000,000,000950,000,000.
“Dollar Working Capital Facility Commitment Percentage”: as to any Dollar Working
Capital Facility Lender at any time, the percentage which such Dollar Working Capital Facility Lender’s
Dollar Working Capital Facility Commitment then constitutes of the aggregate Dollar Working Capital
Facility Commitments of all Dollar Working Capital Facility Lenders at such time (or, at any time after
the Dollar Working Capital Facility Commitments shall have expired or terminated, such Dollar Working
Capital Facility Lenders’ Dollar Working Capital Facility Credit Exposure Percentage).
“Dollar Working Capital Facility Commitment Period”: the period from and including
the Restatement Effective Date to but not including the Dollar Working Capital Facility Commitment
Termination Date or such earlier date on which all of the Dollar Working Capital Facility Commitments
shall terminate as provided herein.
“Dollar Working Capital Facility Commitment Termination Date”: the date that is the
fifth anniversary of the Restatement Effective DateApril 27, 2021, or, if such date is not a Business Day,
the next preceding Business Day.
“Dollar Working Capital Facility Credit Exposure”: as to any Dollar Working Capital
Facility Lender at any time, the Available Dollar Working Capital Facility Commitment of such Dollar
Working Capital Facility Lender plus the amount of the Dollar Working Capital Facility Extensions of
Credit of such Dollar Working Capital Facility Lender.
“Dollar Working Capital Facility Credit Exposure Percentage”: as to any Dollar Working
Capital Facility Lender at any time, the fraction (expressed as a percentage), the numerator of which is the
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Dollar Working Capital Facility Credit Exposure of such Dollar Working Capital Facility Lender at such
time and the denominator of which is the aggregate Dollar Working Capital Facility Credit Exposures of
all of the Dollar Working Capital Facility Lenders at such time.
“Dollar Working Capital Facility Extensions of Credit”: at any date, as to any Dollar
Working Capital Facility Lender at any time, the aggregate outstanding principal amount of Dollar
Working Capital Facility Loans made by such Dollar Working Capital Facility Lender, plus the amount
of the undivided interest of such Dollar Working Capital Facility Lender in any then-outstanding Dollar
Working Capital Facility L/C Obligations, plus such Dollar Working Capital Facility Lender’s Dollar
Swing Line Exposure.
“Dollar Working Capital Facility Increase”: as defined in Section 4.1(b).
“Dollar Working Capital Facility Issuing Lenders”: JPMorgan Chase Bank, BNP Paribas,
Societe Generale, Natixis, New York Branch, Royal Bank of Canada and each other Dollar Working
Capital Facility Lender from time to time designated by the U.S. Borrower (and agreed to by such
Lender) as a Dollar Working Capital Facility Issuing Lender with the prior consent of the Administrative
Agent (such consent not to be unreasonably withheld, conditioned or delayed), each in its capacity as
issuer of any Dollar Working Capital Facility Letter of Credit.
“Dollar Working Capital Facility L/C Obligations”: at any time, an amount equal to the
sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Dollar Working
Capital Facility Letters of Credit and (b) the aggregate amount of drawings under Dollar Working Capital
Facility Letters of Credit which have not then been reimbursed or converted to a Dollar Working Capital
Facility Loan pursuant to Section 3.7.
“Dollar Working Capital Facility L/C Participants”: with respect to any Dollar Working
Capital Facility Letter of Credit, all of the Dollar Working Capital Facility Lenders other than the Dollar
Working Capital Facility Issuing Lender thereof.
“Dollar Working Capital Facility L/C Participation Obligations”: the obligations of the
Dollar Working Capital Facility L/C Participants to purchase participations in the obligations of the
Dollar Working Capital Facility Issuing Lenders under outstanding Dollar Working Capital Facility
Letters of Credit pursuant to Section 3.6.
“Dollar Working Capital Facility Lender”: each Lender having a Dollar Working Capital
Facility Commitment (or, after the termination of the Dollar Working Capital Facility Commitments, each
Lender holding Dollar Working Capital Facility Extensions of Credit), and, as the context requires,
includes the Dollar Working Capital Facility Issuing Lenders. As of the Restatement Effective Date, each
Dollar Working Capital Facility Lender is specified on Schedule 1.0.
“Dollar Working Capital Facility Letter of Credit”: as defined in Section 3.1.
“Dollar Working Capital Facility Letter of Credit Sub-Limit”: $300,000,000 at any time
outstanding.
“Dollar Working Capital Facility Loans”: as defined in Section 2.1(a).
“Dollar Working Capital Facility Long Tenor Letters of Credit”: Dollar Working Capital
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Facility Letters of Credit that are Long Tenor Letters of Credit.
“Dollar Working Capital Facility Maturity Date”: with respect to any Dollar Working
Capital Facility Loan, the earliest to occur of (i) the date on which the Dollar Working Capital Facility
Loans become due and payable pursuant to Section 9, (ii) the date on which the Dollar Working Capital
Facility Commitments terminate pursuant to Section 4.1 and (iii) the Dollar Working Capital Facility
Commitment Termination Date.
“Dollar Working Capital Facility Performance Letters of Credit”: Dollar Working Capital
Facility Letters of Credit that are Performance Letters of Credit.
“Dollar Working Capital Facility Utilization”: with respect to the aggregate Dollar
Working Capital Facility Commitments, for any fiscal quarter, an amount (expressed as a percentage)
equal to the quotient of (a) the quotient of (i) the sum of the applicable Total Dollar Working Capital
Facility Extensions of Credit outstanding as of the close of business on each day during such fiscal
quarter divided by (ii) the number of days in such fiscal quarter divided by (b) the aggregate Dollar
Working Capital Facility Commitments in effect on the last Business Day of such fiscal quarter.
“Dutch Guarantor”: Xxxxxxx Resources Coöperatief U.A..
“Dutch Membership Pledge Agreement”: the Deed of Disclosed Pledge over Membership
Rights for Xxxxxxx Resources Coöperatief U.A., substantially in the form of Exhibit C-3, to be executed
and delivered by the U.S. Borrower and Xxxxxxx Co-op Member LLC, as pledgors, the Administrative
Agent and Xxxxxxx Resources Coöperatief U.A.
“Dutch Receivables Pledge Agreement”: the Deed of Pledge over Receivables (Bank
Accounts, Insurance Policies and Intercompany Claims), substantially in the form of Exhibit B-3, to be
executed and delivered by Xxxxxxx Resources Coöperatief U.A. and the Administrative Agent.
“Dutch Security Documents”: collectively, the Dutch Membership Pledge Agreement and
the Dutch Receivables Pledge Agreement.
“Economic Basis”: means GAAP adjusted to include, as applicable and to the extent not
already included in the calculation of GAAP at such time, (a) the positive Market Value of inventory and
exchanges in respect of transactions that do not qualify for hedging treatment under GAAP; (b) the
positive or negative Marked-to-Market Value of Forward Contracts, including, but not limited to, forward
physical purchase and sales contracts, that do not qualify as derivatives under GAAP, such as storage and
transportation; provided that the preceding clause (b), with respect to storage and transportation contracts,
shall be limited to the intrinsic value of the underlying contracts, net of any demand charges; and (c) other
Marked-to-Market changes or adjustment as determined by the U.S. Borrower with agreement from the
Administrative Agent; provided, that in its reasonable discretion the Administrative Agent may require
the vote of the Required Lenders.
“EEA Financial Institution”: (a) any institution established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA
Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
institution established in an EEA Member Country which is a subsidiary of an institution described in
clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country”: any of the member states of the European Union, Iceland,
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Liechtenstein, and Norway.
“EEA Resolution Authority”: any public administrative authority or any Person entrusted
with public administrative authority of any EEA Member Country (including any delegee) having
responsibility for the resolution of any EEA Financial Institution.
“Eligible Account Receivable”: as of any Borrowing Base Date, an Account Receivable
as to which the following requirements have been fulfilled:
(a) such Account Receivable relates to a Materials Handling Contract, rail car lease
or sublease, transportation services agreement, Commodity Contract or Financial Hedging Agreement;
(b) the relevant Loan Party has lawful and absolute title to such Account Receivable
subject only to Permitted Borrowing Base Liens or Liens in favor of the Administrative Agent for the
benefit of the Secured Parties under the Loan Documents; provided that the amount of the Eligible
Account Receivable, if any, included in the U.S. Borrowing Base or Kildair Borrowing Base, as
applicable, shall be net of the aggregate amount secured by such Permitted Borrowing Base Lien (other
than Liens created by the Security Documents);
(c) with respect to any such Account Receivable relating to a Financial Hedging
Agreement, the amount of such Account Receivable payable by the Account Debtor thereof has been
determined;
(d) such Account Receivable is a valid, legally enforceable obligation of the party
who is obligated under such Account Receivable;
(e) the amount of such Account Receivable included as an Eligible Account
Receivable shall have been reduced by any portion that is, or which any Loan Party has a reasonable basis
to believe may be, subject to any dispute, offset, counterclaim or other claim or defense on the part of the
Account Debtor (including offset or netting relating to trade or any other payables, contra, accrued
liabilities, unrealized forward losses and net exchange payables specific to such Account Debtor) or to
any claim on the part of the Account Debtor denying payment liability under such Account Receivable
(provided that any amount so deducted shall not be further deducted from the U.S. Borrowing Base or
Kildair Borrowing Base, as applicable);
(f) such Account Receivable is not evidenced by any chattel paper, promissory note
or other instrument unless such chattel paper, promissory note or other instrument is subject to a Perfected
First Lien and delivered to the Administrative Agent for the benefit of the Secured Parties;
(g) such Account Receivable is subject to a Perfected First Lien, and such Account
Receivable is not subject to any Liens other than Perfected First Liens or Permitted Borrowing Base
Liens;
(h) (i) such Account Receivable has been fully earned (or in the case of rail car
leases or subleases, invoiced no earlier than 30 days in advance of the relevant lease period and earned as
a result of the passage of time over the course of such lease period) and such Account Receivable has
been invoiced (if the issuance of such an invoice is a condition precedent to the Account Debtor’s
obligation to pay) or is, as of such Borrowing Base Date, within four (4) Business Days of being invoiced
or (ii) payment of the Account Receivable is otherwise due and payable; provided that such Account
Receivable shall qualify as an Eligible Account Receivable only (A) with respect to the U.S. Borrowing
Base, if such Account Receivable arises from the sale of wholesale Natural Gas Products where it is
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customary industry practice for the payment for such Natural Gas Product to be due on the 25th of each
month, not more than 30 days have elapsed after the due date specified in the original invoice; (B) if such
Account Receivable arises from a Financial Hedging Agreement and not more than five (5) Business
Days have elapsed after the date on which the payment of the Account Receivable is required to be paid
under the terms of such Financial Hedging Agreement; (C) with respect to a Designated Account
Receivable, if not more than 90 days have elapsed after the due date specified in the original invoice and
(D) for any other Account Receivable not covered by clauses (A), (B) or (C), if not more than 60 days
have elapsed after the due date specified in the original invoice; provided, further, that an “Eligible
Account Receivable” shall not include (i) any Designated Account Receivable that is outstanding longer
than 120 days after the date such Account Receivable arose and (ii) any Account Receivable (other than a
Designated Account Receivable) that is outstanding longer than 90 days after the date such Account
Receivable arose; provided, further, that the aggregate amount of Eligible Accounts Receivable invoiced
in advance in respect of rail car leases or subleases shall not exceed $2,000,000;
(i) such Account Receivable complies with all applicable Laws (excluding any
prohibition, limitation or restriction in any agreement with a Governmental Authority to the extent that
such prohibition, limitation or restriction would be ineffective under applicable Law (including as
provided under Sections 9-406 and 9-408 of the Uniform Commercial Code or Section 40(4) of the PPSA
(or the corresponding Section of such other PPSA) as from time to time in effect in the applicable
jurisdiction)) to which the relevant Loan Party is subject;
(j) such Account Receivable is reduced by any prepayment or cash collateral from
the applicable Account Debtor;
(k) if the Account Debtor of such Account Receivable is a debtor under the
Bankruptcy Code or in respect of which a proceeding, petition, application or plan of arrangement has
commenced under Insolvency Laws (any of the foregoing, a “Chapter 11 Debtor”), such Account
Receivable arose after the commencement of the bankruptcy case or such proceeding, petition,
application or plan (the “Petition Date”) of such Account Debtor or has been assumed by such Account
Debtor;
(l) at the time of the sale giving rise to such Account Receivable, the Account
Debtor is not in contractual default on any other obligations to any Loan Party (other than (i) any amounts
subject to a good faith dispute under the applicable contract, (ii) amounts due and owing within the
applicable time periods specified in clause (h) above and (iii) with respect to any Account Debtor that is a
Chapter 11 Debtor, payment defaults that occurred prior to the Petition Date of such Chapter 11 Debtor or
other defaults that arose as a result of such Account Debtor becoming a Chapter 11 Debtor); provided,
however, that this clause (l) shall not apply to any Account Debtor to which a Loan Party, consistent with
its internal credit policies, has granted a waiver of a contractual default to lift a specified volume of
product;
(m) except with respect to an Account Receivable described in clause (k) above, the
Account Debtor obligated on such Account Receivable (i) has not admitted in writing its inability to pay
its debts generally or made a general assignment for the benefit of its creditors, (ii) has not instituted or
had instituted against it a proceeding seeking to adjudicate it a debtor, bankrupt or insolvent or seeking
liquidation, winding up, reorganization, compromise, arrangement, adjustment, stay of proceedings,
protection, relief or composition of it or its debts under any Law relating to bankruptcy, insolvency or
reorganization or relief of debtors or corporate law or seeking the entry of an order for relief or the
appointment of a receiver, interim receiver, receiver and manager, monitor, trustee or other similar
official of it or for any substantial part of its property, and (iii) has not taken any corporate action to
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authorize any of the foregoing;
(n) (i) the Account Debtor of such Account Receivable shall not be a Governmental
Authority unless all actions required under any Assignment of Claims Act, the Financial Administration
Act (Canada) and any similar local, provincial or territorial laws, rules or regulations applicable to such
Account Receivable and such Governmental Authority shall have been taken to approve and permit the
assignment of rights to payment thereunder or thereon to the Administrative Agent, for the ratable benefit
of the Secured Parties, under the Security Documents and (ii) the Account Debtor of such Account
Receivable shall not be a Governmental Authority of a State within the United States unless such state has
waived any claim of sovereign immunity with respect to such Account Receivable by statute, applicable
case law, contract or otherwise; provided that at the Co-Collateral Agents’ discretion, exercised in good
faith, any Accounts Receivable that would otherwise be considered ineligible pursuant to this clause (n)
shall not be deemed ineligible solely as a result of this clause (n);
(o) if the Account Debtor of such Account Receivable is a Subsidiary or an Affiliate
of the U.S. Borrower, such Account Debtor is approved by the Required Lenders in their sole discretion
(exercised in good faith);
(p) if the Account Debtor of such Account Receivable is incorporated in, or
primarily conducts business in, any jurisdiction outside the United States or Canada, such Account Debtor
is an Eligible Foreign Counterparty;
(q) the Account Debtor of such Account Receivable is creditworthy in accordance
with the Risk Management Policy; provided, that such Account Debtor may be deemed non-creditworthy
(and therefore such Account Receivable thereof shall be ineligible for inclusion as an “Eligible Account
Receivable”) in the judgment of the Co-Collateral Agents after consultation with the U.S. Borrower;
(r) such Account Receivable is denominated in United States Dollars or Canadian
Dollars and payable in the United States or Canada;
(s) such Account Receivable is not inclusive of any demurrage claim;
(t) with respect to any such Account Receivable relating to a Materials Handling
Contract, such Account Receivable has been billed in arrears; and
(u) solely with respect to any Account Receivable of a Kildair Loan Party, such
Account Receivable is not an Excess Concentration Account Receivable.
“Eligible Acquisition Asset Value”: 70% multiplied by the aggregate Estimated Going
Concern Value of the Approved Acquisition Assets taken as a whole.
“Eligible Asphalt Inventory”: as of any Borrowing Base Date, all Eligible Inventory of
the Loan Parties consisting of asphalt.
“Eligible Broker”: as defined in the definition of “Eligible Net Liquidity in Futures
Accounts” in this Section 1.1.
“Eligible Cash and Cash Equivalents”: as of any Borrowing Base Date, currency
consisting of United States Dollars, Canadian Dollars or Cash Equivalents, in each case, which (i) has
been deposited in a Deposit Account or a Securities Account with a Cash Management Bank that is
subject to an Account Control Agreement, (ii) is subject to a Perfected First Lien, and (iii) is subject to no
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other Liens other than Permitted Cash Management Liens.
“Eligible Coal Inventory”: as of any Borrowing Base Date, all Eligible Inventory of the
Loan Parties consisting of Coal Products.
“Eligible Commodities”: collectively, Coal Products, Natural Gas Products, Petroleum
Products and asphalt.
“Eligible Exchange Receivable”: an Exchange Receivable of any Loan Party that would
be an Eligible Account Receivable but for the fact that the consideration to be received by such Loan
Party consists in whole or in part of the delivery of Eligible Commodities; provided, however, that the
value of an Eligible Exchange Receivable shall be the Value as of any Borrowing Base Date of the
Eligible Commodities required to be delivered to such Loan Party.
“Eligible Foreign Counterparty”: means an Account Debtor that is incorporated in, or
primarily conducts business in, any jurisdiction outside the United States or Canada, and (A) is set forth
on Schedule 1.1(C) or (B) has been approved by the Required Lenders, in their sole discretion, from time
to time after the Restatement Effective Date in accordance with the following procedure: (x) the U.S.
Borrower shall deliver a written request to the Administrative Agent for such approval by the Required
Lenders of such counterparty and credit exposure, which request shall be provided by the Administrative
Agent to the Lenders, including, if requested by a Lender, through posting on Intralinks or other web site
in use to distribute information to the Lenders, or by other electronic mail, or other notice procedure
permitted under Section 11.2; and (y) the Required Lenders shall inform the Administrative Agent of such
approval in writing (by electronic communication, telecopy or facsimile) within five (5) Business Days
after receipt of notice from the Administrative Agent; provided that failure of a Lender to respond to any
request for approval within the time period provided for hereby shall be deemed to be an acceptance of
such counterparty as an Eligible Foreign Counterparty by such Lender; provided, further, that, the
Supermajority Lenders, in their sole discretion, may from time to time revoke the Eligible Foreign
Counterparty status of any counterparty previously approved as an Eligible Foreign Counterparty or
reduce the previously-approved credit exposure of the Loan Parties to such counterparty, which
revocation or reduction shall be effective as of the first Borrowing Base Date that is at least ten (10) days
after the delivery of written notice of such revocation or reduction by the Administrative Agent to the
U.S. Borrower. The Administrative Agent may, in its sole discretion, extend such five (5) Business Day
period if the Administrative Agent determines that any counterparty requires additional review by the
Lenders. Schedule 1.1(C) shall be deemed amended to include such Eligible Foreign Counterparties and
the related credit exposure without further action immediately upon the Required Lenders’ approval of
such Eligible Foreign Counterparty and the related credit exposure in accordance with the procedure
described in this definition.
“Eligible Forward Contract”: a Forward Contract of a Loan Party as to which all of the
following requirements have been fulfilled:
(a) such Forward Contract conforms to the Risk Management Policy;
(b) the Forward Contract Counterparty to such Forward Contract is not a Subsidiary
of a Loan Party or an Affiliate of a Loan Party;
“Eligible(c) such Forward Contract”: a Forward Contract of a Loan Party which (a)
conforms to the Risk Management Policy, (b) is evidenced by a written agreement or a trade
confirmation enforceable against the partyForward Contract Counterparty thereto, (c) is subject to
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a Perfected First Lien, subject only to Permitted Borrowing Base Liens, (d);
(d) (i) such Forward Contract is subject to a Perfected First Lien, subject only to
Permitted Borrowing Base Liens, and (ii) (A) the grant of the Perfected First Lien over such
Forward Contract is not prohibited by any contract, agreement or instrument evidencing or
governing such Forward Contract, (B) the grant of the Perfected First Lien over such Forward
Contract does not terminate such Forward Contract or give any other party thereto or to any such
contract, agreement or instrument the right to terminate such Forward Contract or such party’s
obligations under any such Forward Contract or (C) if the grant of the Perfected First Lien over
such Forward Contract is only permitted under the terms of any contract, agreement or instrument
evidencing or governing such Forward Contract with the consent of any other Person party thereto,
such consent has been obtained, unless, in the case of any of sub-clauses (A) through (C) of this
clause (ii), any such prohibition, limitation or restriction would be ineffective under applicable
Law (including as provided under Sections 9-406 and 9-408 of the UCC or Section 40(4) of the
PPSA (or the corresponding section of such other PPSA) as from time to time in effect in the
applicable jurisdiction));
(e) such Forward Contract has not been terminated and is not currently subject to
termination by reason of an occurrence of aany default or any, other termination event or other
similar event having occurred thereunder, (e) the Forward Contract Counterparty thereto is not a
Subsidiary or an Affiliate of any Loan Party, (f);
(f) if the Forward Contract Counterparty to such Forward Contract is a Chapter 11
Debtor, such Forward Contract was entered into after the Petition Date of such Forward Contract
Counterparty or has been assumed by such Forward Contract Counterparty;
(g) the Forward Contract Counterparty to such Forward Contract is not in contractual
default on any other obligations to any Loan Party (other than (i) any amounts subject to a good
faith dispute under the applicable contract and (ii) with respect to any Forward Contract
Counterparty that is a Chapter 11 Debtor, payment defaults that occurred prior to the Petition Date
of such Chapter 11 Debtor or other defaults that arose as a result of such Forward Contract
Counterparty becoming a Chapter 11 Debtor); provided, however, that this clause (g) shall not
apply to any Forward Contract Counterparty to which a Loan Party, consistent with its internal
credit policies, has granted a waiver of a contractual default;
(h) except with respect to a Forward Contract described in clause (f) or (g) above, the
Forward Contract Counterparty to such Forward Contract (i) has not admitted in writing its
inability to pay its debts generally or made a general assignment for the benefit of its creditors,
(ii) has not instituted or had instituted against it a proceeding seeking to adjudicate it a debtor,
bankrupt or insolvent or seeking liquidation, winding up, reorganization, compromise,
arrangement, adjustment, stay of proceedings, protection, relief or composition of it or its debts
under any Law relating to bankruptcy, insolvency or reorganization or relief of debtors or seeking
the entry of an order for relief or the appointment of a receiver, interim receiver, receiver and
manager, monitor, trustee or other similar official of it or for any substantial part of its property,
and (iii) has not taken any corporate action to authorize any of the foregoing;
(i) such Forward Contract has not been deemed ineligible as to its form by the Co-
Collateral Agents acting in their sole discretion,; and
(gj) (i) the Forward Contract Counterparty thereto isto such Forward Contract shall not
be a Governmental Authority unless all actions required under any applicable Assignment of
Claims Act, the Financial Administration Act (Canada), and any other similar local, provincial, or
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territorial laws, rules or regulations, if any, applicable to such Forward Contract and such
Governmental Authority shall have been taken to approve and permit the assignment of rights to
payment thereunder or thereon to the Administrative Agent, for the ratable benefit of the Secured
Parties under the Security Documents and (ii) the Forward Contract Counterparty to such Forward
Contract shall not be a Governmental Authority of a State within the United States unless such
state has waived any claim of sovereign immunity with respect to such Forward Contract by
statute, applicable case law, contract or otherwise; provided that at the Co-Collateral Agents’
discretion, exercised in good faith, any Forward Contract that would otherwise be considered
ineligible pursuant to this clause (gj) shall not be deemed ineligible solely as a result of this clause
(gj).
“Eligible Hedged Natural Gas Inventory”: as of any Borrowing Base Date, the Value of
Eligible Natural Gas Inventory as of such date that has been Hedged.
“Eligible Hedged Petroleum Inventory”: as of any Borrowing Base Date, the Value of
Eligible Petroleum Inventory as of such date that has been Hedged.
“Eligible In the Money Forward Contract Amount”: to the extent that the Counterparty
Forward Contract Amount with respect to any Forward Contract Counterparty is positive, such
Counterparty Forward Contract Amount.
“Eligible Inventory”: as of any Borrowing Base Date, all inventory of any Loan Party
consisting of Eligible Commodities valued at the then current Value, and in all instances as to which the
following requirements have been fulfilled:
(a) the inventory is owned by such Loan Party;
(b) the inventory is subject to a Perfected First Lien and is free and clear of all other
Liens except Permitted Borrowing Base Liens;
(c) all requirements set forth in Section 5(k) of the U.S. Security Agreement or
Section 5(k) of the Canadian Security Agreement, as applicable, applicable to such inventory have been
satisfied;
(d) the inventory has not been identified for deliveries with the result that a buyer
may have rights to the inventory that could be superior to the Perfected First Liens, nor shall such
inventory have become subject to a customer’s ownership or lien;
(e) the inventory is in transit, in a pipeline or in a storage facility at an Approved
Inventory Location in the U.S. or Canada and, if such inventory is in transit on a water borne vessel
chartered, rented, owned or leased by such Loan Party, either a xxxx of lading related thereto has been
issued to or endorsed to the order of such Loan Party (without further endorsement as of such Borrowing
Base Date) or a letter of indemnity for payment, provided by the holder or named shipper thereof, has
been issued to or addressed to such Loan Party;
(f) the inventory is in good saleable condition, is not deteriorating in quality and is
not obsolete;
(g) with respect to any inventory consisting of biofuels, biodiesel or ethanol, not
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more than six (6) months has passed since the receipt thereof; and
(h) the inventory has not been placed on consignment;
provided that (i) the value of Eligible Inventory shall be reduced by the Value of any net volumetric
balance owed by any Loan Party to a counterparty with whom such Loan Party holds title to the
inventory, and (ii) (A) line fill and tank bottoms (other than any tank bottoms consisting of distillates,
gasolines or other light oil products or residual fuel oils acceptable to the Co-Collateral Agents in their
sole discretion) in transportation or storage facilities owned by any Loan Party and (B) the portion of
commodities held in third party transportation or storage facilities (1) that are tank bottoms (other than
any tank bottoms consisting of distillates, gasolines or other light oil products or residual fuel oils
acceptable to the Co-Collateral Agents in their sole discretion) or (2) line fill or working inventory
(however designated) that is not subject to an agreement recognizing such Loan Party’s ownership and/or
the withdrawal of which is subject to contractual restrictions (other than any tank bottoms consisting of
distillates, gasolines or other light oil products or residual fuel oils acceptable to the Co-Collateral Agents
in their sole discretion), will not be considered “Eligible Inventory”. For the purposes of this definition,
“tank bottoms” with respect to asphalt shall be deemed to be that portion of asphalt that is located at or
below the suction point.
“Eligible Letters of Credit Issued for Commodities Not Yet Received”: as of any
Borrowing Base Date, the aggregate face amount of either standby and/or documentary Letters of Credit
for the purchase or transportation of Eligible Commodities for which title has passed to a Loan Party as of
such Borrowing Base Date, as long as such Loan Party is able to calculate drawable liability thereof in a
manner acceptable to the Co-Collateral Agents in their sole discretion (exercised in good faith), which
such manner shall be in such Loan Party’s normal course of business and consistent with its month-end
reconciliation processes, minus any amounts drawn or paid under such Letters of Credit minus any other
liabilities then existing that may be satisfied by any such Letters of Credit minus any other liabilities that
may be owed by such Loan Party to the beneficiary of any such Letters of Credit and which may be
satisfied by any such Letters of Credit minus, with regard to any such Letters of Credit for transportation,
any liabilities that may be satisfied by any such Letters of Credit as reasonably estimated by such Loan
Party through the immediately following calendar month, if the applicable Borrowing Base Date is as of
the end of the month, and otherwise through the end of the current calendar month.
“Eligible Long Term Unrealized Forward Gain”: as of any Borrowing Base Date, the
Aggregate Eligible In the Money Forward Contract Amount at such date for Eligible Forward Contract
obligations whose final cash or physical settlement is during the period exceeding twenty-four (24)
months but no greater than thirty-six (36) months after such Borrowing Base Date; provided that,
notwithstanding the foregoing, an Eligible Forward Contract shall be excluded from the calculation of
Eligible Long Term Unrealized Forward Gain if it is not in compliance with the Risk Management Policy
or is a Futures Contract.
“Eligible Medium Term Unrealized Forward Gain”: as of any Borrowing Base Date, the
Aggregate Eligible In the Money Forward Contract Amount at such date for Eligible Forward Contract
obligations whose final cash or physical settlement is during the period exceeding twelve (12) months but
no greater than twenty-four (24) months after such Borrowing Base Date; provided that, notwithstanding
the foregoing, an Eligible Forward Contract shall be excluded from the calculation of Eligible Medium
Term Unrealized Forward Gain if it is not in compliance with the Risk Management Policy or is a Futures
Contract.
“Eligible Natural Gas Inventory”: as of any Borrowing Base Date, all Eligible Inventory
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of the Loan Parties consisting of Natural Gas Products.
“Eligible Net Liquidity in Futures Accounts”: as of any Borrowing Base Date, the Net
Liquidation Value of any Commodity Account of any Loan Party as of such date maintained with BNP
Paribas Commodity Futures, Inc., Citigroup Global Markets Inc., NewEdge USA, LLC or a reputable
broker reasonably acceptable to the Administrative Agent (each, so long as such Person remains qualified
as such pursuant to the next succeeding sentence, an “Eligible Broker”) with respect to positions held by
such Eligible Broker on a regulated exchange (including the New York Mercantile Exchange, the
Intercontinental Commodities Exchange and CME ClearPort) that have been maintained at all times and
in all respects in accordance with the Risk Management Policy and this Agreement (including for the
avoidance of doubt, all transactions credited to such Commodity Account or related thereto) which such
Commodity Account is subject to (i) a Perfected First Lien, subject only to Permitted Borrowing Base
Liens and any Lien of such Eligible Broker in connection with any indebtedness of such Loan Party to
such Eligible Broker permitted by the applicable Account Control Agreement (including, but not limited
to, if permitted, any right of the Eligible Broker to close out open positions of such Loan Party without
prior demand for additional margin and without prior notice) (such amounts in a Commodity Account
subject to the liens and close-out rights of the Eligible Broker set forth in this clause (i), the “Brokerage
Account Deducts”), and (ii) an Account Control Agreement among the Administrative Agent, such Loan
Party holding such account and the Eligible Broker with which such account is maintained. For the
avoidance of doubt, a broker may, at any time, cease to qualify as an “Eligible Broker” for all purposes
hereunder upon two (2) Business Days’ notice thereof by the Administrative Agent, acting in its
reasonable discretion, to the U.S. Borrower. Eligible Net Liquidity in Futures Accounts shall include any
discounted face value of any U.S. Treasury Securities held as of such date in such account that are zero
coupon securities issued by the United States of America, minus any unearned interest on such U.S.
Treasury Securities as of such date; provided that the maturity date thereof is within six (6) months of the
relevant Borrowing Base Date; provided, further, that the Eligible Net Liquidity in Futures Accounts as
calculated pursuant to this definition shall be net of any Brokerage Account Deducts.
“Eligible Petroleum Inventory”: as of any Borrowing Base Date, all Eligible Inventory of
the Loan Parties consisting of Petroleum Products.
“Eligible RINs”: as of any Borrowing Base Date, all inventory of any Loan Party
consisting of RINs valued at the then current Value, and in all instances as to which the following
requirements have been fulfilled:
(a) the Eligible RIN is owned by such Loan Party;
(b) the Eligible RIN is subject to a Perfected First Lien and is free and clear of all
other Liens except Permitted Borrowing Base Liens;
(c) if the Eligible RIN is credited to a Commodity Account or Securities Account,
such account is a Controlled Account;
(d) all requirements of applicable law with respect to the Eligible RIN have been
satisfied; and
(e) the Eligible RIN has an expiration date at least 31 days after the applicable
Borrowing Base Date.
“Eligible Short Term Unrealized Forward Gain”: as of any Borrowing Base Date, the
Aggregate Eligible In the Money Forward Contract Amount at such time for Eligible Forward Contract
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obligations whose final cash or physical settlement is during the period ending twelve (12) months after
such Borrowing Base Date; provided that, notwithstanding the foregoing, an Eligible Forward Contract
shall be excluded from the calculation of Eligible Short Term Unrealized Forward Gain if it is not in
compliance with the Risk Management Policy or is a Futures Contract.
“Eligible Tier 1 Account Receivable”: at the time of any determination thereof, each
Eligible Account Receivable the Account Debtor of which is a Tier 1 Counterparty.
“Eligible Tier 2 Account Receivable”: at the time of any determination thereof, each
Eligible Account Receivable the Account Debtor of which is a Tier 2 Counterparty.
“Eligible Unbilled Account Receivable”: as of any Borrowing Base Date, each Account
Receivable of any Loan Party which would be an Eligible Account Receivable but for the fact that such
Account Receivable has not actually been invoiced prior to such Borrowing Base Date.
“Eligible Unbilled Tier 1 Account Receivable”: at the time of any determination thereof,
each Eligible Unbilled Account Receivable the Account Debtor of which is a Tier 1 Counterparty.
“Eligible Unbilled Tier 2 Account Receivable”: at the time of any determination thereof,
each Eligible Unbilled Account Receivable the Account Debtor of which is a Tier 2 Counterparty.
“Employee Benefit Plans”: any benefit plan or arrangements in respect of any employees
(including employees who are employed in Canada) or past employees operated by any Loan Party or in
which any Loan Party participates and which provides benefits on retirement or voluntary withdrawal
from or involuntary termination of employment, including termination indemnity payments and post-
retirement medical benefits.
“Environmental Laws”: any and all federal, state, provincial, territorial or local statutes,
orders, regulations or other Law having the force and effect of law, including common law, guidelines,
decrees, orders, orders-in-council, injunctions, rules, judgments, consents, directives, instructions,
standards, judicial or administrative decisions or other requirements by Governmental Authority having
the force and effect of law, including judicial interpretation of any of the foregoing concerning the
environment or health and safety (including regulating, relating to or imposing liability or standards of
conduct concerning Materials of Environmental Concern) which are in existence now or in the future and
are binding at any time on any Loan Party in the relevant jurisdiction in which such Loan Party has been
or is operating (including by the export of its products or its waste to that jurisdiction). Notwithstanding
anything in this Agreement or in any other Loan Document to the contrary, the defined term “Laws” and
the usage of such term (including as used in the defined term “Requirement of Law”) herein and in each
other Loan Document shall not include any of the items in the definition of the term “Laws” to the extent
they both (i) concern the environment or health and safety (including regulating, relating to or imposing
liability or standards of conduct concerning Materials of Environmental Concern) and (ii) do not have the
force and effect of law.
“Environmental Permits”: any permit, license, registration, consent, approval and other
authorization from a Governmental Authority required under any Environmental Law for the operation of
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the business, including facilities and equipment, of any Loan Party conducted on, at the Properties.
“ERISA”: the Employee Retirement Income Security Act of 1974, as amended.
“ESA”: as defined in Section 6.1(x).
“Estimated Going Concern Value”: with respect to any Approved Acquisition Asset, the
“going concern value” of such Approved Acquisition Asset as reflected in the most recent Business
Valuation of such Approved Acquisition Asset obtained by the Administrative Agent on or prior to the
Restatement Effective Date (or with respect to any Approved Acquisition Asset acquired after the
Restatement Effective Date, upon acquisition thereof), pursuant to Section 7.16, or at the request of the
U.S. Borrower (at the U.S. Borrower’s sole expense).
“EU Bail-In Legislation Schedule”: the EU Bail-In Legislation Schedule published by the
Loan Market Association (or any successor Person), as in effect from time to time.
“Eurocurrency Base Rate”: with respect to (a) any Eurocurrency Loan denominated in
United States Dollars for any Interest Period, the London interbank offered rate as administered by the
ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for
United States Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01
or LIBOR02 of the Reuters Screen that displays such rate (or, in the event such rate does not appear on
either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or
on the appropriate page of such other information service that publishes such rate from time to time as
selected by the Administrative Agent in its reasonable discretion; in each case, the “LIBOR Screen Rate”)
as of the Specified Time on the Quotation Day for such Interest Period; provided that if any LIBOR
Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement
and (b) any Eurocurrency Loan denominated in Canadian Dollars for any Interest Period, the CDOR
Screen Rate as of the Specified Time and on the Quotation Day for such Interest Period; provided that if
any CDOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this
Agreement; provided, further, if a LIBOR Screen Rate or CDOR Screen Rate, as applicable, shall not be
available at such time for such Interest Period (an “Impacted Interest Period”), then the Eurocurrency
Base Rate for such currency and Interest Period shall be the Interpolated Rate at such time (provided that
if the Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this
Agreement); provided further that all of the foregoing shall be subject to Section 4.15(a).
“Eurocurrency Loans”: Loans for which the applicable rate of interest is based upon the
Eurocurrency Rate.
“Eurocurrency Rate”: with respect to each day during each Interest Period pertaining to a
Eurocurrency Loan, a rate per annum determined for such day in accordance with the following formula:
Eurocurrency Base Rate
1.00 - Eurocurrency Reserve Requirements
“Eurocurrency Reserve Requirements”: for any day as applied to a Eurocurrency Loan in
any currency, the aggregate of the maximum reserve, liquid asset or similar percentages (including basic,
supplemental, marginal and emergency reserves) expressed as a decimal established by any
Governmental Authority of the jurisdiction of such currency (or by any other Person) to which banks in
such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in
such currency or by reference to which interest rates applicable to loans in such currency are determined.
Such reserve, liquid assets or similar percentages shall, in the case of United States Dollars, include those
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imposed pursuant to Regulation D of the Board. Eurocurrency Loans denominated in Canadian Dollars
shall be deemed to be the subject of such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under Regulation D or any
other applicable law, rule or regulation. The Eurocurrency Reserve Requirements shall be adjusted
automatically on and as of the effective date of any change in any reserve percentage.
“Event of Default”: any of the events specified in Section 9.1 for which all applicable
requirements for the giving of notice, the lapse of time, or both, have been satisfied.
“Excess Concentration Accounts Receivable”: with respect to any Account Debtor, to the
extent the aggregate amount of Accounts Receivable owing from such Account Debtor and its Affiliates
to the Kildair Loan Parties exceeds 15% of the aggregate Eligible Accounts Receivable for all Kildair
Loan Parties, any Accounts Receivable in excess of such threshold; provided that any Account
Receivable that is either (i) owing from an Account Debtor listed on Schedule 1.1(F) (as such schedule
may be updated by the U.S. Borrower from time to time with the approval of the Co-Collateral Agents),
(ii) owing from an Account Debtor who is Investment Grade or (iii) supported by an Acceptable
Investment Grade Credit Enhancement, shall be excluded from the aggregate amount of Accounts
Receivable owing from the applicable Account Debtor for purposes of the above calculation.
“Exchange Rate”: with respect to any non-United States Dollar or non-Canadian Dollar
currency, as applicable, on any date, the rate at which such currency may be exchanged into United States
Dollars or Canadian Dollars, as applicable, as set forth on such date on the relevant Reuters currency page
at or about 11:00 A.M., London time, on such date. In the event that such rate does not appear on any
Reuters currency page, the “Exchange Rate” with respect to such non-United States Dollar or non-
Canadian Dollar currency, as applicable, shall be determined by reference to such other publicly available
service for displaying exchange rates as may be agreed upon by the Administrative Agent and the U.S.
Borrower or, in the absence of such agreement, such “Exchange Rate” shall instead be the Administrative
Agent’s spot rate of exchange in the interbank market where its foreign currency exchange operations in
respect of such non-United States Dollar or non-Canadian Dollar currency, as applicable, are then being
conducted, at or about 10:00 A.M., local time, on such date for the purchase of United States Dollars or
Canadian Dollars, as applicable, with such non-United States Dollar or non-Canadian Dollar currency, as
applicable, for delivery two Business Days later; provided, that if at the time of any such determination,
no such spot rate can reasonably be quoted, the Administrative Agent may use any reasonable method as
it deems applicable to determine such rate, and such determination shall be conclusive absent manifest
error.
“Exchange Receivable”: any right to receive consideration that would be an Account
Receivable but for the fact that the consideration to be received by the relevant Loan Party consists in
whole or in part of the delivery of Eligible Commodities.
“Excluded Accounts”: collectively, Deposit Accounts of any Grantor solely to the extent
that the amount on deposit in such Deposit Accounts, in aggregate, at any one time is less than $200,000.
“Excluded Swap Obligation”: with respect to any Loan Party, any Swap Obligation if,
and to the extent that, and only for so long as, all or a portion of the guarantee of such Loan Party of, or
the grant by such Loan Party of a security interest to secure, as applicable, such Swap Obligation (or any
guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or
order of the Commodity Futures Trading Commission (or the application or official interpretation of any
thereof) by virtue of such Loan Party’s failure to constitute an “eligible contract participant,” as defined in
the Commodity Exchange Act and the regulations thereunder, at the time the guarantee of (or grant of
such security interest by, as applicable) such Loan Party becomes or would become effective with respect
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to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one
Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps
for which such guarantee or security interest is or becomes illegal.
“Exempt CFC”: any “controlled foreign corporation” (as defined in Section 957 of the
Code) of which the MLP or a Subsidiary of the MLP is a “United States shareholder” (within the meaning
of the Code).
“Existing Acquisition Facility Letter of Credit”: each outstanding “Acquisition Facility
Letter of Credit” (as defined in the Existing Credit Agreement) set forth on Schedule 3.2.
“Existing Acquisition Facility Loan”: each “Acquisition Facility Loan” (as defined in the
Existing Credit Agreement) that is outstanding immediately prior to the Restatement Effective Date.
“Existing Credit Agreement”: that certain Credit Agreement, dated as of October 30,
2013, among the U.S. Borrower, the lenders and agents party thereto, and JPMorgan Chase Bank, N.A.,
as administrative agent
“Existing Kildair Letter of Credit”: each “Letter of Credit” (as defined in the Kildair
Credit Agreement) set forth on Schedule 3.1(a).
“Existing Lenders”: the “Lenders” (as defined in the Existing Credit Agreement)
immediately prior to the Restatement Effective Date.
“Existing Mortgaged Property”: each property that is currently covered by a mortgage or
deed of trust pursuant to the Existing Credit Agreement.
“Existing Xxxxxxx Letter of Credit”: each “Working Capital Facility Letter of Credit” (as
defined in the Existing Credit Agreement) set forth on Schedule 3.1(b).
“Existing Working Capital Facility Loans”: each “Working Capital Facility Loan” (as
defined in the Existing Credit Agreement) that is outstanding immediately prior to the Restatement
Effective Date.
“Extensions of Credit”: at any date, as to any Lender at any time, the amount of its Dollar
Working Capital Facility Extensions of Credit, its Multicurrency Working Capital Facility Extensions of
Credit or its Acquisition Facility Extensions of Credit at such time, as the context requires.
“Facility”: the Acquisition Facility, the Dollar Working Capital Facility or the
Multicurrency Working Capital Facility, as the context requires.
“Facility Increase”: as defined in Section 4.1(b).
“FATCA”: Sections 1471 through 1474 of the Code, as of the Restatement Effective Date
(or any amended or successor version that is substantively comparable and not materially more onerous to
comply with), any current or future regulations or official interpretations thereof, any agreements entered
into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements entered into in
connection with the implementation of such Sections of the Code and any fiscal or regulatory legislation
or rules adopted pursuant to such intergovernmental agreements.
“Federal Funds Effective Rate”: for any day, the rate per annum equal to the weighted
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average of the interest rates on overnightcalculated by the NYFRB based on such day’s federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers, xxxx
depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website
from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day which is a Business Day, the average of the
quotations for the day of such transactions received by JPMorgan Chase Bank from three federal funds
brokers of recognized standing selected by it; NYFRB as the federal funds effective rate, provided that if
the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the
purposes of this Agreement.
“Fee Letter”: the fee letter dated as of October 17, 2014, among X.X. Xxxxxx Securities
LLC, JPMorgan Chase Bank and the U.S. Borrower, as amended.
“FERC”: the U.S. Federal Energy Regulatory Commission.
“FERC Contract Collateral”: as defined in the Security Agreement.
“Financial Hedging Agreement”: any currency swap, cross-currency rate swap, currency
option, interest rate option, interest rate swap, cap or collar agreement or similar arrangement or any other
similar transaction (including any option to enter into any of the foregoing) or any combination of the
foregoing including any derivative relating to interest rate or currency rate risk, in each case which is not
a Commodity OTC Agreement.
“Financing Lease”: any lease of property, real or personal, the obligations of the lessee in
respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee.
“First Purchaser Lien”: a so-called “first purchaser” Lien, as defined in Texas Bus. &
Com. Code Section 9.343, comparable Laws of the states of Oklahoma, Kansas, Mississippi, Wyoming or
New Mexico, or any other comparable Law of any such jurisdiction or any other applicable jurisdiction.
“First Purchaser Lien Amount”: as of any Borrowing Base Date, in respect of any
property of a Loan Party subject to a First Purchaser Lien, the aggregate amount of the obligations
outstanding as of such date giving rise to such First Purchaser Lien, less any portion of such obligations
that are secured or supported by a Letter of Credit.
“Fiscal Year”: with respect to any Person, such Person’s fiscal year, which consists of a
twelve (12) month period beginning on each January 1 and ending on each December 31.
“Foreign Lender”: a Lender that is not a U.S. Person.
“Forward Contract”: as of any date of determination, a Commodity Contract with a
delivery date or, with respect to a Commodity OTC Agreement, price settlement date, one day or later
after such date of determination.
“Forward Contract Counterparty”: any counterparty to a Forward Contract of any Loan
Party.
“Futures Contracts”: contracts for making or taking delivery of Eligible Commodities
that are traded on a market-recognized commodity exchange, which such contracts meet the specification
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and delivery requirements of futures contracts on such commodity exchange.
“GAAP”: generally accepted accounting principles in the United States of America in
effect from time to time.
“General Partner”: Xxxxxxx Resources GP LLC, a Delaware limited liability company.
“Governing Documents”: with respect to (a) a corporation or unlimited liability company,
its articles, memorandum or certificate of incorporation, continuance or amalgamation and by-laws; (b) a
partnership, its certificate of limited partnership or partnership declaration, as applicable, and partnership
agreement; (c) a limited liability company, its certificate of formation and operating agreement; and (d)
any other Person, the other organizational or governing documents of such Person.
“Governmental Authority”: any nation or government, any state, provincial, municipal,
territorial or other political subdivision thereof and any agency, authority, instrumentality, court, central
bank or other similar entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government (including any supra-national body exercising such
powers or functions, such as the European Union or the European Central Bank).
“Grantor”: any Person executing and delivering a Security Document, or becoming party
to a Security Document (by supplement or otherwise), as a grantor or pledgor (or in a similar role),
pursuant to this Agreement.
“Guarantee”: the Amended and Restated Guarantee to be executed and delivered by the
Loan Parties, substantially in the form of Exhibit N.
“Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation of
(a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce
the creation of an obligation for which the guaranteeing person has issued a reimbursement,
counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any
Indebtedness, leases, dividends or other obligations (the “primary obligations”) of a third Person (the
“primary obligor”) in any manner, whether directly or indirectly, including any obligation of the
guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any
property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the
purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of
the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to
purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation or
(iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect
thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business. The terms “Guarantee” and
“Guaranteed” used as a verb shall have a correlative meaning. The amount of any Guarantee Obligation
of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or
determinable amount of the primary obligation in respect of which such Guarantee Obligation is made
and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of
the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum
amount for which such guaranteeing person may be liable are not stated or determinable, in which case
the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably
anticipated liability in respect thereof as determined by the U.S. Borrower in good faith. Guarantee
Obligation shall not include any performance bonds, surety bonds, appeal bonds or customs bonds
required in the ordinary course of business or in connection with the enforcement of rights or claims of
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any Loan Party or in connection with judgments that have not resulted in a Default or an Event of Default.
“Hedged”: at any time in relation to Eligible Inventory, if the purchase or sale price
thereof has been effectively hedged as evidenced by the most recent Position Report or, if not in such
Position Report, as otherwise reasonably acceptable to the Co-Collateral Agents through one or a
combination of Commodity Contracts or Futures Contracts entered into or held in accordance with the
Risk Management Policy for the corresponding volume of physical Eligible Commodities held in Eligible
Inventory; provided that the applicable Loan Parties’ rights under such Commodity Contracts or Futures
Contracts and all amounts due or to become due to the relevant Loan Party under or in respect of such
Commodity Contracts or Futures Contracts are subject to a Perfected First Lien.
“Hedging Agreement Qualification Notification”: a notification in substantially in the
form of Exhibit T.
“Hydro-Québec Indemnity”: the indemnity provided by Kildair to Hydro-Québec
pursuant to the Offer to Purchase between Kildair and Hydro-Québec with respect to potential
environmental liability at the lands acquired pursuant thereto on November 28, 2011 that are situated in
the town of Sorel-Tracy, Province of Québec and that are designated and known as lots 4 784 169 and 4
784 171, Cadastre of Québec, registration division of Richelieu.
“Immaterial Subsidiary”: any Subsidiary that has no assets.
“Increase Amount”: as defined in Section 4.1(b)(iii).
“Increase and New Lender Agreement”: as defined in Section 4.1(b)(iii).
“Increase Period”: the period from the Restatement Effective Date until (but excluding)
the Termination Date.
“Increasing Lender”: as defined in Section 4.1(b)(iii).
“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of
such Person for borrowed money (whether by loan or the issuance and sale of debt securities) or for the
deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary
course of business and payable in accordance with customary practice), (b) any other indebtedness of
such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of
such Person under Financing Leases or Synthetic Leases, (d) all obligations of such Person in respect of
letters of credit, acceptances or similar instruments issued or created for the account of such Person, (e)
all liabilities of a third party secured by (or for which the holder of such obligations has an existing right,
contingent or otherwise, to be secured by) any Lien on any property owned by such Person even though
such Person has not assumed or otherwise become liable for the payment thereof, (f) all Guarantee
Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (e)
above, and (g) for the purposes of Section 9.1(f) only, all obligations of such Person in respect of
Commodity OTC Agreements and Financial Hedging Agreements. The amount of any Indebtedness
under (x) clause (e) shall be equal to the lesser of (A) the stated amount of the relevant obligations and
(B) the fair market value of the property subject to the relevant Lien, and (y) clause (g) shall be the net
amount, including any net termination payments, required to be paid to a counterparty rather than the
notional amount of the applicable Commodity OTC Agreement or Financial Hedging Agreement.
Notwithstanding the foregoing, the Maine Dock Liability Obligations and the Hydro-Québec Indemnity
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shall not be considered Indebtedness for purposes of this Agreement.
“Indemnified Liabilities”: as defined in Section 11.6.
“Indemnitee”: as defined in Section 11.6.
“Independent Entity Schedule”: Schedule 1.1(D) hereto, which sets forth each
counterparty with which any Loan Party transacts that has an Affiliate and/or Subsidiary that holds itself
out as an independent credit and a separate legal entity, together with any of such counterparty’s
independent Affiliates and/or Subsidiaries, provided, that (a) a new Person may be added to such
Schedule 1.1(D) at the sole discretion (exercised in good faith) of the Administrative Agent after the
Restatement Effective Date and (b) a Person may be removed from such Schedule 1.1(D) by the
Administrative Agent, acting in its reasonable discretion, upon ten (10) Business Days’ notice to the U.S.
Borrower.
“Ineligible Participant”: Persons identified by the U.S. Borrower to the Administrative
Agent and the Lenders from time-to-time as Persons to whom no Participation may be sold pursuant to
Section 11.7 for competitive reasons, and as to which the Administrative Agent has consented to the
designation of such Person as an Ineligible Participant.
“Initial Canadian Borrowers”: as defined in the introductory paragraph of this
Agreement.
“Insolvency”: with respect to any Multiemployer Plan, the condition that such plan is
insolvent within the meaning of Section 4245 of ERISA.
“Insolvency Laws”: each of the Bankruptcy and Insolvency Act (Canada), the
Companies’ Creditors Arrangement Act (Canada), and the Winding-Up and Restructuring Act (Canada),
each as now and hereafter in effect, any successors to such statutes and any other applicable insolvency or
other similar law of any jurisdiction, including any corporate law of any jurisdiction permitting a debtor
to obtain a stay or a compromise of the claims of its creditors against it.
“Insolvency Regulations”: the Council Regulation (EC) No. 1346/2000 29 May 200 on
Insolvency Proceedings (as defined therein).
“Insolvent”: pertaining to a condition of Insolvency.
“Intellectual Property”: as defined in Section 5.9.
“Intercompany Subordinated Indebtedness”: with respect to any Loan Party,
Indebtedness owed by such Loan Party to the MLP or any Subsidiary that is subject to a subordination
agreement substantially in the form of Exhibit H-1.
“Interest Payment Date”: (a) with respect to any Base Rate Loan or Prime Rate Loan
(including, for the avoidance of doubt, any Swing Line Loan), (i) prior to the Dollar Working Capital
Facility Maturity Date, the Multicurrency Working Capital Facility Maturity Date or the Acquisition
Facility Maturity Date, as applicable, the first Business Day of each month and (ii) the Dollar Working
Capital Facility Maturity Date, the Multicurrency Working Capital Facility Maturity Date or the
Acquisition Facility Maturity Date, as applicable, (b) with respect to any Eurocurrency Loan, the last day
of each Interest Period with respect thereto and, with respect to any Eurocurrency Loan having an Interest
Period of six (6) months, the last day of such Interest Period and the date which is three (3) months after
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the start of such Interest Period and (c) with respect to any Loan (other than as provided in the first
sentence of Section 4.9(b)), the date of any repayment or prepayment of principal made in respect thereof.
“Interest Period”: (a) with respect to any Eurocurrency Loan:
(i) initially, the period commencing on the Borrowing Date or Conversion
date, as the case may be, with respect to such Eurocurrency Loan and ending one (1), two
(2), three (3) or six (6) months thereafter, as irrevocably selected by the applicable
Borrower in its Borrowing Notice or Continuation/Conversion Notice, as the case may
be, given with respect thereto; and
(ii) thereafter, each period commencing on the last day of the immediately
preceding Interest Period applicable to such Eurocurrency Loan and ending one (1), two
(2), three (3) or six (6) months thereafter, as irrevocably selected by the applicable
Borrower in its Continuation/Conversion Notice to the Administrative Agent not less
than three (3) Business Days prior to the last day of the then current Interest Period with
respect thereto;
provided that:
(A) if any Interest Period would otherwise end on a day that is not a
Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such Interest
Period into another calendar month in which event such Interest Period shall end
on the immediately preceding Business Day;
(B) any Interest Period with respect to any Loan that would
otherwise extend beyond the applicable Termination Date, shall end on the
applicable Termination Date; and
(C) any Interest Period that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day
in the calendar month at the end of such Interest Period) shall end on the last
Business Day of the applicable calendar month.
“Interpolated Rate”: at any time, for any Interest Period, the rate per annum (rounded to
the same number of decimal places as relevant Screen Rate) determined by the Administrative Agent
(which determination shall be conclusive and binding absent manifest error) to be equal to the rate that
results from interpolating on a linear basis between: (a) the applicable Screen Rate (for the longest period
for which that Screen Rate is available in the applicable currency) that is shorter than the Impacted
Interest Period and (b) the applicable Screen Rate (for the shortest period for which that Screen Rate is
available in the applicable currency) that exceeds the Impacted Interest Period, in each case, as of the
Specified Time on the Quotation Day for such Interest Period.
“Investment”: any advance, loan or extension of credit (other than trade receivables
incurred in the ordinary course of the applicable Person’s business and payable in accordance with
customary market practices) or capital contribution to, investment in, or purchase or acquisition of any
stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, any
Person.
“Investment Grade”: with respect to any Person, the long term senior unsecured non-
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credit enhanced credit rating or shadow rating of which is BBB- or higher by S&P or Baa3 or higher by
Xxxxx’x.
“IPO”: the initial public offering of common units in the MLP on the Closing Date.
“IRS”: the U.S. Internal Revenue Service.
“ISP 98”: as defined in Section 3.4(g).
“Issuing Lenders”: collectively, the Acquisition Facility Issuing Lenders, the Dollar
Working Capital Facility Issuing Lenders and the Multicurrency Working Capital Facility Issuing
Lenders; provided that there shall be no more than seven Issuing Lenders at any time unless otherwise
agreed by the Administrative Agent and notified to Lenders (it being understood that any financial
institution may be an Acquisition Facility Issuing Lender, a Dollar Working Capital Facility Issuing
Lender and a Multicurrency Working Capital Facility Issuing Lender (or any combination thereof) and
shall for purposes of this proviso be considered one Issuing Lender).
“JPMorgan Chase Bank”: as defined in the introductory paragraph of this Agreement.
“JPMorgan Chase Bank Toronto”: JPMorgan Chase Bank, N.A., Toronto Branch.
“Junior Indebtedness”: as defined in Section 8.9.
“Kildair”: (a) prior to the ULC Conversion, as defined in the introductory paragraph of
this Agreement and (b) after the ULC Conversion, Kildair Service ULC, an unlimited liability company
formed under the laws of British Columbia.
“Kildair Acquisition”: as defined in Section 6.1(bb).
“Kildair Acquisition Agreement”: the Purchase Agreement, dated December 9, 2014,
among Xxxxxxx Resources ULC, Xxxxxxx International Properties LLC, Xxxxxxx Canadian Properties
LLC and Xxxx Xxxxxxx Inc.
“Kildair Acquisition Documentation”: collectively, the Kildair Acquisition Agreement
and all schedules, exhibits and annexes thereto and all side letters and agreements affecting the terms
thereof or entered into in connection therewith.
“Kildair Borrowing Base”: on any date, solely with respect to the assets of the Kildair Loan
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Parties, an amount equal to:
(i) 100% of Eligible Cash and Cash Equivalents; plus
(ii) 90% of Eligible Tier 1 Accounts Receivable; plus
(iii) 85% of Eligible Unbilled Tier 1 Accounts Receivable; plus
(iv) 85% of Eligible Tier 2 Accounts Receivable; plus
(v) 80% of Eligible Unbilled Tier 2 Accounts Receivable; plus
(vi) 85% of Eligible Hedged Petroleum Inventory; plus
(vii) 80% of Eligible Petroleum Inventory; plus
(viii) [reserved]; plus
(ix) [reserved]; plus
(x) [reserved]; plus
(xi) 70% of Eligible Asphalt Inventory; plus
(xii) 75% of Kildair Prepaid Purchases; plus
(xiii) 85% of Eligible Net Liquidity in Futures Accounts; plus
(xiv) [reserved]; plus
(xv) 80% of Eligible Short Term Unrealized Forward Gains; plus
(xvi) [reserved]; plus
(xvii) [reserved]; plus
(xviii) 80% of Eligible Letters of Credit Issued for Commodities Not Yet
Received; plus
(xix) 100% of Paid But Unexpired Letters of Credit; less
(1) Reserves taken at the reasonable discretion of the Co-Collateral Agents;
less
(2) 100% of Product Taxes; less
(3) 110% of any Swap Amounts due to Qualified Counterparties solely to
the extent, and if, such Swap Amounts due to Qualified Counterparties are in excess of
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$5,000,000; less
(4) 100% of the Overcollateralization Amount.
Any amounts described in categories (i) through (xix) and (1) through (4) above which may fall into more
than one of such categories shall be counted only once under the category with the highest applicable
advance rate percentage, when making the calculation under this definition. In addition, any deductions
made from the value of any asset included in the Kildair Borrowing Base in respect of counterparty contra,
offsets, counterclaims, unrealized forward losses and any other similar charges or claims shall be without
duplication. In calculating the Kildair Borrowing Base, the following adjustments shall be made:
(A) [reserved];
(B) the value of that portion of the Kildair Borrowing Base described in clause
(xv) shall not exceed, together with the value of that portion of the U.S. Borrowing Base
described in clauses (xv) through (xvii) thereof (and after giving effect to the sublimits set
forth in clauses (B)(i)(2), (B)(i)(3) and (B)(ii) of the U.S. Borrowing Base), the lesser of
(a) 4030% of the KildairAggregate Borrowing Base Amount then in effect and (b)
$40,000,000325,000,000;
(C) any category of the Kildair Borrowing Base shall be calculated taking into
account any elimination and reduction related to any potential offset to such asset category;
(D) the Co-Collateral Agents may, in their reasonable discretion, determine
that one or more assets described in clauses (ii), (iii), (iv), (v) or (xv) does not meet the
eligibility requirements for inclusion in the Kildair Borrowing Base, and any such assets
shall not be included in the Kildair Borrowing Base;
(E) notwithstanding anything herein to the contrary, no asset shall be eligible
in whole or in part for inclusion in the Kildair Borrowing Base to the extent such asset is
in violation of the Risk Management Policy;
(F) the calculation of the value of the assets included in clauses (ii), (iii), (iv),
(v) and (xiii) with respect to a counterparty shall be net of any Out of the Money Forward
Contract Amount attributable to such counterparty (for purposes of this clause (F), any
reference to a counterparty shall include all Subsidiaries and Affiliates of such counterparty
which affiliation is known or should be known by the Loan Parties, except for a
counterparty that holds itself out as an independent credit and separate legal entity with
respect to its Subsidiaries and Affiliates, together with such counterparty’s independent
Subsidiaries and Affiliates, and is listed on the Independent Entity Schedule); and
(G) the calculation of the value of the assets included in clauses (ii), (iii), (iv),
(v), (xii) and (xv) that are attributable to a single counterparty shall be netted against any
contra, offset, counterclaim, unrealized forward losses or obligations of the Kildair Loan
Parties with such counterparty including amounts payable to such counterparty (for
purposes of this clause (G), any reference to a counterparty shall include all Subsidiaries
and Affiliates of such counterparty which affiliation is known or should be known by the
Loan Parties, except for a counterparty that holds itself out as an independent credit and
separate legal entity with respect to its Subsidiaries and Affiliates, together with such
counterparty’s independent Subsidiaries and Affiliates, and is listed on the Independent
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Entity Schedule).
The value of the Kildair Borrowing Base at any time shall be the value of the Borrowing
Base as of the applicable Kildair Borrowing Base Date.
“Kildair Credit Agreement”: that certain Credit Agreement, dated as of the Closing Date,
among Kildair, the lenders and agents party thereto, and JPMorgan Chase Bank Toronto, as
administrative agent.
“Kildair Election”: an election filed by Kildair pursuant to Treas. Reg. § 301.7701-3 to
treat Kildair as an entity disregarded as separate from its owner for U.S. federal income tax purposes
effective as of the date of the ULC Conversion.
“Kildair Loan Parties”: the Canadian Borrower and each Canadian Subsidiary of the
Canadian Borrower that is a Loan Party.
“Kildair Prepaid Purchases”: Eligible Commodities (consisting of Petroleum Products)
valued at the then current Value purchased and prepaid by the Kildair Loan Parties from suppliers
reasonably acceptable to the Co-Collateral Agents in their sole discretion, with respect to which (w) title
shall not have passed to the any Loan Party, (x) such Eligible Commodities shall not have been delivered
to any Loan Party; provided that such products must be supported by an invoice from said supplier (i)
specifying the purpose of the applicable prepayment, and (ii) including a copy of the underlying purchase
contract; (y) with respect to prepayment by any Loan Party under any agreement or arrangement, not
more than five (5) Business Days shall have elapsed since such prepayment was made and (z) the
Administrative Agent shall have a Perfected First Lien in the right of such Loan Party to receive such
Eligible Commodities (including that no provision of any agreement between such supplier and such
Loan Party shall prohibit the assignment of a security interest by such Loan Party to the Administrative
Agent in such Loan Party’s right to receive such Eligible Commodities).
“Kildair Subsidiary Election”: an election filed by Transit P.M. ULC pursuant to Treas.
Reg. § 301.7701-3 to treat Transit P.M. ULC as an entity disregarded as separate from its owner for U.S.
federal income tax purposes effective as of the day after the date of the Kildair Election.
“Laws”: collectively, all international, foreign, Federal, state, provincial, territorial and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any
Governmental Authority, in each case whether or not having the force of law.
“L/C Fee Payment Date”: (a) the fifth day after the first Business Day of each January,
April, July and October (or, if such day is not on a Business Day, the next succeeding Business Day) and
(b) the expiration date of the last outstanding Post-Termination LOC.
“L/C Obligations”: at any time, an amount equal to the sum of (a) the Dollar Equivalent
of the aggregate undrawn amount of the then-outstanding Letters of Credit and (b) the Dollar Equivalent
of the aggregate amount of drawings under Letters of Credit that have not then been reimbursed or
converted into a Loan pursuant to Section 3.7(b) or (c).
“L/C Participants”: with respect to any Acquisition Facility Letter of Credit, the
Acquisition Facility L/C Participants, with respect to any Dollar Working Capital Facility Letter of
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Credit, the Dollar Working Capital Facility L/C Participants and with respect to any Multicurrency
Working Capital Facility Letter of Credit, the Multicurrency Working Capital Facility L/C Participants.
“L/C Participation Obligations”: at any time, the Acquisition Facility L/C Participation
Obligations, the Dollar Working Capital Facility L/C Participation Obligations and/or the Multicurrency
Working Capital Facility L/C Participation Obligations at such time, as the context requires.
“L/C Reimbursement Loan”: as defined in Section 3.7(c).
“Lead Arranger”: X.X. Xxxxxx Securities LLC.
“Lender Party”: each Agent, each Lender, the Co-Documentation Agents and the Co-
Syndication Agents.
“Lenders”: as defined in the introductory paragraph to this Agreement and, as the context
requires, includes, the Issuing Lenders and the Swing Line Lenders.
“Letter of Credit”: any Acquisition Facility Letter of Credit and any Working Capital
Facility Letter of Credit.
“Letter of Credit Request”: a request by a Borrower for a new Letter of Credit or an
amendment to an existing Letter of Credit, in each case pursuant to Section 3.3, which request for a new
Letter of Credit shall be in form reasonably satisfactory to the relevant Issuing Lender and the
Administrative Agent and which request for an amendment to an existing Letter of Credit shall be in form
reasonably satisfactory to the relevant Issuing Lender and the Administrative Agent.
“LIBOR Screen Rate”: as defined in the definition of Eurocurrency Base Rate.
“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever (including any
conditional sale or other title retention agreement and any Financing Lease having substantially the same
economic effect as any of the foregoing), and the filing of any financing statement under the Uniform
Commercial Code, PPSA or comparable Law of any jurisdiction in order to perfect any of the foregoing;
provided that “Lien” shall refer to neither (a) any interest or title of a lessor under any leases or subleases
entered into by the Credit Parties in the ordinary course of business nor (b) licenses, sub-licenses, leases
or sub-leases granted to third parties in the ordinary course of business consistent with past practices.
“Loan”: any loan made pursuant to this Agreement.
“Loan Documents”: this Agreement, the Notes, any Letter of Credit Requests, the
Perfection Certificate, the Guarantee and the Security Documents.
“Loan Parties”: each Borrower, the MLP and each Subsidiary Guarantor.
“Long Tenor Letter of Credit”: any (a) Trade Letter of Credit that is a Working Capital
Facility Letter of Credit that is initially issued with a maximum tenor of more than ninety (90) days but
less than three hundred sixty-four (364) days and (b) Auto-Renewal Letter of Credit.
“Material Acquisition”: any Acquisition by a Credit Party permitted hereunder with an
aggregate purchase price that is payable in anything other than Capital Stock of the MLP in an amount in
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excess of $30,000,000.
“Maine Dock Liability Obligations”: indebtedness of the U.S. Borrower with respect to
the State of Maine Port Authority dock liability in an aggregate principal amount of $9,280,594 as of
September 30, 2014 (which amount may be reduced (but not increased) from time to time).
“Majority Facility Lenders”: at any time, (a) with respect to the Acquisition Facility,
Lenders having Acquisition Facility Credit Exposure Percentages which aggregate more than 50%;
provided, that the Acquisition Facility Credit Exposure of any Defaulting Lender shall be excluded from
the calculation of Acquisition Facility Credit Exposure Percentages in determining the Majority Facility
Lenders, (b) with respect to the Dollar Working Capital Facility, Lenders having Dollar Working Capital
Facility Credit Exposure Percentages which aggregate more than 50%; provided, that the Dollar Working
Capital Facility Credit Exposure of any Defaulting Lender shall be excluded from the calculation of
Dollar Working Capital Facility Credit Exposure Percentages in determining the Majority Facility
Lenders and (c) with respect to the Multicurrency Working Capital Facility, Lenders having
Multicurrency Working Capital Facility Credit Exposure Percentages which aggregate more than 50%;
provided, that the Multicurrency Working Capital Facility Credit Exposure of any Defaulting Lender shall
be excluded from the calculation of Multicurrency Working Capital Facility Credit Exposure Percentages
in determining the Majority Facility Lenders.
“Marked-to-Market Report”: a comprehensive marked-to-market report, in form and
substance reasonably similar to Exhibit R, of the Product purchase and sale positions identified in the
related Position Report of, as applicable, either (i) all Loan Parties (other than the Canadian Borrower and
its Subsidiaries) or (ii) only the Canadian Borrower and its Subsidiaries. Such report shall include all
positions for all future time periods and cover all instruments that create either an obligation to purchase
or sell Product or that generate price exposure and shall include unrealized marked-to-market margin for
the position considered. The positions shall include, but not be limited to, positions under Physical
Commodity Contracts for spot purchase and sale of Eligible Commodities, Forward Contracts, exchanges,
Commodity OTC Agreements, Financial Hedging Agreements and Futures Contracts. The report shall
exclude positions in carbon credits, wood pellets and any other energy products approved by the Required
Lenders as “Product” pursuant to Section 5.21 after the Restatement Effective Date, in each case, to the
extent that the Loan Parties’ positions in any such energy product are not material.
“Marked-to-Market Value”: with respect to any Commodity Contract of any Person on
any date:
(a) in the case of a Commodity Contract for the purchase, sale, transfer or exchange
of any physical Eligible Commodities, the unrealized gain or loss on such Commodity Contract,
determined by comparing (i) the amount to be paid or received under such Commodity Contract for such
Eligible Commodities pursuant to the terms thereof to (ii) the Value of such Eligible Commodities on
such date, and
(b) in the case of any other Commodity Contract, the unrealized gain or loss on such
Commodity Contract determined by calculating the amount to be paid or received under such other
Commodity Contract pursuant to the terms thereof as if the cash settlement of such other Commodity
Contract were to be calculated on such date of determination by reference to the Value of the Eligible
Commodities that are the subject of such other Commodity Contract;
provided, that (i) in the case of any Commodity Contract that is, in whole or in part, an option by its
terms, the amount so calculated shall reflect industry standard valuation models approved by the Co-
Collateral Agents and (ii) the Marked-to-Market Value of any Commodity Contract for the storage or
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transportation of any physical Eligible Commodity shall be limited to its intrinsic value and shall take into
account any demand charges associated with such Commodity Contract.
“Market Value”: with respect to an Eligible Commodity or Eligible RIN on any date, the
price at which such Eligible Commodity or Eligible RIN could be purchased or sold for delivery on that
date or during the applicable period adjusted to reflect the specifications thereof and the location and
transportation differential, determined by using prices (a) on the New York Mercantile Exchange, the
COMEX, the London Metal Exchange, the New York Board of Trade, the International Petroleum
Exchange, the Intercontinental Commodities Exchange, the Chicago Board of Trade, the Chicago
Mercantile Exchange or, if a price for any such Eligible Commodity or Eligible RIN (or, in each case,
delivery period or location) is not available on such exchanges, such other markets or exchanges
recognized as such in the commodities trading industry, including over-the-counter markets and private
quotations, or as published in an independent industry recognized source, in each case reasonably selected
by the U.S. Borrower, (b) if such a price for any such Eligible Commodity or Eligible RIN is not
available in any market or exchange described in clause (a) above, any other exchange or market
reasonably selected by the U.S. Borrower and reasonably satisfactory to the Co-Collateral Agents on such
date or (c) if such a price for any such Eligible Commodity or Eligible RIN is not available in any market
or exchange described in clause (a) or (b) above, such other value determined pursuant to methodology
reasonably selected by the U.S. Borrower and reasonably satisfactory to the Co-Collateral Agents. With
respect to any Eligible Commodity consisting of tank bottoms consisting of distillates, gasolines or other
light oil products or residual fuel oils acceptable to the Co-Collateral Agents in their sole discretion
(exercised in good faith), the Market Value thereof shall be 50% of the value as determined by the
immediately preceding sentence.
“Material Acquisition”: any Acquisition by a Credit Party permitted hereunder with an
aggregate purchase price that is payable in anything other than Capital Stock of the MLP in an amount in
excess of $30,000,000.
“Material Adverse Effect”: a development or an event that has resulted in a material
adverse change in (a) the operations, business, assets, properties or condition (financial or other
condition) of the MLP and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties, taken as a
whole, to perform their obligations under this Agreement or any of the other Loan Documents, or (c) the
legality, validity, binding effect or enforceability of this Agreement or any of the other Loan Documents
or the rights or remedies of the Agents or the Lenders hereunder or thereunder.
“Materials Handling Contract”: any fee-based contractual arrangement entered into by
any Loan Party whereby such Loan Party performs business services relating to materials handling or
through-put for a third party.
“Materials of Environmental Concern”: any gasoline, natural gas, petroleum and any
other solid, liquid or gas hydrocarbon (including, without limitation, crude oil or any fraction or
derivative thereof) or any hydrocarbon-based products (including, without limitation, any petroleum
products) or any other pollutant, contaminant, dangerous goods, hazardous or toxic substances, materials
or wastes, defined or regulated as such in or under, or which form the basis of liability under, any
Environmental Law or Environmental Permit, including asbestos, polychlorinated biphenyls and urea-
formaldehyde insulation, medical waste, radioactive materials and electromagnetic fields.
“Maturity Date”: the Acquisition Facility Maturity Date, the Dollar Working Capital
Facility Maturity Date or the Multicurrency Working Capital Facility Maturity Date, as the context
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requires.
“Maximum Consolidated Senior Secured Leverage Ratio”: 3.75:1.0; provided that upon
the consummation of a Material Acquisition, the Maximum Consolidated Senior Secured Leverage Ratio
shall be 4.254.25:1.0 for three consecutive fiscal quarters beginning with the fiscal quarter ending
immediately after consummation of such Material Acquisition (or the fiscal quarter ending upon
consummation of such Material Acquisition, in the event such consummation occurs on a fiscal quarter
end).
“Maximum Consolidated Total Leverage Ratio”: 4.75:1.0.; provided that upon the
consummation of a Material Acquisition, the Maximum Consolidated Total Leverage Ratio shall be
5.25:1.0 for three consecutive fiscal quarters beginning with the fiscal quarter ending immediately after
consummation of such Material Acquisition (or the fiscal quarter ending upon consummation of such
Material Acquisition, in the event such consummation occurs on a fiscal quarter end).
“Minimum Consolidated Fixed Charge Coverage Ratio”: 1.2:1.0.
“Minimum Consolidated Net Working Capital Amount”: $35,000,000.
“MLP”: Xxxxxxx Resources LP.
“MLP Partnership Agreement”: that certain First Amended and Restated Agreement of
Limited Partnership of Xxxxxxx Resources LP, dated October 30, 2013, by and among the General Partner
and the limited partners from time to time parties thereto.
“Moody’s”: Xxxxx’x Investors Service, Inc., or any successor to its rating agency
business.
“Mortgage and Security Agreement”: (i) each Quebec Security Document with respect to
Mortgaged Properties located in the Province of Quebec covering the Mortgaged Properties owned on the
Restatement Effective Date, (ii) each Mortgage Security Agreement, Assignment of Leases and Rents and
Fixture Filings or other similar documents covering the Mortgaged Properties located in the United States
owned on the Restatement Effective Date and (iii) each Mortgage, Security Agreement, Assignment of
Leases and Rents and Fixture Filing (and such other instrument as required by the applicable province of
Canada), substantially in the form of Exhibit L (in the case of real property located in the United States),
substantially in the form of the Quebec Security Documents (in the case of real or immovable property
located in the Province of Quebec) or in such form as reasonably acceptable to the Administrative Agent
(in the case of real property located in Canada (other than in the Province of Quebec)), with respect to
each Mortgaged Property acquired after the Restatement Effective Date located in the United States or
Canada, respectively.
“Mortgaged Properties”: each property listed on Schedule 1.1(E) and any other properties
as to which the Administrative Agent, for the ratable benefit of the Secured Parties, has after the
Restatement Effective Date been granted a Lien pursuant to one or more Mortgage and Security
Agreements.
“Multicurrency L/C Exposure”: at any time, the total L/C Obligations with respect to
Multicurrency Working Capital Facility Letters of Credit. The Multicurrency L/C Exposure of any
Multicurrency Working Capital Facility Lender at any time shall be its Multicurrency Working Capital
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Facility Commitment Percentage of the total Multicurrency L/C Exposure at such time.
“Multicurrency Long Tenor Letter of Credit Sub-Limit”: $25,000,000 at any time
outstanding.
“Multicurrency Performance Letter of Credit Sub-Limit”: $5,000,000 at any time
outstanding.
“Multicurrency Swing Line Exposure”: at any time, the sum of the aggregate amount of
all outstanding Multicurrency Swing Line Loans at such time. The Multicurrency Swing Line Exposure
of any Multicurrency Working Capital Facility Lender at any time shall be the sum of (a) its
Multicurrency Working Capital Facility Commitment Percentage of the total Multicurrency Swing Line
Exposure at such time related to Multicurrency Swing Line Loans other than any Multicurrency Swing
Line Loans made by such Lender in its capacity as a Multicurrency Swing Line Lender and (b) if such
Lender shall be a Multicurrency Swing Line Lender, the principal amount of all Multicurrency Swing
Line Loans made by such Lender outstanding at such time (to the extent that the other Multicurrency
Working Capital Facility Lenders shall not have funded their participations in such Swing Line Loans).
“Multicurrency Swing Line Lenders”: JPMorgan Chase Bank N.A., Toronto Branch and
each other Multicurrency Working Capital Facility Lender approved by the Administrative Agent and the
U.S. Borrower that has agreed to act as a “Multicurrency Swing Line Lender hereunder”, in each case in
its capacity as lender of Multicurrency Swing Line Loans hereunder.
“Multicurrency Swing Line Loan Sub-Limit”: $20,000,000 at any time outstanding.
“Multicurrency Swing Line Loans”: as defined in Section 2.3(b).
“Multicurrency Swing Line Participation Amount”: as defined in Section 2.6(b)(ii).
“Multicurrency Working Capital Facility”: the Multicurrency Working Capital Facility
Commitments and the extensions of credit thereunder.
“Multicurrency Working Capital Facility Commitment”: at any date, as to any
Multicurrency Working Capital Facility Lender, the obligation of such Multicurrency Working Capital
Facility Lender to make Multicurrency Working Capital Facility Loans to the Borrowers pursuant to
Section 2.1(b) and to participate in Multicurrency Swing Line Loans and Multicurrency Working Capital
Facility Letters of Credit in an aggregate principal and/or face amount at any one time outstanding not to
exceed the amount set forth opposite such Multicurrency Working Capital Facility Lender’s name on
Schedule 1.0 under the caption “Multicurrency Working Capital Facility Commitment” or, as the case
may be, in the Assignment and Acceptance pursuant to which such Multicurrency Working Capital
Facility Lender becomes a party hereto, as such amount may be changed from time to time in accordance
with the terms of this Agreement. As of the RestatementAmendment Effective Date, the original
aggregate amount of the Multicurrency Working Capital Facility Commitments is
$120,000,000100,000,000.
“Multicurrency Working Capital Facility Commitment Percentage”: as to any
Multicurrency Working Capital Facility Lender at any time, the percentage which such Multicurrency
Working Capital Facility Lender’s Multicurrency Working Capital Facility Commitment then constitutes
of the aggregate Multicurrency Working Capital Facility Commitments of all Multicurrency Working
Capital Facility Lenders at such time (or, at any time after the Multicurrency Working Capital Facility
Commitments shall have expired or terminated, such Multicurrency Working Capital Facility Lenders’
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Multicurrency Working Capital Facility Credit Exposure Percentage).
“Multicurrency Working Capital Facility Commitment Period”: the period from and
including the Restatement Effective Date to but not including the Multicurrency Working Capital Facility
Commitment Termination Date or such earlier date on which all of the Multicurrency Working Capital
Facility Commitments shall terminate as provided herein.
“Multicurrency Working Capital Facility Commitment Termination Date”: the date that
is the fifth anniversary of the Restatement Effective DateApril 27, 2021, or, if such date is not a Business
Day, the next preceding Business Day.
“Multicurrency Working Capital Facility Credit Exposure”: as to any Multicurrency
Working Capital Facility Lender at any time, the Available Multicurrency Working Capital Facility
Commitment of such Multicurrency Working Capital Facility Lender plus the Dollar Equivalent of the
amount of the Multicurrency Working Capital Facility Extensions of Credit of such Multicurrency
Working Capital Facility Lender.
“Multicurrency Working Capital Facility Credit Exposure Percentage”: as to any
Multicurrency Working Capital Facility Lender at any time, the fraction (expressed as a percentage), the
numerator of which is the Multicurrency Working Capital Facility Credit Exposure of such Multicurrency
Working Capital Facility Lender at such time and the denominator of which is the aggregate
Multicurrency Working Capital Facility Credit Exposures of all of the Multicurrency Working Capital
Facility Lenders at such time.
“Multicurrency Working Capital Facility Extensions of Credit”: at any date, as to any
Multicurrency Working Capital Facility Lender at any time, the aggregate outstanding principal amount
of Multicurrency Working Capital Facility Loans made by such Multicurrency Working Capital Facility
Lender, plus the amount of the undivided interest of such Multicurrency Working Capital Facility Lender
in any then-outstanding Multicurrency Working Capital Facility L/C Obligations, plus such
Multicurrency Working Capital Facility Lender’s Multicurrency Swing Line Exposure.
“Multicurrency Working Capital Facility Increase”: as defined in Section 4.1(b).
“Multicurrency Working Capital Facility Issuing Lenders”: JPMorgan Chase Bank, N.A.,
Toronto Branch and BNP Paribas, acting through its Canada branch, and each other Multicurrency
Working Capital Facility Lender from time to time designated by the U.S. Borrower (and agreed to by
such Lender) as a Multicurrency Working Capital Facility Issuing Lender with the prior consent of the
Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed), each in its
capacity as issuer of any Multicurrency Working Capital Facility Letter of Credit.
“Multicurrency Working Capital Facility L/C Obligations”: at any time, an amount equal
to the sum of (a) the Dollar Equivalent of the aggregate then undrawn and unexpired amount of the then
outstanding Multicurrency Working Capital Facility Letters of Credit and (b) the Dollar Equivalent of the
aggregate amount of drawings under Multicurrency Working Capital Facility Letters of Credit which
have not then been reimbursed or converted to a Multicurrency Working Capital Facility Loan pursuant to
Section 3.7.
“Multicurrency Working Capital Facility L/C Participants”: with respect to any
Multicurrency Working Capital Facility Letter of Credit, all of the Multicurrency Working Capital
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Facility Lenders other than the Multicurrency Working Capital Facility Issuing Lender thereof.
“Multicurrency Working Capital Facility L/C Participation Obligations”: the obligations
of the Multicurrency Working Capital Facility L/C Participants to purchase participations in the
obligations of the Multicurrency Working Capital Facility Issuing Lenders under outstanding
Multicurrency Working Capital Facility Letters of Credit pursuant to Section 3.6.
“Multicurrency Working Capital Facility Lender”: each Lender having a Multicurrency
Working Capital Facility Commitment (or, after the termination of the Multicurrency Working Capital
Facility Commitments, each Lender holding Multicurrency Working Capital Facility Extensions of
Credit), and, as the context requires, includes the Multicurrency Working Capital Facility Issuing
Lenders. As of the Restatement Effective Date, each Multicurrency Working Capital Facility Lender is
specified on Schedule 1.0.
“Multicurrency Working Capital Facility Letter of Credit”: as defined in Section 3.1.
“Multicurrency Working Capital Facility Letter of Credit Sub-Limit”: $50,000,000 at any
time outstanding.
“Multicurrency Working Capital Facility Loans”: as defined in Section 2.1(b).
“Multicurrency Working Capital Facility Long Tenor Letters of Credit”: Multicurrency
Working Capital Facility Letters of Credit that are Long Tenor Letters of Credit.
“Multicurrency Working Capital Facility Maturity Date”: with respect to any
Multicurrency Working Capital Facility Loan, the earliest to occur of (i) the date on which the
Multicurrency Working Capital Facility Loans become due and payable pursuant to Section 9, (ii) the
date on which the Multicurrency Working Capital Facility Commitments terminate pursuant to Section
4.1 and (iii) the Multicurrency Working Capital Facility Commitment Termination Date.
“Multicurrency Working Capital Facility Performance Letters of Credit”: Multicurrency
Working Capital Facility Letters of Credit that are Performance Letters of Credit.
“Multicurrency Working Capital Facility Utilization”: with respect to the aggregate
Multicurrency Working Capital Facility Commitments, for any fiscal quarter, an amount (expressed as a
percentage) equal to the quotient of (a) the quotient of (i) the sum of the applicable Total Multicurrency
Working Capital Facility Extensions of Credit outstanding as of the close of business on each day during
such fiscal quarter divided by (ii) the number of days in such fiscal quarter divided by (b) the aggregate
Multicurrency Working Capital Facility Commitments in effect on the last Business Day of such fiscal
quarter.
“Multiemployer Plan”: a Plan which is a “multiemployer plan” as defined in Section
4001(a)(3) of ERISA and which is subject to Title IV of ERISA.
“Natural Gas Products”: natural gas and natural gas liquids and any other product or by-
product of any of the foregoing, and all rights to transmit, transport or store any of the foregoing.
“Natural Gas Transactions” means those certain transactions entered into by a Loan Party
in the ordinary course of business with one or more natural gas utilities (each, a “Subject Utility” and,
collectively, the “Subject Utilities”) pursuant to which the applicable Loan Party will sell to a Subject
Utility, and the applicable Subject Utility will purchase from such Loan Party, certain accounts receivable
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owing to such Loan Party from its natural gas customers (such receivables are hereinafter referred to as
the “Subject Natural Gas Receivables”) and, in connection therewith, the applicable Subject Utility will
be responsible for all billing and collection duties and credit and other risks associated with such Subject
Natural Gas Receivables.
“net after-Tax basis”: with respect to any payment to be received by a Person from the
Borrowers pursuant to Section 4.10 (a “Section 4.10 Payment”) or pursuant to Section 11.6 in respect of
an Indemnified Liability (a “Section 11.6 Payment”), the amount of such Section 4.10 Payment or Section
11.6 Payment plus a further payment or payments so that the net amount received by such Person, after all
Taxes imposed on such Person with respect to such amounts (net of any actual current reduction in Taxes
payable by such Person as a result of the costs or expenses for which such Person receives a Section 4.10
Payment or Section 11.6 Payment) is equal to the original payment required to be received pursuant to
Section 4.10 or Section 11.6, respectively. For avoidance of doubt, if a Lender incurs a cost of $100 for
which the Borrowers pay the Lender $100 pursuant to Section 11.6, and the cost gives rise to a tax
deduction that reduces such Person’s Taxes by $35, and the payment increases such Person’s Taxes by
$35, then the net after-Tax basis payment shall be $100 because the increase in Tax of $35 with respect to
the Indemnified Liability is offset by the reduction in Taxes of $35 that arises from the cost. However, if
the cost was not deductible and the payment increased such Person’s Taxes by $35, then the net-after Tax
basis payment would be at least $135.
“Net Cash Proceeds”: with respect to any Disposition of any Property or assets by any
Person or any Recovery Event with respect to any asset of any Person, the aggregate amount of cash
received from time to time by or on behalf of such Person for its own account in connection with any such
transaction, after deducting therefrom (a) brokerage commissions, underwriting fees and discounts, legal
fees, finder’s fees and other similar fees, costs and commissions and reasonable related expenses that, in
each case, are incurred in connection with such event and are actually paid to or earned by a Person that is
not a Subsidiary or Affiliate of any of the Loan Parties or any of their Subsidiaries or Affiliates, (b)
reasonable reserves for liabilities, indemnities, escrows and purchase price adjustments in connection with
any such Disposition or Recovery Event and (c) the amount of taxes payable by such Person (or, in the
case of a Person that is a disregarded entity for U.S. federal income tax purposes, by the owner of such
Person, in the case of a Person that is a partnership for U.S. federal income tax purposes, by the owners of
such Person, or in the case of a Person that is a member of a consolidated or unitary tax group, by such
group, in each case, only to the extent the payor of such taxes is the U.S. Borrower or a direct or indirect
Subsidiary of the U.S. Borrower) in connection with or as a result of such transaction that, in each case,
are actually paid at the time of receipt of such cash to the applicable taxation authority or other
Governmental Authority or, so long as such Person is not otherwise indemnified therefor, are reserved for
in accordance with GAAP, as in effect at the time of receipt of such cash, based upon such Person’s
reasonable estimate of such taxes, and paid to the applicable taxation authority or other Governmental
Authority within 16 months after the date of receipt of such cash; provided that if, at the time any of the
liabilities, indemnities, escrows or purchase price adjustments referred to in clause (b) and/or taxes
referred to in clause (c) are actually paid or otherwise satisfied, the reserve therefor exceeds the amount
paid or otherwise satisfied, then the amount of such excess reserve shall constitute “Net Cash Proceeds”
on and as of the date of such payment or other satisfaction for all purposes of this Agreement.
“Net Liquidation Value”: with respect to any Commodity Account, the sum of (i) the
aggregate marked-to-market value of all futures positions, (ii) the aggregate liquidation value of all option
positions, and (iii) the cash balance, in each case credited to such Commodity Account.
“New Lenders”: as defined in Section 4.1(b)(iii).
“Non-Defaulting Lender”: at any time, each Lender that is not a Defaulting Lender at
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such time.
“Non-Excluded Taxes”: as defined in Section 4.11(a).
“Non-Renewal Notice Date”: as defined in Section 3.4(c).
“Non-U.S. Subsidiary”: any Subsidiary that is not a U.S. Subsidiary.
“Note” and “Notes”: as defined in Section 4.5(e).
“Notice of Prepayment”: as defined in Section 4.6.
“NYFRB”: the Federal Reserve Base Rate of New York.
“NYFRB Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect
on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a
Business Day, for the immediately preceding Business Day); provided that if none of such rates are
published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds
transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a Federal funds
broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be
less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Obligations”: the unpaid principal amount of, and interest (including interest accruing
after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of
any petition in bankruptcy, or the commencement of any insolvency, reorganization, arrangement or like
proceeding, relating to any of the Loan Parties, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding) on the Loans and Reimbursement Obligations, and all other
obligations and liabilities of any of the Loan Parties to the Secured Parties and the Lenders, whether direct
or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which
may arise under, or out of or in connection with this Agreement, the Notes, the Security Documents, any
other Loan Documents, any Letter of Credit, any Commodity OTC Agreement with a Qualified
Counterparty, any Financial Hedging Agreement with a Qualified Counterparty or any Cash Management
Bank Agreement with a Qualified Cash Management Bank, or any other document made, delivered or
given in connection therewith or herewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses (including all fees and disbursements of counsel to the
Agents or to the Lenders that are required to be paid by a Loan Party pursuant to the terms of the Loan
Documents or other agreement or instrument evidencing such obligations or liabilities) or otherwise;
provided further, that for purposes of determining any Guarantee Obligations of any Loan Party with
respect to the Obligations, the definition of “Obligations” shall not create any guarantee by any Loan
Party of any Excluded Swap Obligations of such Loan Party; provided further that, (i) obligations of any
Loan Party under any Commodity OTC Agreement to a Qualified Counterparty, Financial Hedging
Agreement to a Qualified Counterparty or any Cash Management Bank Agreement to a Qualified Cash
Management Bank (such obligations, the “Hedging and Bank Product Obligations”), shall be secured
pursuant to the Security Documents and guaranteed pursuant to the Guarantee only to the extent that, and
for so long as, those obligations and liabilities of the Loan Parties listed above not consisting of Hedging
and Bank Product Obligations (the “Other Obligations”) are so secured and guaranteed, unless the Other
Obligations cease to be so secured and guaranteed either (A) as a result of the Administrative Agent
undertaking an Enforcement Action (as defined in the U.S. Security Agreement or the Canadian Security
Agreement, as applicable) or the Administrative Agent taking any actions permitted by the Dutch
Security Documents after the occurrence of an Event of Default or an Enforcement Event (as defined in
the Dutch Security Agreement), as applicable or (B) following an Insolvency Proceeding (as defined in
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the U.S. Security Agreement or the Canadian Security Agreement, as applicable) with respect to any Loan
Party, in which cases the Hedging and Bank Product Obligations shall continue to be secured pursuant to
the Security Documents and guaranteed pursuant to the Guarantee and (ii) any release of Collateral or the
MLP or Subsidiary Guarantors effected in the manner permitted by this Agreement shall not require the
consent of holders of any Hedging and Bank Product Obligations. The Hedging and Bank Product
Obligations shall be subordinated to the Other Obligations pursuant to the terms of the U.S. Security
Agreement, Canadian Security Documents or Dutch Security Documents, as applicable.
“Operating Forecast”: the monthly operating forecast of the income statement and
balance sheet of the MLP and its consolidated Subsidiaries in form and substance satisfactory to the
Administrative Agent, as updated from time to time pursuant to Section 7.1(e).
“Other Connection Taxes”: with respect to any Lender or any Agent, Taxes imposed as a
result of a present or former connection between such Lender or Agent and the jurisdiction imposing such
Tax (other than connections arising solely from such Lender or Agent, as applicable, having executed,
delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan
Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes”: as defined in Section 4.11(b).
“Out of the Money Forward Contract Amount”: to the extent that the Counterparty
Forward Contract Amount with respect to any Forward Contract Counterparty is negative, the absolute
value of such Counterparty Forward Contract Amount.
“Out of the Money Swap Amount”: to the extent that the Qualified Counterparty Swap
Amount with respect to any Qualified Counterparty is negative, the absolute value of such Qualified
Counterparty Swap Amount.
“Overcollateralization Amount”: with respect to any counterparty under a Commodity
Contract of any Loan Party, the amount by which the cash collateral deposited with or prepayments made
to such Loan Party by such counterparty exceeds the amount of the obligations such cash collateral was
pledged to secure or with respect to which such prepayment was made.
“Overnight Bank Funding Rate”: for any day, the rate comprised of both overnight
federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository
institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website
from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight
bank funding rate (from and after such date as the NYFRB shall commence to publish such composite
rate).
“Paid but Unexpired Letters of Credit”: as of any Borrowing Base Date, the sum of (a)
the amount of any payment made by any Loan Party within 45 calendar days prior to such Borrowing
Base Date to satisfy the obligation for which a Letter of Credit was issued solely to the extent that such
Letter of Credit has not been reduced, cancelled or drawn upon and (b) for any Trade Letter of Credit with
respect to which no amount can be drawn with respect to xxxx-to-market liability, an amount equal to
20%, times, the lesser of (i) the then applicable undrawn portion of such Trade Letter of Credit and (ii)
the operational tolerance with respect to the underlying purchase contract with respect to which such
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Trade Letter of Credit was issued.
“Participant” and “Participants”: as defined in Section 11.7(b).
“Participant Register”: as defined in Section 11.7(b).
“Participation”: as defined in Section 11.7(b).
“Payment Intangible”: as defined in Section 9-102 of the New York Uniform
Commercial Code.
“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of
Title IV of ERISA.
“Perfected First Lien”: any perfected, first priority Lien or security interest (or its
substantial equivalent under applicable Laws) granted by a Loan Party pursuant to a Security Document in
favor of the Administrative Agent, for the ratable benefit of the Secured Parties; provided that, in the case
of inventory that is not located in the United States or contracts, Forward Contracts, Accounts Receivable
or Payment Intangibles not governed by Laws of the United States of America or any state or political
subdivision thereof, the validity and, if customarily available, priority of such Lien shall be confirmed by
an opinion of special local counsel, the form and substance of which shall be customary and reasonably
satisfactory to the Administrative Agent; provided further that no Lien or security interest (or its substantial
equivalent under applicable Laws) granted by a Loan Party pursuant to a Security Document shall constitute
a Perfected First Lien, unless it secures all Obligations, including U.S. Obligations, except that on or prior
to the ULC Conversion (but in no event later than one Business Day following the Restatement Effective
Date), assets of Kildair (but not of any Subsidiary of Kildair) that secure all Obligations other than U.S.
Obligations shall be deemed to be subject to a Perfected First Lien solely for purposes of calculating the
Kildair Borrowing Base (and references therein to the component definitions of the Kildair Borrowing
Base) in an amount not to exceed any Working Capital Facility Loans made to Kildair..
“Perfection Certificate”: the Perfection Certificate to be executed and delivered by the
Loan Parties, substantially in the form of Exhibit Q.
“Performance Letter of Credit”: a standby Working Capital Facility Letter of Credit
issued to support bonding, swap transaction, performance, transportation and tariff requirements relating
to Eligible Commodities (other than the obligation to pay for the purchase of Eligible Commodities).
“Permitted Borrowing Base Liens”: (a) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s, landlords’, or other similar Liens arising in the ordinary course of business
which are not overdue for a period of more than 60 days or which are being contested in good faith by
appropriate proceedings or which have been bonded over or otherwise adequately secured against, (b)
Permitted Cash Management Liens, (c) Liens created pursuant to the Security Documents and the other
Loan Documents (provided, that such permitted Liens shall not include any Liens purported to be granted
to any commodity intermediary on assets other than assets credited to a Controlled Account maintained
with such commodity intermediary or such Controlled Account as a result of the incorporation by
reference of a separate security agreement), (d) First Purchaser Liens, (e) inchoate tax Liens, (f) Liens
arising from unauthorized Uniform Commercial Code or PPSA financing statements or applications for
registration of a hypothec under the Register of Personal and Movable Real Rights (Quebec) under the
Civil Code of Quebec, (g) Prior Claims that are unregistered and that secure amounts that are not yet due
and payable and (h) netting and other offset rights granted by any Loan Party to counterparties under
Commodity Contracts and Financial Hedging Agreements on or with respect to payment and other
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obligations owed by such Loan Party to such counterparties.
“Permitted Cash Management Liens”: (a) Liens with respect to (i) all amounts due to the
Cash Management Bank, in respect of customary fees and expenses for the routine maintenance and
operation of any Cash Management Account, (ii) the face amount of any checks which have been credited
to any Cash Management Account, but are subsequently returned unpaid because of uncollected or
insufficient funds, or (iii) other returned items or mistakes made in crediting such Cash Management
Account, (b) any other Liens permitted under the Account Control Agreement for a Cash Management
Account, (c) Liens created by the Security Documents and the other Loan Documents, (d) inchoate tax
Liens, (e) Liens arising from unauthorized Uniform Commercial Code or PPSA financing statements or
applications for registration of a hypothec under the Register of Personal and Movable Real Rights
(Quebec) under the Civil Code of Quebec, (f) any Overcollateralization Amounts and (g) Liens on
currency, Cash Equivalents, commodities or Commodities Contracts of the Loan Parties deposited in, or
credited to, any Controlled Account that are subject to an Account Control Agreement; provided that,
such Liens are specifically permitted by such Account Control Agreement or arise by operation of law.
“Permitted Investors”: Xxxxxxx X. Xxxxxxx, together with her spouse, children,
grandchildren and heirs (and any trust of which any of the foregoing (or any combination thereof)
constitute at least 80% of the then current beneficiaries).
“Permitted Refinancing Indebtedness”: as defined in Section 8.2(d).
“Person”: an individual, partnership, corporation, unlimited liability company, limited
liability company, business trust, joint stock company, trust, unincorporated association, joint venture,
Governmental Authority or other entity of whatever nature.
“Petition Date”: as defined in the definition of “Eligible Account Receivable” in this
Section 1.1.
“Petroleum Products”: crude oil and refined petroleum products (including heating oil,
heavy oil, fuel oil, light oil, diesel, gasoline, kerosene, jet fuel, marine gas oil and propane) and any other
product or by-product of either of the foregoing, residual fuels, biodiesel, biofuels and ethanol and all
rights to transmit, transport or store any of the foregoing.
“Physical Commodity Contract”: a contract for the purchase, sale, transfer or exchange of
any physical Eligible Commodity.
“Plan”: at a particular time, any employee benefit plan which is covered by ERISA and in
respect of which any of the Loan Parties or a Commonly Controlled Entity is (or, if such plan were
terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined
in Section 3(5) of ERISA or to which any Loan Party or Commonly Controlled Entity has any actual or
contingent liability.
“Platform”: as defined in Section 11.2.
“Pledge Agreements”: collectively, the Canadian Pledge Agreement, the U.S. Pledge
Agreement and the Dutch Membership Pledge Agreement.
“Pledged Accounts”: all Commodity Accounts, Deposit Accounts (other than Excluded
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Accounts) and Securities Accounts of any Grantor.
“Pledged Collateral”: the “Pledged Collateral” as defined in the U.S. Pledge Agreement
or the Canadian Pledge Agreement or the “Collateral” as defined in the Dutch Membership Pledge
Agreement, as applicable.
“Position Report”: a position report in form and substance substantially similar to
Exhibit M of either the U.S. Borrower or the Canadian Borrower, as applicable, which shows in detail the
calculations supporting, as applicable (i) the U.S. Borrower’s certification of the compliance by the Loan
Parties (other than the Canadian Borrower and its Subsidiaries) with the position limits in the Risk
Management Policy that are applicable to such Loan Parties and (ii) the Canadian Borrower’s certification
of the compliance by the Canadian Borrower and its Subsidiaries with the position limits in the Risk
Management Policy that are applicable to the Canadian Borrower and its Subsidiaries.
“Post-Amalgamation Entity”: as defined in the definition of “Amalgamation”.
“Post-Termination LOC”: as defined in Section 3.6(c).
“PPSA”: the Personal Property Security Act (Ontario), including the regulations thereto,
provided that, if perfection or the effect of perfection or non-perfection or the priority of any Lien created
hereunder on the Collateral is governed by the personal property security legislation or other applicable
legislation with respect to personal property security in effect in a jurisdiction other than Ontario, “PPSA”
means the Personal Property Security Act or such other applicable legislation in effect from time to time
in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of
perfection or non-perfection or priority.
“Previous Credit Agreement”: that certain Credit Agreement, dated as of May 28, 2010,
as amended pursuant to (i) the First Amendment to Credit Agreement, dated as of Xxxxx 00, 0000, (xx) the
Second Amendment, dated as of September 27, 2012 and (iii) the Third Amendment, dated as of May 15,
2013, and as otherwise amended, supplemented, waived or modified prior to the Closing Date.
“Prime Rate”: for any day, the rate per annum equal to the greater of (a) the Canadian
prime rate in effect on such day equal to the PRIMCAN Index rate (rounded upward, if necessary, to the
next 1/16 of 1.00%) that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such date (or, in
the event that the PRIMCAN Index is not published by Bloomberg, any other information service that
publishes such index from time to time, as selected by the Administrative Agent in its reasonable
discretion) and (b) the one-month Eurocurrency Rate in effect on such day for Loans denominated in
Canadian Dollars plus 1.00%. For purposes hereof: “Canadian prime rate” shall mean the rate of interest
per annum established by JPMorgan Chase Bank Toronto as its reference rate in effect for determining
interest rates for commercial loans denominated in Canadian Dollars (the Canadian prime rate not being
intended to be the lowest rate of interest charged by JPMorgan Chase Bank Toronto in connection with
extensions of credit to debtors); provided, that if any of the above rates shall be less than zero, such rate
shall be deemed to be zero for purposes of this Agreement. Any change in the Prime Rate due to a change
in the Canadian prime ratePRIMCAN Index or the Eurocurrency Rate shall be effective as of the opening
of business on the day such change in the Canadian prime ratePRIMCAN Index or Eurocurrency Rate
becomes effective, respectively.
“Prime Rate Loan”: Loans the rate of interest of which is based upon the Prime Rate.
“Prior Claims”: all Liens created by applicable law (in contrast with Liens voluntarily
granted) or interests similar thereto under applicable law which rank or are capable of ranking prior or
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pari passu with the Liens created by the Security Documents including for amounts owing for, or in
respect of, employee source deductions, vacation pay, goods and services taxes, sales taxes, harmonized
sales taxes, municipal taxes, workers’ compensation, Quebec corporate taxes, pension fund obligations
and overdue rents.
“Product”: as defined in Section 5.21(a).
“Product Taxes”: any amounts which are due and owing to any Governmental Authority,
including excise or sales taxes, applicable to services provided under any Materials Handling Contract or
the sale of Eligible Commodities, to the extent such amounts are collected or collectable by any Loan
Party from such Loan Party’s customer to be remitted to such Governmental Authority.
“Pro Forma Basis”: with respect to the covenants set forth in Section 8.1 on any date of
determination, the calculation of such covenants as at such date of determination; provided that the
amount of Consolidated EBITDA and Consolidated Fixed Charges in any such calculation shall be the
amount of Consolidated EBITDA and Consolidated Fixed Charges for the most recently ended four (4)
fiscal quarter period.
“Pro Forma Financial Statements”: as defined in Section 6.1(r).
“Project X”: that certain acquisition contemplated by the Loan Parties and identified to
the Lenders prior to the Amendment Effective Date as “Project X”.
“Projections”: as defined in Section 6.1(r).
“Properties”: as defined in Section 5.22(a).
“Public Lender”: as defined in Section 11.2.
“Qualified Cash Management Bank”: any Cash Management Bank that, at the time a
Cash Management Bank Agreement was entered into between a Loan Party and such Cash Management
Bank, was (i) a Lender (or an Affiliate thereof) or (ii) if such Cash Management Bank Agreement was
entered into prior to the Restatement Effective Date, was a lender under the Previous Credit Agreement or
the Existing Credit Agreement at the time and is a Lender on the Restatement Effective Date.
“Qualified Counterparty”: any counterparty to any Financial Hedging Agreement or
Commodity OTC Agreement entered into between a Loan Party and a Person that, (i) at the time such
Financial Hedging Agreement or Commodity OTC Agreement was entered into, was a Lender or (ii) if
such Financial Hedging Agreement or Commodity OTC Agreement was entered into prior to the
Restatement Effective Date, was a lender under the Previous Credit Agreement or the Existing Credit
Agreement at the time such Financial Hedging Agreement or Commodity OTC Agreement was entered
into and is a Lender on the Restatement Effective Date; provided, that, with respect to either clause (i) or
clause (ii), such counterparty (other than any counterparty that is the Administrative Agent) shall be a
“Qualified Counterparty” with respect to any Financial Hedging Agreement or Commodity OTC
Agreement solely to the extent such counterparty has delivered a Hedging Agreement Qualification
Notification to the Administrative Agent.
“Qualified Counterparty Swap Amount”: with respect to any Qualified Counterparty, an
amount equal to (a) the aggregate unrealized gains to each relevant Loan Party, based upon such Loan
Party’s reasonable calculation of such amount in accordance with industry standard valuation models,
under all Commodity OTC Agreements and Financial Hedging Agreements between such Qualified
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Counterparty and such Loan Party minus (b) the aggregate unrealized losses to such Loan Party, based
upon such Loan Party’s reasonable calculation of such amount in accordance with industry standard
valuation models, under all Commodity OTC Agreements and Financial Hedging Agreements between
such Qualified Counterparty and such Loan Party.
“Quebec Security Documents”: a deed of hypothec to secure payment of debentures
(which hypothec shall include, without limitation, a charge on the universality of immovable property)
and any other related documents, bonds, debentures or pledge agreements required to perfect a Lien in
favor of the Administrative Agent in the Province of Quebec to be executed from time to time by any
Loan Party organized under the laws of the Province of Quebec or having its chief executive office (or
domicile) located in the Province of Quebec or having tangible assets located in the Province of Quebec.
“Quebec STA”: An Act respecting the transfer of securities and the establishment of
security entitlements, R.S.Q. c. T-11.002, as amended from time to time.
“Quotation Day”: with respect to any Eurocurrency Loan for any Interest Period, (i) if the
currency is United States Dollars, two Business Days prior to the commencement of such Interest Period
and (ii) if the currency is Canadian Dollars, at approximately 10:0010:15 a.m., Toronto time, on the first
day of such Interest Period; provided that if such day is not a Business Day, then on the immediately
preceding Business Day.
“Reconciliation Summary”: with respect to the annual and monthly consolidated financial
statements (other than the statements of cash flow and owners’ equity) delivered pursuant to Section 7.1,
(i) a schedule showing the elimination of transactions between any Credit Party and any Subsidiary of a
Credit Party that is not itself a Credit Party and transactions between any Credit Party and any Affiliate of
a Credit Party (other than any Subsidiary of a Credit Party), (ii) a statement showing the adjustments
made to report such financial statements on an Economic Basis plus or minus any Allowed Reserve, as
applicable, and (iii) a statement showing the adjustments made to such financial statements with respect
to any Allowed Reserve.
“Recovery Event”: any settlement of or payment in respect of any Property or casualty
insurance claim or any condemnation proceeding relating to any asset of any Loan Party resulting in Net
Cash Proceeds to the applicable Loan Party in excess of $5,000,000.
“Refunded Dollar Swing Line Loan”: any Refunded Swing Line Loan made in respect of
a Dollar Swing Line Loan.
“Refunded Multicurrency Swing Line Loan”: any Refunded Swing Line Loan made in
respect of a Multicurrency Swing Line Loan.
“Refunded Swing Line Loan”: as defined in Section 2.6(a).
“Register”: as defined in Section 11.7(d).
“Regulation U”: Regulation U of the Board.
“Reimbursement Date”: as defined in Section 3.7(b).
“Reimbursement Obligations”: the obligation of the Borrowers to reimburse any Issuing
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Lender, pursuant to Section 3.7(a) for Unreimbursed Amounts.
“Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the
aggregate Net Cash Proceeds received by any Loan Party in connection therewith which are not applied to
prepay outstanding Loans pursuant to Section 4.7(c) as a result of the delivery of a Reinvestment Notice.
“Reinvestment Event”: any Asset Sale or Recovery Event in respect of which the U.S.
Borrower has delivered a Reinvestment Notice.
“Reinvestment Notice”: a written notice executed by a Responsible Person of the U.S.
Borrower stating that no Event of Default has occurred and is continuing and that the relevant Loan Party
either (i) intends and expects to use all or a specified portion of the Net Cash Proceeds of an Asset Sale or
Recovery Event to acquire assets (directly or through the purchase of the Capital Stock of a Person
pursuant to an Acquisition or otherwise) to replace, repair or upgrade the assets subject to such Asset Sale
or Recovery Event, or (ii) in the case of a Recovery Event, has replaced, repaired or upgraded the asset
subject to such Recovery Event prior to such Person’s receipt of the Net Cash Proceeds thereof and the
amount expended therefor.
“Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the
Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant
Reinvestment Prepayment Date to acquire assets (directly or through the purchase of the Capital Stock of
a Person pursuant to an Acquisition or otherwise) to replace, repair or upgrade the assets subject to such
Reinvestment Event (including, in the case of a Recovery Event, amounts expended to replace, repair or
upgrade the asset subject to such Recovery Event prior to the receipt by the relevant Loan Party of the Net
Cash Proceeds thereof).
“Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the earlier of
(a) the date occurring 12 months after such Reinvestment Event and (b) the date on which the applicable
Loan Party shall have determined not to, or shall have otherwise ceased to, acquire assets (directly or
through the purchase of the Capital Stock of a Person pursuant to an Acquisition or otherwise) to replace,
repair or upgrade the assets subject to such Reinvestment Event with all or any portion of the relevant
Reinvestment Deferred Amount.
“Related Person” means with respect to any Person, each officer, employee, director,
trustee, agent, advisor, affiliate, partner and controlling person of such Person.
“Release”: any release, threatened release, addition, spill, emission, leaking, pumping,
pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching
or migration of Material of Environmental Concern into or through the environment.
“Relevant Facility Lender”: with respect to any Acquisition Facility Loan, an Acquisition
Facility Lender, with respect to any Dollar Working Capital Facility Loan, a Dollar Working Capital
Facility Lender and with respect to any Multicurrency Working Capital Facility Loan, a Multicurrency
Working Capital Facility Lender.
“Relevant Facility Loan”: with respect to any L/C Reimbursement Loan related to an
Acquisition Facility Letter of Credit, an Acquisition Facility Loan, with respect to any L/C
Reimbursement Loan related to a Dollar Working Capital Facility Letter of Credit, a Dollar Working
Capital Facility Loan and with respect to any L/C Reimbursement Loan related to a Multicurrency
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Working Capital Facility Letter of Credit, a Multicurrency Working Capital Facility Loan.
“Relevant L/C Participant”: with respect to an Acquisition Facility Letter of Credit, an
Acquisition Facility L/C Participant, with respect to a Dollar Working Capital Facility Letter of Credit, a
Dollar Working Capital Facility L/C Participant and with respect to a Multicurrency Working Capital
Facility Letter of Credit, a Multicurrency Working Capital Facility L/C Participant.
“Relevant Letter of Credit”: with respect to an Acquisition Facility Issuing Lender, an
Acquisition Facility Letter of Credit, with respect to a Dollar Working Capital Facility Issuing Lender, a
Dollar Working Capital Facility Letter of Credit and with respect to a Multicurrency Working Capital
Facility Issuing Lender, a Multicurrency Working Capital Facility Letter of Credit.
“Relevant Swing Line Lenders”: with respect to the Dollar Working Capital Facility, the
Dollar Working Capital Facility Swing Line Lenders and with respect to the Multicurrency Working
Capital Facility, the Multicurrency Working Capital Facility Swing Line Lenders.
“Relevant Working Capital Facility Issuing Lenders”: with respect to the Dollar Working
Capital Facility, the Dollar Working Capital Facility Issuing Lenders and with respect to the
Multicurrency Working Capital Facility, the Multicurrency Working Capital Facility Issuing Lenders.
“Renewal Notice Date”: as defined in Section 3.4(c).
“Replacement Facility”: as defined in Section 4.21(a).
“Replacement Facility Amendment”: as defined in Section 4.21(c).
“Replacement Facility Closing Date”: as defined in Section 4.21(c).
“Replacement Facility Lender”: as defined in Section 4.21(c).
“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than
those events as to which the thirty (30) day notice period is waived under PBGC Reg. § 4043.
“Representatives”: as defined in Section 11.16.
“Requested Increase Amount”: as defined in Section 4.1(b)(i).
“Requested Increase Effective Date”: as defined in Section 4.1(b)(i).
“Required Lenders”: at any time, Lenders, the Credit Exposure Percentages of which
aggregate more than 50%; provided, that the Credit Exposure of any Defaulting Lender shall be excluded
from the calculation of Credit Exposure Percentages in determining the Required Lenders.
“Requirement of Law”: as to any Person, any Law or determination of an arbitrator or a
court or other Governmental Authority, in each case applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is subject.
“Reserves”: individually and collectively, and without duplication, reserves in respect of
inventory that is subject to the rights of suppliers under Section 81.1 of the Bankruptcy and Insolvency
Act (Canada), reserves in respect of Prior Claims, any Wage Earner Protection Act Reserve and any other
reserves that the Co-Collateral Agents deem necessary in their reasonable discretion to maintain with
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respect to the Collateral or any Loan Party.
“Reset Date”: as defined in Section 2.7(a).
“Responsible Person”: (i) with respect to the U.S. Borrower or any Subsidiary, the chief
executive officer, president, chairman, chief operating officer, chief accounting officer, chief financial
officer, chief risk officer, chief compliance officer, senior vice-president, executive vice-president, vice-
president of finance, controller, treasurer or assistant treasurer of the U.S. Borrower or such Subsidiary, as
applicable, or any additional natural person notified to the Administrative Agent in an officer’s certificate
signed by one or more then existing Responsible Persons of the MLP and that contains a specimen
signature of such additional natural person; provided that, with respect to any Borrowing Base Report,
“Responsible Person” shall include any vice president responsible for the oversight of the trading and
financial operations of the U.S. Borrower or such Subsidiary, as applicable, or any additional natural
person notified to the Administrative Agent in an officer’s certificate signed by one or more then existing
Responsible Persons of the MLP and that contains a specimen signature of such additional natural person;
and (ii) with respect to the MLP, the chief executive officer, president, chairman, chief operating officer,
chief accounting officer, chief financial officer, chief risk officer, chief compliance officer, senior vice-
president, executive vice-president, vice-president of finance, controller, treasurer or assistant treasurer or
any additional natural person notified to the Administrative Agent in an officer’s certificate signed by one
or more then existing Responsible Persons of the MLP and that contains a specimen signature of such
additional natural person.
“Restatement Effective Date”: the date on which the conditions precedent set forth in
Section 6.1 shall be satisfied or waived, which date is December 9, 2014.
“Restricted Payments”: as defined in Section 8.5.
“RIN”: any renewable identification number associated with the United States
government-mandated renewable fuel standards.
“Risk Management Policy”: the risk management policy of the Loan Parties applicable to
the funding activities of the Loan Parties as approved by the board of directors of the General Partner and
as in effect as of the Restatement Effective Date, and as the same may be modified in accordance with
Section 7.10.
“Sanctioned Country”: at any time, a country or territory which is itself the subject or
target of any Sanctions.
“Sanctioned Person”: at any time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the
Treasury or the U.S. Department of State or by the United Nations Security Council, the European Union
or, any EU member state, Canada or the United Kingdom, (b) any Person operating, organized or resident
in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons.
“Sanctions”: economic or financial sanctions or trade embargoes imposed, administered
or enforced from time to time by (a) the U.S. government, including those administered by the Office of
Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) the
Canadian government or (c) the United Nations Security Council, the European Union or Her Majesty’s
Treasury of the United Kingdom.
“Screen Rate”: the LIBOR Screen Rate and/or the CDOR Screen Rate, as the context
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may require.
“SEC”: the United States Securities and Exchange Commission.
“SEC Filings”: as defined in Section 7.1.
“Section 4.11 Certificate”: as defined in Section 4.11(e).
“Secured Parties”: collectively, the Agents, the Lenders (including any Issuing Lender in
its capacity as Issuing Lender and any Swing Line Lender in its capacity as Swing Line Lender), any
Qualified Cash Management Bank, any Qualified Counterparty and, in each instance, their respective
successors and permitted assigns.
“Securities Account”: any “Securities Account” as defined in Section 8-501 of the New
York Uniform Commercial Code, any “Securities Account” as defined under the PPSA and any
“securities account” as defined in the Quebec STA.
“Security Agreements”: the collective reference to the U.S. Security Agreement, the
Canadian Security Agreement, the Quebec Security Documents and the Dutch Receivables Pledge
Agreement.
“Security Documents”: the collective reference to each Account Control Agreement, the
Security Agreements, the Pledge Agreements, each Mortgage and Security Agreement and each other
security documents hereafter delivered to the Administrative Agent guaranteeing payment of, or granting
a Lien on any asset or assets of any Person to secure any of the Obligations or to secure any guarantee of
any such Obligations.
“Semi-Monthly Reporting Date”: the fifteenth (15th) day and the last day of each month.
“Single Employer Plan”: any Plan which is subject to Title IV of ERISA, but which is not
a Multiemployer Plan.
“S&P”: Standard and Poor’s Financial Services LLC, or any successor to its rating
agency business.
“Specified Laws”: (i) Trading with the Enemy Act, and each of the foreign assets control
regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other
enabling legislation or executive order relating thereto, (ii) the USA PATRIOT Act and (iii) CAML.
“Specified Time”: (i) in relation to a Loan in United States Dollars, as of 11:00 a.m.,
London time and (ii) in relation to a Loan in Canadian Dollars, as of 10:0010:15 a.m. Toronto, Ontario
time.
“Xxxxxxx Resources Canada”: Xxxxxxx Resources Canada ULC, an unlimited liability
company formed under the laws of British Columbia.
“Subject Natural Gas Receivables”: as defined in the definition of “Natural Gas
Transactions” in this Section 1.1.
“Subject Utility” or “Subject Utilities”: as defined in the definition of “Natural Gas
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Transactions” in this Section 1.1.
“Subsidiary”: as to any Person, a corporation, partnership or other entity of which shares
of stock or other ownership interests having ordinary voting power (other than stock or such other
ownership interests having such power only by reason of the happening of a contingency) to elect a
majority of the board of directors or other managers of such corporation, partnership or other entity are at
the time owned, or the management of which is otherwise controlled, directly or indirectly through one or
more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary”
or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the MLP. As of the
Restatement Effective Date, the Subsidiaries of the MLP are listed on Schedule 5.15.
“Subsidiary Guarantors”: Subject to Section 11.5, (i) Xxxxxxx Energy Solutions Inc.,
Xxxxxxx Connecticut Properties LLC, Xxxxxxx Terminal Services LLC, Xxxxxxx Resources Finance Corp.,
Xxxxxxx Resources Coöperatief U.A. and Xxxxxxx Co-op Member LLC, (ii) Kildair and (iii) after the
Restatement Effective Date, each other Person executing and delivering the Guarantee, or becoming a party
to the Guarantee as a guarantor (by supplement or otherwise), pursuant to this Agreement.
“Supermajority Lenders”: at any time, Lenders the Credit Exposure Percentages of which
aggregate more than 66 2/3%; provided that the Credit Exposure of any Defaulting Lender shall be
excluded from the calculation of Credit Exposure Percentage in determining Supermajority Lenders.
“Swap”: any agreement, contract, or transaction that constitutes a “swap” within the
meaning of section 1a(47) of the Commodity Exchange Act.
“Swap Amounts due to Qualified Counterparties”: as of any date, the aggregate of all Out
of the Money Swap Amounts.
“Swap Obligation”: with respect to any Person, any obligation to pay or perform under
any Swap.
“Swing Line Lenders”: the Dollar Swing Line Lenders and/or the Multicurrency Swing
Line Lenders, as the context requires.
“Swing Line Loans”: the Dollar Swing Line Loans and/or the Multicurrency Swing Line
Loans, as the context requires.
“Synthetic Lease”: any lease of property, real or personal, the obligations of the lessee in
respect of which are treated as an operating lease for financial accounting purposes and a financing lease
for U.S. income tax purposes, in accordance with GAAP.
“Taxes”: as defined in Section 4.11(a).
“Termination Date”: the date that is the fifth anniversary of the Restatement Effective
DateApril 27, 2021, or, if such date is not a Business Day, the next preceding Business Day.
“Tier 1 Counterparty”: in relation to an Eligible Account Receivable or Eligible Unbilled
Account Receivable, the counterparty thereto to the extent that (a) such counterparty is Investment Grade
or (b) such counterparty’s obligations with respect thereto are supported by Acceptable Investment Grade
Credit Enhancement.
“Tier 2 Counterparty”: in relation to an Eligible Account Receivable or Eligible Unbilled
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Account Receivable, the counterparty thereto to the extent that it is not a Tier 1 Counterparty.
“Title Insurance Company”: as defined in Section 6.1(o).
“Total Acquisition Facility Acquisition Extensions of Credit”: an amount equal to the
sum of (a) the aggregate unpaid principal amount of Acquisition Facility Loans outstanding at such time,
plus (b) the aggregate amount of Acquisition Facility L/C Obligations outstanding at such time, that are,
in each case, Acquisition Facility Acquisition Extensions of Credit.
“Total Acquisition Facility Extensions of Credit”: an amount equal to the sum of (a) the
aggregate unpaid principal amount of Acquisition Facility Loans outstanding at such time, plus (b) the
aggregate amount of Acquisition Facility L/C Obligations outstanding at such time.
“Total Acquisition Facility Working Capital Extensions of Credit”: an amount equal to
the sum of (a) the aggregate unpaid principal amount of Acquisition Facility Loans outstanding at such
time, plus (b) the aggregate amount of Acquisition Facility L/C Obligations outstanding at such time, that
are, in each case, Acquisition Facility Working Capital Extensions of Credit.
“Total Dollar Working Capital Facility Extensions of Credit”: an amount equal to the
sum of (a) the aggregate unpaid principal amount of Dollar Working Capital Facility Loans and Dollar
Swing Line Loans outstanding at such time, plus (b) the aggregate amount of Dollar Working Capital
Facility L/C Obligations outstanding at such time.
“Total Extensions of Credit”: at any time, the Total Dollar Working Capital Facility
Extensions of Credit, the Total Multicurrency Working Capital Facility Extensions of Credit or the Total
Acquisition Facility Extensions of Credit at such time, as the context requires.
“Total Multicurrency Working Capital Facility Extensions of Credit”: an amount equal to
the Dollar Equivalent of the sum of (a) the aggregate unpaid principal amount of Multicurrency Working
Capital Facility Loans and Multicurrency Swing Line Loans outstanding at such time, plus (b) the
aggregate amount of Multicurrency Working Capital Facility L/C Obligations outstanding at such time.
“Total Working Capital Facility Extensions of Credit”: an amount equal to the sum of (a)
the Total Dollar Working Capital Facility Extensions of Credit at such time plus (b) the Total
Multicurrency Working Capital Facility Extensions of Credit at such time.
“Trade Letter of Credit”: a commercial or standby Letter of Credit supporting the
purchase of Eligible Commodities giving rise to Eligible Inventory and/or an Eligible Account Receivable
no later than sixty (60) days following the date of issuance of such Letter of Credit.
“Trading Business”: with respect to each Lender, the day-to-day activities of such Lender
or a division, Subsidiary or Affiliate of such Lender relating to the proprietary purchase, sale, hedging
and/or trading of commodities, including Eligible Commodities, and any related derivative transactions.
“Tranche”: Eurocurrency Loans of the same currency, the then-current Interest Periods of
which all begin on the same date and end on the same later date (whether or not such Eurocurrency Loans
shall originally have been made on the same day).
“Transferee”: as defined in Section 11.7(f).
“Type”: as to any Loan, its nature as a Base Rate Loan, Prime Rate Loan or a
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Eurocurrency Loan.
“UCP 600”: as defined in Section 3.4(g).
“ULC Conversion”: the conversion of Kildair from a limited company to an unlimited
liability company.
“United States Dollars” and “$”: dollars in lawful currency of the United States of
America.
“Unreimbursed Amount”: as defined in Section 3.7(a).
“U.S. Borrower”: as defined in the introductory paragraph of this Agreement.
“U.S. Borrowing Base”: on any date, solely with respect to the assets of the U.S. Loan
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Parties (other than the Kildair Loan Parties), an amount equal to:
(i) 100% of Eligible Cash and Cash Equivalents; plus
(ii) 90% of Eligible Tier 1 Accounts Receivable; plus
(iii) 85% of Eligible Unbilled Tier 1 Accounts Receivable; plus
(iv) 85% of Eligible Tier 2 Accounts Receivable; plus
(v) 80% of Eligible Unbilled Tier 2 Accounts Receivable; plus
(vi) 85% of Eligible Hedged Petroleum Inventory; plus
(vii) 80% of Eligible Petroleum Inventory; plus
(viii) 85% of Eligible Hedged Natural Gas Inventory; plus
(ix) 80% of Eligible Natural Gas Inventory; plus
(x) 70% of Eligible Coal Inventory; plus
(xi) 70% of Eligible Asphalt Inventory; plus
(xii) 75% of U.S. Prepaid Purchases; plus
(xiii) 85% of Eligible Net Liquidity in Futures Accounts; plus
(xiv) 80% of Eligible Exchange Receivables; plus
(xv) 80% of Eligible Short Term Unrealized Forward Gains; plus
(xvi) 70% of Eligible Medium Term Unrealized Forward Gains; plus
(xvii) 60% of Eligible Long Term Unrealized Forward Gains; plus
(xviii) 80% of Eligible Letters of Credit Issued for Commodities Not Yet
Received; plus
(xix) 100% of Paid But Unexpired Letters of Credit; plus
(xx) 70% of Eligible RINs; less
(1) 100% of the First Purchaser Lien Amount; less
(2) 100% of Product Taxes; less
(3) 110% of any Swap Amounts due to Qualified Counterparties solely to
the extent, and if, such Swap Amounts due to Qualified Counterparties are in excess of
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$20,000,000; less
(4) 100% of the Overcollateralization Amount.
Any amounts described in categories (i) through (xx) and (1) through (5) above which may fall into more
than one of such categories shall be counted only once under the category with the highest applicable
advance rate percentage, when making the calculation under this definition. In addition, any deductions
made from the value of any asset included in the U.S. Borrowing Base in respect of counterparty contra,
offsets, counterclaims, unrealized forward losses and any other similar charges or claims shall be without
duplication. In calculating the U.S. Borrowing Base, the following adjustments shall be made:
(A) the value of Accounts Receivable to be included in clauses (ii) through
(v) shall not exceed $15,000,000 for Accounts Receivables the Account Debtors of which
are Eligible Foreign Counterparties;
(B) (i) the value of that portion of the U.S. Borrowing Base described in
clauses (xv) through (xvii), together with the value of that portion of the Kildair
Borrowing Base described in clause (xv) thereof, shall not exceed (1) in the aggregate
(and after giving effect to the sublimits set forth in clause (i)(2), (i)(3) and (ii) below), the
lesser of (a) 4030% of the U.S.Aggregate Borrowing Base Amount then in effect and (b)
$325,000,000, (2) $175,000,000 from Forward Contracts relating to Petroleum Products,
or (3) $150,000,000165,000,000 from Forward Contracts relating to Natural Gas
Products and (ii) the value of that portion of the U.S. Borrowing Base described in clause
(xvii) shall not exceed $20,000,000;
(C) any category of the U.S. Borrowing Base shall be calculated taking into
account any elimination and reduction related to any potential offset to such asset
category;
(D) the Co-Collateral Agents may, in their reasonable discretion, determine
that one or more assets described in clauses (ii), (iii), (iv), (v), (xiv), (xv), (xvi), (xvii) or
(xx) does not meet the eligibility requirements for inclusion in the U.S. Borrowing Base,
and any such assets shall not be included in the U.S. Borrowing Base;
(E) notwithstanding anything herein to the contrary, no asset shall be eligible
in whole or in part for inclusion in the U.S. Borrowing Base to the extent such asset is in
violation of the Risk Management Policy;
(F) the calculation of the value of the assets included in clauses (ii), (iii),
(iv), (v) and (xiii) with respect to a counterparty shall be net of any Out of the Money
Forward Contract Amount attributable to such counterparty (for purposes of this clause
(F), any reference to a counterparty shall include all Subsidiaries and Affiliates of such
counterparty which affiliation is known or should be known by the Loan Parties, except
for a counterparty that holds itself out as an independent credit and separate legal entity
with respect to its Subsidiaries and Affiliates, together with such counterparty’s
independent Subsidiaries and Affiliates, and is listed on the Independent Entity
Schedule);
(G) the calculation of the value of the assets included in clauses (ii), (iii),
(iv), (v), (xii), (xiv), (xv), (xvi) and (xvii) that are attributable to a single counterparty
shall be netted against any contra, offset, counterclaim, unrealized forward losses or
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obligations of the U.S. Loan Parties (other than the Kildair Loan Parties) with such
counterparty including amounts payable to such counterparty (for purposes of this clause
(G), any reference to a counterparty shall include all Subsidiaries and Affiliates of such
counterparty which affiliation is known or should be known by the Loan Parties, except
for a counterparty that holds itself out as an independent credit and separate legal entity
with respect to its Subsidiaries and Affiliates, together with such counterparty’s
independent Subsidiaries and Affiliates, and is listed on the Independent Entity
Schedule);
(H) the value of that portion of the U.S. Borrowing Base described in clause
(xviii) relating to Letters of Credit for the transportation of Eligible Commodities shall
not exceed $20,000,000; and
(I) the value of that portion of the U.S. Borrowing Base described in clause
(xx) shall not exceed $10,000,000.
The value of the U.S. Borrowing Base at any time shall be the value of the U.S.
Borrowing Base as of the applicable Borrowing Base Date.
“U.S. Loan Party”: any Loan Party organized under the laws of any jurisdiction within
the United States (and excluding any Subsidiary of Kildair).
“U.S. Obligations”: any Obligations treated as Obligations of a U.S. Person for U.S.
federal income tax purposes.
“U.S. Person”: a “United States person” within the meaning of Section 7701(a)(30) of the
Code.
“U.S. Pledge Agreement”: the Amended and Restated U.S. Pledge Agreement,
substantially in the form of Exhibit C-1 to be executed and delivered by (a) any Loan Party organized
under the laws of any jurisdiction within the United States and (b) any Loan Party pledging Capital Stock
of any Person organized under the laws of any jurisdiction within the United States.
“U.S. Prepaid Purchases”: Eligible Commodities (consisting of Natural Gas Products and
Petroleum Products) valued at the then current Value purchased and prepaid by the U.S. Loan Parties
(other than the Kildair Loan Parties) from suppliers reasonably acceptable to the Co-Collateral Agents in
their sole discretion, with respect to which (w) title shall not have passed to any Loan Party, (x) such
Eligible Commodities shall not have been delivered to any Loan Party; provided that such products must
be supported by an invoice from said supplier (i) specifying the purpose of the applicable prepayment,
and (ii) including a copy of the underlying purchase contract; (y) (A) with respect to the prepayments by
the U.S. Borrower under that certain Master Agreement for the Purchase and Sale of Petroleum Products,
Crude Oil and Natural Gas Liquids, effective March 15, 2009 (as amended, restated, supplemented or
otherwise modified and in effect from time to time), between the U.S. Borrower and Xxxxxx Xxxxxxx
Capital Group Inc., not more than sixty (60) days shall have elapsed since such prepayment was made or
(B) with respect to prepayment by any Loan Party under any other agreement or arrangement, not more
than five (5) Business Days shall have elapsed since such prepayment was made and (z) the
Administrative Agent shall have a Perfected First Lien in the right of such Loan Party to receive such
Eligible Commodities (including that no provision of any agreement between such supplier and such
Loan Party shall prohibit the assignment of a security interest by such Loan Party to the Administrative
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Agent in such Loan Party’s right to receive such Eligible Commodities).
“U.S. Security Agreement”: the Amended and Restated U.S. Security Agreement,
substantially in the form of Exhibit B-1, to be executed and delivered by the Loan Parties organized under
the laws of any jurisdiction within the United States.
“U.S. Subsidiary”: any Subsidiary of the MLP organized under the laws of any
jurisdiction within the United States.
“USA PATRIOT Act”: Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001 (the “Executive Order”), the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.
“Valuation Agent”: Muse, Stancil & Co. or such other business valuation firm acceptable
to the U.S. Borrower and the Administrative Agent.
“Value”: means with respect to any Eligible Commodity or Eligible RIN, the Market
Value thereof.
“Wage Earner Protection Act Reserve” on any date of determination, a reserve
established from time to time by Administrative Agent in such amount as Administrative Agent
determines reflects the amounts that may become due under the Wage Earner Protection Program Act
(Canada) with respect to the employees of any Loan Party employed in Canada which would give rise to a
Lien with priority under applicable law over the Lien securing the Obligations.
“Weighted Average Life to Maturity”: means, when applied to any Indebtedness at any
date, the number of years obtained by dividing (i) the sum of the products obtained by multiplying (x) the
amount of each then remaining installment or other required scheduled payments of principal, including
payment at final maturity, in respect thereof, by (y) the number of years (calculated to the nearest one-
twelfth) that will elapse between such date and the making of such payment by (ii) the then outstanding
principal amount of such Indebtedness.
“Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock
of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or
through other Wholly Owned Subsidiaries.
“Wintergreen”: Wintergreen Transport Corporation ULC, an unlimited liability company
formed under the laws of British Columbia.
“Working Capital Facility Commitments”: the Dollar Working Capital Facility
Commitments and/or the Multicurrency Working Capital Facility Commitments, as the context requires.
“Working Capital Facility Letter of Credit”: any Dollar Working Capital Facility Letter
of Credit and any Multicurrency Working Capital Facility Letter of Credit.
“Working Capital Facility Lender”: any Dollar Working Capital Facility Lender and any
Multicurrency Working Capital Facility Lender.
“Working Capital Facility Loans”: collectively, the Dollar Working Capital Facility
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Loans and the Multicurrency Working Capital Facility Loans.
“Write-Down and Conversion Powers” with respect to any EEA Resolution Authority,
the write-down and conversion powers of such EEA Resolution Authority from time to time under the
Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule.
1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms
defined in this Agreement shall have the defined meanings when used in any Notes or any other Loan
Documents or any certificate or other document made or delivered pursuant hereto or thereto.
(b) As used herein and in any Notes, any other Loan Documents and any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms relating to the MLP and its
Subsidiaries not defined in Section 1.1 and (subject to Section 1.2(c)) accounting terms partly defined in
Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP
(provided that all terms of an accounting or financial nature used herein shall be construed, and all
computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any
election under Accounting Standards Codification 000-00-00 (previously referred to as Statement of
Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the
U.S. Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness
in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to
value any such Indebtedness in a reduced or bifurcated manner as described therein, and such
Indebtedness shall at all times be valued at the full stated principal amount thereof).
(c) The words “hereof”, “herein” and “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Section, Schedule, Exhibit and Annex references are to this Agreement unless otherwise
specified.
(d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.
(e) Unless otherwise expressly provided herein, (i) references to Governing Documents,
agreements (including the Loan Documents) and other contractual instruments shall be deemed to include
all subsequent amendments, restatements, extensions, waivers, supplements and other modifications
thereto and (ii) references to any Law shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such Law.
(f) As used herein and in any Notes, any other Loan Documents and any certificate or other
document made or delivered pursuant hereto or thereto, (i) the words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation” and (ii) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible
and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts,
leasehold interests and contract rights.
1.3 Rounding. Any financial ratios required to be maintained by the U.S. Borrower
and/or the Loan Parties pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by
which such ratio is expressed herein and rounding the result up or down to the nearest number (with a
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rounding-up if there is no nearest number).
1.4 Quebec Matters. For purposes of any assets, liabilities or entities located in the
Province of Québec and for all other purposes pursuant to which the interpretation or construction of this
Agreement may be subject to the laws of the Province of Québec or a court or tribunal exercising
jurisdiction in the Province of Québec, (a) “personal property” shall include “movable property”, (b) “real
property” or “real estate” shall include “immovable property”, (c) “tangible property” shall include
“corporeal property”, (d) “intangible property” shall include “incorporeal property”, (e) “security
interest”, “mortgage” and “lien” shall include a “hypothec”, “right of retention”, “prior claim” and a
resolutory clause, (f) all references to filing, perfection, priority, remedies, registering or recording under
the Uniform Commercial Code or a Personal Property Security Act shall include publication under the
Civil Code of Québec, (g) all references to “perfection” of or “perfected” liens or security interest shall
include a reference to an “opposable” or “set up” lien or security interest as against third parties, (h) any
“right of offset”, “right of setoff” or similar expression shall include a “right of compensation”, (i)
“goods” shall include “corporeal movable property” other than chattel paper, documents of title,
instruments, money and securities, (j) an “agent” shall include a “mandatary”, (k) ”construction liens”
shall include “legal hypothecs”; (l) “joint and several” shall include “solidary”; (m) “gross negligence or
willful misconduct” shall be deemed to be “intentional or gross fault”; (n) “registered ownership held for
a beneficial owner” shall include “ownership on behalf of another as mandatary”; (o) “easement” shall
include “servitude”; (p) “priority” shall include “prior claim”; (q) “survey” shall include “certificate of
location and plan”; (r) “state” shall include “province”; (s) “fee simple title” shall include “absolute
ownership”; (t) “accounts” shall include “claims”.
SECTION 2 AMOUNT AND TERMS OF THE LOANS AND COMMITMENTS
2.1 Working Capital Facility Loans. (a) Subject to the terms and conditions hereof,
each Dollar Working Capital Facility Lender severally shall make revolving credit loans under the Dollar
Working Capital Facility Commitments (the “Dollar Working Capital Facility Loans”) to the Borrowers
in an amount requested by the applicable Borrower from time to time during the Dollar Working Capital
Facility Commitment Period in an aggregate principal amount at any one time outstanding which, when
added to such Dollar Working Capital Facility Lender’s then outstanding Dollar Working Capital Facility
Extensions of Credit (after giving effect to any application of proceeds of such Dollar Working Capital
Facility Loans pursuant to Section 2.6), does not exceed such Lender’s Dollar Working Capital Facility
Commitment at such time; provided that, after giving effect to any Dollar Working Capital Facility Loan
requested by any Borrower, each of the conditions set forth in Section 6.2 shall be satisfied or waived.
Dollar Working Capital Facility Loans may be denominated only in United States Dollars and may from
time to time be (i) Eurocurrency Loans, (ii) Base Rate Loans or (iii) a combination thereof, in each case,
as the applicable Borrower shall notify the Administrative Agent in accordance with Sections 2.5 and 4.3.
No Dollar Working Capital Facility Loan shall be made as a Eurocurrency Loan after the day that is one
(1) month prior to the Termination Date.
(b) Subject to the terms and conditions hereof, each Multicurrency Working Capital Facility
Lender severally shall make revolving credit loans under the Multicurrency Working Capital Facility
Commitments (the “Multicurrency Working Capital Facility Loans”) to the Borrowers in an amount
requested by the applicable Borrower from time to time during the Multicurrency Working Capital
Facility Commitment Period in an aggregate principal amount at any one time outstanding such that the
Dollar Equivalent of such Multicurrency Working Capital Facility Loan, when added to the Dollar
Equivalent of such Multicurrency Working Capital Facility Lender’s then outstanding Multicurrency
Working Capital Facility Extensions of Credit (after giving effect to any application of proceeds of such
Multicurrency Working Capital Facility Loans pursuant to Section 2.6), does not exceed such Lender’s
Multicurrency Working Capital Facility Commitment at such time; provided that, after giving effect to
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any Multicurrency Working Capital Facility Loan requested by any Borrower, each of the conditions set
forth in Section 6.2 shall be satisfied or waived. Multicurrency Working Capital Facility Loans may be
denominated in United States Dollars or Canadian Dollars (as the applicable Borrower shall notify the
Administrative Agent or the Canadian Agent, as applicable in accordance with Section 2.5) and may from
time to time be (x) with respect to Multicurrency Working Capital Facility Loans denominated in United
States Dollars, (i) Eurocurrency Loans, (ii) Base Rate Loans or (iii) a combination thereof and (y) with
respect to Multicurrency Working Capital Facility Loans denominated in Canadian Dollars, (i)
Eurocurrency Loans, (ii) Prime Rate Loans or (iii) a combination thereof, in each case, as the applicable
Borrower shall notify the Administrative Agent or Canadian Agent, as applicable, in accordance with
Sections 2.5 and 4.3. No Multicurrency Working Capital Facility Loan shall be made as a Eurocurrency
Loan after the day that is one (1) month prior to the Termination Date.
(c) During the Working Capital Facility Commitment Period, the Borrowers may borrow,
prepay the Working Capital Facility Loans in whole or in part, and reborrow Working Capital Facility
Loans, all in accordance with the terms and conditions hereof.
(d) Each Lender may, at its option, make any Loan by causing any domestic or foreign
branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not
(i) affect in any manner the obligation of the Borrowers to repay such Loan in accordance with the terms
of this Agreement or (ii) result in adverse consequences to the Borrowers.
2.2 [Reserved].
2.3 Swing Line Loans. (a) Subject to the terms and conditions hereof, the Dollar
Swing Line Lenders shall make a portion of the credit under the Dollar Working Capital Facility
Commitments available to the Borrowers by making swing line loans (individually, a “Dollar Swing Line
Loan” and, collectively, the “Dollar Swing Line Loans”) to the applicable Borrower from time to time in
United States Dollars during the Commitment Period in an aggregate principal amount at any one time
outstanding not to exceed the Dollar Swing Line Loan Sub-Limit then in effect; provided that (i) the sum
of (x) the Dollar Swing Line Exposure of such Swing Line Lender, (y) the aggregate principal amount of
outstanding Dollar Working Capital Facility Loans made by such Swing Line Lender (in its capacity as a
Dollar Working Capital Facility Lender) and (z) the Dollar L/C Exposure of such Swing Line Lender (in
its capacity as a Dollar Working Capital Facility Lender) may not exceed such Swing Line Lender’s
Dollar Working Capital Facility Commitment then in effect, (ii) the Borrowers shall not request, and no
Dollar Swing Line Lender shall make, any Dollar Swing Line Loan if, after giving effect to the making of
such Dollar Swing Line Loan, the aggregate amount of the Available Dollar Working Capital Facility
Commitments would be less than zero and (iii) in no event shall any Dollar Swing Line Lender be
required to make Swing Line Loans in excess of $35,000,000 unless agreed by such Dollar Swing Line
Lender; provided further that, after giving effect to any Dollar Swing Line Loan requested by any
Borrower, each of the conditions set forth in Section 6.2 shall be satisfied or waived. During the Dollar
Working Capital Facility Commitment Period, the Borrowers may use the Dollar Swing Line Loan Sub-
Limit by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof.
(b) Subject to the terms and conditions hereof, the Multicurrency Swing Line Lenders shall
make a portion of the credit under the Multicurrency Working Capital Facility Commitments available to
the Borrowers by making swing line loans (individually, a “Multicurrency Swing Line Loan” and,
collectively, the “Multicurrency Swing Line Loans”) to the applicable Borrower from time to time in
United States Dollars or Canadian Dollars (as the applicable Borrower shall notify the Administrative
Agent or the Canadian Agent, as applicable, in accordance with Section 2.5) during the Commitment
Period in an aggregate principal amount at any one time outstanding such that the Dollar Equivalent
thereof does not exceed the Multicurrency Swing Line Loan Sub-Limit then in effect; provided that (i) the
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sum of (x) the Dollar Equivalent of the Multicurrency Swing Line Exposure of such Swing Line Lender,
(y) the Dollar Equivalent of the aggregate principal amount of outstanding Multicurrency Working
Capital Facility Loans made by such Swing Line Lender (in its capacity as a Multicurrency Working
Capital Facility Lender) and (z) the Dollar Equivalent of the Multicurrency L/C Exposure of such Swing
Line Lender (in its capacity as a Multicurrency Working Capital Facility Lender) may not exceed such
Swing Line Lender’s Multicurrency Working Capital Facility Commitment then in effect and (ii) the
Borrowers shall not request, and no Multicurrency Swing Line Lender shall make, any Multicurrency
Swing Line Loan if, after giving effect to the making of such Multicurrency Swing Line Loan, the
aggregate amount of the Available Multicurrency Working Capital Facility Commitments would be less
than zero; provided further that, after giving effect to any Multicurrency Swing Line Loan requested by
any Borrower, each of the conditions set forth in Section 6.2 shall be satisfied or waived. During the
Multicurrency Working Capital Facility Commitment Period, the Borrowers may use the Multicurrency
Swing Line Loan Sub-Limit by borrowing, repaying and reborrowing, all in accordance with the terms
and conditions hereof.
(c) Swing Line Loans (i) denominated in United States Dollars shall be Base Rate Loans and
(ii) denominated in Canadian Dollars shall be Prime Rate Loans.
2.4 Acquisition Facility Loans. (a) Subject to the terms and conditions hereof, each
Acquisition Facility Lender severally shall make loans under the Acquisition Facility Commitments (the
“Acquisition Facility Loans”) to the Borrowers in an amount requested by the applicable Borrower from
time to time during the Acquisition Facility Commitment Period in an aggregate principal amount at any
one time outstanding which, when added to such Acquisition Facility Lender’s then outstanding
Acquisition Facility Extensions of Credit, does not exceed such Acquisition Facility Lender’s Acquisition
Facility Commitment at such time; provided that, after giving effect to any Acquisition Facility Loan
requested by any Borrower, each of the conditions set forth in Section 6.2 shall be satisfied or waived.
During the Acquisition Facility Commitment Period, the Borrowers may borrow, prepay the Acquisition
Facility Loans in whole or in part, and reborrow Acquisition Facility Loans, all in accordance with the
terms and conditions hereof.
(b) Acquisition Facility Loans may be denominated only in United States Dollars and may
from time to time be (i) Eurocurrency Loans, (ii) Base Rate Loans or (iii) a combination thereof, in each
case, as the applicable Borrower shall notify the Administrative Agent in accordance with Sections 2.5
and 4.3. No Acquisition Facility Loan shall be made as a Eurocurrency Loan after the day that is one (1)
month prior to the Termination Date.
2.5 Procedure for Borrowing Loans. (a) The Borrowers may borrow Acquisition
Facility Loans, Working Capital Facility Loans and Swing Line Loans during the applicable Commitment
Period on any Business Day; provided that the applicable Borrower shall give the Administrative Agent
(in the case of Loans denominated in United States Dollars) or the Canadian Agent (in the case of Loans
denominated in Canadian Dollars) and (solely in the case of Swing Line Loans) the Relevant Swing Line
Lenders, irrevocable notice (which notice must be received by the Administrative Agent or the Canadian
Agent, as applicable, (x) in the case of a Working Capital Facility Loan or Acquisition Facility Loan,
prior to 1:00 p.m. (New York City time), (A) three (3) Business Days prior to the requested Borrowing
Date, if all or any part of the requested Working Capital Facility Loans or Acquisition Facility Loans are
to be initially Eurocurrency Loans, or (B) on the same Business Day of the requested Borrowing Date,
otherwise, and (y) in the case of a Swing Line Loan, prior to 3:00 p.m. (New York City time) on the
requested Borrowing Date, in each case, in the form attached hereto as Annex I (the “Borrowing Notice”),
specifying:
(i) whether the borrowing is to be an Acquisition Facility Loan, Dollar
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Working Capital Facility Loan, Multicurrency Working Capital Facility
Loan, Dollar Swing Line Loan or a Multicurrency Swing Line Loan;
(ii) the amount to be borrowed;
(iii) the requested Borrowing Date;
(iv) in the case of a Multicurrency Working Capital Facility Loan or a
Multicurrency Swing Line Loan, whether such Loan is to be
denominated in United States Dollars or Canadian Dollars;
(v) [reserved];
(vi) in the case of an Acquisition Facility Loan, whether the borrowing is to
be an Acquisition Facility Acquisition Extension of Credit, an
Acquisition Facility Working Capital Extension of Credit or an
Acquisition Facility Maintenance Cap-Ex Extension of Credit;
(vii) in the case of a Working Capital Facility Loan or an Acquisition Facility
Loan, the purpose of such Loan;
(viii) in the case of a Dollar Working Capital Facility Loan, a Multicurrency
Working Capital Facility Loan denominated in United States Dollars or
an Acquisition Facility Loan, whether the borrowing is to be a Base Rate
Loan, a Eurocurrency Loan or a combination thereof;
(ix) in the case of a Multicurrency Working Capital Facility Loan
denominated in Canadian Dollars, whether the borrowing is to be a
Prime Rate Loan, a Eurocurrency Loan or a combination thereof;
(x) in the case of a Working Capital Facility Loan or an Acquisition Facility
Loan, if the borrowing is to be entirely or partly of Eurocurrency Loans,
the respective amounts of each such Type of Loan and the respective
lengths of the initial Interest Periods therefor.
(b) Each borrowing of Acquisition Facility Loans, Working Capital Facility Loans and
Swing Line Loans shall be in an amount equal to (x) in the case of Base Rate Loans or Prime Rate Loans,
$100,000 or C$100,000, as applicable, or a whole multiple of $100,000 or C$100,000, as applicable, in
excess thereof (or, if the then aggregate Available Commitments applicable to such Loans of all Lenders
of such Loans are less than $100,000 or the Dollar Equivalent of C$100,000, as applicable, such lesser
amount) and (y) in the case of Eurocurrency Loans, $1,000,000 or C$1,000,000, as applicable, or a whole
multiple of $100,000 or C$100,000, as applicable in excess thereof.
(c) Upon receipt of any notice from any Borrower pursuant to Section 2.5(a) with respect to
a requested borrowing of Acquisition Facility Loans, the Administrative Agent shall promptly notify each
Acquisition Facility Lender thereof, upon receipt of any notice from any Borrower pursuant to Section
2.5(a) with respect to a requested borrowing of Dollar Working Capital Facility Loans, the Administrative
Agent shall promptly notify each Dollar Working Capital Facility Lender thereof and upon receipt of any
notice from any Borrower pursuant to Section 2.5(a) with respect to a requested borrowing of
Multicurrency Working Capital Facility Loans, the Administrative Agent or Canadian Agent, as
applicable, shall promptly notify each Multicurrency Working Capital Facility Lender thereof. Subject to
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the satisfaction or waiver of the conditions contained in Section 6.2, each Dollar Working Capital Facility
Lender shall make the amount of its Dollar Working Capital Facility Commitment Percentage of each
such borrowing of Dollar Working Capital Facility Loans, each Multicurrency Working Capital Facility
Lender shall make the amount of its Multicurrency Working Capital Facility Commitment Percentage of
each such borrowing of Multicurrency Working Capital Facility Loans and each Acquisition Facility
Lender shall make the amount of its Acquisition Facility Commitment Percentage of each such borrowing
of Acquisition Facility Loans, available to the Administrative Agent (in the case of Loans denominated in
United States Dollars) or the Canadian Agent (in the case of Loans denominated in Canadian Dollars) for
the account of the applicable Borrower at the office of the Administrative Agent or Canadian Agent, as
applicable, specified in Section 11.2 prior to 3:00 p.m. (New York City time) on the Borrowing Date
requested by such Borrower in funds immediately available to the Administrative Agent or the Canadian
Agent, as applicable. Each Loan so requested will then promptly, and not later than 3:30 p.m. (New York
City time), be made available on the Borrowing Date to such Borrower by the Administrative Agent or
the Canadian Agent, as applicable, by wire transfer to the account of such Borrower set forth on Schedule
2.2 or to such other account as may be specified by such Borrower in like funds as received by the
Administrative Agent or the Canadian Agent, as applicable. Notwithstanding the foregoing, on the
Restatement Effective Date, (i) Existing Lenders shall not be required to advance any Dollar Working
Capital Facility Loans to the extent of their Existing Working Capital Facility Loans (it being understood
that on the Restatement Effective Date, such Existing Working Capital Facility Loans shall be deemed to
be Dollar Working Capital Facility Loans and such portion of the Existing Working Capital Facility
Loans that were Base Rate Loans shall be Dollar Working Capital Facility Loans that are Base Rate
Loans and such portion of the Existing Working Capital Facility Loans that were Eurocurrency Loans
shall be Dollar Working Capital Facility Loans that are Eurocurrency Loans (it being understood that for
each tranche of Existing Working Capital Facility Loans that were Eurocurrency Loans, the initial Interest
Period for such tranche shall be the Interest Period applicable to such tranche of Existing Working Capital
Facility Loans immediately prior to the Restatement Effective Date)) and the Dollar Working Capital
Facility Lenders (including, if applicable, the Existing Lenders that are Dollar Working Capital Facility
Lenders) shall advance funds to the Administrative Agent no later than 3:00 p.m. (New York City time)
on the Restatement Effective Date as shall be required (and, if applicable, the Dollar Working Capital
Facility Loans of Existing Lenders shall be repaid as required) such that each Lender’s share of
outstanding Dollar Working Capital Facility Loans on the Restatement Effective Date is equal to its
Dollar Working Capital Facility Commitment Percentage on the Restatement Effective Date and (ii)
Existing Lenders shall not be required to advance any Acquisition Facility Loans to the extent of their
Existing Acquisition Facility Loans (it being understood that on the Restatement Effective Date, such
Existing Acquisition Facility Loans shall be deemed to be Acquisition Facility Loans and such portion of
the Existing Acquisition Facility Loans that were Base Rate Loans shall be Acquisition Facility Loans
that are Base Rate Loans and such portion of the Existing Acquisition Facility Loans that were
Eurocurrency Loans shall be Acquisition Facility Loans that are Eurocurrency Loans (it being understood
that for each tranche of Existing Acquisition Facility Loans that were Eurocurrency Loans, the initial
Interest Period for such tranche shall be the Interest Period applicable to such tranche of Existing
Acquisition Facility Loans immediately prior to the Restatement Effective Date)) and the Acquisition
Facility Lenders (including, if applicable, the Existing Lenders that are Acquisition Facility Lenders) shall
advance funds to the Administrative Agent no later than 3:00 p.m. (New York City time) on the
Restatement Effective Date as shall be required (and the Acquisition Facility Loans of Existing Lenders
shall be repaid as required) such that each Acquisition Facility Lender’s share of outstanding Acquisition
Facility Loans on the Restatement Effective Date is equal to its Acquisition Facility Commitment
Percentage on the Restatement Effective Date.
(d) Upon receipt of any notice from any Borrower pursuant to Section 2.5(a) with respect to
a requested borrowing of a Dollar Swing Line Loan, each Dollar Swing Line Lender will make its ratable
portion of the amount of the requested Dollar Swing Line Loan available to such Borrower within two (2)
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hours of receipt of the Borrowing Notice therefor on the Borrowing Date by wire transfer to the account
of such Borrower set forth on Schedule 2.2 or such other account as may be specified by such Borrower.
(e) Upon receipt of any notice from any Borrower pursuant to Section 2.5(a) with respect to
a requested borrowing of a Multicurrency Swing Line Loan, each Multicurrency Swing Line Lender will
make its ratable portion of the amount of the requested Multicurrency Swing Line Loan available to such
Borrower within two (2) hours of receipt of the Borrowing Notice therefor on the Borrowing Date by wire
transfer to the account of such Borrower set forth on Schedule 2.2 or such other account as may be
specified by such Borrower.
(f) The failure of any Dollar Swing Line Lender or Multicurrency Swing Line Lender to make
its ratable portion of a Swing Line Loan shall not relieve any other Dollar Swing Line Lender or
Multicurrency Swing Line Lender, as applicable, of its obligation hereunder to make its ratable portion of
such Swing Line Loan on the date of such Swing Line Loan, but no Swing Line Lender shall be
responsible for the failure of any other Swing Line Lender to make the ratable portion of a Swing Line Loan
to be made by such other Swing Line Lender on the date of any Swing Line Loan.
2.6 Refunding of Swing Line Loans. (a) Each Borrower unconditionally promises
to pay each Swing Line Loan made to it on or before 1:00 p.m. (New York City time) on the fifth
Business Day following the making of such Swing Line Loan (or, if earlier, the Dollar Working Capital
Facility Maturity Date or the Multicurrency Working Capital Facility Maturity Date, as applicable),
including by arranging to refinance such Swing Line Loan with a Dollar Working Capital Facility Loan
(in the case of a Dollar Swing Line Loan) or a Multicurrency Working Capital Facility Loan (in the case
of a Multicurrency Swing Line Loan) in accordance with procedures specified herein; provided that (i) on
each date that a Dollar Working Capital Facility Loan is borrowed, the Borrowers shall repay all Dollar
Swing Line Loans then outstanding and the proceeds of any such Dollar Working Capital Facility Loans
shall be applied by the Administrative Agent to repay any Dollar Swing Line Loans outstanding and (ii)
on each date that a Multicurrency Working Capital Facility Loan is borrowed, the Borrowers shall repay
all Multicurrency Swing Line Loans then outstanding and the proceeds of any such Multicurrency
Working Capital Facility Loans shall be applied by the Administrative Agent or the Canadian Agent, as
applicable, to repay any Multicurrency Swing Line Loans outstanding. If the Administrative Agent or the
Canadian Agent, as applicable, shall not have received full repayment in cash of any Swing Line Loan on
or before 1:00 p.m. (New York City time) on the day that is five (5) Business Days after the making of
such Swing Line Loan, any Swing Line Lender may, not later than 3:00 p.m. (New York City time), on
such day, request on behalf of the applicable Borrower (which hereby irrevocably authorizes the Swing
Line Lenders to act on its behalf solely in this regard), that each Dollar Working Capital Facility Lender
or Multicurrency Working Capital Facility Lender, as applicable, including the applicable Swing Line
Lender, make a Dollar Working Capital Facility Loan (which initially shall be a Base Rate Loan) or a
Multicurrency Working Capital Facility Loan (which initially shall be a Base Rate Loan (in the case of a
Loan denominated in United States Dollars) or a Prime Rate Loan (in the case of a Loan denominated in
Canadian Dollars)), as applicable, in an amount equal to such Working Capital Facility Lender’s Dollar
Working Capital Facility Commitment Percentage or Multicurrency Working Capital Facility
Commitment Percentage, as applicable, of the outstanding amount of the applicable Swing Line Loan (a
“Refunded Swing Line Loan”). In accordance with Section 2.5(c), unless any of the conditions contained
in Section 6.2 shall not have been satisfied or waived (in which event the procedures of clause (b) of this
Section 2.6 shall apply), each Dollar Working Capital Facility Lender or Multicurrency Working Capital
Facility Lender, as applicable, shall make, with respect to each Relevant Swing Line Lender, the ratable
portion of the proceeds of its Dollar Working Capital Facility Loan or Multicurrency Working Capital
Facility Loan, as applicable, owing to such Swing Line Lender available to such Swing Line Lender for
the account of such Swing Line Lender at such Swing Line Lender’s Applicable Lending Office for Base
Rate Loans or Prime Rate Loans, as applicable, prior to 4:00 p.m. (New York City time) in funds
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immediately available on the Business Day such request is made. The proceeds of such Dollar Working
Capital Facility Loans or Multicurrency Working Capital Facility Loans, as applicable, shall be
immediately applied to repay the Refunded Swing Line Loans.
(b) (i) If for any reason any Dollar Swing Line Loan cannot be refinanced by a Dollar
Working Capital Facility Loan in accordance with paragraph (a) of this Section 2.6, each Dollar Swing
Line Lender irrevocably agrees to grant to each Dollar Working Capital Lender, and, to induce each
Dollar Swing Line Lender to make Dollar Swing Line Loans hereunder, each Dollar Working Capital
Lender irrevocably agrees to accept and purchase from each Dollar Swing Line Lender, on the terms and
conditions hereinafter stated, for such Dollar Working Capital Lender’s own account and risk on the date
such Dollar Working Capital Facility Loan was to have been made, an undivided participation interest in
the then-outstanding Dollar Swing Line Loans in an amount equal to its Dollar Working Capital Facility
Commitment Percentage of such Dollar Swing Line Loans that were to have been repaid with such Dollar
Working Capital Facility Loans (the “Dollar Swing Line Participation Amount”). Each Dollar Working
Capital Facility Lender shall pay to the Administrative Agent for the account of the applicable Dollar
Swing Line Lender in immediately available funds such Dollar Working Capital Lender’s Dollar Swing
Line Participation Amount, and upon receipt thereof, the Administrative Agent shall promptly distribute
such funds to the applicable Dollar Swing Line Lender in like funds received.
(ii) If for any reason any Multicurrency Swing Line Loan cannot be
refinanced by a Multicurrency Working Capital Facility Loan in accordance with
paragraph (a) of this Section 2.6, each Multicurrency Swing Line Lender irrevocably
agrees to grant to each Multicurrency Working Capital Lender, and, to induce each
Multicurrency Swing Line Lender to make Multicurrency Swing Line Loans hereunder,
each Multicurrency Working Capital Lender irrevocably agrees to accept and purchase
from each Multicurrency Swing Line Lender, on the terms and conditions hereinafter
stated, for such Multicurrency Working Capital Lender’s own account and risk on the
date such Multicurrency Working Capital Facility Loan was to have been made, an
undivided participation interest in the then-outstanding Multicurrency Swing Line Loans
in an amount equal to its Multicurrency Working Capital Facility Commitment
Percentage of such Multicurrency Swing Line Loans that were to have been repaid with
such Multicurrency Working Capital Facility Loans (the “Multicurrency Swing Line
Participation Amount”). Each Multicurrency Working Capital Facility Lender shall pay
to the Administrative Agent (in the case of amounts denominated in United States
Dollars) or the Canadian Agent (in the case of amounts denominated in Canadian
Dollars) for the account of the applicable Multicurrency Swing Line Lender in
immediately available funds such Multicurrency Working Capital Lender’s
Multicurrency Swing Line Participation Amount, and upon receipt thereof, the
Administrative Agent or the Canadian Agent, as applicable, shall promptly distribute
such funds to the applicable Multicurrency Swing Line Lender in like funds received.
(c) (i) If any Dollar Working Capital Facility Lender failed to timely pay to the
Administrative Agent all or a portion of its Dollar Swing Line Participation Amount required to be paid
pursuant to Section 2.6(b)(i), such overdue amounts shall bear interest payable by such Dollar Working
Capital Facility Lender at the rate per annum applicable to Base Rate Loans under the Dollar Working
Capital Facility until such overdue amounts are paid in full.
(ii) If any Multicurrency Working Capital Facility Lender failed to timely
pay to the Administrative Agent or the Canadian Agent, as applicable, all or a portion of
its Multicurrency Swing Line Participation Amount required to be paid pursuant to
Section 2.6(b)(ii), such overdue amounts shall bear interest payable by such
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Multicurrency Working Capital Facility Lender at the rate per annum applicable to Base
Rate Loans (in the case of Multicurrency Swing Line Loans denominated in United
States Dollars) or Prime Rate Loans (in the case of Multicurrency Swing Line Loans
denominated in Canadian Dollars) under the Multicurrency Working Capital Facility
until such overdue amounts are paid in full.
(d) Each Working Capital Facility Lender’s obligation to make Dollar Working Capital
Facility Loans or Multicurrency Working Capital Facility Loans, as applicable, referred to in Section
2.6(a) and to purchase participation interests pursuant to Section 2.6(b) shall be absolute and
unconditional and shall not be affected by any circumstance, including (i) any set-off, counterclaim,
recoupment, defense or other right which such Working Capital Facility Lender may have against any
Swing Line Lender, any Borrower, or any other Person for any reason whatsoever, (ii) the occurrence or
continuance of an Event of Default, (iii) any failure to satisfy any condition precedent to the applicable
extension of credit set forth in Section 6, (iv) any adverse change in the condition (financial or otherwise)
of any Loan Party, (v) any breach of this Agreement or any Loan Document by any Loan Party or any
other Lender or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any
of the foregoing.
(e) Whenever, at any time after any Swing Line Lender has received from any
Working Capital Facility Lender its Dollar Swing Line Participation Amount or Multicurrency Swing Line
Participation Amount, as applicable, such Swing Line Lender receives any payment on account thereof
(whether directly from any Borrower or otherwise, including proceeds of collateral applied thereto by such
Swing Line Lender) or any payment of interest on account thereof, such Swing Line Lender shall distribute
to such Working Capital Facility Lender its Dollar Working Capital Facility Commitment Percentage or
Multicurrency Working Capital Facility Commitment Percentage, as applicable, of such payments;
provided, however, that in the event that any such payment received by such Swing Line Lender shall be
required to be returned by such Swing Line Lender, such Working Capital Facility Lender shall return to
such Swing Line Lender the portion thereof previously distributed by such Swing Line Lender to it in like
funds received.
2.7 Foreign Exchange Rate. (a) No later than 1:00 P.M. (New York City time) on
each Calculation Date, the Administrative Agent shall determine the Exchange Rate as of such
Calculation Date with respect to Canadian Dollars, provided that, upon receipt of a Borrowing Notice
with respect to a Working Capital Facility Loan or Swing Line Loan pursuant to Section 2.5, the
Administrative Agent shall determine the Exchange Rate with respect to Canadian Dollars on the related
Calculation Date (it being acknowledged and agreed that the Administrative Agent shall use such
Exchange Rate for the purposes of determining compliance with Section 2.1(a), Section 2.1(b) or Section
2.3, as applicable, with respect to such Borrowing Notice). The Exchange Rates so determined shall
become effective on the relevant Calculation Date (a “Reset Date”), shall remain effective until the next
succeeding Reset Date and shall for all purposes of this Agreement (other than Section 11.25 and any
other provision expressly requiring the use of a current Exchange Rate) be the Exchange Rates employed
in converting any amounts between United States Dollars and Canadian Dollars.
(b) No later than 5:00 P.M. (New York City time) on each Reset Date, the
Administrative Agent shall determine the aggregate amount of the Dollar Equivalents of (i) the principal
amounts of Loans denominated in Canadian Dollars then outstanding (after giving effect to any Loans to
be made or repaid on such date), (ii) the aggregate then undrawn and unexpired amount of the then
outstanding Multicurrency Working Capital Facility Letters of Credit denominated in Canadian Dollars
and (iii) the aggregate amount of drawings under Multicurrency Working Capital Facility Letters of
Credit denominated in Canadian Dollars that have not then been reimbursed or converted to a
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Multicurrency Working Capital Facility Loan.
(c) The Administrative Agent shall promptly notify the Borrowers and the Working
Capital Facility Lenders of each determination of an Exchange Rate hereunder.
2.8 Commitment Fee. Subject to Section 4.18(b)(i), the Borrowers, jointly and
severally, agree to pay to the Administrative Agent for the account of each Lender under each Facility a
commitment fee for the period from and including the first day of the Commitment Period for such
Facility to but not including the Commitment Termination Date for such Facility, computed at the
Applicable Commitment Fee Rate for such Facility on the average daily amount of the Available
Commitment of such Lender under such Facility during the period for which payment is made, payable
quarterly in arrears on the fifth day after the first Business Day of each January, April, July and October
(or, if such day is not on a Business Day, the next succeeding Business Day) and on the Commitment
Termination Date for such Facility or such earlier date as all of the Commitments under such Facility
shall terminate as provided herein, commencing on the first of such dates to occur after the Restatement
Effective Date.
SECTION 3 LETTERS OF CREDIT
3.1 Working Capital Facility Letters of Credit. On the Restatement Effective Date,
upon the satisfaction of the conditions specified in Section 6.1, (a) each of the Existing Xxxxxxx Letters of
Credit shall automatically be deemed to be Dollar Working Capital Facility Letters of Credit outstanding
under this Agreement and (b) each of the Existing Kildair Letters of Credit shall automatically be deemed
to be Multicurrency Working Capital Facility Letters of Credit outstanding under this Agreement. Subject
to the terms and conditions hereof, (x) each Dollar Working Capital Facility Issuing Lender (other than
Royal Bank of Canada) severally agrees to issue letters of credit (“Dollar Working Capital Facility Letters
of Credit”), for the account of the Borrower requesting the applicable Dollar Working Capital Facility
Letter of Credit, for use by the U.S. Borrower, the Canadian Borrower or any other Loan Party from time
to time during the Dollar Working Capital Facility Commitment Period in an aggregate amount not to
exceed (unless otherwise agreed by such Dollar Working Capital Facility Issuing Lender) (1) in respect of
Royal Bank of Canada, $25,000,000 at any time outstanding and (2) otherwise $100,000,000 at any time
outstanding and (y) each Multicurrency Working Capital Facility Issuing Lender severally agrees to issue
letters of credit (“Multicurrency Working Capital Facility Letters of Credit”), for the account of the
Borrower requesting the applicable Multicurrency Working Capital Facility Letter of Credit, for use by
the U.S. Borrower, the Canadian Borrower or any other Loan Party from time to time during the
Multicurrency Working Capital Facility Commitment Period in an aggregate amount not to exceed
(unless otherwise agreed by such Multicurrency Working Capital Facility Issuing Lender) $25,000,000 at
any time outstanding; provided that, after giving effect to any Working Capital Facility Letter of Credit
requested by any Borrower:
(i) each of the conditions set forth in Section 6.2 shall be satisfied or
waived; and
(ii) Section 3.4 shall not be contravened by any Loan Party at any time.
It is hereby agreed that Royal Bank of Canada has no obligation to issue Dollar Working Capital Facility
Letters of Credit after the Amendment Effective Date. Each Borrower acknowledges and agrees that, for
the avoidance of doubt, (i) each Letter of Credit designated as a Dollar Working Capital Facility Letter of
Credit shall be entirely a Dollar Working Capital Facility Letter of Credit and no portion thereof will be
an Acquisition Facility Letter of Credit or a Multicurrency Working Capital Facility Letter of Credit and
(ii) each Letter of Credit designated as a Multicurrency Working Capital Facility Letter of Credit shall be
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entirely a Multicurrency Working Capital Facility Letter of Credit and no portion thereof will be an
Acquisition Facility Letter of Credit or a Dollar Working Capital Facility Letter of Credit.
3.2 Acquisition Facility Letters of Credit. On the Restatement Effective Date, upon
the satisfaction of the conditions specified in Section 6.1, each of the Existing Acquisition Facility Letters
of Credit shall automatically be deemed to be Acquisition Facility Letters of Credit outstanding under this
Agreement. Subject to the terms and conditions hereof, each Acquisition Facility Issuing Lender severally
agrees to issue letters of credit (“Acquisition Facility Letters of Credit”), for the account of the Borrower
requesting the applicable Acquisition Facility Letter of Credit, from time to time during the Acquisition
Facility Commitment Period in an aggregate amount not to exceed (unless otherwise agreed by such
Acquisition Facility Issuing Lender) $12,500,000 at any time outstanding; provided that, after giving
effect to any Acquisition Facility Letter of Credit requested by any Borrower:
(i) each of the conditions set forth in Section 6.2 shall be satisfied or
waived; and
(ii) Section 3.4 shall not be contravened by any Loan Party at any time.
Each Borrower acknowledges and agrees that, for the avoidance of doubt, each Letter of Credit
designated as Acquisition Facility Letter of Credit shall be entirely an Acquisition Facility Letter of
Credit and no portion thereof will be a Working Capital Facility Letter of Credit.
3.3 Procedure for the Issuance and Amendments of Letters of Credit.
(a) Procedure for the Issuance of Letters of Credit. Each Borrower may from time to time
request the issuance of an Acquisition Facility Letter of Credit from an Acquisition Facility Issuing
Lender, a Dollar Working Capital Facility Letter of Credit from a Dollar Working Capital Facility Issuing
Lender or a Multicurrency Working Capital Facility Letter of Credit from a Multicurrency Working
Capital Facility Issuing Lender by delivering to the Issuing Lender of such Letter of Credit and the
Administrative Agent (in the case of Letters of Credit to be denominated in United States Dollars) or the
Canadian Agent (in the case of Letters of Credit to be denominated in Canadian Dollars) a Letter of
Credit Request, and such other certificates, documents and other papers and information as such Issuing
Lender may reasonably request (consistent with requests made by such Issuing Lender from other
similarly situated account parties). Such Letter of Credit Request shall specify:
(i) whether the Letter of Credit requested is to be an Acquisition Facility
Letter of Credit, a Dollar Working Capital Facility Letter of Credit or a
Multicurrency Working Capital Facility Letter of Credit;
(ii) the maximum amount of such Letter of Credit and the account party
therefor;
(iii) in the case of a Multicurrency Working Capital Facility Letter of Credit,
whether such Letter of Credit is to be denominated in United States
Dollars or Canadian Dollars;
(iv) in the case of a Working Capital Facility Letter of Credit, if such
Working Capital Facility Letter of Credit is a Performance Letter of
Credit, a Long Tenor Letter of Credit and/or a Trade Letter of Credit;
(v) in the case of an Acquisition Facility Letter of Credit, if such Letter of
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Credit is to be an Acquisition Facility Acquisition Extension of Credit,
an Acquisition Facility Working Capital Extension of Credit or an
Acquisition Facility Maintenance Cap-Ex Extension of Credit;
(vi) the requested date on which such Letter of Credit is to be issued;
(vii) the purpose and nature of the proposed Letter of Credit;
(viii) the name and address of the beneficiary of such Letter of Credit;
(ix) the expiration or termination date of the Letter of Credit;
(x) the documents to be presented by such beneficiary in the case of a
drawing or demand for payment thereunder; and
(xi) the delivery instructions for such Letter of Credit.
If requested by the Issuing Lender, the applicable Borrower also shall submit a letter of credit application
on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. To the extent
that any material provision of any such application is inconsistent with the provisions of this Section 3 or
adds events of default, grants of security, or remedies not already contained in the Loan Documents, the
provisions of this Section 3 and this Agreement shall apply and such provision shall not be given effect.
(b) Procedure for Amendments of Letters of Credit. The applicable Borrower may from time
to time request an amendment (including any extension) to any outstanding Letter of Credit by delivering
to the Issuing Lender of such Letter of Credit and the Administrative Agent (in the case of Letters of
Credit denominated in United States Dollars) or the Canadian Agent (in the case of Letters of Credit
denominated in Canadian Dollars) a Letter of Credit Request which shall specify:
(i) the Letter of Credit to be amended;
(ii) the requested date of the proposed amendment;
(iii) the nature of the proposed amendment; and
(iv) the delivery instructions for such amendment.
(c) Timing of Letter of Credit Requests. A Letter of Credit Request must be received by the
applicable Issuing Lender and the Administrative Agent or Canadian Agent, as applicable, by no later
than 3:00 p.m. (New York City time), on the date such Letter of Credit is to be issued or amended, or
such other time as previously agreed between the Issuing Lender thereof and the U.S. Borrower. Upon the
issuance of any Letter of Credit or any amendment to an outstanding Letter of Credit, the Administrative
Agent or the Canadian Agent, as applicable, and the Acquisition Facility Lenders, the Dollar Working
Capital Facility Lenders or the Multicurrency Working Capital Facility Lenders, as applicable, shall be
entitled to assume that the Letter of Credit Request and certificates, documents and other papers and
information reasonably requested by the Issuing Lender in connection therewith were completed and
delivered to the satisfaction of such Issuing Lender.
(d) Validation Procedure. Upon receipt of a Letter of Credit Request by an Issuing Lender,
such Issuing Lender will confirm with the Administrative Agent or Canadian Agent, as applicable (by
telephone and in writing), that such Agent has received a copy of such Letter of Credit Request and, if
not, such Issuing Lender will provide such Agent, with a copy thereof. Upon receipt by such Issuing
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Lender of confirmation from the applicable Agent that the requested Letter of Credit or amendment is
permitted in accordance with the terms hereof, such Issuing Lender shall, on the requested date, issue a
Letter of Credit for the account of the applicable Borrower or enter into the applicable amendment, as the
case may be, in each case in accordance with such Issuing Lender’s usual and customary business
practices.
3.4 General Terms of Letters of Credit. (a) Each Acquisition Facility Letter of
Credit and each Dollar Working Capital Facility Letter of Credit is to be denominated only in United
States Dollars. Each Multicurrency Working Capital Facility Letter of Credit is to be denominated only in
United States Dollars or Canadian Dollars (as the applicable Borrower shall notify the applicable Agent
and the applicable Issuing Lender in accordance with Section 3.3(a)).
(b) Each Letter of Credit shall, subject to Section 3.4(c), expire no later than ninety (90) days
after the date of issuance (or extension), unless such Letter of Credit is, subject to the Dollar Long Tenor
Letter of Credit Sub-Limit (with respect to a Dollar Working Capital Facility Letter of Credit) or the
Multicurrency Long Tenor Letter of Credit Sub-Limit (with respect to a Multicurrency Working Capital
Facility Letter of Credit), a Long Tenor Letter of Credit, or, subject to the Dollar Performance Letter of
Credit Sub-Limit (with respect to a Dollar Working Capital Facility Letter of Credit) or the Multicurrency
Performance Letter of Credit Sub-Limit (with respect to a Multicurrency Working Capital Facility Letter
of Credit), a Performance Letter of Credit, in which case, such Letter of Credit shall expire no later than
the earlier of three hundred sixty-four (364) days after the date of issuance and the Termination Date
applicable thereto; provided that (i) at any time, the Dollar Equivalent of the aggregate face amount of all
Letters of Credit issued with an expiration date after the Termination Date applicable thereto shall not
exceed $300,000,000; (ii) all Letters of Credit with an expiration date after the Termination Date
applicable thereto shall be returned and cancelled (with the beneficiary’s consent) or Cash Collateralized
at least 15 Business Days prior to the Termination Date applicable thereto and (iii) no such Letter of
Credit may be issued with an expiration date after the date that is six months after the Termination Date
applicable thereto.
(c) Upon request by any Borrower in the applicable Letter of Credit Request, the relevant
Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic
renewal provisions (each, an “Auto-Renewal Letter of Credit”). Unless otherwise agreed upon by the
applicable Issuing Lender at its sole discretion, the applicable Borrower shall make a specific request to
such Issuing Lender for any renewal of an Auto-Renewal Letter of Credit, such prior notice to be
delivered to the applicable Issuing Lender and the Administrative Agent or Canadian Agent, as
applicable, no later than thirty (30) days prior to the expiration or termination date of such Auto-Renewal
Letter of Credit (the date of the delivery of such notice, the “Renewal Notice Date”); provided that, unless
otherwise agreed upon by the applicable Issuing Lender at its sole discretion, the applicable Borrower
shall provide to the applicable Issuing Lender and the Administrative Agent (in the case of Letters of
Credit denominated in United States Dollars) or Canadian Agent (in the case of Letters of Credit
denominated in Canadian Dollars), written notice of its intent to not renew such an Auto-Renewal Letter
of Credit no later than thirty (30) days prior to the expiration or termination date of such Auto-Renewal
Letter of Credit (the date of the delivery of such notice, the “Non-Renewal Notice Date”). Once an Auto-
Renewal Letter of Credit has been issued (or is permitted to be outstanding hereunder in the case of an
outstanding Letter of Credit that is an Auto-Renewal Letter of Credit), the Lenders shall be deemed to
have authorized (but the Lenders may not require) such Issuing Lender to permit the renewal of such
Letter of Credit at any time to a date not later than six (6) months after the Termination Date; provided,
however, that no Issuing Lender shall permit any renewal of an Auto-Renewal Letter of Credit if (A) such
Issuing Lender has determined that it would have no obligation at such time to issue such Letter of Credit
in its renewed form under the terms hereof (by reason of the provisions of Section 3.4 or 6.2 or
otherwise), (B) after giving effect to any such renewal, the earlier of the (x) expiration date of such Auto-
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Renewal Letter of Credit and (y) the next occurring Non-Renewal Notice Date of such Auto-Renewal
Letter of Credit would occur after the date that is six (6) months after the Termination Date, or (C) it has
received notice in writing on or before the date that is two (2) Business Days before the Renewal Notice
Date from the Administrative Agent, the Canadian Agent, any Lender or the applicable Borrower that one
or more of the applicable conditions specified in Section 3.4 or 6.2 is not then satisfied. Notwithstanding
anything to the contrary contained herein, no Issuing Lender shall have any obligation to permit the
renewal of any Auto-Renewal Letter of Credit at any time if any of the applicable conditions specified in
Section 6.2 is not then satisfied.
(d) If any Issuing Lender (other than JPMorgan Chase Bank or an Affiliate thereof) shall
issue, extend or amend any Letter of Credit without obtaining prior consent of the Administrative Agent
or Canadian Agent, as applicable (as provided in Section 3.3(d)), or if any Issuing Lender (other than, in
the case of clause (i) below, JPMorgan Chase Bank or an Affiliate thereof) shall permit the extension or
renewal of an Auto-Renewal Letter of Credit (i) without giving timely prior notice to the Administrative
Agent or Canadian Agent, as applicable, or (ii) when such extension or renewal is not permitted
hereunder (as provided in sub-section (c) above), such Letter of Credit (A) shall for all purposes be
deemed to have been issued by such Issuing Lender solely for its own account and risk and (B) shall not
be considered a Letter of Credit outstanding under this Agreement, and no Lender shall be deemed to
have any participation therein, effective as of the date of such issuance, amendment, extension or renewal,
as the case may be, unless the Required Lenders expressly consent thereto; provided, however, that to be
considered a Letter of Credit outstanding under this Agreement, the consent of all Lenders shall be
required to the extent that any such issuance, amendment, extension or renewal is not then permitted
hereunder by reason of the provisions of this Section 3.4.
(e) Notwithstanding anything herein to the contrary, an Issuing Lender is under no obligation
to issue or provide any Letter of Credit (including any renewal of an Auto-Renewal Letter of Credit) or
renew, extend or amend any Letter of Credit unless consented to by such Issuing Lender and the
Administrative Agent or Canadian Agent, as applicable, if:
(i) any order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing,
renewing, extending or amending such Letter of Credit, or any Requirement of Law
applicable to such Issuing Lender or any request or directive (whether or not having the
force of Law) from any Governmental Authority with jurisdiction over such Issuing
Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance,
renewal, extension or amending of a Letter of Credit generally or such Letter of Credit in
particular or shall impose upon such Issuing Lender with respect to such Letter of Credit
any restriction, reserve or capital requirement (in the case of an amendment of a Letter of
Credit, for which such Issuing Lender is not otherwise compensated hereunder) not in
effect on the Restatement Effective Date, or shall impose upon such Issuing Lender any
unreimbursed loss, cost or expense which was not applicable on the Restatement
Effective Date and which such Issuing Lender in good xxxxx xxxxx material to it; or
(ii) such Letter of Credit or the requested amendment is not in form and
substance reasonably acceptable to such Issuing Lender thereof or the issuance of such
Letter of Credit shall violate any applicable policies of such Issuing Lender.
(f) Within one (1) Business Day after its delivery of any Letter of Credit or any amendment
to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the Issuing
Lender thereof will also deliver to the applicable Borrower and the Administrative Agent (or, in the case
of a Letter of Credit denominated in Canadian Dollars, the Canadian Agent), a true and complete copy of
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such Letter of Credit or amendment.
(g) Each Letter of Credit shall be subject to the International Standby Practices (“ISP 98”)
International Chamber of Commerce Publication No. 590 or Uniform Customs and Practice for
Documentary Credits No. 600 (“UCP 600”), as applicable, and to the extent not inconsistent with ISP 98
or UCP 600, the Laws of the State of New York.
3.5 Fees, Commissions and Other Charges.
(a) Letter of Credit Fee. The Borrowers shall pay to the Administrative Agent (or, in the case
of amounts expressed in Canadian Dollars, the Canadian Agent), for the account of the relevant Issuing
Lender and the Acquisition Facility L/C Participants, Dollar Working Capital Facility L/C Participants or
Multicurrency Working Capital Facility L/C Participants, as applicable, a letter of credit commission,
with respect to each outstanding Letter of Credit, in an amount equal to the Applicable L/C Fee Rate
times the average daily maximum amount of such Letter of Credit (expressed as United States Dollars or
Canadian Dollars, as applicable); provided that such letter of credit commission shall not be in an amount
less than $500 or C$500, as applicable, for the period during which such Letter of Credit is outstanding,
and, in each case, such commission shall be payable to the Acquisition Facility L/C Participants, Dollar
Working Capital Facility L/C Participants or Multicurrency Working Capital Facility L/C Participants, as
applicable, and the Issuing Lender of such Letter of Credit to be shared ratably among them in accordance
with the average daily amount of their respective Acquisition Facility Commitment Percentages, Dollar
Working Capital Facility Commitment Percentages and Multicurrency Working Capital Facility
Commitment Percentages. Such commission shall be payable quarterly in arrears on each L/C Fee
Payment Date.
(b) Fronting Fee. In addition to the fees and commissions in Sections 3.5(a) and (c), the
Borrowers shall pay each relevant Issuing Lender an amount equal to 0.20% per annum times the face
amount of each Letter of Credit (expressed as United States Dollars or Canadian Dollars, as applicable)
issued by such Issuing Lender. Such fee shall be nonrefundable and shall be payable quarterly in arrears
on each L/C Fee Payment Date.
(c) Other Charges. In addition to the foregoing fees and commissions, the Borrowers shall
pay or reimburse each Issuing Lender of any Letter of Credit for such normal and customary costs,
expenses and fees as are incurred or charged by such Issuing Lender in issuing, effecting payment under,
amending, processing, negotiating or otherwise administering any Letter of Credit. The Borrowers shall
pay each relevant Issuing Lender of any Letter of Credit (i) a fee of no less than $500 for any issuance of
a Letter of Credit by such Issuing Lender and (ii) a fee of $100 for any amendment of a Letter of Credit
issued by such Issuing Lender (which fees shall be in addition to any fee payable under the preceding
sentence for such issuance or amendment).
(d) Distribution of Fees. The Administrative Agent or Canadian Agent, as applicable, shall,
within two (2) Business Days following its receipt thereof, distribute to the relevant Issuing Lenders and
the L/C Participants all fees and commissions received by such Agent for their respective accounts
pursuant to this Section 3.5.
3.6 L/C Participations. (a) Each Issuing Lender irrevocably agrees to grant and
hereby grants to each Relevant L/C Participant, and, to induce the Issuing Lenders to issue Letters of
Credit hereunder, each Relevant L/C Participant irrevocably agrees to accept and purchase and hereby
accepts and purchases from each such Issuing Lender, on the terms and conditions hereinafter stated, for
such Relevant L/C Participant’s own account and risk, an undivided interest in such Issuing Lender’s
obligations and rights under each Relevant Letter of Credit issued or provided by such Issuing Lender
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hereunder and the amounts paid by such Issuing Lender thereunder equal to such Relevant L/C
Participant’s Commitment Percentage.
(b) Each L/C Participant’s obligation to accept and purchase for such L/C Participant’s own
account and risk, an undivided participation interest in an Issuing Lender’s obligations and rights under
each Letter of Credit issued or provided by such Issuing Lender hereunder and the amounts paid by such
Issuing Lender thereunder equal to such L/C Participant’s Commitment Percentage thereof shall be
absolute and unconditional and shall not be affected by any circumstance, including (i) any set-off,
counterclaim, recoupment, defense or other right which such L/C Participant may have against any
Issuing Lender, any Borrower, or any other Person for any reason whatsoever, (ii) the occurrence or
continuance of a Default or an Event of Default, (iii) any adverse change in the condition (financial or
otherwise) of any Loan Party, (iv) any breach of this Agreement or any other Loan Document by any
Loan Party or any other Lender or (v) any other circumstance, happening or event whatsoever, whether or
not similar to any of the foregoing.
(c) The obligations of the L/C Participants to purchase participations in the obligations of the
Issuing Lenders under outstanding Letters of Credit pursuant to Section 3.6 shall survive the Termination
Date with respect to Letters of Credit which have been Cash Collateralized pursuant to Section 3.4(b)
until the earliest of (i) the expiration date for such Letters of Credit and all drawings thereunder having
been repaid in full, (ii) the date the entire amount available under such Letters of Credit is drawn and such
drawings are repaid and no further drawings are permitted under such Letters of Credit, and (iii) the date
that is six (6) months after the Termination Date applicable to such Letters of Credit; provided that,
notwithstanding any other provision of this Section 3.6(c), with respect to any Letter of Credit having an
expiration date following the Termination Date applicable thereto (such a Letter of Credit, a “Post-
Termination LOC”), in no event shall the obligations of the L/C Participants to purchase participations in
the obligations of an Issuing Lender under a Post-Termination LOC pursuant to Section 3.6(a) expire or
terminate prior to the Business Day following the expiration, cancellation or termination of the last
remaining outstanding Post-Termination LOC and the payment in full of all drawings, if any, thereunder.
(d) If for any reason any Unreimbursed Amount cannot be refinanced by an L/C
Reimbursement Loan in accordance with Section 3.7(c), each Relevant L/C Participant shall, on or before
the deadline for such Relevant Facility Loan to have been made, pay to the Administrative Agent (or in
the case of Unreimbursed Amounts denominated in Canadian Dollars, the Canadian Agent) for the
account of the applicable Issuing Lender in immediately available funds such Relevant L/C Participant’s
Commitment Percentage of such Unreimbursed Amount, and upon receipt thereof, the Administrative
Agent (or Canadian Agent, if applicable) shall promptly distribute such funds to the applicable Issuing
Lender in like funds received.
(e) If any L/C Participant fails to timely pay to the Administrative Agent or Canadian Agent,
as applicable, all or a portion of its Commitment Percentage of any Unreimbursed Amount required to be
paid pursuant to Section 3.6(d), such overdue amounts shall bear interest payable by such L/C Participant
at the rate per annum applicable to Base Rate Loans (in the case of Unreimbursed Amounts denominated
in United States Dollars) or Prime Rate Loans (in the case of Unreimbursed Amounts denominated in
Canadian Dollars) under the applicable Facility until such overdue amounts are paid in full.
(f) Whenever, at any time after any Issuing Lender has received from any Relevant L/C
Participant its Commitment Percentage of any Unreimbursed Amount, such Issuing Lender receives any
payment on account thereof (whether directly from any Borrower or otherwise, including proceeds of
collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, such
Issuing Lender shall distribute to such Relevant L/C Participant its Commitment Percentage of such
payments; provided, however, that in the event that any such payment received by such Issuing Lender
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shall be required to be returned by such Issuing Lender, such Relevant L/C Participant shall return to such
Issuing Lender the portion thereof previously distributed by such Issuing Lender to it in like funds
received.
3.7 Reimbursement Obligations of the Borrowers. (a) Upon receipt by the relevant
Issuing Lender from the beneficiary of any Letter of Credit of any notice of a drawing or demand for
payment under such Letter of Credit, such Issuing Lender shall promptly notify the applicable Borrower
that requested such Letter of Credit and the Administrative Agent (or in the case of Letters of Credit
denominated in Canadian Dollars, the Canadian Agent) thereof. If such Borrower receives notice
(confirmed by telephone) from such Issuing Lender of a drawing or demand for payment under a Letter of
Credit prior to 1:00 p.m. (New York City time), on any Business Day, such Borrower shall reimburse
such Issuing Lender on such Business Day for the Unreimbursed Amount of such Letter of Credit. If such
Borrower receives notice (confirmed by telephone) from such Issuing Lender of a drawing or demand for
payment under a Letter of Credit at or after 1:00 p.m. (New York City time), on any Business Day, such
Borrower shall so reimburse such Issuing Lender on the Business Day immediately following the
Business Day upon which such notice was received by such Borrower. Such reimbursement shall be made
directly to such Issuing Lender in the currency in which such Letter of Credit was drawn in an amount
equal to (i) the amount so paid and (ii) any Non-Excluded Taxes and any reasonable fees, charges or other
costs or expenses incurred by such Issuing Lender at its Applicable Lending Office in immediately
available funds (such amount that has not been reimbursed by the applicable Borrower being, the
“Unreimbursed Amount”).
(b) If the applicable Borrower fails to fully reimburse any Issuing Lender pursuant to Section
3.7(a) at the time and on the due date specified in such Section (the “Reimbursement Date”), such Issuing
Lender shall so notify the Administrative Agent or (with respect to Letters of Credit denominated in
Canadian Dollars) the Canadian Agent (with a copy to the applicable Borrower), which notice shall be
provided on a Business Day, and specify in such notice the amount (and currency) of the Unreimbursed
Amount. Immediately upon receipt of such notice from such Issuing Lender, the Administrative Agent or
Canadian Agent, as applicable, shall notify each Relevant L/C Participant of the Reimbursement Date, the
Unreimbursed Amount, and the amount (and currency) of such Relevant L/C Participant’s Commitment
Percentage thereof.
(c) If there shall be any Unreimbursed Amounts owing to any Issuing Lender on or after
such Unreimbursed Amounts were due pursuant to Section 3.7(a), the relevant Issuing Lender may
request on behalf of the applicable Borrower (and each Borrower hereby irrevocably authorizes such
Issuing Lender to act on its behalf solely in this regard), that each Relevant Facility Lender make a
Relevant Facility Loan (which initially shall be a Base Rate Loan (in the case of a Loan denominated in
United States Dollars) or a Prime Rate Loan (in the case of a Loan denominated in Canadian Dollars)) in
the currency in which such Letter of Credit was drawn and in an amount equal to such Relevant Facility
Lender’s Commitment Percentage of the outstanding amount of such Unreimbursed Amount (an “L/C
Reimbursement Loan”). In accordance with Section 2.5(c), unless any of the conditions contained in
Section 6.2 shall not have been satisfied or waived (in which event the procedures set forth in Section 3.6
shall apply), each Relevant Facility Lender shall make the proceeds of its Relevant Facility Loan
available to the Administrative Agent (or, in the case of Loans denominated in Canadian Dollars, the
Canadian Agent) prior to 11:00 a.m. (New York City time) in funds immediately available on the
Business Day next succeeding the date such request is made. The proceeds of such Relevant Facility
Loans shall be immediately applied to repay the applicable Issuing Lender.
(d) With respect to Unreimbursed Amounts that are not paid on the date due, interest shall be
payable on any and all Unreimbursed Amounts from the date such amounts become payable (whether at
stated maturity, by acceleration, demand or otherwise) until payment in full (either in cash or upon the
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making of a Relevant Facility Loan) at the applicable rate which would be payable on any outstanding
Relevant Facility Loans that were Base Rate Loans or (with respect to Unreimbursed Amounts
denominated in Canadian Dollars) Prime Rate Loans, as applicable, which were then overdue.
3.8 Obligations Absolute. (a) The Borrowers’ obligations under this Section 3 shall
be absolute, irrevocable and unconditional and shall be performed strictly in accordance with the terms of
this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or
other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing
Lender under a Letter of Credit against presentation of a draft or other document that does not comply
with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not
similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or
equitable discharge of, or provide a right of setoff against, the Borrowers’ obligations hereunder. Neither
the Administrative Agent, the Canadian Agent, the Lenders nor the Issuing Lenders, nor any of their
Related Persons, shall have any liability or responsibility by reason of or in connection with the issuance
or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective
of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption,
loss or delay in transmission or delivery of any draft, notice or other communication under or relating to
any Letter of Credit (including any document required to make a drawing thereunder), any error in
interpretation of technical terms or any consequence arising from causes beyond the control of the
applicable Issuing Lender; provided that the foregoing shall not be construed to excuse any Issuing
Lender from liability to the Borrowers to the extent of any direct damages (as opposed to special, indirect,
consequential or punitive damages, claims in respect of which are hereby waived by the Borrowers to the
extent permitted by applicable law) suffered by the Borrowers that are caused by such Issuing Lender's
failure to exercise care when determining whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross
negligence or willful misconduct on the part of an Issuing Lender (as finally determined by a court of
competent jurisdiction), such Issuing Lender shall be deemed to have exercised care in each such
determination. In furtherance of the foregoing and without limiting the generality thereof, the parties
agree that, with respect to documents presented which appear on their face to be in substantial compliance
with the terms of a Letter of Credit, each Issuing Lender may, in its sole discretion, either accept and
make payment upon such documents without responsibility for further investigation, regardless of any
notice or information to the contrary, or refuse to accept and make payment upon such documents if such
documents are not in strict compliance with the terms of such Letter of Credit.
3.9 Role of the Issuing Lenders. (a) The responsibility of any Issuing Lender to the
Borrowers in connection with any draft presented for payment under any Letter of Credit issued on behalf
of any Borrower shall, in addition to any payment obligation expressly provided for in such Letter of
Credit, be limited to determining that the documents (including each draft) delivered by or on behalf of
the beneficiary under such Letter of Credit in connection with such presentment are in conformity with
such Letter of Credit. In addition, each Lender and each Borrower agree that, in paying any drawing or
demand for payment under any Letter of Credit, the Issuing Lender of such Letter of Credit shall not have
any responsibility to inquire as to the validity or accuracy of any document presented in connection with
such drawing or demand for payment or the authority of the Person executing or delivering the same.
(b) No Agent-Related Person nor any of the respective correspondents, participants or
assignees of any Issuing Lender shall be liable to any Lender for: (i) any action taken or omitted in
connection herewith in respect of any Letter of Credit at the request or with the approval or deemed
approved of the Required Lenders; (ii) any action taken or omitted in respect of any Letter of Credit in the
absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or
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enforceability of any Letter of Credit or any document delivered in connection with the issuance or
payment of such Letter of Credit.
(c) The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or
transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not
intended to, and shall not, preclude any Borrower from pursuing such rights and remedies as it may have
against such beneficiary or transferee. No Agent-Related Person, nor any of the respective
correspondents, participants or assignees of the Issuing Lenders shall be liable or responsible for any of
the matters described in Section 3.8; provided, however, that anything in such Section or elsewhere herein
to the contrary notwithstanding, any Borrower may have a claim against any Issuing Lender and such
Issuing Lender may be liable to such Borrower, to the extent, but only to the extent, of any direct, as
opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proved
were caused (x) by such Issuing Lender’s willful failure to pay under any Letter of Credit after the
presentation to it by the beneficiary of documents strictly complying with the terms and conditions of
such Letter of Credit or (y) as a result of gross negligence or willful misconduct by such Issuing Lender
with respect to the payment by such Issuing Lender of any Letter of Credit against presentation of any
document or certificate that does not strictly comply with the terms of such Letter of Credit. In
furtherance and not in limitation of the foregoing: (i) any Issuing Lender may accept documents that
appear on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary; and (ii) no Issuing Lender shall be responsible for the validity or
sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of
Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason.
3.10 Letter of Credit Request. To the extent that any material provision of any Letter
of Credit Request related to any Letter of Credit is inconsistent with the provisions of this Section 3, the
provisions of this Section 3 shall apply.
SECTION 4 GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS
OF CREDIT
4.1 Increase, Termination or Reduction of Commitments. (a) The U.S. Borrower
shall have the right, from time to time, upon not less than four (4) Business Days’ notice to the
Administrative Agent, to terminate the Dollar Working Capital Facility Commitments, the Multicurrency
Working Capital Facility Commitments and/or the Acquisition Facility Commitments or, from time to
time, reduce the Dollar Working Capital Facility Commitments, the Multicurrency Working Capital
Facility Commitments and/or the Acquisition Facility Commitments; provided, that no such termination
or reduction of the relevant Commitments shall be permitted to the extent that, after giving effect thereto
and to any prepayments of the Loans and Cash Collateralization of the Letters of Credit made on or
before the effective date thereof, (i) the Total Dollar Working Capital Facility Extensions of Credit would
exceed the aggregate amount of all Dollar Working Capital Facility Commitments of all Dollar Working
Capital Facility Lenders then in effect, (ii) the Total Multicurrency Working Capital Facility Extensions
of Credit would exceed the aggregate amount of all Multicurrency Working Capital Facility
Commitments of all Multicurrency Working Capital Facility Lenders then in effect or (iii) the Total
Acquisition Facility Extensions of Credit would exceed the aggregate amount of all Acquisition Facility
Commitments of all Acquisition Facility Lenders then in effect. Any such reduction shall be in an amount
equal to $1,000,000 or a whole multiple thereof and shall reduce permanently and ratably the applicable
relevant Commitment then in effect.
(b) At any time during the Increase Period, (x) (i) the aggregate Dollar Working Capital
Facility Commitments may be increased to an amount not to exceed $1,200,000,000 (a “Dollar Working
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Capital Facility Increase”) and (ii) the aggregate Multicurrency Working Capital Facility Commitments
may be increased to an amount not to exceed $320,000,000 (a “Multicurrency Working Capital Facility
Increase”); provided that the aggregate increases under clauses (x)(i) and (x)(ii) shall not exceed
$200,000,000270,000,000 and (y) the aggregate Acquisition Facility Commitments may be increased to
an amount not to exceed $750,000,000 (an “Acquisition Facility Increase”; a Dollar Working Capital
Facility Increase, Multicurrency Working Capital Facility Increase and an Acquisition Facility Increase,
each being a “Facility Increase”) pursuant to the following procedure:
(i) The U.S. Borrower may make a written request for such Facility Increase
to the Administrative Agent, who shall forward a copy of any such request to the Lenders
under such Facility. Each request by the U.S. Borrower pursuant to the immediately
preceding sentence shall specify a proposed effective date of such increase (the
“Requested Increase Effective Date”), the aggregate amount of such requested increase
(the “Requested Increase Amount”), and shall (subject to clause (iii) below) constitute an
invitation to each of the Lenders under such Facility to increase its Commitment under
such Facility by its Commitment Percentage of such Requested Increase Amount.
(ii) Each Lender under such Facility, acting in its sole discretion and with no
obligations to increase its Commitment under such Facility pursuant to this Section
4.1(b), shall by written notice to the U.S. Borrower and the Administrative Agent advise
the U.S. Borrower and the Administrative Agent whether or not such Lender agrees to all
or any portion of such increase in its Commitment under such Facility within ten (10)
days after the U.S. Borrower’s request. Any such Lender may accept all of its
Commitment Percentage of such increase, a portion of such increase, or decline to accept
any of such increase in its Commitment under such Facility. If any such Lender shall not
have responded affirmatively within such ten (10) day period, such Lender shall be
deemed to have rejected the U.S. Borrower’s request for an increase in such Commitment
in full. Promptly following the conclusion of such ten (10) day period, the Administrative
Agent shall notify the U.S. Borrower of the results of the request for the applicable
Facility Increase.
(iii) If the aggregate amount of the increases in the Commitments under any
Facility which the Lenders under such Facility have accepted in accordance with Section
4.1(b)(ii) shall be less than the Requested Increase Amount, the Administrative Agent
(subject to the approval of the Administrative Agent and the Issuing Lenders under such
Facility, such approvals not to be unreasonably withheld, delayed or conditioned) may
offer to such additional Persons (including the Lenders under such Facility), as may be
agreed by the U.S. Borrower and the Administrative Agent, the opportunity to make
available such amount of new Commitments under such Facility as may be required so
that the aggregate increases in the Commitments under such Facility by the existing
Lenders thereunder together with such new Commitments by such other Persons (the
“New Lenders”) shall equal the Requested Increase Amount (the aggregate Facility
Increase provided by such existing Lenders and the New Lenders, the “Increase
Amount”). Such Increase Amount shall be in an amount equal to $5,000,000 or a whole
multiple thereof. Notwithstanding the foregoing, with respect to up to $100,000,000 in
Facility Increases, the Borrower may receive the Requested Increase Amount by, subject
to the approval of the Administrative Agent and the Issuing Lenders under the applicable
Facility (such approvals not to be unreasonably withheld, delayed or conditioned),
offering to such additional Persons (including the Lenders under the applicable Facility),
as may be agreed by the U.S. Borrower and the Administrative Agent, the opportunity to
make available such amount of new Commitments under the applicable Facility. The
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effectiveness of all such increases in the Commitments under such Facility are subject to
the satisfaction of the following conditions: (A) each Lender that so elects to increase its
Commitment under such Facility (each an “Increasing Lender”), each New Lender, the
Administrative Agent and the U.S. Borrower shall have executed and delivered an
agreement, substantially in the form attached hereto as Exhibit P (an “Increase and New
Lender Agreement”); (B) (i) (x) with respect to the Dollar Working Capital Facility, the
aggregate Dollar Working Capital Facility Commitment after giving effect to such
increases shall not exceed $1,200,000,000 and (y) with respect to the Multicurrency
Working Capital Facility, the aggregate Multicurrency Working Capital Facility
Commitment after giving effect to such increases shall not exceed $320,000,000;
provided that the aggregate increases under clauses (i)(x) and (i)(y) shall not exceed
$200,000,000270,000,000 and (ii) with respect to the Acquisition Facility, the aggregate
Acquisition Facility Commitments after giving effect to such increase shall not exceed
$750,000,000; (C) any fees and other amounts (including pursuant to Section 11.6)
payable by the U.S. Borrower in connection with such increase and accession shall have
been paid; (D) no Default or Event of Default has occurred and is continuing or would
result from such increase in the Commitments; (E) delivery of an Availability
Certification dated as of the date of such increase and (F) with respect to each Mortgaged
Property, the Administrative Agent shall have received (1) such amendments to the
Mortgage and Security Agreements or new Mortgage and Security Agreements as are in
form and substance reasonably satisfactory to the Administrative Agent, in each case,
executed and delivered by a duly authorized officer of the relevant Loan Party to the
extent necessary to reflect the increase in the applicable Facility (it being understood that,
unless requested by the Administrative Agent, no amendment shall increase the amount
secured thereby if the same will result in the payment of additional mortgage recording
tax) and (2) with respect to each such Mortgage and Security Agreement, a date-down
endorsement to the title insurance policy covering such Mortgage and Security
Agreement (or if a date-down is not available for a particular jurisdiction, a new title
insurance policy in the same insured amount as originally issued or marked up
unconditional title commitment, pro forma policy or binder for such insurance) in each
case in form and substance not materially less favorable to the Administrative Agent or
the Lenders as such title policies or marked up unconditional title commitments, pro
forma policies or binders delivered on or prior to the Restatement Effective Date, (3)
evidence satisfactory to it that all premiums in respect of a related date-down
endorsement or title policy (or policies) have been paid and (4) to the extent required by
applicable Law, a standard flood hazard determination for each Mortgaged Property
located in the United States, and with respect to any Mortgaged Property in the United
States that is located in a special flood hazard area and with respect to any Mortgaged
Property located in Canada in a flood plain, evidence of flood insurance in form and
substance reasonably satisfactory to the Administrative Agent. For the avoidance of
doubt, Extensions of Credit made under any Facility Increase shall bear interest at the
rate otherwise applicable to corresponding Extensions of Credit under the applicable
Facility.
(iv) On any Requested Increase Effective Date with respect to any Facility,
(A) each Increasing Lender or New Lender thereof shall make available to the
Administrative Agent such amounts in immediately available funds as the Administrative
Agent shall determine for the benefit of the other Lenders under such Facility as being
required in order to cause (after giving effect to such increase and the use of such
amounts to make payments to the other Lenders under such Facility) each Lender’s
portion of the outstanding Loans of all Lenders under such Facility to equal its
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Commitment Percentage of such Loans, (B) the applicable Borrower shall be deemed to
have repaid and reborrowed all outstanding Loans of all the Lenders under such Facility
to equal its Commitment Percentage of such outstanding Loans as of the date of the
applicable Facility Increase (with such reborrowing to consist of the Types of Loans, with
related Interest Periods, if applicable, specified in a notice delivered by the applicable
Borrower in accordance with the requirements of Section 4.3) and (C) the participations
in Letters of Credit shall be adjusted to reflect changes in the applicable Commitment
Percentages. The deemed payments made pursuant to clause (B) of the immediately
preceding sentence in respect of each Eurocurrency Loan shall be subject to
indemnification by the applicable Borrower pursuant to the provisions of Section 4.14 if
the deemed payment occurs other than on the last day of the related Interest Periods;
provided, that the Administrative Agent and each Lender shall cooperate with the
Borrowers to reduce and/or eliminate any such indemnification payments to the extent
reasonably possible if such cooperation would not subject the Administrative Agent or
such Lender, as applicable, to any unreimbursed cost or expense and would not otherwise
be disadvantageous to the Administrative Agent or such Lender.
(v) Upon the Requested Increase Effective Date with respect to any Facility,
Schedule 1.0 of the Increase and New Lender Agreement, which shall reflect the
Commitments and the Commitment Percentages of the Lenders under such Facility at
such time, shall be deemed to supersede Schedule 1.0 hereto without any further action or
consent of any party. The Administrative Agent shall cause a copy of such revised
Schedule 1.0 to be available to the Issuing Lenders and the Lenders.
4.2 Interest Rates and Payment Dates. (a) Each Eurocurrency Loan shall bear
interest for each day during each Interest Period with respect thereto at a rate per annum equal to the
Eurocurrency Rate for such Eurocurrency Loan determined for such day plus the Applicable Margin.
(b) Each Base Rate Loan (including Dollar Swing Line Loans and Multicurrency Swing Line
Loans denominated in United States Dollars) shall bear interest at a rate per annum equal to the Base Rate
plus the Applicable Margin. Each Prime Rate Loan (including Multicurrency Swing Line Loans
denominated in Canadian Dollars) shall bear interest at a rate per annum equal to the Prime Rate plus the
Applicable Margin.
(c) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall
not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding
Obligations (whether or not overdue) (to the extent legally permitted) shall bear interest at a rate per
annum that is equal to (i) in the case of the Loans, the rate that would otherwise be applicable thereto
pursuant to the foregoing provisions of this Section plus 2.00%, (ii) in the case of Reimbursement
Obligations, the rate applicable to Base Rate Loans or (with respect to Reimbursement Obligations in
respect of Letters of Credit denominated in Canadian Dollars) Prime Rate Loans in respect of the
applicable Facility plus 2.00%, and (iii) in the case of any interest payable on any Loan or
Reimbursement Obligation or any commitment fee or other amount payable hereunder, at a rate per
annum equal to the rate then applicable to Base Rate Loans or (with respect to interest payable on any
Loan denominated in Canadian Dollars or on any Reimbursement Obligations in respect of Letters of
Credit denominated in Canadian Dollars) Prime Rate Loans under the applicable Working Capital Facility
plus 2.00%, in each case, from the date of such nonpayment until such amount not paid when due is paid
in full (after as well as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date or on the applicable
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date with respect to interest payable pursuant to Section 4.2(c) above.
4.3 Conversion and Continuation Options. (a) The applicable Borrower may elect
from time to time to Convert Eurocurrency Loans denominated in United States Dollars to Base Rate
Loans or Convert Eurocurrency Loans denominated in Canadian Dollars to Prime Rate Loans by giving
the Administrative Agent (in the case of Loans denominated in United States Dollars) or the Canadian
Agent (in the case of Loans denominated in Canadian Dollars) at least two (2) Business Days’ prior
irrevocable notice of such election in the form attached hereto as Annex II (the “Continuation/Conversion
Notice”), such Continuation/Conversion Notice specifying the Facility of the Loans to be Converted and
the amount and the date such Conversion is to be made; provided that any such Conversion of
Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The
applicable Borrower may elect from time to time to Convert Base Rate Loans or Prime Rate Loans to
Eurocurrency Loans by giving the Administrative Agent (in the case of Loans denominated in United
States Dollars) or the Canadian Agent (in the case of Loans denominated in Canadian Dollars) irrevocable
notice of such election (in the form of a Continuation/Conversion Notice) prior to 1:00 p.m. (New York
City time) at its New York office, three (3) Business Days before the date of such election. Any such
notice of Conversion to Eurocurrency Loans shall specify the Facility of the Loans to be Converted, the
amount to be Converted, the date of such Conversion and the length of the initial Interest Period or
Interest Periods therefor. Upon receipt of any such notice the applicable Agent shall promptly notify each
Relevant Facility Lender thereof. All or any part of outstanding Eurocurrency Loans, Base Rate Loans or
Prime Rate Loans may be Converted as provided herein; provided that (i) no Base Rate Loan or Prime
Rate Loan may be Converted into a Eurocurrency Loan when any Event of Default has occurred and is
continuing and the Administrative Agent or the Canadian Agent, as applicable, has or the Required
Lenders have reasonably determined that such a Conversion is not appropriate and (ii) no Base Rate Loan
or Prime Rate Loan may be Converted into a Eurocurrency Loan after the date that is one (1) month prior
to the Termination Date.
(b) Any Eurocurrency Loans may be Continued as such upon the expiration of the then
current Interest Period with respect thereto by the applicable Borrower giving the Administrative Agent
(in the case of Loans denominated in United States Dollars) or the Canadian Agent (in the case of Loans
denominated in Canadian Dollars) irrevocable notice (in the form of a Continuation/Conversion Notice)
prior to 1:00 p.m. (New York City time), at its New York office, in each case, three (3) Business Days
before the date such Eurocurrency Loans are to be Continued, in accordance with the applicable
provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to
be applicable to such Loans. If the applicable Borrower fails to give timely notice requesting a
Continuation, then the applicable Loans shall be converted to Base Rate Loans (in the case of any Loans
denominated in United States Dollars) or Prime Rate Loans (in the case of any Loans denominated in
Canadian Dollars). Any automatic Conversion to Base Rate Loans or Prime Rate Loans shall be effective
as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Loans.
(c) During the existence of an Event of Default, no Loan may be requested as, Converted to
or Continued as Eurocurrency Loans if the Required Lenders have reasonably determined that such a
request, Conversion or Continuation is not appropriate.
4.4 Minimum Amounts of Tranches; Maximum Number of Tranches. (a) All
borrowings, Conversions and Continuations of Loans hereunder and all selections of Interest Periods
hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect
thereto, the aggregate principal amount of the Eurocurrency Loans comprising each Tranche shall be
equal to $1,000,000 or C$1,000,000, as applicable, or a whole multiple of $100,000 or C$100,000, as
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applicable, in excess thereof.
(b) No more than (i) an aggregate of twenty (20) Tranches of Eurocurrency Loans shall be
outstanding at any one time under the Acquisition Facility and the Dollar Working Capital Facility, (ii)
five (5) Tranches of Eurocurrency Loans denominated in United States Dollars shall be outstanding at any
one time under the Multicurrency Working Capital Facility and (iii) five (5) Tranches of Eurocurrency
Loans denominated in Canadian Dollars shall be outstanding at any one time under the Multicurrency
Working Capital Facility; provided that for each Facility Increase in an aggregate principal amount of
$50,000,000, two (2) additional Tranches of Eurocurrency Loans may be outstanding under the relevant
Facility (up to a maximum of thirty-five (35) Tranches of Eurocurrency Loans for all Facilities) at any
one time.
4.5 Repayment of Loans; Evidence of Debt. (a) Each Borrower unconditionally
promises to pay to the Administrative Agent (in the case of Loans denominated in United States Dollars)
or the Canadian Agent (in the case of Loans denominated in Canadian Dollars) for the account of the
appropriate Lender or to the relevant Issuing Lender, as applicable, the then unpaid principal amount of
each of its Acquisition Facility Loans and each of its Working Capital Facility Loans on the Maturity
Date therefor. Each Borrower hereby further agrees to pay interest on the unpaid principal amount of its
Loans and Reimbursement Obligations from time to time outstanding from the Restatement Effective
Date until payment in full thereof at the rates per annum, and on the dates, set forth in Section 4.2.
(b) Each Lender shall maintain in accordance with its usual practice a record or records
setting forth all of the indebtedness of the Borrowers to such Lender resulting from each Loan or other
extension of credit hereunder of such Lender from time to time, including the amounts of principal and
interest payable and paid to such Lender from time to time under this Agreement.
(c) The Administrative Agent, on behalf of the Borrowers, shall maintain the Register
required by Section 11.7(d), and shall include a subaccount therein for each Lender, in which it shall
record (i) the amount of each Loan and a copy of the Note, if any, evidencing such Loan, the Type thereof
and each Interest Period applicable thereto, (ii) the amount of any principal or interest or fee due and
payable or to become due and payable from any Borrower to each Lender hereunder, (iii) the amount of
such Lender’s share of any Unreimbursed Amount and (iv) both the amount of any sum received by the
Administrative Agent or Canadian Agent hereunder from any Borrower and each Lender’s share thereof.
(d) The entries made in the Register and the records of each Lender maintained pursuant to
Section 4.5(b) shall, to the extent permitted by applicable Law, be prima facie evidence of the existence
and amounts of the obligations of the Borrowers therein recorded (absent manifest error); provided,
however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such
account, or any error therein, shall not in any manner affect the obligation of any Borrower to repay (with
applicable interest) the Loans and other extensions of credit hereunder made to such Borrower by such
Lender in accordance with the terms of this Agreement.
(e) Each Borrower agrees that, upon the request to the Administrative Agent by any
Lender, such Borrower will execute and deliver to such Lender a promissory note evidencing the Dollar
Working Capital Facility Loans, the Multicurrency Working Capital Facility Loans, the Dollar Swing Line
Loans, the Multicurrency Swing Line Loans or the Acquisition Facility Loans, as applicable, of such
Lender, substantially in the form of Exhibit X-0, X-0, X-0, X-0 or A-5, as applicable, with appropriate
insertions as to date and principal amount (individually, a “Note” and, collectively, the “Notes”).
4.6 Optional Prepayments. The Borrowers may at any time and from time to time
prepay the Loans made to it, in whole or in part, without premium or penalty, upon notice by the
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applicable Borrower in the form attached hereto as Annex III (the “Notice of Prepayment”) delivered to
the Administrative Agent (in the case of Loans denominated in United States Dollars) or the Canadian
Agent (in the case of Loans denominated in Canadian Dollars) (x) no later than 1:00 p.m. (New York City
time) at least three (3) Business Days prior to the proposed prepayment date in the case of Eurocurrency
Loans, (y) no later than 1:00 p.m. (New York City time) on the proposed prepayment date in the case of
Base Rate Loans or Prime Rate Loans and (z) not later than 1:00 p.m. (New York City time) on the
proposed prepayment date in the case of Swing Line Loans, in each case, which notice shall specify (x)
the date and amount of prepayment, (y) which Loans shall be prepaid and (z) whether the prepayment is
of Base Rate Loans, Prime Rate Loans, Eurocurrency Loans or a combination thereof, and, if of a
combination thereof, the amount allocable to each; provided that if a Eurocurrency Loan is prepaid on any
day other than the last day of the Interest Period applicable thereto, or the applicable Borrower revokes
any notice of prepayment previously delivered pursuant to this Section 4.6 after the date/time specified
above, the applicable Borrower shall also pay any amounts owing pursuant to Section 4.14. Upon receipt
of any such notice the applicable Agent shall promptly notify each Lender thereof. If any such notice is
given, the amount specified in such notice shall be due and payable on the date specified therein, together
with any amounts payable pursuant to Section 4.14. Partial prepayments pursuant to this Section 4.6 shall
be in an aggregate principal amount of $100,000 or C$100,000, as applicable, or a whole multiple thereof.
If any Borrower shall make any prepayment of a Dollar Swing Line Loan after 1:00 p.m. (New York City
time) on the fifth Business Day following the making of such Dollar Swing Line Loan and the Dollar
Swing Line Lender shall have requested from the Lenders Refunded Dollar Swing Line Loans in
accordance with Section 2.6(a) on account of such Dollar Swing Line Loan, the Administrative Agent
shall apply such prepayment in the following order: first, to any other Dollar Swing Line Loans
outstanding at such time and second, to any outstanding Dollar Working Capital Facility Loans that are
Base Rate Loans of such Borrower. If the amount of such prepayment by any Borrower is greater than the
outstanding amount of such Borrower’s Dollar Swing Line Loans and Dollar Working Capital Facility
Loans that are Base Rate Loans at the time such prepayment is made, the Administrative Agent shall
promptly remit the excess to such Borrower. If any Borrower shall make any prepayment of a
Multicurrency Swing Line Loan after 1:00 p.m. (New York City time) on the fifth Business Day
following the making of such Multicurrency Swing Line Loan and the Multicurrency Swing Line Lender
shall have requested from the Lenders Refunded Multicurrency Swing Line Loans in accordance with
Section 2.6(a) on account of such Multicurrency Swing Line Loan, the Administrative Agent or Canadian
Agent, as applicable, shall apply such prepayment in the following order: first, to any other Multicurrency
Swing Line Loans outstanding at such time and second, ratably to any outstanding Multicurrency
Working Capital Facility Loans that are Base Rate Loans or Prime Rate Loans of such Borrower. If the
amount of such prepayment by any Borrower is greater than the outstanding amount of such Borrower’s
Multicurrency Swing Line Loans and Multicurrency Working Capital Facility Loans that are Base Rate
Loans or Prime Rate Loans at the time such prepayment is made, the Administrative Agent or Canadian
Agent, as applicable, shall promptly remit the excess to such Borrower.
4.7 Mandatory Prepayments. (a) If on any date, the sum of the Total Working
Capital Facility Extensions of Credit and the Acquisition Facility Working Capital Extensions of Credit
exceeds the Aggregate Borrowing Base Amount, then (i) the U.S. Borrower shall specify, at its sole
discretion, one or more of the Working Capital Facility Loans, the Acquisition Facility Working Capital
Loans or the Swing Line Loans of the Borrowers to be prepaid and the Borrowers shall prepay such Loan
or Loans, and/or (ii) the Borrowers shall Cash Collateralize, replace or decrease (if the beneficiary of such
Letter of Credit agrees to such decrease) the amount of outstanding Working Capital Facility Letters of
Credit or Acquisition Facility Working Capital Letters of Credit by an amount sufficient to eliminate such
excess, no later than three (3) Business Days immediately following such date.
(b) If on any date (i) the Total Acquisition Facility Acquisition Extensions of Credit shall
exceed the Eligible Acquisition Asset Value, (ii) the Total Acquisition Facility Extensions of Credit shall
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exceed the aggregate Acquisition Facility Commitments, (iii) the Total Dollar Working Capital Facility
Extensions of Credit shall exceed the aggregate Dollar Working Capital Facility Commitments, (iv) the
Total Multicurrency Working Capital Facility Extensions of Credit shall exceed the aggregate
Multicurrency Working Capital Facility Commitments and/or (v) any extension of credit under this
Agreement shall result in any Applicable Sub-Limit (with each Applicable Sub-Limit calculated including
the Dollar Equivalent of any included Extensions of Credit denominated in Canadian Dollars) being
exceeded, then (A) the U.S. Borrower shall specify, at its sole discretion, one or more Loans of the
Borrowers to be prepaid and the Borrowers shall prepay such Loans and/or (B) the Borrowers shall Cash
Collateralize, replace or decrease (if the beneficiary of such Letter of Credit agrees to such decrease) the
amount of outstanding Letters of Credit by an amount sufficient to eliminate such excess, no later than
three (3) Business Days immediately following such date.
(c) Unless the Required Lenders shall otherwise agree, if on any date any Borrower or any
other Loan Party shall receive Net Cash Proceeds from any individual Asset Sale or Recovery Event,
then, unless a Reinvestment Notice shall be delivered in respect thereof within three (3) Business Days
thereafter, 100% of such Net Cash Proceeds shall be applied on such third Business Day toward the
prepayment of the relevant Loans (provided, however, that the U.S. Borrower shall specify, at its sole
discretion, the Loans of the Borrowers to be so prepaid) and Cash Collateralization of the relevant Letters
of Credit in accordance with Sections 4.7(d), (e) and (f); provided that, notwithstanding the foregoing, on
each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with
respect to the relevant Reinvestment Event shall be applied toward the prepayment of the relevant Loans
and Cash Collateralization of the relevant Letters of Credit as set forth in Sections 4.7(d) and (e).
(d) Amounts prepaid pursuant to Section 4.7(c) from the proceeds of Asset Sales or
Recovery Events with respect to Acquisition Assets shall be applied, first, to the prepayment of the
Acquisition Facility Acquisition Loans that are Base Rate Loans, second, to the prepayment of the
Acquisition Facility Acquisition Loans that are Eurocurrency Loans, third, to the Cash Collateralization
of the Acquisition Facility Acquisition Letters of Credit, fourth, to the prepayment of the Swing Line
Loans (ratably among the Working Capital Facilities), fifth, to the prepayment of Acquisition Facility
Working Capital Loans that are Base Rate Loans, sixth, to the prepayment of Acquisition Facility
Working Capital Loans that are Eurocurrency Loans, seventh, to the Cash Collateralization of the
Acquisition Facility Working Capital Letters of Credit, eighth, to the prepayment of Working Capital
Facility Loans that are Base Rate Loans or Prime Rate Loans (ratably among the Working Capital
Facilities and, within the Multicurrency Working Capital Facility, ratably among the Base Rate Loans and
the Prime Rate Loans), ninth, to the prepayment of Working Capital Facility Loans that are Eurocurrency
Loans (ratably among the Working Capital Facilities), and tenth, to the Cash Collateralization of the
Working Capital Facility Letters of Credit (ratably among the Working Capital Facilities).
(e) Amounts prepaid pursuant to Section 4.7(c) from the proceeds of Asset Sales or
Recovery Events with respect to assets included in the U.S. Borrowing Base or the Kildair Borrowing
Base shall be applied, first, to the prepayment of the Swing Line Loans (ratably among the Working
Capital Facilities), second, to the prepayment of Acquisition Facility Working Capital Loans that are Base
Rate Loans, third, to the prepayment of Acquisition Facility Working Capital Loans that are Eurocurrency
Loans, fourth, to the Cash Collateralization of the Acquisition Facility Working Capital Letters of Credit,
fifth, to the prepayment of Working Capital Facility Loans that are Base Rate Loans or Prime Rate Loans
(ratably among the Working Capital Facilities and, within the Multicurrency Working Capital Facility,
ratably among the Base Rate Loans and the Prime Rate Loans), sixth, to the prepayment of Working
Capital Facility Loans that are Eurocurrency Loans (ratably among the Working Capital Facilities),
seventh, to the Cash Collateralization of the Working Capital Facility Letters of Credit (ratably among the
Working Capital Facilities), eighth, to the prepayment of the Acquisition Facility Acquisition Loans that
are Base Rate Loans, ninth, to the prepayment of the Acquisition Facility Acquisition Loans that are
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Eurocurrency Loans, and tenth, to the Cash Collateralization of the Acquisition Facility Acquisition
Letters of Credit.
(f) The applicable Borrower shall notify the Administrative Agent or (in the case of a
prepayment of a Loan denominated in Canadian Dollars) the Canadian Agent (and, in the case of
prepayment of a Swing Line Loan, the applicable Swing Line Lenders) by written notice of any
prepayment hereunder (i) in the case of prepayment of a Eurocurrency Loan, not later than 1:00 p.m.
(New York City time), three (3) Business Days before the date of the prepayment, (ii) in the case of
prepayment of a Base Rate Loan or Prime Rate Loan, not later than 1:00 p.m. (New York City time) on
the date of the prepayment and (iii) in the case of prepayment of a Swing Line Loan, not later than 1:00
p.m. (New York City time) on the date of prepayment. Each such notice shall specify the prepayment
date, the principal amount of each Loan or portion thereof to be prepaid and, in the case of a mandatory
prepayment, a reasonably detailed calculation of the required amount of such prepayment. Promptly
following receipt of any such notice (other than a notice relating solely to Swing Line Loans), the
applicable Agent shall advise the Lenders of the contents thereof. Each prepayment of an extension of
credit shall be applied ratably to the Loans included in the prepaid extension of credit and otherwise in
accordance with this Section 4.7(f). Prepayments shall be accompanied by accrued interest to the extent
required by Section 4.2.
(g) Any prepayment of Loans pursuant to this Section 4.7, and the rights of the Lenders in
respect thereof, are subject to the provisions of Section 4.9.
(h) For the avoidance of doubt, no amounts prepaid under this Section 4.7 shall permanently
reduce any Commitments.
4.8 Computation of Interest and Fees. (a) All fees and interest hereunder shall be
calculated on the basis of a 360-day year for the actual days elapsed, except that (i) interest on Base Rate
Loans calculated using clause (b) of the definition of “Base Rate”, (ii) interest on Prime Rate Loans
calculated using clause (a) of the definition of “Prime Rate” and (iii) interest on Eurocurrency Loans
denominated in Canadian Dollars shall, in each case, be calculated on the basis of a 365/366-day year, as
the case may be, for the actual days elapsed. The Administrative Agent shall as soon as practicable notify
the U.S. Borrower and the Lenders of each determination of each Eurocurrency Rate for any
Eurocurrency Loans outstanding. Any change in the interest rate on a Loan resulting from a change in the
Base Rate or Prime Rate shall become effective as of the opening of business on the day on which such
change becomes effective. The Administrative Agent shall as soon as practicable notify the U.S.
Borrower and the Lenders of the effective date and the amount of each such change in interest rate.
(b) Each determination of an interest rate by the Administrative Agent pursuant to any
provision of this Agreement shall be conclusive and binding on the Borrowers and the Lenders in the
absence of manifest error. The Administrative Agent shall, at the request of the U.S. Borrower, deliver to
the U.S. Borrower a statement showing the quotations used by the Administrative Agent in determining
any interest rate pursuant to Section 4.2(a).
4.9 Pro Rata Treatment and Payments. (a) Other than as expressly set forth herein,
each borrowing by any Borrower from the Lenders hereunder and any reduction of the Commitments
under any Facility shall be made pro rata according to the respective Commitment Percentages, as
applicable, of the Lenders under such Facility. Other than as expressly set forth herein, each payment
(including each prepayment) by any Borrower on account of principal of and interest and fees on the
Loans and Reimbursement Obligations under any Facility shall be made pro rata according to the
respective outstanding principal amounts of such Borrower’s Loans and Reimbursement Obligations
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under such Facility, respectively, then held by the Lenders.
(b) All payments (including prepayments) to be made by any Borrower hereunder on account
of principal of Loans (other than Base Rate Loans or Prime Rate Loans on any day other than the
Maturity Date of such Loans) shall be accompanied by a payment in an amount equal to all accrued and
unpaid interest on such Loans. All payments (including prepayments) to be made by any Borrower
hereunder, whether on account of principal, interest, fees or otherwise, shall be made without set-off or
counterclaim and shall be made prior to 1:00 p.m. (New York City time) on the due date thereof to the
Administrative Agent (in the case of amounts payable in United States Dollars) or the Canadian Agent (in
the case of amounts payable in Canadian Dollars) for the account of the applicable Lenders at the office
of the Administrative Agent or Canadian Agent, as applicable, specified in Section 11.2 in United States
Dollars or Canadian Dollars, as applicable, in immediately available funds. The applicable Agent shall
distribute such payments to the appropriate Lenders promptly upon receipt in like funds as received. If
any payment hereunder (other than payments on Eurocurrency Loans) becomes due and payable on a day
other than a Business Day, such payment obligation shall be extended to the next succeeding Business
Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable
rate during such extension. If any payment on a Eurocurrency Loan becomes due and payable on a day
other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day
unless the result of such extension would be to extend such payment into another calendar month in
which event such payment shall be made on the immediately preceding Business Day. In the case of any
extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be
payable at the then applicable rate during such extension.
(c) Unless the Administrative Agent shall have been notified in writing by any Lender prior
to a borrowing that such Lender will not make the amount that would constitute its Commitment
Percentage of such borrowing available to the Administrative Agent, the Administrative Agent may
assume that such Lender is making such amount available to the Administrative Agent or the Canadian
Agent, as applicable, and the Administrative Agent or the Canadian Agent, as applicable, may, in reliance
upon such assumption, make available to the applicable Borrower a corresponding amount. If such
amount is not made available to the Administrative Agent or Canadian Agent, as applicable, by the
required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent or
Canadian Agent, as applicable, on demand such amount with interest thereon at a rate equal to the daily
average Federal Funds EffectiveNYFRB Rate (in the case of United States Dollar denominated amounts)
or the Canadian Agent’s cost of funds (in the case of Canadian Dollar denominated amounts) for the
period until such Lender makes such amount immediately available to the Administrative Agent or the
Canadian Agent, as applicable. A certificate of the Administrative Agent submitted to any Lender with
respect to any amounts owing under this Section 4.9 shall be conclusive in the absence of manifest error.
If such Lender’s Commitment Percentage of such borrowing is not made available to the Administrative
Agent or the Canadian Agent, as applicable, by such Lender within three (3) Business Days of such
Borrowing Date, the Administrative Agent or Canadian Agent, as applicable, shall also be entitled to
recover such amount with interest thereon at the rate per annum applicable to Base Rate Loans (in the
case of amounts denominated in United States Dollars) or Prime Rate Loans (in the case of amounts
denominated in Canadian Dollars) on demand from the applicable Borrower (without duplication of the
interest otherwise applicable thereto).
(d) Subject to Sections 4.7(d) and (e) and Section 4.18, the application of any payment of
Loans (including optional and mandatory prepayments), along with the application of any proceeds
obtained upon the exercise of remedies by the Agents for the Lenders hereunder or under any Loan
Document, shall be made to each Lender based upon its Commitment Percentage, first, to Base Rate
Loans and Prime Rate Loans, ratably, and, second, to Eurocurrency Loans, ratably. Each payment of the
Eurocurrency Loans shall be accompanied by accrued interest to the date of such payment on the amount
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paid.
4.10 Requirements of Law. (a) If the adoption of or any change in any Requirement
of Law or in the interpretation or application thereof or compliance by any Lender, the Administrative
Agent or the Canadian Agent with any request or directive (whether or not having the force of law) from
any central bank or other Governmental Authority made subsequent to the Restatement Effective Date:
(i) does or shall subject any Lender, the Administrative Agent or the
Canadian Agent to any Tax or increased Tax of any kind whatsoever with respect to this
Agreement or any other Loan Document, any Loan or any Letter of Credit made by it, or
change the basis of taxation of payments to such Lender, the Administrative Agent or the
Canadian Agent in respect thereof (provided, however, that the foregoing shall not apply
to (x) any U.S. federal or Canadian withholding Tax or Other Taxes, as to which Section
4.11 shall govern, or (y) any Tax imposed on or measured by a Lender’s, the
Administrative Agent’s or the Canadian Agent’s net income (to the extent it does not
change the basis of taxation), including any changes in the rate of net income Taxes (or
franchise Taxes in lieu thereof) imposed on a Lender, the Administrative Agent or the
Canadian Agent, as applicable, in the case of each of (x) and (y), as to which Section 4.11
shall govern);
(ii) does or shall impose, modify or hold applicable any reserve, special
deposit, compulsory loan, insurance charge or similar requirement against assets held by,
deposits or other liabilities in or for the account of, advances, loans or other extensions of
credit by, or any other acquisition of funds by, any office of such Lender which is not
otherwise included in the determination of the Eurocurrency Rate; or
(iii) does or shall impose on such Lender any other condition, cost or expense
(provided, however, that the foregoing shall not apply to (x) any U.S. federal or Canadian
withholding Tax or Other Taxes, as to which Section 4.11 shall govern, or (y) any Tax
imposed on or measured by a Lender’s net income (to the extent it does not change the
basis of taxation), including any changes in the rate of net income Taxes (or franchise
Taxes in lieu thereof) imposed on a Lender, in the case of each of (x) and (y), as to which
Section 4.11 shall govern); and the result of any of the foregoing is to increase the cost to
such Lender, the Administrative Agent or the Canadian Agent of making, Converting into,
Continuing or maintaining this Agreement or any other Loan Document, any Loan or
issuing, providing and maintaining any Letter of Credit or holding an interest in any
Issuing Lender’s obligations thereunder, or to reduce any amount receivable by the
Lender, the Administrative Agent or the Canadian Agent in respect thereof, then the
Lender, the Administrative Agent or the Canadian Agent shall use reasonable efforts to
designate a different Applicable Lending Office for funding or booking Loans or issuing
Letters of Credit if, in the judgment of such Lender, the Administrative Agent or the
Canadian Agent, as applicable, such designation (x) would eliminate or reduce amounts
payable pursuant to this Section 4.10 or eliminate the need to provide the notice specified
in clause (c) of this Section 4.10 and (y) would not subject such Lender, the Administrative
Agent or the Canadian Agent to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender, the Administrative Agent or the Canadian
Agent;
then, in any such case, and to the extent that such cost is not fully compensated for by an adjustment to
the Eurocurrency Rate, the Base Rate, the Prime Rate or any fee on a Letter of Credit or mitigated
pursuant to a change in such Lender’s Applicable Lending Office, the Borrowers shall promptly, after
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receiving notice as specified in clause (c) of this Section 4.10, pay such Lender, the Administrative Agent
or the Canadian Agent, as applicable, such additional amount or amounts as will compensate such Lender,
the Administrative Agent or the Canadian Agent for such increased cost or reduced amount receivable on
a net after-Tax basis.
(b) If any Lender shall have determined that the adoption of or any change in any
Requirement of Law regarding capital adequacy or liquidity or in the interpretation or application thereof
or compliance by such Lender or any corporation controlling such Lender with any request or directive
regarding capital adequacy or liquidity (whether or not having the force of law) from any Governmental
Authority made subsequent to the Restatement Effective Date shall have the effect of reducing the rate of
return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder to a
level below that which such Lender or such corporation could have achieved but for such adoption,
change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect
to capital adequacy and liquidity) by an amount deemed by such Lender to be material, then from time to
time, the Borrowers shall promptly pay to such Lender such additional amount or amounts as will
compensate such Lender for such reduction on a net after-Tax basis.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this Section
4.10, it shall promptly notify the U.S. Borrower (with a copy to the Administrative Agent) of the event by
reason of which it has become so entitled. A certificate prepared in good faith as to any additional
amounts payable pursuant to this Section 4.10 submitted by such Lender to the U.S. Borrower (with a
copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in
this Section 4.10 shall survive the termination of this Agreement and the payment of the Loans,
Reimbursement Obligations and all other amounts payable hereunder. No Lender shall be entitled to
claim any additional amounts pursuant to Section 4.10(a) and (b) for circumstances which occurred more
than 180 days prior to the date such Lender makes a request for payment hereunder.
(d) It is agreed and understood that, for all purposes under this Agreement (including
for purposes of this Section 4.10 and Section 4.11) that (i) the Xxxx-Xxxxx Xxxx Street Reform and
Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued
in connection therewith on in implementation thereof and (ii) all requests, rules, guidelines, requirements
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States, Canadian or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be an adoption or change in
a Requirement of Law made subsequent to the Restatement Effective Date, regardless of the date enacted,
adopted, implemented or issued.
4.11 Taxes. (a) Any and all payments by or on behalf of each Loan Party or any
Agent under or in respect of this Agreement or any other Loan Documents to which such Loan Party is a
party shall, unless otherwise required by law, be made free and clear of, and without deduction or
withholding for or on account of, any and all present or future taxes, levies, imposts, deductions, charges
or withholdings, and all liabilities (including penalties, interest and additions to tax) with respect thereto,
whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or
other Governmental Authority (collectively, “Taxes”). If any Loan Party or the Agent shall be required
under any Requirement of Law to deduct or withhold any Taxes from or in respect of any sum payable
under or in respect of this Agreement, the Loans, the Letters of Credit or any of the other Loan
Documents to any Agent or Lender (including for purposes of this Section 4.11 and Section 4.10 any
assignee, successor or participant), as determined in good faith by the applicable Loan Party or Agent, (i)
such Loan Party or Agent shall make all such deductions and withholdings in respect of Taxes, (ii) such
Loan Party or Agent shall pay the full amount deducted or withheld in respect of Taxes to the relevant
taxation authority or other Governmental Authority in accordance with any Requirement of Law, and (iii)
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in the case of any Non-Excluded Taxes, the sum payable by such Loan Party shall be increased as may be
necessary so that after such Loan Party or Agent has made all required deductions and withholdings
(including deductions and withholdings applicable to additional amounts payable under this Section 4.11)
such Lender or Agent receives an amount equal to the sum it would have received had no such deductions
or withholdings been made or required in respect of Non-Excluded Taxes. For purposes of this
Agreement the term “Non-Excluded Taxes” are Taxes other than, (i) in the case of a Lender or Agent,
Taxes that are imposed on it by the jurisdiction (or political subdivision thereof) under the laws of which
such Lender or Agent is organized or has its applicable lending office, (ii) net income, franchise or branch
profit taxes imposed on a Lender or an Agent (A) by the jurisdiction (or political subdivision thereof)
under the laws of which such Lender or Agent is organized or has its principal office or applicable
lending office or (B) that are Other Connection Taxes, (iii) any U.S. federal or Canadian withholding Tax
imposed on any payment under the law as of the Restatement Effective Date, (iv) any Tax imposed on a
Transferee (other than an assignee pursuant to a request by the U.S. Borrower under Section 4.17) or
successor Agent to the extent that, under applicable Law in effect on the date of the transfer to such
Transferee or such successor Agent, the amount of such Tax exceeds the Non-Excluded Taxes, if any,
that were imposed on payments to the transferring Lender or predecessor Agent, (v) Taxes attributable to
such Lender’s or Agent’s failure to comply with Section 4.11(e) or Section 4.11(h) or (vi) any U.S.
federal or Canadian withholding Tax imposed under FATCA. For the avoidance of doubt, the exclusions
described in the preceding sentence will apply to the same effect to direct or indirect beneficial owners of
a Lender that is fiscally transparent.
(b) In addition, each Loan Party hereby agrees to pay any present or future stamp, recording,
documentary, excise, property or value-added taxes, or similar Taxes, charges or levies that arise from
any payment made under or in respect of this Agreement or any other Loan Document or from the
execution, delivery or registration of, any performance under, or otherwise with respect to, this
Agreement or any other Loan Document (collectively, “Other Taxes”).
(c) Each Loan Party hereby agrees to indemnify each Lender that is not fiscally transparent
and, in the case of a Lender that is fiscally transparent, its direct or indirect beneficial owners for which
such Loan Party has received proof of such ownership and entitlement to the benefits of this Section 4.11
(subject to the same conditions for, and exclusions from indemnification as are applicable to a Lender that
is not fiscally transparent), and each Agent for, and to hold each harmless against, the full amount of Non-
Excluded Taxes and Other Taxes, and the full amount of Taxes of any kind imposed by any jurisdiction
on amounts payable under this Section 4.11 imposed on or paid by such Lender or Agent, and any
liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect
thereto. The indemnity by the Loan Parties provided for in this Section 4.11(c) shall apply and be made
whether or not the Non-Excluded Taxes or Other Taxes for which indemnification hereunder is sought
have been correctly or legally asserted. Amounts payable by any Loan Party under the indemnity set forth
in this Section 4.11(c) shall be paid within ten (10) days from the date on which the Lender or Agent
makes written demand therefor.
(d) Within thirty (30) days after the date of any payment of Taxes, the applicable Loan Party
(or any Person making such payment on behalf of the Loan Parties) shall furnish to Lender and/or Agent
for its own account a certified copy of the original official receipt evidencing payment thereof or evidence
of such payment as is reasonably satisfactory to such Lender or Agent.
(e) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with
respect to payments made under any Loan Document shall deliver to the applicable Borrower,
Administrative Agent or Canadian Agent, at the time or times reasonably requested by the applicable
Borrower, the Administrative Agent or Canadian Agent, such properly completed and executed
documentation reasonably requested by the applicable Borrower, Administrative Agent or Canadian
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Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the applicable Borrower, Administrative Agent or
Canadian Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the applicable Borrower, Administrative Agent or Canadian Agent as will enable the
applicable Borrower, Administrative Agent or Canadian Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the
contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 4.11(e)(ii)(A), (ii)(B) and (ii)(D) below and any
documentation required for Canadian withholding Tax purposes) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any
material unreimbursed cost or expense or would materially prejudice the legal or commercial position of
such Lender.
(ii) Without limiting the generality of the foregoing:
(A) any Lender that is a U.S. Person shall deliver to the applicable
Borrower, Administrative Agent and Canadian Agent on or prior
to the date on which such Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable
request of the applicable Borrower, Administrative Agent or
Canadian Agent), executed copies of IRS Form W-9 certifying
that such Lender is exempt from U.S. federal backup
withholding tax;
(B) any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the applicable Borrower, Administrative Agent and
Canadian Agent (in such number of copies as shall be requested
by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time
to time thereafter upon the reasonable request of the applicable
Borrower, Administrative Agent or Canadian Agent), whichever
of the following is applicable:
(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty
to which the United States is a party (x) with respect to payments of interest under any
Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as
applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-
8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax
treaty;
(2) executed copies of IRS Form W-8ECI;
(3) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the
form of Exhibit D-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the
applicable Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a
“Section 4.11 Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form
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W-8BEN-E (as applicable); or
(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E, a Section 4.11 Certificate substantially in the form of Exhibit D-2 or Exhibit
D-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and one or more direct or
indirect partners of such Foreign Lender are claiming the portfolio interest exemption,
such Foreign Lender may provide a Section 4.11 Certificate substantially in the form of
Exhibit D-4 on behalf of each such direct and indirect partner;
(C) any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the applicable Borrower, Administrative Agent and
Canadian Agent (in such number of copies as shall be requested
by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time
to time thereafter upon the reasonable request of the applicable
Borrower, Administrative Agent or Canadian Agent), executed
copies of any other form prescribed by applicable law as a basis
for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by
applicable law to permit the applicable Borrower, Administrative
Agent or Canadian Agent to determine the withholding or
deduction required to be made; and
(D) if a payment made to a Lender, Administrative Agent or
Canadian Agent under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such
Lender, Administrative Agent or Canadian Agent were to fail to
comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender, Administrative Agent or
Canadian Agent shall deliver to the applicable Borrower,
Administrative Agent or Canadian Agent at the time or times
prescribed by law and at such time or times reasonably requested
by the Borrower, Administrative Agent or Canadian Agent such
documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the applicable
Borrower, Administrative Agent or Canadian Agent as may be
necessary for the applicable Borrower, Administrative Agent or
Canadian Agent to comply with their obligations under FATCA
and to determine that such Lender, Administrative Agent or
Canadian Agent has complied with its obligations under FATCA
or to determine the amount to deduct and withhold from such
payment. Solely for purposes of this clause (D), “FATCA” shall
include any amendments made to FATCA after the date of the
Restatement Effective Date.
Each Lender, Administrative Agent and Canadian Agent agrees that if any form or certification it
previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or
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certification or promptly notify the applicable Borrower, Administrative Agent and Canadian Agent in
writing of its legal inability to do so.
(f) Without prejudice to the survival of any other agreement of the Loan Parties hereunder,
the agreements and obligations of the Loan Parties contained in this Section 4.11 shall survive the
termination of this Agreement and the other Loan Documents. Nothing contained in Section 4.10 or this
Section 4.11 shall require any Agent or Lender to make available any of its tax returns or any other
information that it deems to be confidential or proprietary.
(g) For purposes of determining withholding Taxes imposed under FATCA, from and after
the Restatement Effective Date, the Borrowers, the Administrative Agent and the Canadian Agent shall
treat (and the Lenders hereby authorize the Administrative Agent and the Canadian Agent to treat) the
Existing Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of
Treasury Regulation Section 1.1471-2(b)(2)(i).
(h) On the Restatement Effective Date, the Administrative Agent and Canadian Agent (or, on
any date thereafter, any successor or replacement Administrative Agent or Canadian Agent) shall deliver
to the applicable Borrower two duly executed originals of either (i) IRS Form W-9 or IRS Form W-
8BEN-E, or (ii) such other documentation as the applicable Borrower may reasonably request for
purposes of establishing that the applicable Borrower can make payments to the Administrative Agent
and Canadian Agent without deduction or withholding of any Taxes imposed by the United States or
Canada.
4.12 Lending Offices. Loans of each Type made by any Lender shall be made and
maintained at such Lender’s Applicable Lending Office for Loans of such Type.
4.13 Credit Utilization Reporting. Within five (5) Business Days after the end of each
calendar month, each Issuing Lender shall deliver a report to the Administrative Agent, substantially in
the form of Annex IV (a “Credit Utilization Summary”), setting forth, for each Letter of Credit issued or
provided by such Issuing Lender, (i) the currency and the amount available to be drawn or utilized under
such Letters of Credit as of the end of such calendar month and (ii) the amount of any drawings, payments
or reductions of such Letters of Credit during such month, in each case, on an aggregate and per Letter of
Credit basis. Upon receiving notice from any Borrower or the beneficiary under a Letter of Credit issued
or provided by such Issuing Lender of a reduction or termination of such Letter of Credit, each Issuing
Lender shall notify the Administrative Agent (or, in the case of Letters of Credit denominated in
Canadian Dollars, the Canadian Agent) thereof.
4.14 Indemnity. Each Borrower agrees to indemnify each Lender and to hold each
Lender harmless from any actual loss or expense (other than, in the case of expenses, any administrative,
processing or similar fee in respect thereof exceeding $100 for each affected Lender for each relevant
event) which such Lender sustains or incurs as a result of (a) default by such Borrower in making a
borrowing of, Conversion into or Continuation of Eurocurrency Loans after such Borrower has given a
notice requesting the same in accordance with the provisions of this Agreement, (b) default by such
Borrower in making any prepayment of a Eurocurrency Loan after such Borrower has given a notice
thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of
Eurocurrency Loans on a day which is not the last day of an Interest Period with respect thereto. This
covenant shall survive the termination of this Agreement and the payment of the Loans, Reimbursement
Obligations and all other amounts payable hereunder. No Lender shall be entitled to claim any additional
amounts pursuant to this Section 4.14 for circumstances which occurred more than 180 days prior to the
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date such Lender makes a request for payment hereunder.
4.15 Market Disruption and Inability to Determine Interest Rate. (a) [Reserved]
(b) If prior to the first day of any Interest Period for a Eurocurrency Loan:
(i) the Administrative Agent shall have determined (which determination
shall be conclusive and binding upon the Borrowers) that, by reason of circumstances
affecting the relevant market, adequate and reasonable means do not exist for
ascertaining the Eurocurrency Base Rate or the Eurocurrency Rate, as applicable, for a
Loan in the applicable currency for such Interest Period; or
(ii) the Administrative Agent shall have received notice from the Majority
Facility Lenders in respect of any Facility that the Eurocurrency Base Rate or the
Eurocurrency Rate, as applicable, for a Loan in the applicable currency or for the
applicable Interest Period will not adequately and fairly reflect the cost to such Lenders
of making or maintaining their affected Eurocurrency Loans under such Facility during
such Interest Period;
then the Administrative Agent shall give telecopy or telephonic notice thereof to the U.S.
Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given with respect to
the Eurocurrency Base Rate or Eurocurrency Rate applicable to Eurocurrency Loans under any Facility,
(x) any such Eurocurrency Loan requested to be made under such Facility on the first day of such Interest
Period shall be made as a Base Rate Loan (in the case of a Loan denominated in United States Dollars) or
a Prime Rate Loan (in the case of a Loan denominated in Canadian Dollars), (y) any Base Rate Loans or
Prime Rate Loans under such Facility that were to have been Converted on the first day of such Interest
Period to Eurocurrency Loans shall not be so Converted and shall continue as Base Rate Loans or Prime
Rate Loans, as applicable, and (z) any outstanding Eurocurrency Loans under such Facility shall be
Converted on the first day of such Interest Period to Base Rate Loans (in the case of Loans denominated
in United States Dollars) or Prime Rate Loans (in the case of Loans denominated in Canadian Dollars).
Until such notice has been revoked by the Administrative Agent, no further Eurocurrency Loans under
such Facility shall be made or Continued as such, nor shall the Borrowers have the right to Convert Loans
under such Facility into such Type.
(c) The Administrative Agent shall promptly revoke (i) any such notice pursuant to clause
(b)(i) above if the Administrative Agent determines that adequate and reasonable means exist for
ascertaining the relevant Eurocurrency Loan for the applicable Interest Period and (ii) any such notice
pursuant to clause (b)(ii) above upon receipt of notice from the requisite Lenders under the applicable
Facility necessary to give such notice in clause (b)(ii) that the relevant circumstances described in such
clause (b)(ii) have ceased to exist.
4.16 Illegality. Notwithstanding any other provision herein, if the adoption of or any
change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful
for any Lender to make or maintain Eurocurrency Loans as contemplated by this Agreement, (a) the
commitment of such Lender hereunder to make Eurocurrency Loans, Continue Eurocurrency Loans as
such and Convert Base Rate Loans or Prime Rate Loans to Eurocurrency Loans shall forthwith be
suspended to the extent necessary for such Lender to avoid any such unlawful action until such Lender
notifies the Administrative Agent that it is lawful to make or maintain Eurocurrency Loans as
contemplated by this Agreement, provided, however, that notwithstanding the suspension contemplated
by this clause (a), the commitment of such Lender hereunder to make Base Rate Loans and/or Prime Rate
Loans shall continue to be in effect, and (b) such Lender’s Loans then outstanding as Eurocurrency
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Loans, if any, shall be Converted automatically to available and lawful Interest Periods, if any, or Base
Rate Loans (in the case of Loans denominated in United States Dollars) or Prime Rate Loans (in the case
of Loans denominated in Canadian Dollars), at the option of the applicable Borrower, on the respective
last days of the then current Interest Periods with respect to such Loans or within such earlier period as
required by law. If any such Conversion of a Eurocurrency Loan occurs on a day which is not the last day
of the then current Interest Period with respect thereto, the applicable Borrower shall pay to such Lender
such amounts, if any, as may be required pursuant to Section 4.14.
4.17 Replacement of Lenders. If (a)(i)(A) any Borrower is required to pay any
additional amount to or indemnify any Lender pursuant to Section 4.11 or (B) any Lender requests
compensation under Section 4.10, and (ii) in the case of Section 4.11, a Lender has declined to designate a
different Applicable Lending Office, (b) any Lender invokes Section 4.16, (c) any Lender becomes a
Defaulting Lender, or (d) any Lender has failed to consent to a proposed amendment, waiver or other
modification that, pursuant to the terms of Section 11.1, requires the consent of all the Lenders, or all
affected Lenders, and with respect to which the Required Lenders shall have granted their consent, then,
in each case, so long as no Default or Event of Default shall have occurred and be continuing, the
Borrowers may, at the sole cost and expense of the Borrowers, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with
and subject to the restrictions and obligations contained in Section 11.7), all of its interests, rights (other
than its existing rights to payments pursuant to Sections 4.10 and 4.11) and obligations under this
Agreement and the other Loan Documents (or all of its interests, rights and obligations in respect of the
Loans or Commitments that are the subject of the related amendment, waiver or other modification) to an
assignee that shall assume such obligations and become a Lender pursuant to the terms of this Agreement
and the other Loan Documents; provided that (i) the transferring Lender shall have received payment of
an amount equal to (A) the outstanding principal of its Loans, accrued interest thereon, and accrued fees
payable to it hereunder, from the Assignee and (B) any additional amounts (including indemnity
payments) payable to it hereunder from the Borrowers and (ii) in the case of a transferring Lender that is
also an Issuing Lender, the Letters of Credit issued by such transferring Lender shall have been cash
collateralized or backed by a letter of credit or other credit support from a Non-Defaulting Lender or other
bank reasonably acceptable to the transferring Lender, in each case, on terms and conditions reasonably
satisfactory to such transferring Lender; provided, further, that, if, upon such demand by the Borrowers,
such Lender elects to waive its request for additional compensation pursuant to Sections 4.10 or 4.11, or
consents to the proposed amendment, waiver or other modification, the demand by the Borrowers for
such Lender to so assign all of its rights and obligations under this Agreement shall thereupon be deemed
withdrawn. Nothing in this Section 4.17 shall affect or postpone any of the rights of any Lender or any of
the Obligations of the Borrowers under any of the foregoing provisions of Sections 4.10, 4.11 or 4.16 in
any manner. Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney
(which power is coupled with an interest) to execute and deliver, on behalf of such Lender as assignor,
any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s interest
hereunder in the circumstances contemplated by this Section 4.17.
4.18 Defaulting Lender. Notwithstanding any other provision in this Agreement to the
contrary, if at any time a Lender becomes a Defaulting Lender, the following provisions shall apply so
long as any Lender is a Defaulting Lender:
(a) If any Defaulting Lender (or a Lender who would be a Defaulting Lender but for the
expiration of the relevant grace period) as a result of the exercise of a set-off shall have received a
payment in respect of its Loans or its participation interests in Swing Line Loans or Letters of Credit
which results in its Extensions of Credit under any Facility being less than its Commitment Percentage of
the Total Extensions of Credit under such Facility, then payments (including principal, interest and fees)
to such Defaulting Lender will be suspended until such time as all amounts due and owing to the Lenders
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under such Facility have been equalized in accordance with such Lenders’ Commitment Percentages of
the Total Extensions of Credit under such Facility. Further, if at any time prior to the acceleration or
maturity of the Obligations under any Facility with respect to which a Defaulting Lender is a Lender at
such time, the Administrative Agent or Canadian Agent shall receive any payment in respect of principal
of a Loan or a reimbursement of a Letter of Credit under such Facility, the Administrative Agent or
Canadian Agent, as applicable, shall apply such payment first to the Loans and participations in Letters of
Credit and, if applicable, Swing Line Loans, under such Facility and for which such Defaulting Lender
shall have failed to fund its pro rata share to non-Defaulting Lenders under such Facility until such time
as such Defaulting Lender’s obligation to fund such Loans and/or participations is satisfied in full or each
Lender under such Facility is paid its Commitment Percentage of the Total Extensions of Credit under
such Facility. After acceleration or maturity of the Obligations under any Facility to which a Defaulting
Lender is a Lender, subject to the first sentence of this Section 4.18(a), all principal will be paid ratably as
provided in Section 4.9(a).
(b) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes
a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting
Lender:
(i) fees shall cease to accrue on the Available Commitments of such
Defaulting Lender pursuant to Section 2.8; and
(ii) with respect to any L/C Participation Obligation, Refunded Swing Line
Loan or, Dollar Swing Line Participation Amount, or Multicurrency Swing Line
Participation Amount (collectively, “Participation Obligations”) of such Defaulting
Lender that exists at the time a Lender becomes a Defaulting Lender or thereafter:
(A) all or any part of such Defaulting Lender’s pro rata portion of all
Participation Obligations under each Facility to which such Defaulting Lender is a
Lender shall be reallocated among the Non-Defaulting Lenders under such Facility in
accordance with their respective Commitment Percentages (calculated without regard to
such Defaulting Lender’s Commitment under such Facility) but only to the extent that (x)
the sum of all Non-Defaulting Lenders’ Available Commitments under such Facility is
greater than zero and (y) each such Non-Defaulting Lender’s Available Commitment
under such Facility is greater than zero;
(B) if the reallocation described in clause (ii)(A) above cannot, or
can only partially, be effected, then the Borrowers shall within three (3) Business Days
following notice by the Administrative Agent to the U.S. Borrower (1) Cash (100%)
Collateralize such Defaulting Lender’s portion of the Letters of Credit under the
applicable Facility (after giving effect to any partial reallocation pursuant to clause (ii)(A)
above) for so long as such Letters of Credit are outstanding and (2) after giving effect to
any partial reallocation pursuant to clause (ii)(A) above, if such Defaulting Lender is (x)
a Dollar Working Capital Facility Lender, repay the non-reallocated amount of each
Dollar Swing Line Loan for so long as such Refunded Swing Line Loan and Dollar
Swing Line Participation Amount are outstanding and (y) a Multicurrency Working
Capital Facility Lender, repay the non-reallocated amount of each Multicurrency Swing
Line Loan for so long as such Refunded Swing Line Loan and Multicurrency Swing Line
Participation Amount are outstanding;
(C) if the Participation Obligations of the Non-Defaulting Lenders
under the relevant Facility are reallocated pursuant to clause (ii)(A) above or Cash
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(100%) Collateralized or repaid pursuant to clause (ii)(B), then the fees payable to the
Lenders under such Facility pursuant to Section 2.8 shall be adjusted or reduced, as
applicable, in accordance with such Non-Defaulting Lenders’ Commitment Percentages
(calculated without regard to such Defaulting Lender’s Commitment under such Facility);
and
(D) if any Defaulting Lender’s portion of the Participation
Obligations under any Facility is neither Cash (100%) Collateralized nor reallocated
pursuant to this Section 4.18(b)(ii), then, without prejudice to any rights or remedies
hereunder of the Lenders and Issuing Lenders under such Facility and, in the case of any
Working Capital Facility, the Swing Line Lenders under such Facility, all commitment
and commission fees that otherwise would have been payable to such Defaulting Lender
(solely with respect to the portion of such Defaulting Lender’s Commitment under such
Facility that was utilized by the Participation Obligations under such Facility) and letter
of credit fees payable under Section 3.5(a) with respect to such Defaulting Lender’s
portion of the Letters of Credit under such Facility shall be payable to the Issuing
Lenders under such Facility and, in the case of any Working Capital Facility, the Swing
Line Lenders under such Facility, until such Participation Obligations are Cash (100%)
Collateralized, reallocated and/or repaid in full.
(c) So long as any Lender under any Facility is a Defaulting Lender (i) no Issuing Lender
under such Facility shall be required to issue, amend or increase any Letter of Credit under such Facility,
unless it is satisfied that the exposure of the L/C Participants in respect of such Letter of Credit will be
100% covered by the Commitments of the Non-Defaulting Lenders under such Facility and/or cash
collateral will be provided by the Borrowers in accordance with Section 4.18(b), and participating
interests in any such newly issued or increased Letter of Credit shall be allocated among Non-Defaulting
Lenders under such Facility in a manner consistent with Section 3.6 (and Defaulting Lenders shall not
participate therein), and (ii) if the Defaulting Lender is a Working Capital Facility Lender, no Swing Line
Lender under such Facility shall be required to advance any Swing Line Loan under such Facility, unless
it is satisfied that the exposure of the remaining Lenders under such Facility in respect of such Swing Line
Loan will be 100% covered by the Commitments of the Non-Defaulting Lenders under such Facility.
(d) So long as any Lender is a Defaulting Lender, such Defaulting Lender shall not be a
Qualified Counterparty with respect to any Commodity OTC Agreements or Financial Hedging
Agreements, or a Qualified Cash Management Bank with respect to a Cash Management Bank
Agreement, entered into while such Lender is a Defaulting Lender.
(e) In the event that the Administrative Agent, the U.S. Borrower and each Issuing Lender
under a Facility in which a Defaulting Lender is a Lender, and, in the case of any Working Capital
Facility, each Swing Line Lender under such Facility, each agrees that a Defaulting Lender has
adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Participation
Obligations under such Facility shall be readjusted to reflect the inclusion of such Defaulting Lender’s
Commitment under such Facility, and on such date each Lender under such Facility shall purchase at par
such of the Loans, funded Participation Obligations and Commitments under such Facility as the
Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans,
funded Participation Obligations and Commitments in accordance with its Commitment Percentage with
respect to such Facility.
(f) If any portion of a Defaulting Lender’s Participation Obligations are reallocated to Non-
Defaulting Lenders, then defined terms (including Acquisition Facility Commitment Percentage, Dollar
Working Capital Facility Commitment Percentage, Multicurrency Working Capital Facility Commitment
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Percentage, Acquisition Facility Extensions of Credit, Dollar Working Capital Facility Extensions of
Credit, and Multicurrency Working Capital Facility Extensions of Credit), shall, as necessary or advisable
(in the reasonable determination of the Administrative Agent) be read as used in this Agreement (other
than Section 10.7) to give effect to such reallocation.
4.19 Interest Act (Canada). For purposes of disclosure pursuant to the Interest Act
(Canada), the annual rates of interest or fees to which the rates of interest or fees provided in this
Agreement and the other Loan Documents (and stated herein or therein, as applicable, to be computed on
the basis of 360 days or any other period of time less than a calendar year) are equivalent are the rates so
determined multiplied by the actual number of days in the applicable calendar year and divided by 360 or
such other period of time, respectively.
4.20 Limitations on Interest. If any provision of this Agreement or of any of the other
Loan Documents would obligate any Loan Party to make any payment of interest or other amount payable
to the Lenders in an amount or calculated at a rate which would be prohibited by law or would result in a
receipt by the Lenders of interest at a criminal rate (as such terms are construed under the Criminal Code
(Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been
adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would
not be so prohibited by law or so result in a receipt by the Lenders of interest at a criminal rate, such
adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of
interest required to be paid to the Lenders under Section 4.2, and (2) thereafter, by reducing any fees,
commissions, premiums and other amounts required to be paid to the Lenders which would constitute
“interest” for purposes of Section 347 of the Criminal Code (Canada). Notwithstanding the foregoing, and
after giving effect to all adjustments contemplated thereby, if the Lenders shall have received an amount
in excess of the maximum permitted by that section of the Criminal Code (Canada), the Loan Parties shall
be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from the Lenders in
an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an
amount payable by the Lenders to the Borrowers. Any amount or rate of interest referred to in this Section
4.20 shall be determined in accordance with generally accepted actuarial practices and principles as an
effective annual rate of interest over the term that the applicable Loan remains outstanding on the
assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the
Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of
time and otherwise be pro-rated over the period from the Restatement Effective Date to the Maturity Date
and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by
the Administrative Agent shall be conclusive for the purposes of such determination
4.21 Replacement Facility.
(a) At any time and from time to time, subject to the terms and conditions set forth
herein, the Borrowers may, by notice to the Administrative Agent (whereupon the Administrative Agent
shall promptly deliver a copy to each of the Relevant Facility Lenders), request to replace a Facility with
a new revolving credit facility under this Agreement (a “Replacement Facility”); provided that (i) at the
time of each such request and upon the effectiveness of each Replacement Facility Amendment, no
Default or Event of Default has occurred and is continuing or shall result therefrom and (ii) the
Administrative Agent has consented (such consent not to be unreasonably withheld, delayed or
conditioned) in writing to the incurrence of such Replacement Facility. The amount of each Replacement
Facility shall not exceed the amount of the Facility being replaced.
(b) Any Replacement Facility shall rank pari passu in right of payment and security
with the Obligations in respect of the other Facilities and the obligors in respect thereof shall be Loan
Parties. The interest on any outstanding Loans and Swing Line Loans under any replaced Facility,
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together with all fees owed by the Borrowers under such Facility, shall be paid in full, the principal of any
outstanding Loans and Swing Line Loans under any replaced Facility shall be paid in full, replaced,
converted or continued on terms satisfactory to the Lenders under such Facility and all outstanding
Letters of Credit under such Facility will be replaced or continued on terms satisfactory to the Lenders
under such Facility, in each case on the Replacement Facility Closing Date for such Facility. Any
Replacement Facility shall be on the terms and pursuant to the documentation applicable to the
Commitments in respect of the Facility being replaced (other than maturity date and pricing (interest rate
and fees)) or on such other terms reasonably acceptable to the Administrative Agent and the Borrowers,
as set forth in the relevant Replacement Facility Amendment; provided that any Replacement Facility
shall not have a termination date that is earlier than the termination date of the Facility being replaced. In
addition, the terms and conditions applicable to any Replacement Facility may provide for additional or
different covenants or other provisions that are agreed between the Borrowers and the Lenders under such
Replacement Facility and applicable only during periods after the latest final maturity date for all Loans
and Commitments (other than those under the Facility being replaced) in effect immediately prior to the
date such Replacement Facility is incurred or obtained or the date on which all non-replaced Obligations
(except indemnification obligations for which no claim has been made and of which no Responsible
Person of any Loan Party has knowledge and Hedging and Bank Product Obligations) are paid in full.
(c) Each notice from the Borrowers pursuant to this Section shall set forth the
requested amount and proposed terms of the relevant Replacement Facility. Any financial institution that
elects to extend commitments under a Replacement Facility (a “Replacement Facility Lender”) shall be
reasonably satisfactory to the U.S. Borrower and (unless such Replacement Facility Lender is already a
Lender or a Subsidiary, Affiliate or Approved Fund thereof) the Administrative Agent, and (i) if the
Replacement Facility is a replacement of the Acquisition Facility, the Acquisition Facility Issuing
Lenders, and (ii) if the Replacement Facility is a replacement of the Dollar Working Capital Facility or
the Multicurrency Working Capital Facility, the Relevant Working Capital Facility Issuing Lenders and
the Relevant Swing Line Lenders. Each Replacement Facility Lender that is not already a Lender shall
become a Lender under this Agreement pursuant to a Replacement Facility Amendment. Each
Replacement Facility shall become effective pursuant to an amendment (each, a “Replacement Facility
Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the
Borrowers, such Replacement Facility Lender(s) and the Administrative Agent. No Replacement Facility
Amendment shall require the consent of any Lenders or any other Person other than the Borrowers, the
Administrative Agent and the Replacement Facility Lenders with respect to such Replacement Facility
Amendment. No Lender shall be obligated to provide any commitment for any Replacement Facility,
unless it so agrees in its sole discretion. Commitments in respect of any Replacement Facility shall
become Commitments under this Agreement. Notwithstanding anything to the contrary in this
Agreement (including Section 11.1), a Replacement Facility Amendment may, without the consent of any
other Lenders or any other Person, effect such amendments to any Loan Documents as may be necessary
or appropriate, in the opinion of the Administrative Agent and the Borrowers, to effect the provisions of
this Section. The effectiveness of any Replacement Facility Amendment shall, unless otherwise agreed to
by the Administrative Agent and the Replacement Facility Lenders party thereto, be subject to the
satisfaction or waiver on the date thereof (each, a “Replacement Facility Closing Date”) of each of the
conditions set forth in Section 6.2 (it being understood that all references to the date of making any
extension of credit in Section 6.2 shall be deemed to refer to the Replacement Facility Closing Date). To
the extent reasonably requested by the Administrative Agent, the effectiveness of a Replacement Facility
Amendment may be conditioned on the Administrative Agent’s receipt of customary legal opinions with
respect thereto, board resolutions and officers’ certificates, additional filings or registrations, mortgage
amendments, filing amendments and/or reaffirmation agreements. No Replacement Facility may be
implemented unless such Replacement Facility has provisions reasonably satisfactory to the
Administrative Agent with respect to Letters of Credit and Swing Line Loans then outstanding under the
Facility being replaced.
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SECTION 5 REPRESENTATIONS AND WARRANTIES
To induce the Agents and the Lenders to enter into this Agreement and to make the Loans
and provide other extensions of credit hereunder and, with respect to the Issuing Lenders, to issue the Letters
of Credit, the Loan Parties hereby jointly and severally represent and warrant to each Agent and each Lender
as of the Restatement Effective Date and each Borrowing Date that:
5.1 Financial Condition. (a) Each of the financial statements delivered pursuant to
Section 6.1(r) and Section 7.1 (other than the Annual Budgets, the Operating Forecasts and the financial
statements delivered pursuant to Sections 6.1(r)(v) and (vi)) present fairly in all material respects the
financial condition of the Persons covered by such financial statements as at such date, and have been
prepared in accordance with GAAP or GAAP adjusted on an Economic Basis plus or minus any Allowed
Reserve, as applicable, in each case applied consistently throughout the periods involved (except as
approved by such accountants and as disclosed therein and, with regard to the non-annual financial
statements, subject to normal year-end adjustments and the absence of footnotes).
(b) The Annual Budgets and the Operating Forecasts have been prepared in good faith under
the direction of a Responsible Person of the General Partner. The Annual Budgets and the Operating
Forecasts were based upon good faith estimates and assumptions believed by the Loan Parties to be
reasonable at the time made, it being recognized by the Lenders that such financial information as it
relates to future events is not to be viewed as fact and that actual results during the period or periods
covered by such financial information may differ from the projected results set forth therein by a material
amount.
(c) Except as set forth on Schedule 5.1(c) hereto, neither the MLP nor any of its consolidated
Subsidiaries has, at the date of the most recent balance sheet referred to in Section 5.1(a), any material
Guarantee Obligation, contingent liability or liability for taxes, or any material long-term lease or unusual
forward or long-term commitment, including any material interest rate or foreign currency swap or
exchange transaction or other financial derivative which is not reflected in the foregoing statements or in
the notes thereto.
(d) The Pro Forma Financial Statements have been prepared giving effect (as if such events
had occurred on such date) to (i) the Extensions of Credit to be made on the Restatement Effective Date
and the use of proceeds thereof, (ii) the consummation of the Kildair Acquisition and (iii) the payment of
fees and expenses in connection with the foregoing. The Pro Forma Financial Statements have been
prepared based on the best information available to the U.S. Borrower as of the date of delivery thereof,
and present fairly on a pro forma basis the estimated financial position of the U.S. Borrower and its
consolidated Subsidiaries as at September 30, 2014, assuming that the events specified in the preceding
sentence had actually occurred at such date
(e) The Projections have been prepared based upon good faith estimates and assumptions
believed by management of the U.S. Borrower to be reasonable at the time made, it being recognized by
the Lenders that such financial information as it relates to future events is not to be viewed as fact and that
actual results during the period or periods covered by such financial information may differ from the
projected results set forth therein by a material amount.
(f) During the period from December 31, 2013 to and including the Restatement Effective
Date, there has been no sale, transfer or other disposition by any Loan Party or any of their respective
consolidated Subsidiaries of any material part of their respective business or property and no purchase or
other acquisition of any business or property (including any Capital Stock of any other Person) material in
relation to the consolidated financial condition of such Loan Party and its consolidated Subsidiaries at
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December 31, 2013, other than those sales, transfers, dispositions and acquisitions listed on Schedule
5.1(f).
5.2 No Change. Since December 31, 20132016, there has been no Material Adverse
Effect.
5.3 Existence; Compliance with Law. Each of the Loan Parties (a) is duly formed or
organized, validly existing and in good standing under the Laws of the jurisdiction of its organization, (b)
has the corporate (or analogous) power and authority, and the legal right, to own and operate its property,
to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c)
is duly qualified as a foreign entity and in good standing under the Laws of each jurisdiction where such
qualification is required, except where the failure to be so qualified or in good standing could not
reasonably be expected to have a Material Adverse Effect and (d) is in compliance with all Requirements
of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be
expected to have a Material Adverse Effect.
5.4 Power; Authorization; Enforceable Obligations. Each of the Loan Parties has the
corporate (or analogous) power and authority, and the legal right, to execute, deliver and perform the
Loan Documents to which it is a party and, if applicable, to borrow hereunder, and, if applicable, has
taken all necessary corporate (or analogous) action to authorize the borrowings on the terms and
conditions of this Agreement and any Notes and to authorize the execution, delivery and performance of
the Loan Documents to which it is a party. Except for (a) the filing of Uniform Commercial Code and
PPSA financing statements, financing change statements and equivalent filings for foreign jurisdictions
and the taking of applicable actions referred to in Section 5.16 and (b) the filings or other actions listed on
Schedule 5.4 (and including such other authorizations, approvals, registrations, actions, notices or filings
as have already been obtained, made or taken and are in full force and effect), no consent or authorization
of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person,
including the FERC, to which any Borrower or other Loan Party is subject, is required in connection with
the borrowings hereunder or with the execution, delivery, validity or enforceability of the Loan
Documents to which the Loan Parties are a party; provided that approval by the FERC may be required
for the transfer of direct or indirect ownership or control of FERC Contract Collateral; provided, further,
that no approval of the FERC is required for the granting of the security interest in the FERC Contract
Collateral to the Administrative Agent pursuant to the Security Documents. As of the Restatement
Effective Date, the only contracts comprising FERC Contract Collateral of the Loan Parties and their
respective Subsidiaries as to which further consent of the FERC may be required in connection with the
exercise of remedies by the Administrative Agent under the Loan Documents are contracts for the
transportation and storage of certain Eligible Commodities. This Agreement has been, and each other
Loan Document to which any Loan Party is a party will be, duly executed and delivered on behalf of such
Loan Party. This Agreement constitutes, and each other Loan Document to which it is a party when
executed and delivered will constitute, a legal, valid and binding obligation of each Loan Party party
thereto enforceable against such Loan Party in accordance with its terms, subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a
proceeding in equity or at law) and an implied covenant of good faith and fair dealing.
5.5 No Legal Bar. The execution, delivery and performance of the Loan Documents
to which any of the Loan Parties is a party, the borrowings hereunder and the use of the proceeds thereof
(i) will not violate any Requirement of Law, including any rules or regulations promulgated by the FERC,
in any material respect or where a waiver has not been obtained, in each case to the extent applicable to or
binding upon such Loan Party or its Properties, (ii) will not violate a material Contractual Obligation
(including, for the avoidance of doubt, Governing Documents) of any of the Loan Parties, except where
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such violation could not reasonably be expected to have a Material Adverse Effect and (iii) will not result
in, or require, the creation or imposition of any Lien on any of their respective properties or revenues
pursuant to any such Requirement of Law or Contractual Obligation (other than Liens created by the
Security Documents in favor of the Administrative Agent and Liens permitted by Section 8.3).
5.6 No Material Litigation. No litigation or proceeding to which a Loan Party is party
before any arbitrator or Governmental Authority is pending or, to the knowledge of any Loan Party,
threatened by or against any Loan Party or against any of their respective properties or revenues (a) with
respect to any of the Loan Documents, (b) with respect to any of the transactions contemplated by or
occurring simultaneously with the entering into of any of the Loan Documents in which such litigation or
proceeding is material and has a reasonable basis in fact, or (c) which could, after giving effect to any
insurance, bond or reserve, reasonably be expected to have a Material Adverse Effect.
5.7 No Default. No Loan Party is in default under or with respect to any Contractual
Obligation in any respect which could reasonably be expected to have a Material Adverse Effect. No
Default or Event of Default has occurred and is continuing.
5.8 Ownership of Property; Liens. Except for matters disclosed on the title reports
and surveys, including minor defects in title that do not interfere with its ability to conduct its business as
currently conducted or to utilize such properties and assets for their intended purposes and except where
the failure to have such title could not reasonably be expected to have a Material Adverse Effect, each
Loan Party has defensible title in fee simple to, or a valid leasehold interest in, all its real property, and
good title to, or a valid leasehold interest in, all its tangible personal property, and none of such property
is subject to any Lien except as permitted by Section 8.3.
5.9 Intellectual Property. Each Loan Party owns, is licensed to use or has a common
law or contractual right to access and use, all material trademarks, tradenames, copyrights, patents,
industrial designs, technology, know-how and processes necessary for the conduct of its business as
currently conducted (the “Intellectual Property”) except for those the failure to own or license which
could not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 5.9,
no claim has been asserted nor is pending by any Person challenging or questioning the use by any such
Loan Party of any such Intellectual Property or the validity or effectiveness of any such Intellectual
Property, nor does any Loan Party know of any valid basis for any such claim, except any claim that
could not reasonably be expected to have a Material Adverse Effect. The use of such Intellectual Property
by the Loan Parties does not infringe on the rights of any Person, except for such claims and
infringements that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
5.10 No Burdensome Restrictions. No Requirement of Law or Contractual Obligation
of any Loan Party has or could reasonably be expected to have a Material Adverse Effect.
5.11 Taxes. (a) Each Loan Party and each of its Subsidiaries has timely filed or
caused to be filed all material Tax returns required to be filed and has timely paid all material Taxes due
and payable by it or imposed with respect to any of its property and all other material fees or other
charges imposed on it or any of its property by any Governmental Authority (other than any Taxes the
amount or validity of which are currently being contested in good faith by appropriate proceedings and
with respect to which reserves in conformity with GAAP have been provided on the books of the Loan
Parties). Each Loan Party and each of its Subsidiaries has withheld all employee withholdings and has
made all employer contributions required to be withheld and made by it pursuant to applicable law on
account of the Canada and Quebec pension plans, employment insurance and employee income taxes.
(b) There are no Liens for Taxes and no claim is being asserted with respect to Taxes, except
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for statutory liens for Taxes not yet due and payable or for Taxes the amount or validity of which are
currently being contested in good faith by appropriate proceedings and, in each case, with respect to
which reserves in conformity with GAAP have been provided on the books of the MLP.
5.12 Federal Regulations. No part of the proceeds of any Loan or Letter of Credit will
be used for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the
quoted terms under Regulation U, or for any purpose which violates, or which would be inconsistent with,
the provisions of the regulations of the Board. If requested by any Lender or the Administrative Agent,
the U.S. Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing
effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in said Regulation
U.
5.13 ERISA. Neither a Reportable Event nor a failure to satisfy the minimum funding
requirements of Section 412 or 430 of the Code has occurred during the six-year period prior to the date
on which this representation is made or deemed made or is reasonably expected to occur with respect to
any Single Employer Plan, no Plan is reasonably expected to be in “at risk” status within the meaning of
Section 430 of the Code and each Plan (including, to the knowledge of the Loan Parties, a Multiemployer
Plan or a multiemployer welfare plan maintained pursuant to a collective bargaining agreement) has
complied in all respects with the applicable provisions of ERISA, the Code and the constituent documents
of such Plan, except for instances of non-compliance that, in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. No termination of a Single Employer Plan has occurred
during such six-year period or is reasonably expected to occur (other than a termination described in
Section 4041(b) of ERISA), and no Lien in favor of the PBGC or a Plan has arisen during such six-year
period or is reasonably expected to arise. Except to the extent that any such excess could not reasonably
be expected to have a Material Adverse Effect, the present value of all accrued benefits under each Single
Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual
valuation date prior to the date on which this representation is made or deemed made, exceed the value of
the assets of such Plan allocable to such accrued benefits. Except to the extent that such liability could not
reasonably be expected to have a Material Adverse Effect, (i) neither the Loan Parties nor any Commonly
Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan, and (ii) the
Loan Parties would not become subject to any liability under ERISA if a Loan Party or any Commonly
Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date
most closely preceding the date on which this representation is made or deemed made. To the knowledge
of the Loan Parties, no such Multiemployer Plan is Insolvent or terminating or is reasonably expected to
become Insolvent or be terminated or is, or is reasonably expected to be in endangered, seriously
endangered or critical status, in each case within the meaning of Section 432 of the Code. Except to the
extent that any such excess could not reasonably be expected to have a Material Adverse Effect, the
present value (determined using actuarial and other assumptions which are reasonable in respect of the
benefits provided and the employees participating) of the aggregate liabilities of the Loan Parties and
each Commonly Controlled Entity for the provision of post-retirement benefits to their current and former
employees under Plans which are welfare benefit plans (as defined in Section 3(1) of ERISA) do not, in
the aggregate, exceed the total assets under all such Plans allocable to such benefits except as disclosed in
the financial statements of the Loan Parties. Neither the Loan Parties nor any Commonly Controlled
Entity has engaged in a prohibited transaction under Section 406 of ERISA and/or Section 4975 of the
Code in connection with any Plan that would subject any Loan Party to liability under ERISA and/or
Section 4975 of the Code that could reasonably be expected to have a Material Adverse Effect. Except as
could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (1)
each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable
determination letter from the IRS covering such plan’s most recently completed five-year remedial
amendment cycle in accordance with Revenue Procedure 2007-44, I.R.B. 2007-28, indicating that such
Plan is so qualified and the trust related thereto has been determined by the Internal Revenue Service to
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be exempt from federal income tax under Section 501(a) of the Code or an application for such a
determination is currently pending before the Internal Revenue Service and, to the knowledge of the
Borrowers, nothing has occurred subsequent to the issuance of the most recent determination letter which
would cause such Plan to lose its qualified status; (2) no liability to the PBGC (other than required
premium payments) or the IRS with respect to any Plan, any Plan or Single Employer Plan or any trust
established under Title IV of ERISA has been or is expected to be incurred by any Loan Party or any
Commonly Controlled Entity; (3) no Event of Default under Section 9.1(h) hereof has occurred and
neither the Borrowers nor any Commonly Controlled Entity is aware of any fact, event or circumstance
that could reasonably be expected to constitute or result in an Event of Default; and (4) each of the Loan
Parties’ Commonly Controlled Entities have complied with the requirements of Section 515 of ERISA
with respect to each Multiemployer Plan and are not in “default” (as defined in Section 4219(c)(5) of
ERISA) with respect to payments to a Multiemployer Plan.
5.14 Investment Company Act; Other Regulations. None of the Loan Parties is
required to register as an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940. The Loan Parties are not subject
to regulation under any Federal or State statute or regulation (other than Regulation X of the Board)
which limits their ability to incur Indebtedness.
5.15 Subsidiaries. Schedule 5.15 sets forth as of the Restatement Effective Date the
names of all direct or indirect Subsidiaries of the MLP, their respective forms of organization, their
respective jurisdictions of organization, the total number of issued and outstanding shares or other
interests of Capital Stock thereof, the classes and number of issued and outstanding shares or other
interests of Capital Stock of each such class, and with respect to the MLP, the name of each holder of
general partnership interests thereof and the number of general partnership interests held by each such
holder.
5.16 Security Documents. (a) The provisions of the Security Documents are effective
to create in favor of the Administrative Agent for the ratable benefit of the Secured Parties a legal, valid
and enforceable Lien in all right, title and interest of each Loan Party party thereto in the “Collateral”
described therein, subject to any Liens permitted by Section 8.3.
(b) When any stock certificates representing Pledged Collateral are delivered to the
Administrative Agent, and proper financing statements or other applicable filings listed in Schedule 5.16
have been filed in the offices in the jurisdictions listed in Schedule 5.16, the U.S. Pledge Agreement shall
constitute a perfected first Lien on, and security interest in, all right, title and interest of each Loan Party
party thereto in the “Pledged Collateral” described therein, subject to any Liens permitted by Section 8.3.
(c) When any stock certificates representing Pledged Collateral are delivered to the
Administrative Agent, and proper financing statements or other applicable filings listed in Schedule 5.16
have been filed in the offices in the jurisdictions listed in Schedule 5.16, the Canadian Pledge Agreement
shall constitute a perfected first Lien on, and security interest in, all right, title and interest of each Person
party thereto in the “Pledged Collateral” described therein, subject to any Liens permitted by Section 8.3.
(d) When the duly executed Dutch Security Documents in respect of the Pledged Collateral
are delivered to the Administrative Agent, and the proper registration of the Dutch Receivables Pledge
Agreement with the tax authorities in the Netherlands has been completed and the proper entries into the
members' register in respect of the Dutch Membership Pledge Agreement have been completed, the Dutch
Security Documents shall constitute a perfected first Lien on, and security interest in, all right, title and
interest of each Person party thereto in the "Collateral" described therein, subject to any Liens permitted
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by Section 8.3.
(e) When proper financing statements or other applicable filings listed in Schedule 5.16 have
been filed in the offices in the jurisdictions listed in Schedule 5.16, the security interest granted under the
U.S. Security Agreement shall constitute a perfected first Lien on, and security interest in, all right, title
and interest of the U.S. Borrower and those Loan Parties party thereto in the portion of the “Collateral”
described therein that consists of assets included in the U.S. Borrowing Base or the Kildair Borrowing
Base hereunder, which can be perfected by such filing, subject to any Permitted Borrowing Base Liens.
(f) When an Account Control Agreement has been entered into with respect to each Pledged
Account of any Loan Party party to the U.S. Security Agreement, the U.S. Security Agreement shall
constitute a perfected first Lien on, and security interest in, all right, title and interest of the Loan Party
thereto in the portion of the “Collateral” described therein that consists of Pledged Accounts, prior and
superior in right to any other Person, subject to any Permitted Cash Management Liens.
(g) When proper financing statements or other applicable filings listed in Schedule 5.16 have
been filed in the offices in the jurisdictions listed in Schedule 5.16, the security interest granted under the
Canadian Security Agreement and Quebec Security Documents shall constitute a perfected first Lien on,
and security interest in, all right, title and interest of the Canadian Borrower and those Loan Parties party
thereto in the portion of the “Collateral” described therein that consists of assets included in the U.S.
Borrowing Base or the Kildair Borrowing Base hereunder, which can be perfected by such filing, subject
to any Permitted Borrowing Base Liens.
(h) When an Account Control Agreement has been entered into with respect to each Pledged
Account (except for Deposit Accounts maintained with a financial institution in Canada) of any Loan
Party party to the Canadian Security Documents, the Canadian Security Documents shall constitute a
perfected first Lien on, and security interest in, all right, title and interest of the Loan Party thereto in the
portion of the “Collateral” described therein that consists of Pledged Accounts (except for Deposit
Accounts maintained with a financial institution in Canada), prior and superior in right to any other
Person, subject to any Permitted Cash Management Liens.
(i) When proper financing statements or other applicable filings listed in Schedule 5.16 have
been filed in the offices in the jurisdictions listed in Schedule 5.16, the Canadian Security Documents
shall constitute a perfected first Lien on, and security interest in, all right, title and interest of the Loan
Party thereto in the portion of the “Collateral” described therein that consists of Pledged Accounts
consisting of Deposit Accounts maintained with a financial institution in Canada, prior and superior in
right to any other Person, subject to any Permitted Cash Management Liens.
5.17 Accuracy and Completeness of Information. All factual information, reports and
other papers and data with respect to the Loan Parties furnished pursuant to this Agreement and the other
Loan Documents, and all factual statements and representations made in writing, to the Agents, the
Arrangers or the Lenders by any Loan Party or on behalf of any Loan Party at its direction, were, at the
time the same were so furnished or made, when taken together with all such other factual information,
reports and other papers and data previously so furnished and all such other factual statements and
representations previously so made in writing, complete and correct in all material respects, to the extent
necessary to give the Agents, the Arrangers and the Lenders true and accurate knowledge of the subject
matter thereof in all material respects, and did not, as of the date so furnished or made, contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements
contained therein not materially misleading in light of the circumstances in which the same were made.
The projections and pro forma information contained in the materials referenced above were based upon
good faith estimates and assumptions believed by the Loan Parties to be reasonable at the time made, it
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being recognized by the Agents, the Arrangers and the Lenders that such financial information as it
relates to future events is not to be viewed as fact and that actual results during the period or periods
covered by such financial information may differ from the projected results set forth therein by a material
amount; provided, however, that the representation and warranty in this Section 5.17 shall not cover (x)
the financial information addressed in Section 5.1 or Section 7.1 or (y) any reports that were prepared by
any Agent, any Arranger, any Lender or any advisor thereof (whether or not such advisor’s fees were paid
by any Loan Party), but shall apply to any information, reports, other papers or data that were approved
by any Loan Party for inclusion in any such report.
5.18 Labor Relations. No Loan Party is engaged in any unfair labor practice which
could reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be
expected to have a Material Adverse Effect, there is (a) no unfair labor practice complaint pending or, to
the best knowledge of each Loan Party, threatened against a Loan Party before the National Labor
Relations Board, the Canada Industrial Relations Board or any other labor relations board of any other
province or territory of Canada and no grievance or arbitration proceeding arising out of or under a
collective bargaining agreement is so pending or, to the knowledge of any Loan Party, threatened, (b) no
strike, labor dispute, slowdown or stoppage pending or, to the knowledge of each Loan Party, threatened
against a Loan Party, and (c) no union representation question existing with respect to the employees of a
Loan Party and, to the knowledge of any Loan Party, no union organizing activities, certification
applications or representative proceedings are taking place or pending with respect to any thereof.
5.19 Insurance. As of the Restatement Effective Date, each Loan Party has, with
respect to its properties and business, insurance covering the risks, in the amounts, with the deductible or
other retention amounts, and with the carriers, listed on Schedule 5.19, which insurance meets the
requirements of Section 7.5 hereof and Section 5(q) of the U.S. Security Agreement or Section 5(p) of the
Canadian Security Agreement, as applicable, in each case as of the Restatement Effective Date.
5.20 Solvency. (a) As of the Restatement Effective Date, and each other Borrowing
Date, immediately after giving effect to the Kildair Acquisition and the Loans and Letters of Credit to be
made, issued or provided on such date, (i) the amount of the “present fair saleable value” of the assets of
each of the MLP and its Subsidiaries, taken as a whole, the MLP, the U.S. Borrower and the Canadian
Borrower will, as of such time, exceed the amount of all “liabilities of each of the MLP and its
Subsidiaries, taken as a whole, the MLP, the U.S. Borrower and the Canadian Borrower, contingent or
otherwise”, respectively, such quoted terms are determined in accordance with applicable federal and
state Laws governing determinations of the insolvency of debtors, (ii) the present fair saleable value of
the assets of each of the MLP and its Subsidiaries, taken as a whole, the MLP, the U.S. Borrower and the
Canadian Borrower will be greater than the amount that will be required to pay the liabilities of each of
the MLP and its Subsidiaries, taken as a whole, the MLP, the U.S. Borrower and the Canadian Borrower
on their respective debts as such debts become absolute and matured, (iii) none of the MLP and its
Subsidiaries, taken as a whole, the MLP, the U.S. Borrower or the Canadian Borrower will have an
unreasonably small amount of capital with which to conduct their respective businesses, and (iv) each of
the MLP and its Subsidiaries, taken as a whole, the MLP, the U.S. Borrower and the Canadian Borrower
will be able to pay their respective debts as they mature. For purposes of this Section 5.20, “debt” means
“liability on a claim”, “claim” means any (x) right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal,
equitable, secured or unsecured, and (y) right to an equitable remedy for breach of performance if such
breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to
judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured.
5.21 Use of Letters of Credit and Proceeds of Loans. (a) The proceeds of the Loans
shall be used (1) on the Restatement Effective Date, to consummate the Kildair Acquisition, to refinance
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outstanding obligations under the Existing Credit Agreement and to repay outstanding obligations under
the Kildair Credit Agreement, the notes referred to in Section 8.10(e) and certain other Indebtedness of
Kildair and (2) thereafter only (i) to finance the Loan Parties’ purchase, storage and sale of Petroleum
Products, Natural Gas Products, Coal Products, carbon credits, RINs, wood pellets, asphalt and such other
energy products as the Required Lenders may approve from time to time (such approval not to be
unreasonably withheld) (collectively, “Product”), (ii) to finance (w) maintenance Capital Expenditures,
(x) solely with respect to Acquisition Facility Acquisition Extensions of Credit, the acquisition of
Acquisition Assets, the repayment or refinancing of all or any portion of any outstanding Acquisition
Facility Acquisition Extensions of Credit and for general corporate purposes of the Loan Parties, distinct
and separate from the general working capital purposes described in clause (iv) below and (y) solely with
respect to the Dollar Working Capital Facility and the , Multicurrency Working Capital Facility, non-
maintenance Capital Expenditures, (iii) for hedging related to the purchase, storage and sale of Product,
(iv) for the general working capital purposes of the Loan Parties, (v) to finance the carrying of accounts
receivable, (vi) for the payment of contractual margin calls (with respect to exchange-traded contracts,
over-the-counter contracts and otherwise) or establishment of reserves in connection therewith, (vii) for
the making of Restricted Payments to the extent permitted by Section 8.5 below, (viii) to support certain
working capital requirements related to the Loan Parties’ marketing activities and (ix) to pay any fees and
expenses payable to the Lenders, the Agents and any other Secured Parties, and not for any other purpose.
(b) Letters of Credit shall be used only (i) for the general working capital purposes of the
Loan Parties, (ii) to facilitate and finance the purchase of Product for resale or storage, (iii) to secure the
obligations of any Loan Party under any contract or agreement or in connection with any legal
requirement or governmental permit, such as transportation obligations, bonding obligations, performance
and margin-related obligations related to hedging of Product and (iv) to support (w) maintenance Capital
Expenditures, (x) solely with respect to Acquisition Facility Acquisition Extensions of Credit, the
acquisition of Acquisition Assets and for general corporate purposes of the Loan Parties, distinct and
separate from the general working capital purposes described in clause (i) above, (y) solely with respect
to the Dollar Working Capital Facility, and in an aggregate amount not to exceed $10,000,000 for such
purpose outstanding at any time (with respect to all Dollar Working Capital Facility Loans, Dollar Swing
Line Loans and Dollar Letters of Credit), non-maintenance Capital Expenditures, and not for any other
purpose and (z) ) solely with respect to the Multicurrency Working Capital Facility, and in an aggregate
amount not to exceed $7,500,000 for such purpose outstanding at any time (with respect to all
Multicurrency Working Capital Facility Loans, Multicurrency Swing Line Loans and Multicurrency
Letters of Credit), non-maintenance Capital Expenditures, and not for any other purpose.
5.22 Environmental Matters. Except as set forth on Schedule 5.22:
(a) To the best of each Loan Party’s knowledge and belief, such knowledge and belief being
that of a reasonable person who had conducted due diligence and good faith inquiry, the facilities and
properties owned, leased or operated by the Loan Parties (the “Properties”) do not contain, and have not
previously contained, any Materials of Environmental Concern in amounts or concentrations which (i)
constitute or constituted a violation of, or (ii) could give rise to liability under, any Environmental Law
except in either case insofar as such violation or liability, or any aggregation thereof, is not reasonably
likely to result in a Material Adverse Effect.
(b) To the best of each Loan Party’s knowledge and belief, such knowledge and belief being
that of a reasonable person who had conducted due diligence and good faith inquiry, (i) except where the
failure to be in compliance could not reasonably be expected to have a Material Adverse Effect, the
Properties and all operations at the Properties are in compliance, and have, for the lesser of the last five
years or for the duration of their ownership, lease, or operation by Loan Parties, been in compliance in all
material respects with all applicable Environmental Laws and Environmental Permits, and (ii) there is no
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contamination at, under or about the Properties or violation of any Environmental Law or Environmental
Permit with respect to the Properties or the business at the Properties operated by Loan Parties (the
“Business”) which could materially interfere with the continued operation of the Properties or materially
impair the fair saleable value thereof. All Environmental Permits necessary in connection with the
ownership and operation of each Loan Party’s business have been obtained and are in full force and
effect, except where any such failure to obtain and maintain in full force and effect (individually or in the
aggregate) has not had and is not reasonably likely to result in a Material Adverse Effect. Without
limiting the foregoing, all material permits, registrations, licenses or similar authorizations or notifications
required to construct and operate bulk storage tanks and other bulk storage facilities at the Properties are
in effect.
(c) No Loan Party has received any written notice of violation, alleged violation, non-
compliance, liability or potential liability pursuant to Environmental Laws or Environmental Permits with
regard to any of the Properties or the Business, nor do the Loan Parties have knowledge or reason to
believe that any such notice will be received or is being threatened, except insofar as such notice or
threatened notice, or any aggregation thereof, does not involve a matter or matters that is or are
reasonably likely to result in a Material Adverse Effect.
(d) To the best of each Loan Party’s knowledge and belief, such knowledge and belief being
that of a reasonable person who had conducted due diligence and good faith inquiry, Materials of
Environmental Concern have not been transported or disposed of from the Properties in violation of, or in
a manner or to a location which could give rise to liability under, any Environmental Law, nor have any
Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of
the Properties in violation of, or in a manner that could give rise to liability under, any applicable
Environmental Law, except insofar as any such violation or liability referred to in this paragraph, or any
aggregation thereof, is not reasonably likely to result in a Material Adverse Effect.
(e) No judicial proceeding or governmental or administrative action is pending or, to the
knowledge of any Loan Party, threatened, under any Environmental Law to which any Loan Party is or
will be named as a party with respect to any of the Properties or the Business, nor are there any consent
decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or
judicial requirements or liens outstanding under any Environmental Law with respect to any of the
Properties or the Business, except insofar as such proceeding, action, decree, order or other requirement
or lien, or any aggregation thereof, is not reasonably likely to result in a Material Adverse Effect.
(f) There has been no Release of Materials of Environmental Concern at or from any of the
Properties arising from or related to the operations of any Loan Party in connection with any of the
Properties or otherwise in connection with the Business and, to the knowledge of each Loan Party, no
other Person has caused or suffered to exist any Release of Materials of Environmental Concern at or
from the Properties, in violation of or in amounts or in a manner that could give rise to liability under
Environmental Laws, except insofar as any such violation or liability referred to in this paragraph, or any
aggregation thereof, is not reasonably likely to result in a Material Adverse Effect.
5.23 Risk Management Policy. The Risk Management Policy has been duly adopted in
accordance with the internal risk policies of the U.S. Borrower, is in full force and effect with respect to
all Loan Parties, and has been previously delivered to the Administrative Agent (for distribution to the
Lenders) and certified by a Responsible Person of the U.S. Borrower as being a true and correct copy and
in full force and effect, and the Risk Management Policy in effect as of the Restatement Effective Date is
attached hereto as Exhibit I.
5.24 Anti-Corruption Laws and Sanctions. (a) The U.S. Borrower has implemented
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and maintains in effect policies and procedures designed to ensure compliance by the U.S. Borrower, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
applicable Sanctions, and the U.S. Borrower, its Subsidiaries and their respective officers and employees,
and to the knowledge of the U.S. Borrower its Affiliates, directors and agents, are in compliance with
Anti-Corruption Laws, applicable Requirements of Law relating to money laundering and applicable
Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be
expected to result in the U.S. Borrower or the Canadian Borrower being designated as a Sanctioned
Person. None of (a) the U.S. Borrower, any Subsidiary or to the knowledge of the U.S. Borrower or such
Subsidiary any of their respective directors, officers, employees or Affiliates, or (b) to the knowledge of
the U.S. Borrower, any agent of the U.S. Borrower or any Subsidiary that will act in any capacity in
connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Loan or
Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate Anti-
Corruption Laws, applicable Requirements of Law relating to money laundering or applicable Sanctions.
5.25 Canadian Pension Plan and Benefit Plans. Schedule 5.25 lists all Canadian
Benefit Plans and Canadian Pension Plans currently maintained or contributed to the Loan Parties and
their Subsidiaries. The Canadian Pension Plans are duly registered under the ITA and all other applicable
laws which require registration. Each Loan Party and each of their Subsidiaries has in all material respects
complied with and performed its obligations under and in respect of the Canadian Pension Plans and
Canadian Benefit Plans under the terms thereof, any funding agreements and all applicable laws
(including any fiduciary, funding, investment and administration obligations). All employer and
employee payments, contributions or premiums to be remitted, paid to or in respect of each Canadian
Pension Plan or Canadian Benefit Plan have been paid in a timely fashion in compliance in all material
respects with the terms thereof, any funding agreement and all applicable laws. There have been no
withdrawals or applications of the assets of the Canadian Pension Plans or the Canadian Benefit Plans
contrary to the terms of the Canadian Pension Plans or the Canadian Benefit Plans, respectively, or
applicable law. No promises of benefit improvements under the Canadian Pension Plans or the Canadian
Benefit Plans have been made except where such improvement could not be reasonably expected to have
a Material Adverse Effect and, in any event, no such improvements will result in a solvency deficiency or
going concern unfunded liability in the affected Canadian Pension Plans. The pension fund under each
Canadian Pension Plan is exempt from the payment of any income tax and there are no taxes, penalties or
interest owing in respect of any such pension fund. All material reports and disclosures relating to the
Canadian Pension Plans required by such plans and any Requirement of Law to be filed or distributed
have been filed or distributed. There has been no partial termination of any Canadian Pension Plan and no
facts or circumstances have occurred or existed that could result, or be reasonably anticipated to result, in
the declaration by a regulatory authority of a partial termination of any Canadian Pension Plan under
Requirements of Law. Except as set forth on Schedule 5.25, there are no outstanding disputes concerning
the assets of the Canadian Pension Plans or the Canadian Benefit Plans. Except as set forth on Schedule
5.25, each of the Canadian Pension Plans is fully funded on both a going concern and on a solvency basis
(using actuarial methods and assumptions which are consistent with the valuations last filed with the
applicable Governmental Authorities and which are consistent with generally accepted actuarial
principles). The Loan Parties that are Non-U.S. Subsidiaries do not have employees or own any assets
located outside of Canada.
5.26 Works Council. The Administrative Agent shall have received from the Dutch
Guarantor a confirmation by an authorized signatory of the Dutch Guarantor that there is no works
council with jurisdiction over the transactions as envisaged by any Loan Document to which it is a party
and that there is no obligation for the Dutch Guarantor to establish a works council pursuant to the Works
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Council Act (Wet op de Ondernemingsraden).
5.27 EEA Financial Institutions. No Loan Party is an EEA Financial Institution.
SECTION 6 CONDITIONS PRECEDENT
6.1 Conditions Precedent. The effectiveness of this Agreement is subject to the
satisfaction or waiver of the following conditions precedent:
(a) Loan Documents. The Administrative Agent shall have received:
(i) this Agreement, executed and delivered by a duly authorized officer of
each Borrower, each Agent, the Co-Syndication Agents, the Co-Documentation Agents
and each Lender set forth on Schedule 1.0 (which Lenders constitute the “Required
Lenders” as defined under the Existing Credit Agreement);
(ii) the Guarantee, executed and delivered by a duly authorized officer of
each party thereto;
(iii) the U.S. Security Agreement, executed and delivered by a duly
authorized officer of each party thereto;
(iv) the Canadian Security Agreement and the Quebec Security Documents,
executed and delivered by a duly authorized officer of each party thereto;
(v) the Dutch Receivables Pledge Agreement, executed and delivered by a
duly authorized officer of each party thereto;
(vi) the U.S. Pledge Agreement, executed and delivered by a duly authorized
officer of each party thereto;
(vii) the Canadian Pledge Agreement, executed and delivered by a duly
authorized officer of each party thereto;
(viii) the Dutch Membership Pledge Agreement, executed and delivered by a
duly authorized officer of each party thereto;
(ix) a Mortgage and Security Agreement for each Mortgaged Property (other
than an Existing Mortgaged Property) located in Canada, executed and delivered by a
duly authorized officer of the applicable Loan Party securing the total amount of the
Obligations, provided, however, that with respect to any Mortgaged Property located in a
jurisdiction which imposes mortgage recording taxes or similar fees, that the amount
secured thereby may be limited to an amount not less than 100% of the appraised value of
the land and improvements constituting such Mortgaged Property which is subject to the
Mortgage and Security Agreement;
(x) the Perfection Certificate, executed and delivered by a duly authorized
officer of each Loan Party;
(xi) for each Dollar Working Capital Facility Lender requesting the same, a
Note of the Borrowers substantially in the form of Exhibit A-1 and conforming to the
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requirements hereof and executed by a duly authorized officer of each Borrower;
(xii) for each Multicurrency Working Capital Facility Lender requesting the
same, a Note of the Borrowers substantially in the form of Exhibit A-2 and conforming to
the requirements hereof and executed by a duly authorized officer of each Borrower;
(xiii) for each Dollar Swing Line Lender requesting the same, a Note of the
Borrowers substantially in the form of Exhibit A-3 and conforming to the requirements
hereof and executed by a duly authorized officer of each Borrower;
(xiv) for each Multicurrency Swing Line Lender requesting the same, a Note
of the Borrowers substantially in the form of Exhibit A-4 and conforming to the
requirements hereof and executed by a duly authorized officer of each Borrower;
(xv) for each Acquisition Facility Lender requesting the same, a Note of the
Borrowers substantially in the form of Exhibit A-5 and conforming to the requirements
hereof and executed by an authorized officer of each Borrower; and
(xvi) each of the Account Control Agreements, executed and delivered by a
duly authorized officer of each party thereto; provided that (i) to the extent an Account
Control Agreement was executed and delivered under the Existing Credit Agreement and
remains in full force and effect after giving effect to the Restatement Effective Date, a
new Account Control Agreement shall not be required (provided that to the extent any
amendment to an existing Account Control Agreement is required in order for it to
remain in full force and effect after giving effect to the Restatement Effective Date, such
amendment shall be executed and delivered on the Restatement Effective Date or if it
cannot be so delivered, shall be delivered in accordance with Section 7.17) and (ii) to the
extent an Account Control Agreement cannot be delivered with respect to any Pledged
Account on the Restatement Effective Date, such Account Control Agreement shall be
delivered in accordance with Section 7.17.
(b) Secretary’s Certificates. The Administrative Agent shall have received a certificate of
each Loan Party, dated the Restatement Effective Date, substantially in the form of Exhibit E, with
appropriate insertions and attachments, reasonably satisfactory in form and substance to the
Administrative Agent, executed by (i) the President or any Vice President and the Secretary or any
Assistant Secretary on behalf of such Person, or, if applicable, of the general partner or managing member
or members of such Person, on behalf of such Person, or (ii) in the case of any such Person that is a
limited liability company, partnership or limited partnership that does not have any such officers, the
general partner, in the case of a partnership or limited partnership, or, in the case of a limited liability
company, the managing member or members of such Person, on behalf of such Person.
(c) Borrowing Base Report; Marked-to-Market Report; Position Report. The Co-Collateral
Agents shall have received a Borrowing Base Report showing the Aggregate Borrowing Base Amount,
the U.S. Borrowing Base and the Kildair Borrowing Base, in each case as of a date not greater than 20
calendar days prior to the Restatement Effective Date, and the latest Marked-to-Market Report and
Position Report required to be delivered pursuant to each of the Existing Credit Agreement and the
Kildair Credit Agreement as of the Restatement Effective Date, in each case, with appropriate insertions
and supporting schedules and dated the Restatement Effective Date, reasonably satisfactory in form and
substance to the Co-Collateral Agents, and executed by a Responsible Person of the U.S. Borrower.
(d) Proceedings of the Loan Parties. The Administrative Agent shall have received a copy of
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the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the Board
of Directors (or analogous body) of each Loan Party authorizing as applicable to such Person (i) the
execution, delivery and performance of this Agreement and the other Loan Documents to which it is a
party, (ii) the borrowings contemplated hereunder and (iii) the granting by it of the Liens created pursuant
to the Security Documents, certified on behalf of such Person by the Secretary or an Assistant Secretary
of such Person, or, if applicable, of the general partner or managing member or members of such Person,
as of the Restatement Effective Date, which certification shall be included in the certificate delivered in
respect of such Person pursuant to Section 6.1(b), shall be in form and substance reasonably satisfactory
to the Administrative Agent and shall state that the resolutions thereby certified have not been amended,
modified, revoked or rescinded.
(e) Incumbency Certificates. The Administrative Agent shall have received a certificate of
each Loan Party, dated the Restatement Effective Date, as to the incumbency and signature of the officers
of such Person or, if applicable, of the general partner or managing member or members of such Person,
executing any Loan Document, or having authorization to execute any certificate, notice or other
submission required to be delivered to the Administrative Agent or a Lender pursuant to this Agreement,
which certificate shall be included in the certificate delivered in respect of such Person pursuant to
Section 6.1(b), shall be reasonably satisfactory in form and substance to the Administrative Agent, and
shall be executed by the President or any Vice President and the Secretary or any Assistant Secretary of
such Person, or, if applicable, of the general partner or managing member or members of such Person, on
behalf of such Person.
(f) Organizational Documents. The Administrative Agent shall have received true and
complete copies of the Governing Documents of each Loan Party, certified as of the Restatement
Effective Date as complete copies thereof by the Secretary or an Assistant Secretary of such Person, or, if
applicable, of the general partner or managing member or members of such Person, on behalf of such
Person, which certification shall be included in the certificate delivered in respect of such Person pursuant
to Section 6.1(b) and shall be in form and substance reasonably satisfactory to the Administrative Agent.
(g) Good Standing Certificates. The Administrative Agent shall have received certificates of
status, compliance or good standing (as applicable) dated as of a recent date from the Secretary of State or
other appropriate authority, evidencing the good standing of each Loan Party (i) in the jurisdiction of its
organization and (ii) in each other jurisdiction where its ownership, lease or operation of property or the
conduct of its business requires it to qualify as a foreign Person except, as to this subclause (ii), where the
failure to so qualify could not reasonably be expected to have a Material Adverse Effect.
(h) Consents, Licenses and Approvals. (i) The Administrative Agent shall have received a
certificate of a Responsible Person of the U.S. Borrower either (x) attaching copies of all consents,
authorizations and filings referred to in Section 5.4 (other than the Mortgage and Security Agreements
and any Uniform Commercial Code financing statement or PPSA financing statement filed pursuant to
the Security Documents), and stating that such consents, licenses and filings are in full force and effect or
(y) stating that no such consents, licenses or approvals are so required.
(ii) All governmental and material non-governmental third party approvals
necessary in connection with the Kildair Acquisition shall have been obtained and be in
full force and effect and all applicable waiting periods shall have expired without any
action being taken or threatened by any competent authority that would restrain, prevent
or otherwise impose adverse conditions on the Kildair Acquisition or the financing
contemplated hereby.
(i) U.S. Borrower’s Certificate. The Administrative Agent shall have received a certificate
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substantially in the form of Exhibit S signed by a Responsible Person of the U.S. Borrower, stating on
behalf of the U.S. Borrower that:
(i) The representations and warranties contained in Section 5 are true and
correct in all material respects on and as of such date, as though made on and as of such
date;
(ii) No Default or Event of Default exists; and
(iii) There has not occurred since December 31, 2013 (x) a Material Adverse
Effect or (y) a development or an event that has resulted in a material adverse change in
the operations, business, assets, properties or condition (financial or other condition) of
Kildair and its Subsidiaries taken as a whole.
(j) Fees. The Administrative Agent, the Co-Collateral Agents, the Arrangers and the Lenders
shall have received the fees (including reasonable fees, disbursements and other charges of counsel to the
Agents) to be received on the Restatement Effective Date referred to herein and in the Fee Letter and, to
the extent invoiced at least two Business Days prior to the Restatement Effective Date (or such lesser time
as agreed by the U.S. Borrower) all reasonable out-of-pocket costs and expenses incurred by the Agents
and the Lead Arranger in connection with the negotiation of the Loan Documents and due diligence with
respect thereto.
(k) Legal Opinions. The Administrative Agent shall have received, with a counterpart for
each Lender, the following executed legal opinions:
(i) the executed legal opinion(s) of Xxxxxx & Xxxxxx LLP, counsel to the
Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent
and in accordance with customary opinion practice;
(ii) the executed legal opinion of the General Counsel of the U.S. Borrower,
in form and substance reasonably satisfactory to the Administrative Agent and in
accordance with customary opinion practice;
(iii) the executed legal opinion of Pillsbury Xxxxxxxx Xxxx Xxxxxxx LLP with
respect to the Mortgaged Properties (other than the Existing Mortgaged Properties)
located in New York, in form and substance reasonably satisfactory to the Administrative
Agent and in accordance with customary opinion practice;
(iv) the executed (i) legal opinion of Osler, Xxxxxx & Harcourt LLP,
Canadian counsel to the Loan Parties, in form and substance reasonably satisfactory to
the Administrative Agent and in accordance with customary opinion practice, which
opinion shall cover, inter alia, the validity, perfection and priority of the security interests
in each Mortgaged Property located in Canada and (ii) legal opinion of Farris, Vaughan,
Xxxxx & Xxxxxx LLP, British Columbia counsel to the Loan Parties, in form and
substance reasonably satisfactory to the Administrative Agent and in accordance with
customary opinion practice, which opinion shall cover, inter alia, corporate law matters
concerning the Loan Parties organized in Canada; and
(v) the executed legal opinion of Loyens & Loeff N.V., Dutch counsel to the
Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent
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and in accordance with customary opinion practice; and
(vi) an executed legal opinion of local counsel to the Loan Parties with
respect to each Mortgaged Property (other than Existing Mortgaged Properties and other
than properties located in Canada that are covered in the opinion provided pursuant to
Section 6.1(k)(iv)), in form and substance reasonably satisfactory to the Administrative
Agent and in accordance with customary opinion practice.
Each such legal opinion shall cover such other matters incident to the transactions contemplated by this
Agreement as the Administrative Agent may reasonably require in accordance with customary opinion
practice.
(l) [Reserved].
(m) Risk Management Policy. The Administrative Agent and the Lenders shall have received
a copy of the Risk Management Policy, including position and other limits, which shall be satisfactory in
content and form to the Administrative Agent.
(n) Lien Searches. The Administrative Agent shall have received the results of a recent
search by a Person reasonably satisfactory to the Administrative Agent, under the Uniform Commercial
Code, PPSA, Civil Code of Quebec and equivalent legislation in all relevant jurisdictions and all
customary judgment and tax Lien searches for financing transactions of this nature in all applicable
jurisdictions, which may have been filed with respect to personal property of the Loan Parties, and the
results of such search shall be reasonably satisfactory to the Administrative Agent.
(o) Actions to Perfect Liens. Subject to the limitations provided in Section 11.24, all filings,
recordings, registrations and other actions, including the filing of financing statements on form UCC-1
and PPSA financing statements, necessary or, in the opinion of the Administrative Agent, desirable to
perfect the Liens created by the Security Documents, shall have been filed, registered or recorded or shall
have been delivered to the Administrative Agent or the title insurance company issuing the policy referred
to in Section 6.1(u) (the “Title Insurance Company”) in proper form for filing, registration or recordation.
(p) Pledged Collateral; Stock Powers; Pledged Interests; Pledged Notes; Pledged Chattel
Paper. The Administrative Agent shall have received:
(i) the certificates representing the shares or other equity interests (to the
extent such equity interests are certificated) pledged pursuant to any Pledge Agreement,
together with an undated stock power for each such certificate, executed in blank by a
duly authorized officer of the pledgor thereof;
(ii) all promissory notes, if any, and other instruments, in each case, in a
principal amount in excess of $2,500,000 and pledged pursuant to any Pledge Agreement,
each endorsed in blank by a duly authorized officer of the pledgor thereof; and
(iii) the original counterpart of all chattel paper, if any, in a principal amount
in excess of $2,500,000 and pledged pursuant to any Security Agreement, duly endorsed
in a manner satisfactory to the Administrative Agent and containing a legend, if required
by the Administrative Agent, that it is the original counterpart of such chattel paper.
(q) Issuer Consent. Each Issuer (as defined in the U.S. Pledge Agreement) referred to in the
U.S. Pledge Agreement shall have delivered an acknowledgement of and consent to such U.S. Pledge
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Agreement, executed by a duly authorized officer of such Issuer, in substantially the form appended to
such U.S. Pledge Agreement. Each Issuer (as defined in the Canadian Pledge Agreement) referred to in
the Canadian Pledge Agreement shall have delivered an acknowledgement of and consent to such
Canadian Pledge Agreement, executed by a duly authorized officer of such Issuer, in substantially the
form appended to such Canadian Pledge Agreement.
(r) Financial Statements. The Administrative Agent and the Lenders shall have received each
of the following:
(i) (x) the audited consolidated balance sheet of the U.S. Borrower and its
Subsidiaries for each of the Fiscal Years ended December 31, 2011 and December 31,
2012 and the related consolidated statements of income, stockholders’ equity and cash
flows for the applicable Fiscal Year ended on each such date, audited by Ernst & Young
LLP, prepared in accordance with GAAP, in each case applied consistently throughout
the periods involved (except as approved by such accountants and as disclosed therein)
and (y) the audited consolidated balance sheet of the MLP and its Subsidiaries for the
Fiscal Year ended December 31, 2013 and the related consolidated statements of income,
stockholders’ equity and cash flows for such Fiscal Year ended on each such date,
audited by Ernst & Young LLP, prepared in accordance with GAAP, in each case applied
consistently throughout the periods involved (except as approved by such accountants
and as disclosed therein);
(ii) the audited consolidated balance sheet of Kildair and its Subsidiaries for
each of the fiscal years ended April 30, 2011, April 30, 2012, December 31, 2012 and
December 31, 2013 and the related consolidated statements of income, stockholders’
equity and cash flows for the applicable fiscal year ended on each such date, audited by
KPMG LLP (with respect to the financial statements for the fiscal years ended April 30,
2011 and April 30, 2012) or Ernst & Young LLP (with respect to the financial statements
for the Fiscal Years ended December 31, 2012 and December 31, 2013), prepared in
accordance with Canadian accounting standards for private enterprises, in each case
applied consistently throughout the periods involved (except as approved by such
accountants and as disclosed therein);
(iii) the unaudited consolidated balance sheet of (x) the U.S. Borrower and its
Subsidiaries and (y) Kildair and its Subsidiaries, in each case as at March 31, 2014, June
30, 2014 and September 30, 2014 and the related unaudited consolidated statements of
income, stockholders’ equity and cash flows for the portion of the Fiscal Year ended on
each such date, in each case prepared in accordance with GAAP adjusted on an
Economic Basis plus or minus any Allowed Reserve, as applicable, certified by a
Responsible Person of the U.S. Borrower, as being fairly presented in all material
respects (subject to normal year end audit adjustments and the absence of footnotes);
(iv) the unaudited consolidated balance sheet of (x) the U.S. Borrower and its
Subsidiaries and (y) Kildair and its Subsidiaries, in each case as of the last date of each
calendar month ended subsequent to September 30, 2014 and at least 30 days prior to the
Restatement Effective Date, and the related unaudited consolidated statements of income,
stockholders’ equity and cash flows for each such month and the portion of the Fiscal
Year ending on each such date in each case prepared in accordance with GAAP adjusted
on an Economic Basis plus or minus any Allowed Reserve, as applicable, certified by a
Responsible Person of the U.S. Borrower, as being fairly presented in all material
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respects (subject to normal year end audit adjustments and the absence of footnotes);
(v) a projected income statement and balance sheet (the “Projections”) for
the MLP and its consolidated Subsidiaries for each Fiscal Year beginning after the
Restatement Effective Date and ending on or prior to December 31, 2019, in each case
prepared in accordance with GAAP adjusted on an Economic Basis plus or minus any
Allowed Reserve, and accompanied by such information as the Agent may reasonably
request to confirm the tax, legal and business assumptions made in such projections (it
being understood that such projections have been prepared taking into account the
announced acquisition of Castle Oil Corporation); and
(vi) a pro forma consolidated balance sheet and related pro forma
consolidated statement of income (the “Pro Forma Financial Statements”) of the MLP
and its consolidated Subsidiaries for the twelve (12) month period ending on September
30, 2014, after giving effect to the Kildair Acquisition and any Extensions of Credit to be
made on the Restatement Effective Date (as if such transactions had occurred as of
September 30, 2014 (in the case of the balance sheet) or at the beginning of such period
(in the case of the statement of income)), in each case (A) prepared in accordance with
GAAP adjusted on an Economic Basis plus or minus any Allowed Reserve and (B)
satisfactory in content and form to the Administrative Agent.
(s) Insurance. The Administrative Agent shall have received (i) evidence in form and
substance reasonably satisfactory to it that all of the insurance-related requirements of Section 7.5 hereof
and Section 5(q) of the U.S. Security Agreement and Section 5(p) of the Canadian Security Agreement, as
applicable, shall have been satisfied and (ii) evidence that the premiums then due and payable on each
insurance policy have been paid, and with respect to flood insurance policies, (A) they shall be endorsed
or otherwise amended to include a “standard” or “New York” lender’s loss payable or mortgagee
endorsement (as applicable), (B) shall name the Co-Collateral Agents as additional insured or loss payee,
as applicable, (C) shall (x) identify the addresses of each property located in a special flood hazard area
or, in the case of Mortgaged Property located in Canada, a flood plain, (y) indicate the applicable flood
zone designation, the flood insurance coverage and the deductible relating thereto and (z) provide that the
insurer will give the Collateral Agent 45 days written notice of cancellation or non-renewal.
(t) Appraisals; Surveys. The Administrative Agent shall have received (i) real property
appraisals with respect to each Mortgaged Property (other than any Existing Mortgaged Property) located
in Canada from an appraiser reasonably acceptable to the Administrative Agent and (ii) current or
existing ALTA/ACSM surveys with respect to each Mortgaged Property (other than any Existing
Mortgaged Property) located in Canada reasonably acceptable to the Administrative Agent and which is
sufficient for the title insurance company to remove the survey exception for each Mortgage Policy and to
issue such survey dependent endorsements as are requested by the Administrative Agent.
(u) Title Insurance Policy. The Administrative Agent shall have received, with respect to
each Mortgage and Security Agreement intended to encumber Mortgaged Property (other than any
Existing Mortgaged Property) located in Canada, a policy or policies of title insurance insuring the Lien
of the Mortgage and Security Agreement on such Mortgaged Property, in an amount equal to, for any fee
mortgage policy, the aggregate of the land value and insurable building and improvements value of such
Mortgaged Property (or such lesser amount as may be acceptable to Administrative Agent), and for any
leasehold mortgage policy, an agreed upon value of the leasehold estate reasonably acceptable to
Administrative Agent (the “Mortgage Policies”), issued by a nationally recognized title insurance
company insuring the Lien of such Mortgage and Security Agreement as a valid first Lien on the
Mortgaged Property described therein, free of all other Liens that are not expressly permitted under this
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Agreement, containing no general survey exception or mechanics lien exception and issued together with
such endorsements and affirmative coverage as the Administrative Agent may reasonably request.
(v) Solvency. The Administrative Agent shall have received a solvency certificate
substantially in the form of Exhibit V from either the chief financial officer of the MLP or the General
Partner.
(w) Copies of Recorded Documents. The Administrative Agent shall have received a copy of
all recorded documents referred to, or listed as exceptions to title in, the title policy or policies referred to
in Section 6.1(u).
(x) Environmental Reports. The Administrative Agent shall have received: (i) for each
Mortgaged Property located in Canada (other than any Mortgaged Property located in the provinces of
Ontario or Quebec), a Phase I ESA compliant with Canadian Standards Association Z768-01 (R2012); (ii)
for each Mortgaged Property located in the Province of Quebec, a Phase I ESA compliant with Canadian
Standards Association Z768-01 (R2012) and the Ministère du Développement durable, de
l’Environnement et des Parcs "Guide de caractérisation des terrains", as amended, and (iii) for each
Mortgaged Property located in the Province of Ontario, a Phase I ESA complaint with O.Reg. 153/04, as
amended, in each case prepared by an environmental consultant reasonably acceptable to the
Administrative Agent, in form, scope, and substance reasonably satisfactory to the Administrative Agent,
together with a letter from the environmental consultant permitting the Agents and the Lenders to rely on
the environmental assessment as if addressed to and prepared for each of them.
(y) PATRIOT Act; CAML. The Administrative Agent shall have received, no later than five
(5) days prior to the Restatement Effective Date, all documentation and other information requested by
the Administrative Agent no later than ten (10) days prior to the Restatement Effective Date that are
required by bank regulatory authorities under applicable “know your customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act and CAML.
(z) Flood Determination. The Administrative Agent and Lenders shall have received, in form
and substance reasonably acceptable to the Administrative Agent, (i) a “Life-of-Loan” Federal
Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged
Property located in the United States, (ii) for each Mortgaged Property located in the United States that is
located in a special flood hazard area, a notice about special flood hazard area status and flood disaster
assistance duly executed by the U.S. Borrower, (iii) for each Mortgaged Property located in the United
States that is located in a special flood hazard area and for each Mortgaged Property located in Canada
that is located in a flood plain, (A) flood insurance, in an amount reasonably satisfactory to the
Administrative Agent, (1) maintained with a financially sound and reputable insurer, (2) covering
buildings and contents for such Mortgaged Property and (3) otherwise complying with Section 6.1(s).
(aa) [Reserved].
(bb) Concurrent Transactions. (i) The acquisition by AcquireCo, a Wholly Owned Subsidiary
of the U.S. Borrower, of 100% of the Capital Stock of Xxxxxxx Canadian Properties LLC, the entity that
owns 100% of the Capital Stock of Kildair (the “Kildair Acquisition”) shall have been, or shall be
concurrently with the effectiveness hereof, consummated pursuant to the Kildair Acquisition
Documentation and no provision thereof shall have been amended or waived, and no consent shall have
been given thereunder, in any manner materially adverse to the interests of the Arrangers or the Lenders
without the prior written consent of the Administrative Agent.
(ii) The Indebtedness outstanding under the Kildair Credit Agreement shall
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have been, or shall be concurrently with the effectiveness hereof, paid in full (and any
letters of credit outstanding thereunder shall have becomes Letters of Credit hereunder),
the Administrative Agent shall have received a payoff letter in respect thereof and any
Liens in respect thereof shall have been, or shall be concurrently with the effectiveness
hereof, terminated.
(iii) The Existing Credit Agreement shall be, concurrently with the
effectiveness hereof, refinanced, amended and restated pursuant to this Agreement and
the U.S. Borrower shall have prepaid all Loans outstanding under (and as defined in) the
Existing Credit Agreement (and all accrued and unpaid interest thereon) and all accrued
and unpaid commitment fees and letter of credit fees under the Existing Credit
Agreement, accrued to (but not including) the Restatement Effective Date.
(cc) Additional Matters. All corporate and other proceedings, and all documents, instruments
and other legal matters in connection with the transactions contemplated by this Agreement and the other
Loan Documents shall be reasonably satisfactory in form and substance to the Administrative Agent, and
the Administrative Agent shall have received such other documents and legal opinions in respect of any
aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request.
6.2 Conditions to Each Credit Extension. The obligation of each Lender to make any
Loan requested to be made by it on any date (including its initial Loan, if any) and the agreement of the
Issuing Lenders to issue or provide any Letter of Credit (including the initial Letters of Credit, if any) is
subject to the satisfaction or waiver of the following conditions precedent:
(a) Borrowing Notice. The Administrative Agent shall have received a Borrowing Notice or
Letter of Credit Request pursuant to Section 2.5 or Section 3.3, as the case may be.
(b) Representations and Warranties. Each of the representations and warranties made by the
U.S. Borrower and the other Loan Parties in or pursuant to the Loan Documents shall be true and correct
in all material respects (except that any representation and warranty that is qualified by “materiality” or
“Material Adverse Effect” shall be true and correct in all respects as so qualified) on and as of such date
as if such representation and warranty was made on and as of such date, except to the extent any such
representation and warranty relates solely to a specified prior date, in which case such representation and
warranty shall have been true and correct in all material respects as of such specified date.
(c) No Default. No Default or Event of Default shall have occurred and be continuing on
such date or after giving effect to the extensions of credit requested to be made on such date.
(d) Borrowing Base Report. The Co-Collateral Agents shall have timely received a
Borrowing Base Report for the most recent period for which such Borrowing Base Report is required to
be delivered in accordance with Section 6.1(c) or Section 7.2(c), as applicable.
(e) Borrowing Availability. After giving effect to such extension of credit requested to be
made on such date,
(i) the sum of the Total Working Capital Facility Extensions of Credit and
the Total Acquisition Facility Working Capital Extensions of Credit shall not exceed the
Aggregate Borrowing Base Amount as of such date,
(ii) the Total Acquisition Facility Acquisition Extensions of Credit shall not
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exceed the Eligible Acquisition Asset Value,
(iii) the Total Acquisition Facility Extensions of Credit shall not exceed the
aggregate Acquisition Facility Commitments,
(iv) the Total Dollar Working Capital Facility Extensions of Credit shall not
exceed the aggregate Dollar Working Capital Facility Commitments,
(v) the Total Multicurrency Working Capital Facility Extensions of Credit
shall not exceed the aggregate Multicurrency Working Capital Facility Commitments,
(vi) such extension of credit shall not result in any Applicable Sub-Limit
(with each Applicable Sub-Limit calculated including the Dollar Equivalent of any
included Extensions of Credit denominated in Canadian Dollars) being exceeded,
(vii) with respect to any such extension of credit under the Acquisition
Facility, the Loan Parties shall be in compliance with the covenants set forth in Section
8.1 calculated on a Pro Forma Basis, and
(viii) the Administrative Agent shall have received a certificate of a
Responsible Person of the U.S. Borrower (such certificate, the “Availability
Certification”) certifying as to the satisfaction of each of the specific conditions set forth
in Sections 6.2(b) and (c) and clauses (i)-(vii) of Section 6.2(e) as of such date.
(f) Working Capital Facility Extensions of Credit. If, at the time any Borrower requests any
extension of credit under any Working Capital Facility, the then outstanding principal balance of the Total
Working Capital Facility Extensions of Credit (including the Dollar Equivalent of the face amount of all
Working Capital Facility Letters of Credit) is less than $37,559,200 (such requested extension of credit, a
“Working Capital Taxable Advance”), then, with respect to any Mortgage covering real property located
in the State of New York which has a Secured Amount (as defined in each such Mortgage) allocated to
the Total Working Capital Facility Extensions of Credit which is more than the then outstanding principal
balance of the Total Working Capital Facility Extensions of Credit (prior to giving effect to the Working
Capital Taxable Advance and calculated including the Dollar Equivalent of the face amount of all
Working Capital Facility Letters of Credit), the U.S. Borrower shall cause to be recorded in the
appropriate land records in which such Mortgage is recorded a supplemental instrument in form and
substance satisfactory to the Administrative Agent which evidences that each such Mortgage secures such
Working Capital Taxable Advance, and the Borrowers shall pay all applicable mortgage recording tax on
that portion of the Working Capital Taxable Advance which equals the lesser of (i) (A) the excess of the
Secured Amount (as defined in each such Mortgage) of each such Mortgage which is allocated to the
Total Working Capital Extensions of Credit over (B) the then outstanding principal balance of the Total
Working Capital Extensions of Credit (including the Dollar Equivalent of the face amount of all Working
Capital Facility Letters of Credit) allocated to such Mortgage without giving effect to such Working
Capital Taxable Advance and (ii) (A) the excess of the outstanding principal balance of the Total
Working Capital Facility Extensions of Credit (including the Dollar Equivalent of the face amount of all
Working Capital Facility Letters of Credit) allocated to such Mortgage after giving effect to the Working
Capital Taxable Advance over (B) the outstanding principal balance of the Total Working Capital Facility
Extensions of Credit (including the Dollar Equivalent of the face amount of all Working Capital Facility
Letters of Credit) allocated to such Mortgage prior to the Working Capital Taxable Advance. Before such
Working Capital Taxable Advance is made, the U.S. Borrower shall furnish the Administrative Agent
with a recorded, stamped copy of such supplemental instrument(s) and evidence satisfactory to the
Administrative Agent that all applicable mortgage recording tax due in connection with such Working
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Capital Taxable Advance (and the recording of such supplemental instrument(s) has been paid.
(g) Acquisition Facility Extensions of Credit. If, at the time any Borrower requests any
extension of credit under the Acquisition Facility, the then outstanding principal balance of the Total
Acquisition Facility Extensions of Credit (including the face amount of all Acquisition Facility Letters of
Credit) is less than $18,440,800 (such requested extension of credit, an “Acquisition Taxable Advance”),
then, with respect to any Mortgage covering real property located in the State of New York which has a
Secured Amount (as defined in each such Mortgage) allocated to the Acquisition Facility Extensions of
Credit which is more than the then outstanding principal balance of the Total Acquisition Facility
Extensions of Credit (prior to giving effect to the Acquisition Taxable Advance and calculated including
the face amount of all Acquisition Facility Letters of Credit), the U.S. Borrower shall cause to be recorded
in the appropriate land records in which such Mortgage is recorded a supplemental instrument in form
and substance satisfactory to the Administrative Agent which evidences that each such Mortgage secures
such Acquisition Taxable Advance, and the Borrowers shall pay all applicable mortgage recording tax on
that portion of the Acquisition Taxable Advance which equals the lesser of (i) (A) the excess of the
Secured Amount (as defined in each such Mortgage) of each such Mortgage which is allocated to the
Total Acquisition Facility Extensions of Credit over (B) the then outstanding principal balance of the
Total Acquisition Facility Extensions of Credit (including the face amount of all Acquisition Facility
Letters of Credit) allocated to such Mortgage without giving effect to such Acquisition Taxable Advance
and (ii) (A) the excess of the outstanding principal balance of the Total Acquisition Facility Extensions of
Credit (including the face amount of all Acquisition Facility Letters of Credit) allocated to such Mortgage
after giving effect to the Acquisition Taxable Advance over (B) the outstanding principal balance of the
Total Acquisition Facility Extensions of Credit (including the face amount of all Acquisition Facility
Letters of Credit) allocated to such Mortgage prior to the Acquisition Taxable Advance. Before such
Acquisition Taxable Advance is made, the U.S. Borrower shall furnish the Administrative Agent with a
recorded, stamped copy of such supplemental instrument(s) and evidence satisfactory to the
Administrative Agent that all applicable mortgage recording tax due in connection with such Acquisition
Taxable Advance (and the recording of such supplemental instrument(s) has been paid.
SECTION 7 AFFIRMATIVE COVENANTS
Each of the Borrowers hereby jointly and severally agrees that, commencing on the
Restatement Effective Date and continuing so long as any of the Commitments remain in effect or any
amount is owing to any Lender or the Agents hereunder or under any other Loan Document (except
contingent indemnification and expense reimbursement obligations for which no claim has been made),
each Loan Party shall:
7.1 Financial Statements. Furnish to the Administrative Agent (for distribution to
each Lender):
(a) as soon as available, but in any event within one hundred twenty (120) days after the end
of each Fiscal Year of the MLP commencing with the Fiscal Year ending on December 31, 2014, a copy
of (i) the audited consolidated balance sheet of the MLP and its consolidated Subsidiaries as at the end of
such year, (ii) the audited consolidated balance sheet of Kildair and its consolidated Subsidiaries as at the
end of such year, in each case with the related consolidated statements of income and retained earnings
and cash flows for such year, prepared in accordance with GAAP and setting forth in each case in
comparative form the figures for the previous year, reported on without a “going concern” or like
qualification or exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or
other independent certified public accountants of nationally recognized standing, and (iii) the unaudited
consolidated balance sheet of Xxxxxxx Resources Canada and its consolidated Subsidiaries that are Credit
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Parties as at the end of such year, in each case with the related consolidated statements of income and
retained earnings and cash flows for such year, prepared in accordance with GAAP;
(b) as soon as available, but in any event not later than 45 days after the end of each fiscal
quarter of the MLP (except for the fourth fiscal quarter of each Fiscal Year of the MLP), the unaudited
consolidated balance sheet of the MLP and its consolidated Subsidiaries as at the end of such fiscal
quarter and the related unaudited consolidated statements of income and retained earnings and cash flows
for such quarter and the portion of the Fiscal Year through the end of such quarter, prepared in
accordance with GAAP and setting forth, in each case in comparative form the figures for the previous
year, certified by a Responsible Person of the U.S. Borrower as being fairly presented in all material
respects (subject to normal year end audit adjustments and the absence of footnotes);
(c) as soon as available, but in any event not later than 30 days after the end of each calendar
month, the unaudited consolidated and consolidating balance sheet of the MLP and its consolidated
Subsidiaries as at the end of such calendar month and the related unaudited consolidated and
consolidating statements of income and the unaudited consolidated retained earnings and cash flows for
such month and the portion of the Fiscal Year through the end of such month, prepared in accordance
with GAAP adjusted on an Economic Basis plus or minus any Allowed Reserve, as applicable, and
setting forth, beginning with the first calendar month ending after the Restatement Effective Date, in each
case in comparative form the figures for the previous year, certified by a Responsible Person of the U.S.
Borrower, as being fairly presented in all material respects (subject to normal year-end audit adjustments
and the absence of footnotes);
(d) as soon as available, but in any event not later than 60 days after the commencement of
each Fiscal Year of the U.S. Borrower, the Annual Budget for such Fiscal Year;
(e) as soon as available, but in any event not later than 30 days after the end of each calendar
month, (i) the Operating Forecast for the next succeeding calendar month and (ii) a comparison of actual
performance (as to income) of the MLP and its consolidated Subsidiaries against the Operating Forecast
for such calendar month;
(f) concurrently with the delivery of the financial statements referred to in Section 7.1(a), a
Reconciliation Summary for the annual financial statements delivered pursuant to Section 7.1(a); and
(g) concurrently with the delivery of the financial statements referred to in Section 7.1(c), a
Reconciliation Summary for the monthly financial statements delivered pursuant to Section 7.1(c).
All such financial statements (other than the Annual Budgets and the Operating Forecasts) shall present
fairly in all material respects the financial condition of the Persons covered by such financial statements
as at such date and shall be prepared in reasonable detail and, except as noted herein, in accordance with
GAAP or GAAP adjusted on an Economic Basis plus or minus any Allowed Reserve, as applicable,
applied consistently throughout the periods reflected therein and with prior periods (except as approved
by such accountants or officer, as the case may be, and disclosed therein and, with regard to the non-
annual financial statements, subject to normal year-end adjustments and the absence of footnotes). The
Annual Budgets and the Operating Forecasts shall have been prepared in good faith under the direction of
a Responsible Person of the General Partner and based upon good faith estimates and assumptions
believed by the Loan Parties to be reasonable at the time made, it being recognized by the Lenders that
such financial information as it relates to future events is not to be viewed as fact and that actual results
during the period or periods covered by such financial information may differ from the projected results
set forth therein by a material amount. Information required to be delivered pursuant to this Section 7.1
shall be deemed to have been delivered if such information, or one or more annual or quarterly or other
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reports or proxy statements containing such information, shall have been posted and shall remain
available on a website maintained by the SEC (such reports or proxy statements, the “SEC Filings”),
provided that the U.S. Borrower shall have notified (which may be made by facsimile or electronic mail)
the Administrative Agent of the posting of any such information pursuant to Section 7.7(l). In addition,
and notwithstanding any other provision of this Section 7.1, to the extent any SEC Filing shall have been
certified by a Responsible Officer of the MLP, no further certification by the U.S. Borrower shall be
required under this Section 7.1 with respect to the information contained in such SEC Filing; provided,
that the MLP hereby allows the Administrative Agent and the Lenders to rely upon such certification as if
such certification had been made to the Administrative Agent and the Lenders.
7.2 Certificates; Other Information. Furnish to the Administrative Agent (for
distribution to the Lenders, including, if requested by a Lender, through posting on Intralinks or other web
site in use to distribute information to the Lenders):
(a) concurrently with the delivery of the financial statements referred to in Section 7.1(a), a
certificate of the independent certified public accountants reporting on such financial statements, if such
accountants are willing to provide such certificate (provided that if such independent certified public
accountants are unwilling to provide such certificate and such certificate is customarily given by
independent certified public accountants of nationally recognized standing in the market, the Loan Parties
shall engage another certified public accountant willing to provide such certificate), stating in substance
that in making the examination necessary therefor no knowledge was obtained of any Default or Event of
Default arising out of the financial covenants in Section 8.1, except as specified in such certificate;
(b) concurrently with the delivery of the financial statements referred to in Section 7.1(c), a
certificate of a Responsible Person of the U.S. Borrower substantially in the form of Exhibit O (such a
certificate, a “Compliance Certificate”) (A) stating that such Responsible Person has obtained no
knowledge of any Default or Event of Default, in each case except as specified in such certificate, (B)
stating the Loan Parties are in material compliance with the Risk Management Policy and (C) showing in
detail the calculations supporting such Person’s certification of the Loan Parties’ compliance with the
requirements of Sections 8.1(a) and 8.7 and, if such period ends on a date which is also the end date of a
fiscal quarter, the requirements of Sections 8.1(b), (c) and (d);
(c) (w) within seven (7) Business Days after the last day of each calendar month, a
Borrowing Base Report for the Loan Parties dated the last day of such calendar month, (x) within seven
(7) Business Days after each Semi-Monthly Reporting Date at any time that (i) either (A) the Borrowing
Base Availability or (B) the Acquisition Facility Working Capital Sub-Limit, plus, the aggregate Working
Capital Facility Commitments, minus, the Total Working Capital Facility Extensions of Credit, minus, the
Total Acquisition Facility Working Capital Extensions of Credit is less than or equal to $50,000,000, (ii)
both (A) the sum of the Total Working Capital Facility Extensions of Credit and the Total Acquisition
Facility Working Capital Extensions of Credit exceeds $1,095,000,000 (or if a Dollar Working Capital
Facility Increase or Multicurrency Working Capital Facility Increase has been effected, the aggregate
Working Capital Facility Commitments less $25,000,000) and (B) the Borrowing Base Availability is
less than or equal to $75,000,000 or (iii) an Event of Default shall have occurred and be continuing, a
Borrowing Base Report dated as of the applicable Semi-Monthly Reporting Date, (y) within seven (7)
Business Days following any request by the Co-Collateral Agents, a Borrowing Base Report for the Loan
Parties dated the date of such request and (z) at any time and from time to time, as the U.S. Borrower may
determine in its sole, absolute discretion, a Borrowing Base Report for the Loan Parties dated as of a date
within the seven (7) Business Days preceding delivery thereof to the Co-Collateral Agents;
(d) as soon as available, but in any event not later than seven (7) Business Days after each
Semi-Monthly Reporting Date, a Marked-to-Market Report and Position Report, as of the applicable
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Semi-Monthly Reporting Date, in form reasonably acceptable to the Co-Collateral Agents, certified by
the U.S. Borrower;
(e) if any such report described in clauses (b), (c) or (d) above is not reasonably satisfactory
in form and substance to the Administrative Agent or the Co-Collateral Agents, as applicable, the U.S.
Borrower shall promptly deliver such information supplementing such report as the Administrative Agent
or the Co-Collateral Agents, as applicable, may reasonably request;
(f) concurrently with the delivery of the financial statements referred to in Section 7.1, a
written briefing on any material overdue Account Receivables or any other material impairment in the
value of the assets of the Loan Parties;
(g) upon request by the Administrative Agent, copies of any Employee Benefit Plan, Plan,
Canadian Benefit Plan, or Canadian Pension Plan and related documents, reports and correspondence;
(h) [reserved];
(i) promptly, and at least one (1) Business Day after the initial execution and delivery
thereof by the parties thereto, (i) notice of the entrance into any document or agreement governing any
Indebtedness incurred by any Loan Party pursuant to Section 8.2(h) having a principal amount equal to or
in excess of $10,000,000 or that is a note (other than a promissory note evidencing commercial
Indebtedness), debenture, bond or other like obligation, together with a certificate of a Responsible
Person of the U.S. Borrower stating that such Indebtedness complies with the terms of Section 8.2(h), and
(ii) true, correct and complete copies of any material documents and agreements governing any
Indebtedness incurred by any Loan Party pursuant to Section 8.2(h) having a principal amount in excess
of $50,000,000 or that is a note (other than a promissory note evidencing commercial Indebtedness),
debenture, bond or other like obligation; and
(j) promptly, such additional financial and other information regarding the Credit Parties as
any Lender may from time to time reasonably request.
7.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity
or before they become delinquent, as the case may be, all its material obligations of whatever nature,
except where the amount or validity thereof is currently being contested in good faith by appropriate
proceedings and reserves in conformity with GAAP with respect thereto have been provided on its books.
7.4 Conduct of Business and Maintenance of Existence. (i) Continue to engage in
business of the same general type as now conducted by it or as described in Section 8.13 and preserve,
renew and keep in full force and effect its existence and take all reasonable action to maintain all material
rights, privileges and franchises necessary or desirable in the normal conduct of its business except as
otherwise permitted pursuant to Section 8.4 or where the failure to do so could not reasonably be expected
to have a Material Adverse Effect; (ii) comply with all Contractual Obligations and Requirements of Law,
except to the extent that failure to comply therewith could not, in the aggregate, be reasonably expected to
have a Material Adverse Effect and (iii) maintain in effect and enforce policies and procedures designed
to ensure compliance by the Borrowers, their respective Subsidiaries and their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
7.5 Maintenance of Property; Insurance. (i) Keep substantially all its property useful
and necessary in its business in good working order and condition in all material respects (excepting
ordinary wear and tear and the effect of events or circumstances as to which such property is covered by
insurance or as to which funds have been reserved); (ii) maintain with financially sound and reputable
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insurance companies insurance on all its property in at least such amounts and against at least such risks
(but including in any event public liability, product liability and business interruption) as are usually
insured against in the same general area by companies engaged in the same or a similar business, which
insurance shall name the Administrative Agent for the ratable benefit of the Secured Parties as lender loss
payee, in the case of property insurance, as an additional insured, in the case of liability insurance, and as
an additional insured and recipient of a mortgagee endorsement, in the case of environmental liability
insurance, as its interests may appear; (iii) furnish to the Administrative Agent (for distribution to the
Lenders through posting on Intralinks or other web site in use to distribute information to the Lenders),
upon request, full information as to the insurance carried, evidence of the underlying policy, the related
cover note and all addenda thereto; and (iv) promptly pay all insurance premiums.
7.6 Inspection of Property; Books and Records; Discussions. At the sole expense of
the Loan Parties: (i) keep books of records and accounts in conformity with GAAP that present fairly the
financial condition of the MLP and its consolidated Subsidiaries covered thereby and (ii) within three (3)
Business Days of the date agreed or requested therefor, permit representatives of the Agents to (x) visit
and inspect any of its properties and examine and make abstracts from any of its books and records upon
reasonable notice during normal business hours once during each twelve (12) month period following the
Restatement Effective Date (or more often at the Co-Collateral Agents’ discretion exercised in good
faith); provided that, during the continuance of an Event of Default, such visits and inspections may occur
at any time, and (y) discuss the business, operations, properties and financial and other condition of the
Credit Parties with officers and employees of the Credit Parties and with their independent certified
public accountants to the extent consistent with the national policies of such independent certified public
accountants, upon reasonable notice during normal business hours. Information obtained by the Agents
pursuant to this Section 7.6 shall be shared with a Lender upon the request of such Lender.
7.7 Notices. Promptly give notice to the Administrative Agent (for distribution to the
Lenders, including, if requested by a Lender, through posting on Intralinks or other web site in use to
distribute information to the Lenders) of:
(a) the occurrence of any Default or Event of Default;
(b) any (i) default or event of default under any Contractual Obligation of any Loan Party or
(ii) litigation, investigation or proceeding which may exist at any time between any Loan Party and any
Governmental Authority, which in either case could reasonably be expected to have a Material Adverse
Effect;
(c) (i) any litigation or administrative or arbitration proceeding to which any Loan Party is a
party in which the amount involved is $5,000,000 or more and not covered by insurance, segregated cash
reserves or bonds, or in which injunctive or similar relief is sought or (ii) any Lien on any of the
Collateral (other than Liens created hereby or Liens permitted on Collateral pursuant to Section 8.3);
(d) the following events: (i) the occurrence of any Reportable Event with respect to any
Single Employer Plan, a determination that a plan is in “at risk” status within the meaning of Section 430
of the Code, a failure to make any required contribution to a Plan when such contributions have become
due, the creation of any Lien in favor of the PBGC or a Plan, a determination that a Multiemployer Plan is
in endangered, seriously endangered or critical status, in each case within the meaning of Section 432 of
the Code, or any withdrawal from, or the termination or Insolvency of, any Multiemployer Plan in which
any Borrower or any other Loan Party is reasonably expected to have a liability in excess of $5,000,000
or (ii) the institution of proceedings or the taking of any other action by the PBGC to terminate any Single
Employer Plan;
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(e) the Borrowing Base Availability becoming less than or equal to $50,000,000;
(f) the Acquisition Facility Working Capital Sub-Limit, plus, the aggregate Working Capital
Facility Commitments, minus, the Total Working Capital Facility Extensions of Credit, minus, the Total
Acquisition Facility Working Capital Extensions of Credit becoming less than or equal to $50,000,000;
(g) the sum of the Total Working Capital Facility Extensions of Credit and the Total
Acquisition Facility Working Capital Extensions of Credit exceeding the Aggregate Borrowing Base
Amount;
(h) the Total Acquisition Facility Acquisition Extensions of Credit exceeding the Eligible
Acquisition Asset Value;
(i) both (1) the sum of the Total Working Capital Facility Extensions of Credit and the Total
Acquisition Facility Working Capital Extensions of Credit exceeding $1,095,000,000 (or if a Dollar
Working Capital Facility Increase or Multicurrency Working Capital Facility Increase has been effected,
the aggregate Working Capital Facility Commitments less $25,000,000) and (2) the Borrowing Base
Availability becoming less than or equal to $75,000,000;
(j) the occurrence of any event which could reasonably be expected to have a material
adverse effect on the aggregate value of the Collateral;
(k) a Material Adverse Effect; and
(l) any filing made by any Borrower or any other Loan Party with the SEC of any annual,
regular, periodic or special report or registration statement which any Borrower or any other Loan Party
files with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934.
Each notice pursuant to this Section 7.7 shall be accompanied by a statement of a Responsible Person
setting forth details of the occurrence referred to therein and stating what action the Loan Parties propose
to take with respect thereto.
7.8 Environmental Laws. (a)(i) With respect to properties and assets located in
Canada, obtain and maintain and comply with all Environmental Permits required by applicable
Environmental Laws in all material respects, (ii) direct or obtain agreement, to the extent that any lease
existing as of the Restatement Effective Date allows and in all cases pursuant to terms that shall be
contained in all leases renewed or entered into after the Restatement Effective Date, compliance by all
tenants and subtenants, if any, with, any and all applicable Environmental Laws, and direct all tenants and
subtenants to obtain and comply with and maintain, any and all Environmental Permits required by
applicable Environmental Laws, except to the extent that failure to do so could not be reasonably
expected to have a Material Adverse Effect and (iii) without limiting the foregoing, comply in all material
respects with all material permits, registrations, licenses or similar authorizations or notifications required
to construct and operate bulk storage tanks and other bulk storage facilities at the Properties.
(b) Conduct and complete all investigations, studies, sampling and testing, and all remedial,
removal, compliance and other actions, required under Environmental Laws, except to the extent the
failure to do so could not reasonably be expected to have a Material Adverse Effect, and promptly comply
with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws,
except to the extent that the same are being contested in good faith by appropriate proceedings and the
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pendency of such proceedings could not be reasonably expected to have a Material Adverse Effect.
7.9 Periodic Audit of Borrowing Base Assets. Permit the Co-Collateral Agents or
any other designee of the Co-Collateral Agents to perform, or to have an independent inspector mutually
reasonably acceptable to the U.S. Borrower and the Required Lenders perform, a periodic due diligence
inspection, test and review of all of the assets of the Loan Parties that comprise each asset category set
forth in the definitions of “U.S. Borrowing Base” and “Kildair Borrowing Base” and the Borrowers’
internal controls, credit and risk practices and trading book on a mutually convenient Business Day once
during each twelve (12) month period following the Restatement Effective Date (or more often at the Co-
Collateral Agents’ discretion exercised in good faith), the results of which shall be reasonably satisfactory
to the Co-Collateral Agents in all material respects and provided by the Co-Collateral Agents to each
Lender; provided, however, the Co-Collateral Agents or any other designee of the Co-Collateral Agents
shall be entitled to perform additional due diligence inspections, tests and reviews of such inventory and
accounts receivable on Business Days at any time and/or frequency that the Co-Collateral Agents or the
Required Lenders deem necessary at any time during the occurrence and continuance of an Event of
Default; provided, further, that the expense of all such due diligence inspections, tests and reviews shall
be borne exclusively by the Borrowers.
7.10 Risk Management Policy. (a) Keep the Risk Management Policy in full force
and effect and conduct its business in compliance with the Risk Management Policy.
(b) The U.S. Borrower shall provide at least ten (10) Business Days’ prior written notice to
the Administrative Agent (for distribution to the Lenders through posting on Intralinks) of any proposed
amendment, modification, supplement or other change to such Risk Management Policy, which proposed
amendment, modification, supplement or other change must be approved by the Administrative Agent
(which may require the approval of the Supermajority Lenders at its reasonable discretion; provided, that
(i) subject to the following clause (ii), failure of a Lender to respond to any request by the Administrative
Agent for approval within ten (10) Business Days after receipt of such request shall be deemed an
approval of such proposed amendment, modification, supplement or other change and (ii) the
Administrative Agent may, in its sole discretion, extend such ten (10) Business Day period if the
Administrative Agent determines that any such proposed amendment, modification, supplement or other
change requires additional review by any Lender) if it relates to modifications to stop loss position limits,
or contract or commodity traded limits (including outright position limits). The U.S. Borrower shall
provide to the Administrative Agent (for distribution to the Lenders, including, if requested by a Lender,
through posting on Intralinks or other web site in use to distribute information to the Lenders), within ten
(10) days of the effectiveness of any such amendment, modification, supplement or other change, such
revised Risk Management Policy in its entirety.
7.11 Collections of Accounts Receivable. (a) Pursuant to and in accordance with
Section 3(c) of the U.S. Security Agreement or Section 3(c) of the Canadian Security Agreement, as
applicable, (i) instruct each Account Debtor of an Account Receivable to make all payments to the
applicable Loan Party in respect of such Account Receivable to a Controlled Account and (ii) with respect
to any items sent directly to a Loan Party by an Account Debtor, hold such items in trust for the Secured
Parties and promptly deposit such items into a Controlled Account and (b) otherwise comply with Section
3 of the U.S. Security Agreement, Section 3 of the Canadian Security Agreement or Section 5 of the
Dutch Receivables Pledge Agreement, as applicable.
7.12 Taxes. Each Loan Party and each of its Subsidiaries shall timely file or cause to
be filed all material Tax returns required to be filed by it and shall timely pay all material Taxes due and
payable by it or imposed with respect to any of its property and all other material fees or other charges
imposed on it or any of its property by any Governmental Authority (other than any Taxes, fees or other
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charges, the amount or validity of which is being contested in good faith by appropriate proceedings and
with respect to which reserves in conformity with GAAP have been provided on the books of such Loan
Party). Each Loan Party and each of its Subsidiaries shall withhold all employee withholdings required to
be withheld and shall make all employer contributions required to be made by it pursuant to applicable
law on account of the Canada and Quebec pension plans, employment insurance and employee income
taxes.
7.13 Additional Collateral; Further Actions.
(a) In the event that any such Loan Party acquires or forms any additional Subsidiary (other
than an Exempt CFC or any Subsidiary thereof or an Immaterial Subsidiary) (it being understood that the
acquisition of any additional Subsidiary shall include, for purposes of this clause (a), any existing
Subsidiary that ceases to be an Exempt CFC (and any Subsidiary thereof that is not an Exempt CFC or a
Subsidiary of an Exempt CFC) and any existing Subsidiary that ceases to be an Immaterial Subsidiary),
shall:
(i) cause such additional Subsidiary to become a party to the applicable
Security Documents and Guarantee;
(ii) if such additional Subsidiary holds any Capital Stock of any Subsidiary,
cause such additional Subsidiary to execute such pledge agreements or addenda to the
applicable Pledge Agreement, each in form and substance satisfactory to the
Administrative Agent, and take such other action as shall be necessary or advisable
(including the filing of financing statements on Form UCC-1, PPSA financing statements
and financing change statements and the delivery of pledge agreements) in order to
perfect the pledge of all of the Capital Stock of such Subsidiary in favor of the
Administrative Agent for the benefit of the Secured Parties; provided that in the case of a
pledge of Capital Stock of any Subsidiary that is an Exempt CFC, no more than 65% of
the voting Capital Stock of such Subsidiary shall be pledged;
(iii) cause such additional Subsidiary to deliver to the Administrative Agent
and the Lenders all documentation and other information required by bank regulatory
authorities under applicable “know your customer” and anti-money laundering rules and
regulations; including the USA PATRIOT Act and CAML;
(iv) if effective to perfect a Lien on such accounts in the applicable
jurisdiction in respect of such accounts in any jurisdiction in the United States or Canada
or otherwise requested by the Administrative Agent in its sole discretion, cause an
Account Control Agreement for each Deposit Account (other than any Excluded
Account), Securities Account and Commodity Account of such additional Subsidiary to
be executed and delivered by such Subsidiary and the bank, broker or other Person
maintaining such Deposit Account, Securities Account or Commodity Account to the
extent required by the U.S. Security Agreement, the Canadian Security Documents or the
Dutch Receivables Pledge Agreement, as applicable;
(v) atno later than sixty (60) days (or such longer time as may be agreed by
the Administrative Agent) following the request of the Administrative Agent, solely with
respect to any real property having a value equal to or in excess of $500,000, (A) cause
any such additional Subsidiary that owns a fee simple or material leasehold estate in real
property located in the United States or Canada to (i) prepare, execute and deliver a
mortgage, deed of trust or deed of hypothec, as applicable, (if and to the extent
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permissible under the terms of the lease) in substantially the same form as the Mortgage
and Security Agreement together with any Form UCC-1 financing statements and PPSA
financing statements required by the Administrative Agent and (ii) for any real property
located in the United States, deliver a “Life-of-Loan” Federal Emergency Management
Agency Standard Flood Hazard Determination and with respect to each such real
property that is located in a flood zone, flood acknowledgements executed by the U.S.
Borrower and, with respect to any such real property and any Mortgaged Property located
in Canada in a flood plain, flood insurance and evidence of the payment of premiums
then due and payable for such flood insurance, in each case in form and substance
reasonably satisfactory to the Administrative Agent and subject to the requirements set
forth in Section 6.1(z), (B) cause any such Subsidiary that owns a fee simple or material
leasehold estate in such real property located outside of the United States or Canada to
prepare, execute and deliver all mortgage or security documentation determined by the
Administrative Agent to be sufficient to create and/or perfect a Lien in favor of the
Administrative Agent on such real property, and to take such other actions as the
Administrative Agent shall request in order to create and/or perfect a Lien in favor of the
Administrative Agent on such real property of such Subsidiary and (C) cause such
Subsidiary to deliver a mortgage title insurance policy (only for such real property
located in the United States or Canada), survey (only for such real property located in the
United States or Canada) and appraisal of the real property, in each case in form and
substance reasonably satisfactory to the Administrative Agent subject to the matters and
in the form required by Sections 6.1(t) and (u); and
(vi) take any other action as shall be necessary or advisable (including the
filing of financing statements on Form UCC-1 and PPSA financing statements and any
other filing necessary to maintain the perfection of the security interest in the applicable
jurisdiction) to cause such Lien described in this Section 7.13(a) to be a Perfected First
Lien on all right, title and interest of such Collateral.
(b) The Administrative Agent shall be entitled to receive legal opinions of one or more
counsel to the Borrowers and such additional Subsidiary addressing such matters as the Administrative
Agent may reasonably request and as is customary opinion practice, including the enforceability of each
Security Document to which such additional Subsidiary becomes a party and the pledge of the Capital
Stock of such Subsidiary, and the creation, validity and perfection of the Liens so granted by such
Subsidiary and the U.S. Borrower and/or other Loan Parties to the Administrative Agent for the benefit of
the Lenders.
(c) (i) With respect to any fee simple or material leasehold estate in real property having a
value equal to or in excess of $500,000 of any of the Loan Parties located in the United States or Canada
which were not Mortgaged Properties on the Restatement Effective Date, including pipelines, identified
by the Administrative Agent or with respect to any such property acquired by any Loan Party after the
Restatement Effective Date, the applicable Loan Party shall, uponno later than sixty (60) days (or such
longer time as may be agreed by the Administrative Agent) following the request of the Administrative
Agent, prepare, execute and deliver a mortgage, deed of trust or deed of hypothec, as applicable (if and to
the extent permissible under the terms of the lease), in substantially the same form as the Mortgage and
Security Agreement (or Quebec Security Documents in the case of real property located in the Province
of Quebec) together with any Form UCC-1 financing statements and PPSA financing statements required
by the Administrative Agent, and with respect to any fee simple or leasehold estate in real property of any
of the Loan Parties (other than an Exempt CFC or any Subsidiary thereof) located outside the United
States and Canada, the applicable Loan Party shall prepare, execute and deliver all mortgage or security
documentation determined by the Administrative Agent to be sufficient to create and/or perfect a Lien in
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favor of the Administrative Agent on such real property, and take such other actions as the Administrative
Agent shall request in order to create and/or perfect a Lien in favor of the Administrative Agent on any
Mortgaged Property of such Loan Party; and (ii) with respect to any Mortgaged Property having a value
equal to or in excess of $500,000 of any Loan Party (whether or not mortgaged on the Restatement
Effective Date or thereafter), the applicable Loan Party shall, uponno later than sixty (60) days (or such
longer time as may be agreed by the Administrative Agent) following the request of the Administrative
Agent, cause such Loan Party to deliver a mortgagee’s title insurance policy (only for a Mortgaged
Property located in the United States or Canada), survey (only for a Mortgaged Property located in the
United States or Canada) and appraisal of such Mortgaged Property, in each case in form and substance
reasonably satisfactory to the Administrative Agent subject to the matters and in the form required by
Sections 6.1(t) and (u) hereof, (iii) uponno later than sixty (60) days (or such longer time as may be
agreed by the Administrative Agent) following the request of the Administrative Agent, the U.S.
Borrower shall deliver legal opinions of one or more counsel to the applicable Loan Party with respect to
each Mortgage and Security Agreement and each non-United States or non-Canadian mortgage and
collateral document (in each case, covering real property having a value equal to or in excess of
$500,000), addressing such matters as the Administrative Agent may reasonably request and is customary
opinion practice, including the enforceability of such Security Documents, and the creation, validity and
perfection of the Liens so granted by the applicable Loan Party and (iv) with respect to any Mortgaged
Property located in the United States and having a value equal to or in excess of $500,000 of any Loan
Party (whether or not mortgaged on the Restatement Effective Date or thereafter), the applicable Loan
Party shall deliver, uponas promptly as practicable (or such longer time as may be agreed by the
Administrative Agent) following the request of the Administrative Agent, a “Life-of-Loan” Federal
Emergency Management Agency Standard Flood Hazard Determination and if such Mortgaged Property
is located in a flood zone, flood acknowledgements executed by the U.S. Borrower, and with respect to
any such property and any Mortgaged Property located in Canada, flood insurance and evidence of the
payment of premiums then due and payable for such flood insurance, in each case in form and substance
reasonably satisfactory to the Administrative Agent and subject to the requirements set forth in Section
6.1(z).
(d) UponNo later than sixty (60) days (or such longer time as may be agreed by the
Administrative Agent) following the request of the Administrative Agent (which request shall not be
made unless the Administrative Agent has a reasonable basis to make such request with respect to one or
more Mortgaged Properties), the Loan Parties shall promptly order and, upon completion, provide the
Administrative Agent with an Environmental Report as described under Section 6.1(x). The
Administrative Agent may, upon the receipt of a Phase I ESA and after consultation with the U.S.
Borrower regarding the results of such Phase I ESA and the recommendations therein, require the
delivery of further environmental assessments or reports to the extent such further assessments or reports
are recommended in the Phase I ESA or the Administrative Agent has a reasonable basis to require such
further assessments or reports.
7.14 Use of Proceeds. Use the entire amount of the proceeds of the Loans and the
Letters of Credit as set forth in Section 5.21.
7.15 Cash Management. Maintain all of the Pledged Accounts of the Loan Parties at a
Cash Management Bank.
7.16 New Business Valuations of Approved Acquisition Assets. If at any time any
Approved Acquisition Asset has been destroyed or damaged in any material respect or any other event or
condition has occurred that results in a material adverse change in the value of any Approved Acquisition
Asset, (a) the U.S. Borrower shall promptly notify the Administrative Agent thereof, and permit the
Administrative Agent, in its sole discretion, and at sole expense of the Borrowers and the other Loan
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Parties, to obtain a new Business Valuation of such Approved Acquisition Asset and (b) without
derogating from the U.S. Borrower’s obligations to provide notification pursuant to clause (a) above, if
the Administrative Agent otherwise becomes aware of any such destruction, damage, event or condition
without notification from the U.S. Borrower, the Administrative Agent shall be permitted, in its sole
discretion, upon notice to and at the sole expense of the Borrowers and the other Loan Parties, to obtain a
new Business Valuation of such Approved Acquisition Asset, provided that in the case of clause (a) or
(b), a new Business Valuation shall not be required if the U.S. Borrower has agreed to remove the
affected Approved Acquisition Asset from the calculation of the Eligible Acquisition Asset Value.
7.17 Post-Closing Matters. (a) Within 60 days after the Restatement Effective Date
(or such longer time as may be agreed by the Administrative Agent), deliver duly executed Account
Control Agreements (and, if applicable, amendments to any Account Control Agreements executed under
the Existing Credit Agreement that are necessary in order for such Account Control Agreements to be in
full force and effect after giving effect to the Restatement Effective Date) with respect to each Pledged
Account in existence on the Restatement Effective Date.
(b) With respect to each Existing Mortgaged Property, deliver to the Administrative Agent
within 60 days after the Restatement Effective Date (or such longer time as may be agreed by the
Administrative Agent), the following in form and substance reasonably satisfactory to the Administrative
Agent:
(i) an amendment to the Mortgage and Security Agreement encumbering
such Mortgaged Property, duly executed and acknowledged by the
applicable Loan Party (each, a “Mortgage Amendment”);
(ii) a date-down endorsement to the title insurance policy covering the
Mortgage and Security Agreement encumbering such Mortgaged
Property (or if a date-down is not available for a particular jurisdiction, a
new title insurance policy in the same insured amount as originally
issued or marked up unconditional title commitment, pro forma policy or
binder for such insurance), in the same insured amount as originally
issued, if applicable, and in form and substance not materially less
favorable to the Administrative Agent or the Lenders as such title
policies or marked up unconditional title commitments, pro forma
policies or binders delivered on or prior to the Restatement Effective
Date in connection with delivery of the existing Mortgage and Security
Agreements;
(iii) evidence of payment of all applicable filing, documentary, stamp,
intangible, mortgage and recording taxes, recording and filing fees, and
title insurance premiums and fees in connection with the matters set forth
in clauses (i), and (ii) and (iii) above; and
(iv) customary legal opinions with respect to each Mortgage Amendment,
addressed to the Administrative Agent and the other Secured Parties, as
to such matters the Administrative Agent may reasonably request.
(c) With respect to each Mortgaged Property (other than Existing Mortgaged Properties and
other than properties located in Canada), deliver to the Administrative Agent within 60 days (or 120 days
with respect to any Mortgaged Property that is a leasehold estate) after the Restatement Effective Date (or
such longer time as may be agreed by the Administrative Agent), the following in form and substance
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reasonably satisfactory to the Administrative Agent; provided that with respect to any such Mortgaged
Property that is a leasehold estate, the Loan Parties shall be required to comply with the following only if
the relevant lease permits the mortgaging of such leasehold or the landlord thereof has otherwise
consented to the mortgaging of such leasehold (and the applicable Borrower shall use reasonable efforts
to obtain such consent and a recorded memorandum of such lease):
(i) real property appraisals from an appraiser reasonably acceptable to the
Administrative Agent;
(ii) current or existing ALTA/ACSM surveys reasonably acceptable to the
Administrative Agent and which are sufficient for the title insurance
company to remove the survey exception for each Mortgage Policy and
to issue such survey-dependent endorsements as are requested by the
Administrative Agent.
(iii) a Mortgage and Security Agreement, executed and delivered by a duly
authorized officer of the applicable Loan Party securing the total amount
of the Obligations, provided, however, that with respect to any
Mortgaged Property located in a jurisdiction which imposes mortgage
recording taxes or similar fees, the amount secured thereby may be
limited to an amount not less than 100% of the appraised value of the
land and improvements constituting such Mortgaged Property which is
subject to the Mortgage and Security Agreement
(iv) with respect to each Mortgage and Security Agreement intended to cover
such Mortgaged Property, a policy or policies of title insurance insuring
the Lien of the Mortgage and Security Agreement on such Mortgaged
Property, in an amount equal to, for any fee mortgage policy, the
aggregate of the land value and insurable building and improvements
value of such Mortgaged Property (or such lesser amount as may be
acceptable to Administrative Agent), and for any leasehold mortgage
policy, an agreed upon value of the leasehold estate reasonably
acceptable to the Administrative Agent, issued by a nationally
recognized title insurance company insuring the Lien of such Mortgage
and Security Agreement as a valid first Lien on the Mortgaged Property
described therein, free of all other Liens that are not expressly permitted
under this Agreement, containing no general survey exception or
mechanics lien exception and issued together with such endorsements
and affirmative coverage as the Administrative Agent may reasonably
request;
(v) an American Society for Testing & Materials E1527-05 compliant Phase
I Environmental Site Assessment (“ESA”), inclusive of 40 CFR 312
representations for each Mortgaged Property, prepared by an
environmental consultant reasonably acceptable to the Administrative
Agent in form, scope and substance reasonably satisfactory to the
Administrative Agent, together with a letter from the environmental
consultant permitting the Agents and the Lenders to rely on the ESA as if
addressed to and prepared for each of them; and
(vi) customary legal opinions with respect to each such Mortgaged Property,
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addressed to the Administrative Agent and the other Secured Parties, as
to such matters the Administrative Agent may reasonably request.
7.18 Additional Post-Closing Transactions. No later than (i) one Business Day after
the Restatement Effective Date, effectuate the ULC Conversion, (ii) three Business Days after the
Restatement Effective Date, file the Kildair Election with the IRS, (iii) four Business Days after the
Restatement Effective Date, file the Kildair Subsidiary Election with the IRS and (iv) January 2, 2015,
effect the Amalgamation.
7.19 Canadian Pension Plans and Benefit Plans. (a) For each existing, or hereafter
adopted, Canadian Pension Plan and Canadian Benefit Plan, in a timely fashion comply with and perform
in all material respects all of its obligations under and in respect of such Canadian Pension Plan or
Canadian Benefit Plan, including under any funding agreements and all applicable laws (including any
fiduciary, funding, investment and administration obligations).
(b) Remit, withhold or pay (and cause each of its Subsidiaries to remit , withhold or
pay) all employer or employee payments, contributions or premiums required to be remitted, withheld or
paid to or in respect of each Canadian Pension Plan or Canadian Benefit Plan, in each case in a timely
fashion in compliance in all material respects with the terms thereof, any funding agreements and all
applicable laws.
(c) Deliver to the Administrative Agent (i) if requested by the Administrative Agent,
copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan as
filed with any applicable Governmental Authority; (ii) promptly after receipt thereof, a copy of any
material direction, order, notice, ruling or opinion that any Loan Party or any Subsidiary of any Loan
Party may receive from any applicable Governmental Authority with respect to any Canadian Pension
Plan; (iii) notification with 30 days of any increases having a cost to one or more of the Loan Parties and
their Subsidiaries in excess of $500,000 per annum in the aggregate, in the benefits of any existing
Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan
or Canadian Benefit Plan, or the commencement of contributions to any such plan to which any Loan
Party was not previously contributing; and (iv) notification within 30 days of any voluntary or involuntary
termination of, or participation in, a Canadian Pension Plan or a Canadian Benefit Plan.
7.20 Center of Main Interest. Each Loan Party organized under the laws of the
Netherlands shall maintain its center of main interests in the Netherlands for the purposes of the
Insolvency Regulation.
SECTION 8 NEGATIVE COVENANTS
Each of the Borrowers hereby jointly and severally agrees that, commencing on the
Restatement Effective Date and continuing so long as any of the Commitments remain in effect or any
amount is owing to any Lender or any Agent hereunder or under any other Loan Document (except
contingent indemnification and expense reimbursement obligations for which no claim has been made), no
Credit Party shall, directly or indirectly:
8.1 Financial Condition Covenants.
(a) Minimum Consolidated Net Working Capital. Permit, as of the last day of any calendar
month, the Consolidated Net Working Capital to be less than the Minimum Consolidated Net Working
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Capital Amount applicable as of such day in accordance with the definitions thereof.
(b) Minimum Consolidated Fixed Charge Coverage Ratio. Permit, as of the last day of any
fiscal quarter (commencing with the fiscal quarter ending December 31, 2014), for the twelve (12) month
period ending on such day, the Consolidated Fixed Charge Coverage Ratio to be less than the Minimum
Consolidated Fixed Charge Coverage Ratio.
(c) Maximum Consolidated Senior Secured Leverage Ratio. Permit, as of the last day of any
fiscal quarter (commencing with the fiscal quarter ending December 31, 2014), for the twelve (12) month
period ending on such day, the Consolidated Senior Secured Leverage Ratio to exceed the Maximum
Consolidated Senior Secured Leverage Ratio applicable as of such day in accordance with the definition
thereof.
(d) Maximum Consolidated Total Leverage Ratio. Permit, as of the last day of any fiscal
quarter (commencing with the fiscal quarter ending December 31, 2014), for the twelve (12) month
period ending on such day, the Consolidated Total Leverage Ratio to exceed the Maximum Consolidated
Total Leverage Ratio applicable as of such day in accordance with the definition thereof.
8.2 Limitation on Indebtedness. Create, incur, assume or suffer to exist any
Indebtedness, or permit any preferred stock to be issued or outstanding, except:
(a) Indebtedness of such Loan Party under this Agreement and the other Loan Documents;
(b) (i) any Intercompany Subordinated Indebtedness and (ii) any Xxxx Xxxxxxx Subordinated
Indebtedness;
(c) Indebtedness in respect of purchase money security interests, Financing Leases or
Synthetic Leases; provided that the aggregate amount of Indebtedness incurred pursuant to this Section
8.2(c) in any Fiscal Year shall not exceed $50,000,000;
(d) Indebtedness outstanding on the Restatement Effective Date and listed on Schedule 8.2,
or any refinancings, refundings, renewals or extensions thereof (such refinanced, refunded, renewed or
extended Indebtedness, “Permitted Refinancing Indebtedness”); provided that (i) the stated amount of
such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
(except to the extent of non-cash interest), (ii) such refinancing, refunding, renewal or extended
Indebtedness shall (A) not have a stated final maturity prior to the final maturity date of the Indebtedness
being refinanced, refunded, renewed or extended and (B) have an average life to maturity equal to or
greater than such Indebtedness, (iii) the terms of such refinancing, refunding, renewal or extension, taken
as a whole, shall not be more restrictive than the terms of such Indebtedness, (iv) any guarantee entered
into in connection with such refinancing, refunding, renewal or extension that is not a refinancing of an
existing guarantee of such Indebtedness shall not be permitted under this Section 8.2(d) and (v) if the
Indebtedness being refinanced, refunded, renewed or extended is subordinated, such Permitted
Refinancing Indebtedness shall be subordinated to at least the same extent, and on terms at least as
favorable to the Lenders, as the Indebtedness being refinanced, refunded, renewed or extended;
(e) Indebtedness arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary course of business or other
cash management services in the ordinary course of business; provided that such Indebtedness (other than
credit or purchase cards) is extinguished within one (1) Business Day after notification to any Credit Party
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of its incurrence;
(f) Indebtedness under one or more Contango Facilities in an amount outstanding at any time
not to exceed $125,000,000 in the aggregate;
(g) limited recourse Indebtedness of any Borrower or any other Credit Party to any
Governmental Authority in respect of a capital project financing provided by such Governmental
Authority, but only so long as (i) such funding accounts for 100% of the capital costs of such project in
excess of any Investment by such Borrower or such Credit Party, (ii) the recourse to such Borrower or
such Credit Party, as applicable, with respect to such Indebtedness is limited to its interest in the project
financed by such Indebtedness and proceeds from the operation of such project, (iii) the aggregate
principal amount of all such Indebtedness at any time outstanding shall not exceed $20,000,000 and (iv)
the terms of such Indebtedness are reasonably satisfactory to the Administrative Agent; and
(h) additional unsecured Indebtedness of the Loan Parties in an aggregate principal amount
(for all Loan Parties) not to exceed $500,000,000 at any one time outstanding; provided, that (i) the terms
of such unsecured Indebtedness shall not be more restrictive, in the aggregate to the Loan Parties, than the
terms, conditions, covenants and defaults contained in the Loan Documents, (ii) the terms of such
unsecured Indebtedness shall permit Obligations under the Loan Documents in a principal amount at least
equal to 115% of the combined aggregate amount of the Working Capital Facility Commitments in effect
as of the date the documentation for any such unsecured Indebtedness is entered into and the Acquisition
Facility Commitments in effect as of the date the documentation for any such unsecured Indebtedness is
entered into without meeting any financial ratio test (including any incurrence test) contained in the
documentation for such unsecured Indebtedness, (iii) the Weighted Average Life to Maturity of such
unsecured Indebtedness shall be at least ninety-one (91) days after the Maturity Date, (iv) the maturity
date of such unsecured Indebtedness shall be at least six (6) months after the Maturity Date, (v) such
unsecured Indebtedness shall not be guaranteed by any Subsidiary of the MLP that is not a Loan Party;
and (vi) no Default or Event of Default shall have occurred and be continuing as of the date of incurrence
or refinancing of such unsecured Indebtedness (or would occur as a result thereof) and as of such date, the
Loan Parties would be in compliance with the covenants set forth in Section 8.1 calculated on a Pro
Forma Basis as of such date assuming the incurrence of such unsecured Indebtedness.
Notwithstanding the foregoing, in no event shall any Indebtedness of (i) any Credit Party, on the one
hand, owing to (ii) the MLP or any Subsidiary or any Affiliate of the MLP, on the other hand, be
permitted hereunder other than pursuant to Section 8.2(b).
8.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of
its property, assets or revenues, whether now owned or hereafter acquired, except for:
(a) Liens for taxes, assessments or governmental charges or levies not yet due and payable or
which are being contested in good faith by appropriate proceedings; provided that adequate reserves with
respect thereto are maintained on the books of such Credit Party, in conformity with GAAP;
(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s Liens, or
other similar Liens arising in the ordinary course of business which are not overdue for a period of more
than 60 days or which are being contested in good faith by appropriate proceedings or which have been
bonded over or otherwise adequately secured against;
(c) pledges or deposits in connection with workers’ compensation, unemployment insurance
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and other social security legislation or in connection with casualty insurance;
(d) deposits or bonds to secure (i) the performance of bids, trade contracts (other than for
borrowed money), leases, statutory obligations, surety and appeal bonds and (ii) indemnities, performance
and similar bonds and other obligations of a like nature incurred in the ordinary course of business;
(e) Permitted Cash Management Liens;
(f) easements, rights-of-way, restrictions and other similar title exceptions and
encumbrances, landlords’ and lessors’ Liens on rented premises and restrictions on transfers of leases,
each incurred in the ordinary course of business which, in the aggregate, are not substantial in amount,
secure obligations that do not constitute Indebtedness, and which do not in any case materially detract
from the value of the property subject thereto or materially interfere with the ordinary conduct of the
business of the Credit Parties;
(g) Liens arising from precautionary or unauthorized Uniform Commercial Code or PPSA
financing statements or applications for registration of a hypothec under the Register of Personal and
Movable Real Rights (Quebec) under the Civil Code of Quebec;
(h) Liens created pursuant to the Security Documents and the other Loan Documents;
(i) First Purchaser Liens;
(j) netting and other offset rights granted by any Credit Party to counterparties under
Commodity Contracts and Financial Hedging Agreements on or with respect to payment and other
obligations owed by such Credit Party to such counterparties;
(k) Liens in existence on the Restatement Effective Date that are listed, and the property
subject thereto described, on Schedule 8.3;
(l) Liens on cash and short-term investments deposited as collateral by a Credit Party under
any Commodity Contract or Financial Hedging Agreement with the counterparty (or counterparties)
thereto;
(m) Liens securing judgments for the payment of money not constituting an Event of Default
under Section 9.1(i) or securing appeal or other surety bonds related to such judgments;
(n) Liens of an account bank on currency, Cash Equivalents, commodities or Commodities
Contracts of Wintergreen or Xxxxxxx Resources Canada, deposited in, or credited to, an account with such
account bank; provided that such Liens arise by operation of law;
(o) Liens securing Indebtedness of the Credit Parties permitted by Section 8.2(f); provided
that such Liens do not at any time encumber any property other than the inventory, forward contracts and
receivables related to the Cash and Carry Transactions financed by such Indebtedness;
(p) Liens securing Indebtedness of the Credit Parties permitted by Section 8.2(g) on the
property being financed by such Indebtedness and proceeds of such property;
(q) restrictions under federal, provincial, territorial and state securities laws on the transfer of
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securities;
(r) Liens constituting purchase money security interests (including mortgages, conditional
sales, Financing Leases and any other title retention or deferred purchase devices) in real property,
interests in leases or personal property existing or created on the date on which such property is acquired;
provided, however, that (i) each such security interest shall attach solely to the particular item of property
so acquired, and the principal amount of Indebtedness secured thereby shall not exceed the cost (including
all such Indebtedness secured thereby, whether or not assumed) of such item of property; and (ii) the
Indebtedness secured thereby was incurred, and permitted, pursuant to Section 8.2(c);
(s) Liens securing the Maine Dock Liability Obligations in connection with the incurrence of
such liability; provided, however, that such Lien shall attach solely to the property acquired; and
(t) Liens on assets not included in the U.S. Borrowing Base or the Kildair Borrowing Base
securing obligations of the Loan Parties in an amount not to exceed $2,500,000 in the aggregate at any
one time outstanding.; and
(u) Liens granted to a Subject Utility on the Subject Natural Gas Receivables purchased by
such Subject Utility (and not other assets of a Loan Party) pursuant to a Natural Gas Transaction.
Notwithstanding anything to the contrary contained in this Agreement or any Security Document
(including any provision for, reference to, or acknowledgement of, any Lien or Permitted Borrowing Base
Lien or Permitted Cash Management Lien), nothing herein and no approval by the Administrative Agent
or Lenders of any Lien, Permitted Borrowing Base Lien or Permitted Cash Management Lien (whether
such approval is oral or in writing) shall be construed as or deemed to constitute a subordination by the
Administrative Agent or the Lenders of any security interest or other right, interest or Lien in or to the
Collateral or any part thereof in favor of any Lien, Permitted Borrowing Base Lien or Permitted Cash
Management Lien or any holder of any Lien, Permitted Borrowing Base Lien or Permitted Cash
Management Lien.
8.4 Limitation on Fundamental Changes. Other than the Amalgamation, enter into
any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or
substantially all of its property, business or assets of such Credit Party, except for the following, in each
case so long as, at the time thereof and immediately after giving effect thereto, no Default or Event of
Default shall have occurred and be continuing:
(a) (x) the merger, consolidation, amalgamation or liquidation of any Subsidiary into the
U.S. Borrower in a transaction in which the U.S. Borrower is the surviving or resulting entity and (y) at
any time after the Amalgamation, the merger, consolidation, amalgamation or liquidation of any
Subsidiary of the Canadian Borrower into the Canadian Borrower in a transaction in which the Canadian
Borrower is the surviving or resulting entity;
(b) the merger, consolidation, amalgamation or liquidation of any Wholly-Owned Subsidiary
(including the liquidation of Xxxxxxx Canadian Properties LLC immediately after the consummation of
the Kildair Acquisition but excluding any Borrower) into or with a Wholly-Owned Subsidiary or the
merger, consolidation, amalgamation or liquidation of any Person into a Wholly-Owned Subsidiary (other
than any Borrower) or pursuant to which such Person will become a Wholly-Owned Subsidiary (other
than any Borrower) in a transaction in which the resulting or surviving entity is a Wholly-Owned
Subsidiary (it being understood that if any Person involved is a Loan Party, the surviving entity shall be a
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Loan Party);
(c) the conveyance, sale, lease, assignment, transfer or disposal of all, or substantially all, of
the property, business or assets of (i) a Loan Party to another Loan Party or (ii) Wintergreen or Xxxxxxx
Resources Canada to another Credit Party;
(d) sales or other Dispositions permitted under Section 8.6 (other than Section 8.6(h)); and
(e) any inactive Subsidiary (other than the Canadian Borrower) may be liquidated;
provided that, notwithstanding anything to the contrary herein, prior to the
Amalgamation, no Initial Canadian Borrower may enter into any merger, consolidation or amalgamation,
or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease,
assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets, other
than the Amalgamation and the liquidation of Xxxxxxx Canadian Properties LLC.
8.5 Restricted Payments. Declare or pay any dividend (other than distributions
payable solely in common Capital Stock of the MLP) on, or make any payment on account of, or set apart
assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other
acquisition of, any shares of any class of Capital Stock of any Credit Party or any warrants or options to
purchase any such Stock, whether now or hereafter outstanding, or make any other distribution in respect
thereof, either directly or indirectly, whether in cash or Property or in obligations of any Credit Party
(such declarations, payments, setting apart, purchases, redemptions, defeasances, retirements, acquisitions
and distributions, being herein called “Restricted Payments”); provided that:
(a) the MLP at any time may make Restricted Payments payable solely in common Capital
Stock of the MLP;
(b) any Credit Party that is a Subsidiary of the MLP may make Restricted Payments to the
MLP or any other Credit Party that owns Capital Stock of such Credit Party;
(c) [reserved];
(d) the MLP may (i) redeem, repurchase or otherwise acquire or retire for value its Capital
Stock or (ii) pay, settle, exercise, redeem, repurchase, or exchange any other award constituting a
Restricted Payment, in the case of clauses (i) and (ii), that is held or received by current or former
officers, directors or employees (or their estates or beneficiaries under their estates or their immediate
family members), of the General Partner and the MLP or any of its Subsidiaries pursuant to any equity
subscription agreement, equity plan, equity option agreement, unitholders’ agreement, incentive plan or
similar agreement under which such Capital Stock was issued or such award made; provided that the
aggregate cash consideration paid therefor in any calendar year (commencing with the 2014 calendar
year) does not exceed an aggregate amount of $2,500,000 (with unused amounts in any calendar year
being permitted to be carried over for the two succeeding calendar years);
(e) the following shall be permitted: (i) any repurchase of Capital Stock deemed to occur
upon the exercise of units, options or other rights to the extent such Capital Stock represents a portion of
the exercise price of those units, options or other rights; (ii) any repurchase or other acquisition of Capital
Stock made in lieu of withholding taxes in connection with any exercise or exchange of equity options,
warrants, incentives or other rights to acquire Capital Stock; and (iii) any payment of cash made in lieu of
the issuance of fractional units upon the exercise of units, options, or other rights or the conversion or
exchange of Capital Stock of any such Person; provided that the aggregate cash consideration paid
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pursuant to this clause (e) in any calendar year (commencing with the 2014 calendar year) does not
exceed an aggregate amount of $2,500,000; and
(f) the MLP may make Restricted Payments (including quarterly distributions contemplated
under the MLP Partnership Agreement) if at the time of such Restricted Payment and after giving effect
thereto, no Event of Default has occurred and is continuing and the Loan Parties are in compliance with
the covenants set forth in Section 8.1 calculated on a Pro Forma Basis after giving effect to such
Restricted Payment.
8.6 Limitation on Sale of Assets. Convey, sell, lease, assign, transfer or otherwise
dispose of any of its property, business or assets (including Accounts Receivable and leasehold interests),
whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell or permit the
issuance or sale of any shares of such Subsidiary’s Capital Stock to any Person other than any Loan Party,
except:
(a) the sale or other disposition of obsolete or worn out property in the ordinary course of
business;
(b) the sale or other disposition of any property in the ordinary course of business;
(c) the sale of Eligible Commodities and Eligible RINs in the ordinary course of business;
(d) sales or other dispositions of Investments permitted under Section 8.8 in the ordinary
course of business;
(e) leases or subleases of real property not material to the business of any Credit Party
entered into in the ordinary course of business;
(f) the sale or discount without recourse of accounts receivable arising in the ordinary course
of business in connection with the compromise or collection thereof;
(g) any Disposition of Acquisition Assets so long as at the time of and after giving effect to
such Disposition, Total Acquisition Facility Acquisition Extensions of Credit (after giving effect to any
repayment of the Acquisition Facility occurring in connection with such Disposition) do not exceed the
Eligible Acquisition Asset Value, and no Default or Event of Default shall have occurred and be
continuing;
(h) sales or other Dispositions permitted under Section 8.4 (other than Section 8.4(d));
(i) any Disposition by (i) a Loan Party to another Loan Party or (ii) Wintergreen or Xxxxxxx
Resources Canada to another Credit Party;
(j) any Disposition occurring on the Restatement Effective Date pursuant to any agreement
listed on Schedule 8.10;
(k) any Restricted Payment permitted by Section 8.5 and any Investment permitted by
Section 8.8; and
(l) any of the following: (i) the termination or unwinding of any Financial Hedging
Agreement or Commodity OTC Agreement; (ii) the surrender, modification, release or waiver of contract
rights; or (iii) the settlement, release, modification, waiver or surrender of contract, tort or other claims of
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any kind.; and
(m) Dispositions by a Loan Party of Subject Natural Gas Receivables to a Subject Utility
pursuant to a Natural Gas Transaction.
8.7 Limitation on Capital Expenditures. Make or commit to make (by way of the
acquisition of securities of a Person or otherwise) Capital Expenditures other than: (i) Capital
Expenditures made with respect to the maintenance or improvement of assets or property then owned by
any Credit Party not to exceed $25,000,00040,000,000 in the aggregate in any Fiscal Year; or (ii) Capital
Expenditures made with respect to any acquisition of any additional assets or property in a single
transaction not to exceed $60,000,00075,000,000, provided that the aggregate amount of such Capital
Expenditures for all such acquisitions of additional assets or property in any Fiscal Year shall not exceed
$100,000,000 or (iii) Capital Expenditures made in respect of Project X upon the consummation thereof
(provided that no Capital Expenditures shall be permitted under this clause (iii) after September 30,
2016)175,000,000.
8.8 Limitation on Investments, Loans and Advances. Other than as required in
connection with the Amalgamation, make any Investment in any Person, except:
(a) extensions of trade credit in the ordinary course of business (including, for the avoidance
of doubt, ordinary course extensions of credit under Commodity Contracts and Financial Hedging
Agreements made in accordance with the Risk Management Policy);
(b) Investments in Cash Equivalents;
(c) Investments (i) by any Credit Party in any Loan Party, (ii) by any Loan Party in
Wintergreen or Xxxxxxx Resources Canada in existence on the Amendment Effective Date together with
any renewals and extensions thereof, so long as the principal amount of such renewal or extension does
not exceed the original principal amount of such Investment, and (iii) by any Loan Party in Wintergreen
or Xxxxxxx Resources Canada after the Amendment Effective Date provided that the aggregate amount of
such Investments shall not exceed $3,000,000 in any Fiscal Year;
(d) Investments consisting of cash and Cash Equivalents posted as collateral to satisfy
margin requirements with counterparties of Commodity Contracts or Financial Hedging Agreements of
any Loan Party;
(e) Investments (including debt obligations and equity securities) received in connection with
the bankruptcy, insolvency, arrangement or reorganization of suppliers and customers and in settlement of
delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course
of business;
(f) Investments in existence on the Restatement Effective Date and listed on Schedule 8.8,
together with any renewals and extensions thereof, so long as the principal amount of such renewal or
extension does not exceed the original principal amount of such Investment;
(g) payroll, travel and other loans or advances to, or Guarantee Obligations issued to support
the obligations of, current or former officers, directors, and employees of the General Partner, the MLP or
any Subsidiary, in each case in the ordinary course of business in an aggregate principal amount not to
exceed $5,000,000 at any one time outstanding;
(h) any Investment resulting from pledges and deposits permitted by Section 8.3(c), (d), (l)
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and (m);
(i) any Investment using the proceeds of any issuance of common Capital Stock of the MLP;
and
(j) any other Investment if at the time of such Investment and after giving effect thereto, no
Event of Default has occurred and is continuing and the Loan Parties are in compliance with the
covenants set forth in Section 8.1 calculated on a Pro Forma Basis.
8.9 Limitation on Payments or Modifications of Junior Debt Instruments. (a)
Except as provided in clause (b) of this Section 8.9, amend, modify or change, or consent or agree to any
material amendment, modification or change to any of the terms of any Intercompany Subordinated
Indebtedness, any Xxxx Xxxxxxx Subordinated Indebtedness, or any other Indebtedness of a Loan Party
that is subordinated in right of payment to the Obligations, is secured on a junior Lien basis on the
Collateral or is unsecured (the foregoing Indebtedness, “Junior Indebtedness”) (other than any such
amendment, modification or change which would extend the maturity or reduce the amount of any
payment of principal thereof or which would reduce the rate, increase the non-cash portion of the rate or
extend the date for payment of interest thereon or that would relax or waive any covenant therein or (in
the case of any Intercompany Subordinated Indebtedness or Xxxx Xxxxxxx Subordinated Indebtedness)
which would modify any term relating to such Indebtedness not addressed in Exhibit H-1 or Exhibit H-2,
as applicable, that could not reasonably be expected to be adverse to the interests of the Lenders), (b)
amend the subordination provisions of any Intercompany Subordinated Indebtedness, Xxxx Xxxxxxx
Subordinated Indebtedness or any other Junior Indebtedness that is subordinated in right of payment to
the Obligations without the consent of the Required Lenders, (c) make any voluntary payment,
prepayment, repurchase or redemption of, or otherwise optionally or voluntarily defease or segregate
funds with respect to, any Junior Indebtedness, provided that (i) such payments shall be permitted (subject
to clause (d) of this Section 8.9) so long as no Default or Event of Default has occurred and is continuing
and the Loan Parties are in compliance with the covenants set forth in Section 8.1 calculated on a Pro
Forma Basis and (ii) the notes referred to in Section 8.10(e) shall be permitted to be paid by Kildair on the
Restatement Effective Date or (d) make any payment on any Junior Indebtedness in violation of any
subordination provisions applicable thereto.
8.10 Limitation on Transactions with Affiliates. Engage in any transaction with any
Affiliate or Subsidiary unless such transaction is (i) otherwise permitted under this Agreement and (ii) on
terms no less favorable in all material respects to such Credit Party than it would obtain in a comparable
arm’s-length transaction with a Person which is not an Affiliate or Subsidiary; provided, however, that
this Section 8.10 shall not apply to:
(a) any payment or other transaction pursuant to any agreement in effect on the Restatement
Effective Date and listed on Schedule 8.10 (or any renewal thereof that is not materially adverse to the
Lenders);
(b) [reserved];
(c) any payment or transaction by one Loan Party with one or more other Loan Parties;
(d) any Restricted Payment that is permitted to be made pursuant to Section 8.5;
(e) the payment in full by Kildair on the Restatement Effective Date of (i) the Promissory
Note, dated October 30, 2013, made by Kildair in favor of Xxxx Xxxxxxx Inc. having an outstanding
principal amount of $17,500,000 and (ii) the Promissory Note, dated October 1, 2012, and amended on
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September 27, 2013 and October 30, 2013, made by Kildair in favor of Xxxxxxx International Properties
LLC having an outstanding principal amount of $14,535,247.65;
(f) any issuance of common Capital Stock of the MLP;
(g) any Xxxx Xxxxxxx Subordinated Indebtedness and any payment with respect thereto
permitted hereunder; or
(h) each of (i) the liquidation of Xxxxxxx Canadian Properties LLC immediately after the
consummation of the Kildair Acquisition and (ii) the Amalgamation.
8.11 Accounting Changes. Make any significant change in its accounting treatment or
reporting practices, except as required by GAAP, or change its Fiscal Year without the consent of the
Required Lenders (such consent not to be unreasonably withheld, conditioned or delayed). At the end of
any calendar year during which any such change has occurred, the affected Credit Party shall prepare and
deliver to the Administrative Agent (for distribution to the Lenders through posting on Intralinks or other
web site in use to distribute information to the Lenders) an explanatory statement, in form and substance
reasonably satisfactory to the Administrative Agent, reconciling the previous treatment or practice with
the new treatment or practice.
8.12 Limitation on Negative Pledge Clauses. Enter into, or permit to exist, with any
Person any agreement which effectively prohibits or limits the ability of a Loan Party to create, incur,
assume or suffer to exist any Lien upon or otherwise transfer any interest in any of its property, assets or
revenues as Collateral, whether now owned or hereafter acquired, other than:
(a) this Agreement;
(b) the Loan Documents;
(c) agreements evidencing Indebtedness permitted to be incurred under Section 8.2(c) and
(g), any industrial revenue bonds, purchase money security interests or Financing Leases permitted by this
Agreement, and agreements relating to the Maine Dock Liability Obligations (in which cases, any
prohibition or limitation shall only be effective against the assets financed thereby);
(d) leases, contracts and agreements containing restrictions on assignment entered into in the
ordinary course of business;
(e) licensing agreements or management agreements with customary provisions restricting
assignment, entered into in the ordinary course of business;
(f) joint venture agreements containing customary and standard provisions regarding
ownership and distribution of the assets or equity interests of such joint venture;
(g) agreements that neither restrict the Agents’ or any Secured Party’s ability to obtain first
priority liens on Collateral included in the U.S. Borrowing Base or the Kildair Borrowing Base or in the
calculation of Eligible Acquisition Asset Value nor restrict in any material respect the Agents’ or any
Secured Party’s ability to exercise the remedies available to them under applicable Law and the Security
Documents, subject to Liens permitted hereunder; provided that in no event shall such agreements restrict
the payment of the Loans and other Obligations;
(h) agreements entered into by a Loan Party with a third party customer or supplier of such
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Loan Party in the ordinary course of business with respect to a transaction that places restrictions on a
portion of the cash of such Loan Party in an amount reasonably related to the amount of such transaction
on terms consistent with the past practice of such Loan Party;
(i) Materials Handling Contracts and other agreements entered into in the ordinary course of
business with commodity storage, transportation and/or processing facilities that prohibit Liens on the
commodities that are the subject thereof and which shall not be included in the U.S. Borrowing Base or
the Kildair Borrowing Base;
(j) Commodity Contracts and Financial Hedging Agreements not included in the U.S.
Borrowing Base or the Kildair Borrowing Base and containing restrictions on the assignment thereof;
provided that, for the avoidance of doubt, to the extent any such prohibition, restriction or limitation is
ineffective as a matter of law, the account receivable deriving from or the proceeds of such contract or
agreement may be included in the U.S. Borrowing Base or the Kildair Borrowing Base;
(k) agreements purporting to prohibit the existence of any Liens upon, or transferring of any
interest in, any Excluded Asset (as such term is defined in the U.S. Security Agreement or the Canadian
Security Agreement, as applicable); provided that such prohibition is entered into in the ordinary course
and not in contemplation of such asset becoming an Excluded Asset (as such term is defined in the U.S.
Security Agreement or the Canadian Security Agreement, as applicable); and
(l) agreements with respect to assets not included in the U.S. Borrowing Base or the Kildair
Borrowing Base, the aggregate value of such assets at any one time outstanding not to exceed $7,500,000.
8.13 Limitation on Lines of Business. Enter into any business except for those lines of
business in which the Loan Parties are engaged on the Restatement Effective Date, and any activities
reasonably related, complementary or incidental thereto.
8.14 Governing Documents. Amend its Governing Documents in any manner that
could reasonably be expected to be materially adverse to the interests of the Lenders and the Agents
without the prior written consent of the Required Lenders, which shall not be unreasonably withheld,
conditioned or delayed.
8.15 Limitations on Clauses Restricting Subsidiary Distributions. Enter into or suffer
to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary of
the U.S. Borrower to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary
held by, or pay any Indebtedness owed to, the U.S. Borrower or any other Subsidiary of the U.S.
Borrower or (b) make loans or advances to, or other Investments in, the U.S. Borrower or any other
Subsidiary of the U.S. Borrower, except for such encumbrances or restrictions existing under or by reason
of (i) any restrictions existing under this Agreement, (ii) any restrictions existing under the other Loan
Documents and (iii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that
has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or
assets of such Subsidiary.
8.16 Canadian Pension Plan. Except with the written consent of the Required Lenders:
(i) establish, maintain, administer, sponsor, contribute to, participate in or assume or incur any liability in
respect of any new defined benefit Canadian Pension Plan, or acquire an interest in any Person if such
Person sponsors, administers, contributes to, participates in or has any liability in respect of, any defined
benefit Canadian Pension Plan; (ii) permit its Canadian unfunded pension fund and other employee
benefit plan obligations and liabilities to remain unfunded other than in accordance with applicable law;
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or (iii) terminate or wind-up any defined benefit Canadian Pension Plan.
8.17 Use of Proceeds. Request any Loan or Letter of Credit, and the Borrowers shall
not use, and each shall procure that its Subsidiaries and its or their respective directors, officers,
employees and agents shall not use, the proceeds of any Loan or Letter of Credit (A) in furtherance of an
offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of
value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing
or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable
to any party hereto.
8.18 Loan Parties. Permit any Loan Party to become an Exempt CFC.
SECTION 9 EVENTS OF DEFAULT
9.1 Events of Default. If any of the following events shall occur and be continuing:
(a) (i) Any Borrower shall fail to pay any principal of any Loan or Reimbursement
Obligation when due in accordance with the terms thereof or hereof, or (ii) any Loan Party shall fail to
pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or
under any of the other Loan Documents, when such interest or other amount becomes due in accordance
with the terms thereof or hereof, and in the case of this clause (ii), the same shall remain unremedied for a
period of three (3) Business Days; or
(b) Any representation or warranty made or deemed made by any Loan Party herein or in any
other Loan Document or which is identified as such and contained in any certificate, document or
financial or other statement furnished by it at any time under or in connection with this Agreement or any
such other Loan Document shall prove to have been incorrect in any material respect on or as of the date
made or deemed made; or
(c) Any Loan Party shall (i) default in the observance or performance of any covenant
contained in any of Sections 7.1(a) (annual financial statements), (c) (monthly financial statements), (f)
(annual Reconciliation Summary) and (g) (monthly Reconciliation Summary), 7.2 (other than Sections
7.2(e), (g) and (i)), 7.4, 7.6, 7.7(a), (b), (e)-(h), 7.18 or 8 of the Agreement, Sections 5(a), (c), (d), (g), (h),
(i), (j), (n)(i), (n)(iii), (p) or (t) of the U.S. Security Agreement, Sections 5(a), (d), (g), (h), (i), (j), (m)(i),
m(iii), (o) or (s) of the Canadian Security Agreement or Section 4.4 of the Dutch Receivables Pledge
Agreement or (ii) default in the observance or performance, in any material respect, of any covenant
contained in Section 5(q) of the U.S. Security Agreement or Section 5(p) of the Canadian Security
Agreement; or
(d) Any Loan Party shall default in the observance or performance of any covenant contained
in Section 7.10 for a period of four (4) Business Days; or
(e) Any Loan Party shall default in the observance or performance of any other obligation
applicable to it contained in this Agreement or any other Loan Document (other than as provided in
paragraphs (a), (b), (c) and (d) of this Section 9), and such default shall continue unremedied for a period
of thirty (30) days after the earlier of (x) such Loan Party having knowledge of such default or (y) notice
thereof from the Administrative Agent to any Borrower; or
(f) Any Loan Party shall (A) default in any payment of principal of or interest on any
Indebtedness (other than the Loans or Reimbursement Obligations) or in the payment of any Guarantee
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Obligation, beyond the period of grace, if any, provided in the instrument or agreement under which such
Indebtedness or Guarantee Obligation was created, if the aggregate amount of the Indebtedness and/or
Guarantee Obligations of any Loan Party in respect of which such default or defaults shall have occurred
is at least $10,000,000; (B) default in the observance or performance of any other agreement or condition
relating to any such Indebtedness or such Guarantee Obligation (in each case involving the amounts
specified in clause (A) above) or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event shall occur or condition exist, the effect of which default or other event
or condition is to cause, or permit the holder or holders of such Indebtedness or beneficiary or
beneficiaries of such Guarantee Obligation (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become
due prior to its stated maturity (other than with respect to Indebtedness that is, by its terms, callable upon
demand) or such Guarantee Obligation to become payable; or (C) default in the observance or
performance of any obligation (payment or otherwise) under a Financial Hedging Agreement or a
Commodity OTC Contract that would allow the counterparty thereof to exercise a right to terminate its
position under such Financial Hedging Agreement or Commodity OTC Contract, if the aggregate net
exposure with regard to all such positions is in excess of $10,000,000; or
(g) (i) Any Loan Party shall commence any case, proceeding or other action (A) under any
existing or future Law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization, arrangement, liquidation, winding-up or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief
with respect to it or its debts, or (B) seeking appointment of a receiver, interim receiver, receiver and
manager, trustee, custodian, conservator or other similar official for it or for all or any substantial part of
its assets, or any Loan Party shall make a general assignment for the benefit of its creditors; or (ii) there
shall be commenced against any Loan Party any case, proceeding or other action of a nature referred to in
clause (i) above which (A) results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or
(iii) there shall be commenced against any Loan Party any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial
part of its assets which results in the entry of an order for any such relief with regard to all or any
substantial part of its assets, which shall not have been vacated, discharged, or stayed or bonded pending
appeal within forty-five (45) days from the entry thereof; or (iv) any Loan Party shall take any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in
clause (i), (ii), or (iii) above; or (v) any Loan Party shall generally not, or shall be unable to, or shall admit
in writing its inability to, pay its debts as they become due; or
(h) (i) Any Person that is a fiduciary, party-in-interest or disqualified person with respect to a
Plan shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or
Section 4975 of the Code) involving such Plan; (ii) any failure to satisfy the minimum funding
requirements of Section 412 or 430 of the Code, whether or not waived, shall occur with respect to any
Plan, a Plan shall be determined to be “at risk” status within the meaning of Section 430 of the Code or
any Lien in favor of the PBGC or a Plan shall arise on the assets of any Credit Party or any Commonly
Controlled Entity; (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to
have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single
Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is,
in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for
purposes of Title IV of ERISA; (iv) any Single Employer Plan shall terminate pursuant to Section 4041(c)
or 4042 of ERISA; (v) the Credit Parties or any Commonly Controlled Entity incur any liability in
connection with a complete or partial withdrawal from, or the Insolvency or termination of, a
Multiemployer Plan or a determination that any Multiemployer Plan is or is expected to be endangered,
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seriously endangered or in critical status, in each case within the meaning of Sections 431 or 432 of the
Code or Sections 304 or 305 of ERISA, or any Credit Party or any Commonly Controlled Entity fails to
make any required contributions to a Multiemployer Plan pursuant to Sections 431 or 432 of the Code;
(vi) the failure of any Plan to comply with any material provisions of ERISA and/or the Code (and
applicable regulations under either) or with the material terms of such Plan; (vii) the failure by any Credit
Party or any of its Commonly Controlled Entities to pay when due (after expiration of any applicable
grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of
ERISA; (viii) the withdrawal by any Credit Party or any of their respective Commonly Controlled Entities
from any Single Employer Plan with two or more contributing sponsors or the termination of any such
Single Employer Plan resulting in liability to any Credit Party or any of their respective Affiliates
pursuant to Section 4063 or 4064 of ERISA; (ix) the imposition of liability on any Credit Party or any of
their respective Commonly Controlled Entities pursuant to Section 4062(e) or 4069 of ERISA or by
reason of the application of Section 4212(c) of ERISA; (x) the occurrence of an act or omission which
could give rise to the imposition on any Credit Party or any of their respective Commonly Controlled
Entities of fines, penalties, taxes or related charges under Chapter 43 of the Code or under Section 409,
Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Plan; (xi) the assertion of a material
claim (other than routine claims for benefits) against any Plan other than a Multiemployer Plan or the
assets thereof, or against any Credit Party or any of their respective Commonly Controlled Entities in
connection with any Plan; (xii) receipt from the IRS of notice of the failure of any Single Employer Plan
(or any other Plan intended to be qualified under Section 401(a) of the Code) to qualify under Section
401(a) of the Code, or the failure of any trust forming part of any Single Employer Plan (or any other
Plan) to qualify for exemption from taxation under Section 501(a) of the Code; (xiii) the imposition of a
Lien pursuant to Section 430(k) of the Code or pursuant to ERISA with respect to any Single Employer
Plan; or (xiv) any other event or condition shall occur or exist with respect to a Plan; and in each case in
clauses (i) through (xiv) above, such event or condition, together with all other such events or conditions,
if any, could reasonably be expected to have a Material Adverse Effect; or
(i) One or more judgments or decrees shall be entered against any Loan Party involving in
the aggregate a liability (to the extent not paid or covered by insurance) of $10,000,000 or more, and all
such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal
within sixty (60) days from the entry thereof; or
(j) (i) Any of the Security Documents shall cease, for any reason, to be in full force and
effect, or any Loan Party shall so assert or (ii) the Lien created by any of the Security Documents shall
cease to be enforceable and of the same effect and priority purported to be created thereby with respect to
Collateral having an aggregate fair market value in excess of $10,000,000 (other than, in each case, by
reason of the express release thereof pursuant to Section 11.5); or
(k) The Guarantee shall cease, for any reason (other than by reason of the express release
thereof pursuant to Section 11.5), to be in full force and effect or any Loan Party shall so assert; or
(l) (i) Any Credit Party shall, directly or indirectly, terminate or cause to terminate, in whole
or in part, or initiate the termination of, in whole or in part, any Canadian Pension Plan so as to result in
any liability which could reasonably be expected to have a Material Adverse Effect; (ii) a going concern
unfunded liability or the solvency deficiency (calculated using actuarial methods and assumptions which
are consistent with the valuations last filed with the applicable Governmental Authorities and which are
consistent with generally accepted actuarial principles) exists under any Canadian Pension Plan; (iii) any
Credit Party or any of its Subsidiaries shall fail to make minimum required contributions to amortize any
funding deficiencies under a Canadian Pension Plan within the time period set out in Requirements of
Laws or fail to make a required contribution under any Canadian Pension Plan or Canadian Benefit Plan
which could result in the imposition of a Lien upon the assets of such Credit Party or any of its
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Subsidiaries; or (iv) any Credit Party or any of its Subsidiaries makes any withdrawals or applications of
assets of a Canadian Pension Plan or Canadian Benefit Plan contrary to the terms of the Canadian Pension
Plan or Canadian Benefit Plan, respectively, or applicable laws;
(m) Any agreement or provision pertaining to the subordination of any Xxxx Xxxxxxx
Subordinated Indebtedness or Intercompany Subordinated Indebtedness under a subordination agreement
shall cease, for any reason, to be in full force and effect, while such Indebtedness is outstanding; or
(n) Any Change of Control shall occur;
then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of
paragraph (g) of this Section 9 with respect to any Borrower, the Commitments shall immediately and
automatically terminate and the Loans and Reimbursement Obligations (except as provided in the
following paragraph) hereunder (with accrued interest thereon) and all other amounts owing under this
Agreement shall immediately become due and payable, and (B) if such event is any other Event of
Default, either or both of the following actions may be taken: (i) with the consent of the Required
Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative
Agent shall, by notice to the U.S. Borrower, declare the Commitments to be terminated forthwith,
whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required
Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative
Agent shall, by notice to the U.S. Borrower, declare the Loans and, except as provided in the following
paragraph, Reimbursement Obligations hereunder (with accrued interest thereon) and all other amounts
owing under this Agreement (including all amounts of L/C Obligations) to be due and payable forthwith,
whereupon the same shall immediately become due and payable.
With respect to all outstanding Letters of Credit with respect to which demand for payment
shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, the Borrowers
shall at such time Cash Collateralize the aggregate then-undrawn and unexpired amount of such Letters of
Credit. The Borrowers hereby grant to the Administrative Agent, for the benefit of the Issuing Lenders, the
Lenders, the L/C Participants and the other Secured Parties, a security interest in such Cash Collateral to
secure all obligations of the Borrowers under this Agreement and the other Loan Documents and all other
Obligations. Cash Collateralized amounts shall be applied by the Administrative Agent to the payment of
drafts drawn under such Letters of Credit, and fees owing with respect to such Letters of Credit, and the
unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any,
shall be applied to repay other obligations of the Borrowers hereunder and under the Notes and any other
Obligations. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement
Obligations shall have been satisfied and all other obligations of the Borrowers hereunder and under the
Notes and all other Obligations shall have been paid in full, the balance, if any, in such cash collateral
account shall be returned to the Borrowers. The Borrowers shall execute and deliver to the Administrative
Agent, for the account of the Issuing Lenders, the Lenders, the L/C Participants and the other Secured
Parties, such further documents and instruments as the Administrative Agent may reasonably request to
evidence the creation and perfection of the security interest in such Cash Collateral account.
The Secured Parties shall have rights and remedies as provided in the Loan Documents,
provided that for purposes of clarification, the parties acknowledge that the net proceeds from the exercise
of remedies against any Collateral and any disposition thereof or the use of funds in any Cash Management
Account shall be applied first to pay outstanding Obligations or, as provided in the Loan Documents, to
prepay Obligations or as Cash Collateral for certain Obligations, with any amounts in excess thereof, subject
to applicable Requirements of Law, being returned to the Loan Parties or whomever else may be lawfully
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entitled to receive the same.
SECTION 10 THE AGENTS
10.1 Appointment. (a) Each Lender hereby irrevocably designates and appoints the
Agents as the agents of such Lender under this Agreement and the other Loan Documents, and each such
Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the
provisions of this Agreement and the other Loan Documents and to exercise such powers and perform
such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any
provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities,
except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
any other Loan Document or otherwise exist against any Agent.
(b) Each Qualified Counterparty and each Qualified Cash Management Bank, pursuant to the
terms of the applicable Hedging Agreement Qualification Notification and/or by accepting the grant by
the Loan Parties of the security interest in the Collateral pursuant to the Security Documents, hereby
irrevocably designates and appoints the Agents as the agents of such Qualified Counterparty or Qualified
Cash Management Bank under this Agreement and the other Loan Documents, and each such Qualified
Counterparty and Qualified Cash Management Bank irrevocably authorizes each Agent, in such capacity,
to take such action on its behalf under the provisions of this Agreement and the other Loan Documents
and to exercise such powers and perform such duties as are expressly delegated to such Agent by the
terms of this Agreement and the other Loan Documents, together with such other powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement,
no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Qualified Counterparty or Qualified Cash Management Bank, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
any other Loan Document or otherwise exist against any Agent.
(c) For the purposes of holding any security granted by the Canadian Borrower or any other
Loan Party pursuant to the laws of the Province of Quebec to secure payment of any bond issued by the
Canadian Borrower or any Loan Party, each Lender hereby irrevocably appoints and authorizes the
Administrative Agent to act as the person holding the power of attorney (i.e. “fondé de pouvoir”) (in such
capacity, the “Attorney”) of the Lenders as contemplated under Article 2692 of the Civil Code of Québec,
and to enter into, to take and to hold on its behalf, and for its benefit, any hypothec, and to exercise such
powers and duties that are conferred upon the Attorney under any hypothec. Moreover, without prejudice
to such appointment and authorization to act as the person holding the power of attorney as aforesaid,
each Lender hereby irrevocably appoints and authorizes the Administrative Agent (in such capacity, the
“Custodian”) to act as agent and custodian for and on behalf of the Lenders to hold and be the sole
registered holder of any bond which may be issued under any hypothec, the whole notwithstanding
Section 32 of An Act respecting the special powers of legal persons (Quebec) or any other applicable law,
and to execute all related documents. Each of the Attorney and the Custodian shall: (a) have the sole and
exclusive right and authority to exercise, except as may be otherwise specifically restricted by the terms
hereof, all rights and remedies given to the Attorney and the Custodian (as applicable) pursuant to any
hypothec, bond, pledge, applicable laws or otherwise, (b) benefit from and be subject to all provisions
hereof with respect to the Administrative Agent mutatis mutandis, including, without limitation, all such
provisions with respect to the liability or responsibility to and indemnification by the Lenders, and (c) be
entitled to delegate from time to time any of its powers or duties under any hypothec, bond, or pledge on
such terms and conditions as it may determine from time to time. Any person who becomes a Lender
shall, by its execution of an Assignment and Acceptance, be deemed to have consented to and confirmed:
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(i) the Attorney as the person holding the power of attorney as aforesaid and to have ratified, as of the
date it becomes a Lender, all actions taken by the Attorney in such capacity, and (ii) the Custodian as the
agent and custodian as aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken
by the Custodian in such capacity. The substitution of the Administrative Agent pursuant to the
provisions of this Article 10 shall also constitute the substitution of the Attorney and the Custodian.
10.2 Delegation of Duties. Each Agent may execute any of its duties under this
Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled
to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for
the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care.
10.3 Exculpatory Provisions. No Agent nor any of its officers, directors, employees,
agents, attorneys-in-fact, Subsidiaries or Affiliates (each, an “Agent-Related Person”) shall be (i) liable
for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this
Agreement or any other Loan Document (except for its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by any Loan Party or any officer thereof contained in this Agreement
or any other Loan Document or in any certificate, report, statement or other document referred to or
provided for in, or received by such Agent under or in connection with, this Agreement or any other Loan
Document (including in any audit prepared by the Administrative Agent’s internal auditor pursuant to
Section 6.1(l)) or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations
hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to
inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party.
10.4 Reliance by Agents. Each Agent shall be entitled to rely, and shall be fully
protected in relying, upon any Note, writing, resolution, notice, consent, certificate, affidavit, letter,
cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or
conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons and upon advice and statements of legal counsel (including counsel to the U.S.
Borrower, the Canadian Borrower or any other Loan Party), independent accountants and other experts
selected by such Agent with reasonable care. The Agents may deem and treat the payee of any Note as the
owner thereof for all purposes unless a notice of assignment, negotiation or transfer thereof shall have
been filed with such Agent. Each Agent shall be fully justified in failing or refusing to take any action
under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence
of the Required Lenders (or such greater percentage of Lenders as shall be required therefor under Section
11.1) as it deems appropriate or as otherwise required by Section 11.1 or it shall first be indemnified to its
satisfaction by the Lenders against any and all liability and expense which may be incurred by it by
reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance
with a request of the Required Lenders (or such greater percentage of Lenders as shall be required
therefor under Section 11.1) and such request and any action taken or failure to act pursuant thereto shall
be binding upon all of the Lenders and all future holders of the Loans and all other Obligations.
10.5 Notice of Default. No Agent shall be deemed to have knowledge or notice of the
occurrence of any Default or Event of Default hereunder unless such Agent has received notice from a
Lender, or any Borrower or any other Loan Party referring to this Agreement, describing such Default or
Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative
Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The
Agents shall take such action with respect to such Default or Event of Default as shall be reasonably
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directed by the Required Lenders; provided that unless and until an Agent shall have received such
directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of
the Lenders.
10.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly
acknowledges that none of the Agents nor any of their respective officers, directors, employees, agents,
attorneys-in-fact, Subsidiaries or Affiliates has made any representations or warranties to it and that no act
by any Agent hereinafter taken, including any review of the affairs of any Borrower or any other Credit
Party or any audit performed by the Administrative Agent’s internal auditor pursuant to Section 6.1(l),
shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender
represents to the Agents that it has, independently and without reliance upon any Agent, any Arranger of
the Facilities, any Commitments or any amendment to this Agreement or any other Lender and their
respective Related Parties, and based on such documents and information as it has deemed appropriate,
made its own appraisal of and investigation into the business, operations, property, financial and other
condition and creditworthiness of the Borrowers and the other Loan Parties and made its own decision to
extend credit to the Borrowers hereunder and enter into this Agreement. Each Lender also represents that
it will, independently and without reliance upon any Agent, any Arranger of the Facilities, any
Commitments or any amendment to this Agreement or any other Lender and their respective Related
Parties, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement
and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to
the business, operations, property, financial and other condition and creditworthiness of the Borrowers
and other Loan Parties. Except for notices, reports and other documents expressly required to be furnished
to the Lenders by the Administrative Agent, the Canadian Agent or the Co-Collateral Agents hereunder or
under any of the other Loan Documents, no Agent shall have any duty or responsibility to provide any
Lender with any credit or other information concerning the business, operations, property, condition
(financial or otherwise), prospects or creditworthiness of the Borrowers or any other Loan Party which
may come into the possession of such Agent or any of their respective officers, directors, employees,
agents, attorneys-in-fact, Subsidiaries or Affiliates. Without limiting the generality of the foregoing, no
Agent shall have any duty to monitor the Collateral used to calculate the U.S. Borrowing Base or the
Kildair Borrowing Base or the reporting requirements or the contents of reports delivered by any
Borrower. Each Lender assumes the responsibility of keeping itself informed at all times.
10.7 Indemnification. The Lenders agree to indemnify each Agent and each other
Agent-Related Person on an after-Tax basis in its capacity as such (to the extent not reimbursed by the
Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to their
respective Commitment Percentages in effect on the date on which indemnification is sought, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind whatsoever which may at any time (including at any time
following the payment of the Loans and Reimbursement Obligations and the cash collateralization of the
L/C Obligations) be imposed on, incurred by or asserted against such Agent or such Agent-Related
Person in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan
Documents or any documents contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with
any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting solely from such Agent’s or such Agent-Related Person’s gross negligence or
willful misconduct. The agreements in this Section 10.7 shall survive the payment of the Loans,
Reimbursement Obligations and all amounts payable hereunder and the cash collateralization of the L/C
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Obligations.
10.8 Agents in Their Individual Capacity. Each Agent and its Subsidiaries and
Affiliates may make loans and other extensions of credit to, accept deposits from and generally engage in
any kind of business with the Borrowers and the other Loan Parties and their Subsidiaries and Affiliates
as though such Agent were not an Agent hereunder and under the other Loan Documents. With respect to
the Loans and other extensions of credit made by it hereunder, each Agent shall have the same rights and
powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as
though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its
individual capacity.
10.9 Successor Agents. (a) (i) The Administrative Agent may resign as the
Administrative Agent upon thirty (30) days’ notice to the Canadian Agent, the Co-Collateral Agents, the
U.S. Borrower and the Lenders (or, if the Administrative Agent has become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment or has a parent company that has become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment, the Administrative Agent may be removed at any time thereafter by an
instrument or concurrent instruments in writing delivered to the Borrower and the Administrative Agent
and signed by the Required Lenders). If the Administrative Agent shall resign (or be removed) as the
Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders
shall appoint from among the Lenders (unless no Lender is willing to act as the Administrative Agent, in
which case the Administrative Agent may be any Person approved by the Required Lenders) a successor
Administrative Agent for the Lenders, which successor Administrative Agent shall be approved by the
U.S. Borrower and the Canadian Agent (which approval shall, in each case, not be unreasonably withheld
and shall not be required during the continuance of an Event of Default), whereupon such successor
Administrative Agent shall succeed to the rights, powers and duties of the Administrative Agent and the
term “Administrative Agent” shall mean such successor Administrative Agent effective upon such
appointment and approval, and the former Administrative Agent’s rights, powers and duties as
Administrative Agent shall be terminated, without any other or further act or deed on the part of such
former Administrative Agent or any of the parties to this Agreement or any holders of the Loans or other
Obligations. After any retiring Administrative Agent’s resignation (or removal) as Administrative Agent,
the provisions of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was Administrative Agent under this Agreement and the other Loan Documents. If no
successor Administrative Agent has accepted appointment as Administrative Agent by the date which is
thirty (30) days following a retiring Administrative Agent’s notice of resignation, the retiring
Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall
perform all of the duties of such Administrative Agent hereunder and under the other Loan Documents
until such time, if any, as the Required Lenders appoint a successor agent as provided for above.
(ii) The Canadian Agent may resign as the Canadian Agent upon thirty (30) days’
notice to the Administrative Agent, the Co-Collateral Agents, the U.S. Borrower and the Lenders (or, if
the Canadian Agent has become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or
indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a
parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or
indicating its consent to, approval of or acquiescence in any such proceeding or appointment, the
Canadian Agent may be removed at any time thereafter by an instrument or concurrent instruments in
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writing delivered to the Borrower, the Administrative Agent and the Canadian Agent and signed by the
Required Lenders). If the Canadian Agent shall resign (or be removed) as the Canadian Agent under this
Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the
Lenders (unless no Lender is willing to act as the Canadian Agent, in which case the Canadian Agent may
be any Person approved by the Required Lenders) a successor Canadian Agent for the Lenders, which
successor Canadian Agent shall be approved by the U.S. Borrower and the Administrative Agent (which
approval, in each case, shall not be unreasonably withheld and shall not be required during the
continuance of an Event of Default), whereupon such successor Canadian Agent shall succeed to the
rights, powers and duties of the Canadian Agent and the term “Canadian Agent” shall mean such
successor Canadian Agent effective upon such appointment and approval, and the former Canadian
Agent’s rights, powers and duties as Canadian Agent shall be terminated, without any other or further act
or deed on the part of such former Canadian Agent or any of the parties to this Agreement or any holders
of the Loans or other Obligations. After any retiring Canadian Agent’s resignation (or removal) as
Canadian Agent, the provisions of this Section 10 shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Canadian Agent under this Agreement and the other Loan
Documents. If no successor Canadian Agent has accepted appointment as Canadian Agent by the date
which is thirty (30) days following a retiring Canadian Agent’s notice of resignation, the retiring
Canadian Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall
perform all of the duties of such Canadian Agent hereunder and under the other Loan Documents until
such time, if any, as the Required Lenders appoint a successor agent as provided for above.
(b) Either or both Co-Collateral Agents may resign as a Co-Collateral Agent upon
thirty (30) days’ notice to the Administrative Agent, the other Co-Collateral Agent (if any), the U.S.
Borrower and the Lenders. Upon any such resignation, the remaining Co-Collateral Agent (the “Sole
Remaining Co-Collateral Agent”) shall perform all of the functions of the Co-Collateral Agents and the
retiring Co-Collateral Agent shall be discharged from its duties and obligations hereunder. If both Co-
Collateral Agents shall resign substantially simultaneously or the Sole Remaining Co-Collateral Agent
shall resign, then the Required Lenders shall appoint from among the Lenders (unless no Lender is
willing to act as a Co-Collateral Agent, in which case the Co-Collateral Agent may be any Person
approved by the Required Lenders) a successor Co-Collateral Agent for the Lenders, who shall be the
sole successor Co-Collateral Agent hereunder (the “Sole Successor Co-Collateral Agent”) and which Sole
Successor Co-Collateral Agent shall be approved by the U.S. Borrower (which approval shall not be
unreasonably withheld and shall not be required during the continuance of an Event of Default),
whereupon such Sole Successor Co-Collateral Agent shall succeed to the rights, powers and duties of the
Co-Collateral Agents and the term “Co-Collateral Agents” shall mean such Sole Successor Co-Collateral
Agent effective upon such appointment and approval, and the former Co-Collateral Agents’ rights,
powers and duties as Co-Collateral Agents shall be terminated, without any other or further act or deed on
the part of such former Co-Collateral Agents or any of the parties to this Agreement or any holders of the
Loans or other Obligations. After any retiring Co-Collateral Agent’s resignation as Co-Collateral Agent,
the provisions of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was Co-Collateral Agent under this Agreement and the other Loan Documents. If no successor
Co-Collateral Agent has accepted appointment as Co-Collateral Agent by the date which is thirty (30)
days following a retiring Sole Remaining Co-Collateral Agent’s notice of resignation or the substantially
simultaneous retiring of both Co-Collateral Agents, the resignation of the retiring Co-Collateral Agent(s)
shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of such Co-
Collateral Agent(s) hereunder and under the other Loan Documents until such time, if any, as the
Required Lenders appoint a successor agent as provided for above.
(c) The parties hereto acknowledge and agree that, for purposes of any right of
pledge governed by Netherlands law, any resignation by the Administrative Agent is not effective with
respect to its rights under the Parallel Debt (as defined in the Guarantee) until such rights are assigned to
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the successor agent. The Administrative Agent will reasonably cooperate in assigning its rights under the
Parallel Debt to any such successor agent and will reasonably cooperate in transferring all rights under
any security document governed by Netherlands law (as the case may be) to such successor agent.
10.10 Collateral Matters. (a) The Administrative Agent is authorized on behalf of all
of the Lenders, without the necessity of any notice to or further consent from the Lenders, from time to
time to take any action with respect to any Collateral or the Loan Documents which may be necessary to
perfect and maintain perfected the security interest in and Liens upon the Collateral granted pursuant to
the Loan Documents.
(b) The Lenders, and each Qualified Counterparty and each Qualified Cash Management
Bank (pursuant to the terms of the applicable Hedging Agreement Qualification Notification and/or by
accepting the grant by the Loan Parties of the security interest in the Collateral pursuant to the Security
Documents), irrevocably authorize the Administrative Agent, at its option and in its discretion, to release
any Lien granted to or held by the Administrative Agent upon any Collateral (i) upon termination of the
Commitments, and payment in full of all Loans and all other Obligations known to the Administrative
Agent and payable under this Agreement or any other Loan Document (except indemnification
obligations for which no claim has been made and of which no Responsible Person of any Loan Party has
knowledge or any obligations owed under a Commodity OTC Agreement with a Qualified Counterparty,
any Financial Hedging Agreement with a Qualified Counterparty or any Cash Management Bank
Agreement with a Qualified Cash Management Bank); (ii) constituting property sold or to be sold or
disposed of as part of or in connection with any sale, transfer or other disposition permitted hereunder;
(iii) constituting property in which the Loan Parties owned no interest at the time the Lien was granted or
at any time thereafter; (iv) constituting property leased to any Loan Party under a lease which has expired
or been terminated in a transaction permitted under this Agreement or is about to expire and which has
not been, and is not intended by a Loan Party to be, renewed or extended; (v) consisting of an instrument
evidencing Indebtedness or other debt instrument, if the indebtedness evidenced thereby has been paid in
full; or (vi) if approved, authorized or ratified in writing by the portion of the Lenders required by Section
11.1. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the
Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section
10.10; provided that the absence of any such confirmation for whatever reason shall not affect the
Administrative Agent’s rights under this Section 10.10.
(c) The Administrative Agent may execute any of its duties under this Agreement and the
other Loan Documents by or through agents or attorneys in fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.
10.11 The Co-Collateral Agents; Co-Documentation Agents and the Co-Syndication
Agents. (a) Notwithstanding anything to the contrary set forth herein, all determinations of the Co-
Collateral Agents under the Loan Documents shall be made jointly by the Co-Collateral Agents, provided
that, in the event that the Co-Collateral Agents cannot agree on any matter to be determined by the Co-
Collateral Agents, the determination shall be made by the individual Co-Collateral Agent asserting, in its
discretion exercised in good faith, the more conservative credit judgment or declining to permit the
requested action for which consent is being sought by the applicable Loan Party. This provision shall be
binding upon any successor to a Co-Collateral Agent.
(b) None of any Co-Documentation Agent or any Co-Syndication Agent, in their
respective capacities as such, shall have any duties or responsibilities, nor shall any such Person in such
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capacity incur any liability under this Agreement or the other Loan Documents.
10.12 Credit Bidding. The Secured Parties hereby irrevocably authorize the
Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the
Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the
Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either
directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale
thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or
1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions, or (b) at any other sale,
foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction
of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable
law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties
shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the Required
Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving
contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such
claims in an amount proportional to the liquidated portion of the contingent claim amount used in
allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt
instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In
connection with any such bid (i) the Administrative Agent shall be authorized to form one or more
acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii)
each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed
without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose
of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for
the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative
Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or
equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall
provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of
this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case
may be, irrespective of the termination of this Agreement and without giving effect to the limitations on
actions by the Required Lenders contained in Section 11.1 of this Agreement), (iv) the Administrative
Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured
Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity,
partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or
debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or
acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an
acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being
higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the
amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall
automatically be reassigned to the Secured Parties pro rata and the equity interests and/or debt
instruments issued by any acquisition vehicle on account of such Obligations shall automatically be
cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action.
Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to
the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such
documents and provide such information regarding the Secured Party (and/or any designee of the Secured
Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the
Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle,
the formulation or submission of any credit bid or the consummation of the transactions contemplated by
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such credit bid.
SECTION 11 MISCELLANEOUS
11.1 Amendments and Waivers. Neither this Agreement nor any other Loan
Document, nor any terms hereof or thereof may be amended, supplemented or modified except in
accordance with the provisions of this Section 11.1. The Required Lenders may, or, with the written
consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into written
amendments, supplements or modifications hereto and to the other Loan Documents with the Loan Parties
party thereto for the purpose of adding any provisions to this Agreement or the other Loan Documents or
changing in any manner the rights and obligations of the Lenders or of the Loan Parties party thereto
hereunder or thereunder or (b) waive or consent to any departure from, prospectively, concurrently or
retrospectively, on such terms and conditions as the Required Lenders or the Administrative Agent, as the
case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan
Documents or any Default or Event of Default and its consequences; provided, however, that no such
waiver or consent and no such amendment, supplement or modification shall:
(i) reduce the amount or extend the scheduled date of maturity of any Loan or payment Obligation
hereunder or any installment thereof (other than any such Obligation to pay any interest or letter of credit
commission at the rate set forth in Section 4.2(c)), or extend the due date for any Reimbursement
Obligation, or reduce the stated rate of any interest or fee payable hereunder (other than the rates of
interest or fees set forth in Section 4.2(c)) or extend the scheduled date of any payment thereof or
increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the
additional written consent of each Lender affected thereby; or
(ii) increase any percentage in the definitions of “U.S. Borrowing Base” or “Kildair Borrowing Base” or
otherwise amend or modify the definitions of “U.S. Borrowing Base”, “Kildair Borrowing Base” or
“Aggregate Borrowing Base Amount” or any direct or indirect component definition of the foregoing
that has the effect of increasing the Borrowing Base Availability, in each case without the written
consent of the Supermajority Lenders; or
(iii) amend or modify the definition of “Eligible Commodities” or any component definition thereof that has
the effect of adding commodities thereto without the written consent of the Supermajority Lenders; or
(iv) consent to any changes to the Risk Management Policy which are materially adverse to the Lenders
without the written consent of the Supermajority Lenders; or
(v) amend, modify or waive any provision of this Section 11.1 or change the percentage specified in the
definition of Required Lenders, Majority Facility Lenders or Supermajority Lenders, or consent to the
assignment or transfer by any Loan Party of any of their rights and obligations under this Agreement and
the other Loan Documents, in each case without the written consent of all of the Lenders; or
(vi) consent to the release by the Administrative Agent of all or substantially
all of the Collateral or release any Loan Party from its Guarantee
Obligations under the Guarantee or provide for the Collateral or the
Guarantee to no longer secure or guarantee all Obligations ratably,
without the written consent of all of the Lenders, except to the extent
such release is permitted or required under this Agreement; or
(vii) amend, modify or waive any provision of Section 4.7(d) or (e), Section
4.9(a) or (b) or Section 11.8, or Section 8(b) of the U.S. Security
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Agreement, Section 8(b) of the Canadian Security Agreement, Section
14 of the Dutch Receivables Pledge Agreement or Section 14 of the
Dutch Membership Pledge Agreement, without the written consent of all
the Lenders affected thereby; or
(viii) amend, modify or waive any provision of Section 10, or any other
provision affecting the rights, duties or obligations of any Agent, without
the written consent of any Agent directly affected thereby; or
(ix) amend, modify or waive any provision of Section 3, or any provision of
Section 11.7(c) affecting the right of the Issuing Lenders to consent to
certain assignments thereunder, without the written consent of the
Issuing Lenders or any other provision affecting the rights, duties or
obligations of any Issuing Lenders, without the additional written
consent of any Issuing Lender directly affected thereby; or
(x) amend, modify or waive any provision affecting the rights, duties or
obligations of any Swing Line Lender, without the written consent of any
Swing Line Lender directly affected thereby.
Any such waiver and any such amendment, supplement or modification shall apply
equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all
future holders of the Loans and other Obligations. In the case of any waiver, the Loan Parties, the Lenders
and the Agents shall be restored to their former positions and rights hereunder and under the other Loan
Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing,
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereon.
Notwithstanding the foregoing, (a) the Administrative Agent, with the consent of the
U.S. Borrower, may amend, modify or supplement any Loan Document without the consent of any
Lender or the Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect
or correct any typographical error or other manifest error in any Loan Document and (b) any waiver,
amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms
affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require
the consent of such Defaulting Lender.
11.2 Notices.
(a) General. All notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by facsimile transmission) and, unless otherwise expressly
provided herein, shall be deemed to have been duly given or made (a) in the case of delivery by overnight
courier or delivery by hand, when delivered, (b) in the case of delivery by mail, three (3) Business Days
after being deposited in the mails, postage prepaid, or (c) in the case of delivery by facsimile
transmission, when sent and receipt has been electronically confirmed, addressed as follows in the case of
the U.S. Borrower, the Canadian Borrower, the Administrative Agent, the Canadian Agent and the Co-
Collateral Agents, and as set forth in Schedule 1.0 in the case of the other parties hereto, or to such other
address as may be hereafter notified by the respective parties hereto:
U.S. Borrower: Xxxxxxx Operating Resources LLC
000 Xxxxxxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxx Xxxxxxxxx 00000
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Attention: Xxxx Xxxxx, Esq.
Fax: (000) 000-0000
Canadian Borrower: Kildair Service Ltd.ULC
00, xxxxxx Xxxxxxxx
Xx-Xxxx xx Xxxxxxxx (XX) X0X 0X0
Attn: Xxxxxxx Xxxxxxx
Fax : 000 000-0000
With a copy to:
Xxxxxxx Operating Resources LLC
000 Xxxxxxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxx Xxxxxxxxx 00000
Attention: Xxxx Xxxxx, Esq.
Fax: (000) 000-0000
The Administrative Agent: JPMorgan Chase Bank, N.A., as
Administrative Agent
000 Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxxx
The Canadian Agent: JPMorgan Chase Bank, N.A., Toronto
Branch, as Canadian Agent
000 Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxxx
The Co-Collateral Agents: If to JPMorgan Chase Bank, N.A., as Co-
Collateral Agent:
JPMorgan Chase Bank, N.A., as Co-
Collateral Agent
000 Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxxx
If to BNP Paribas, as Co-Collateral Agent:
BNP Paribas, as Co-Collateral Agent
000 Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, XX 00000
Attention: Xxxx-Xxxxxxxxx Xxxxxxx
provided that any notice, request or demand to or upon any Agent, the Issuing Lenders or the Lenders
pursuant to Section 2.5, 2.6, 3.3, 3.6, 3.7, 4.1, 4.3, 4.6, 4.7, or 4.9 shall not be effective until received.
(b) Limited Use of Electronic Mail. Electronic mail and internet and intranet websites may
be used only to distribute routine communications, such as financial statements and other information,
and to distribute Loan Documents for execution by the parties thereto, and may not be used to deliver any
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notice hereunder.
(c) The Platform. EACH BORROWER HEREBY ACKNOWLEDGES THAT THE
ADMINISTRATIVE AGENT WILL MAKE AVAILABLE TO THE LENDERS MATERIALS
AND/OR INFORMATION PROVIDED BY OR ON BEHALF OF THE BORROWERS HEREUNDER
(COLLECTIVELY, “BORROWER MATERIALS”) BY POSTING THE BORROWER MATERIALS
ON INTRALINKS OR ANOTHER SIMILAR ELECTRONIC SYSTEM (THE “PLATFORM”). THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT-RELATED PERSONS
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS
OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR
ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY
KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF
THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE
BY ANY AGENT-RELATED PERSON IN CONNECTION WITH THE BORROWER MATERIALS
OR THE PLATFORM. In no event shall any Agent or any other Agent-Related Person have any liability
to any Credit Party, any Lender or any other Person for losses, claims, damages, liabilities or expenses of
any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or any Agent’s
transmission of Borrower Materials through the internet, except to the extent that such losses, claims,
damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent-
Related Person; provided, however, that in no event shall any Agent-Related Person have any liability to
any Credit Party, any Lender or any other Person for indirect, special, incidental, consequential or
punitive damages (as opposed to direct or actual damages). Certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to
the Borrowers, the other Loan Parties or their respective Affiliates, or the respective securities of any of
the foregoing, and who may be engaged in investment and other market-related activities with respect to
such Persons’ securities. Each Public Lender agrees to cause at least one individual at or on behalf of such
Public Lender to at all times have selected the “Private Side Information” or similar designation on the
content declaration screen of the Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures and applicable Law, including United
States Federal and state securities Laws and Canadian federal and provincial securities Laws, to make
reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to any Credit
Party or its securities for purposes of United States Federal or state securities laws and Canadian federal
and provincial securities Laws.
(d) Reliance by Agents and Lenders. The Agents and the Lenders shall be entitled to rely and
act upon any notices (including telephonic notices) purportedly and in good faith believed to be given by
or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were
incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers
jointly and severally indemnify each Agent and each Lender from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly and believed in good faith to be
given by or on behalf of any Borrower. All telephonic notices to and other communications with any
Agent may be recorded by such Agent, and each of the parties hereto hereby consents to such recording.
11.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or
under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other
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or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein and in the other Loan Documents provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by Law.
11.4 Survival of Representations and Warranties. All representations and warranties
made herein, in the other Loan Documents and in any document, certificate or statement delivered
pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and
the making of the Loans and other extensions of credit hereunder.
11.5 Release of Collateral and Guarantee Obligations. (a) Upon any sale or other
transfer of any Collateral that is permitted under the Loan Documents by any Loan Party or a sale of all of
the assets of, or all of the Capital Stock of, a Subsidiary in a transaction that is permitted under the Loan
Documents (other than a sale, transfer or other disposition to another Loan Party), or upon the
effectiveness of any written consent to the release of the security interest granted hereby in any Collateral
pursuant to Section 10.10 hereof, the security interest in such Collateral shall automatically terminate and
the Administrative Agent shall execute and a deliver a termination or satisfaction of any Mortgage and
Security Agreement affecting such Collateral, in proper form for recording.
(b) Upon any sale or other transfer of all of the Capital Stock of any Loan Party that is
permitted or consented to under the Loan Documents (other than a sale or transfer to another Loan Party),
the Guarantee of such Loan Party shall automatically be released and terminated.
(c) Upon termination of the Commitments and payment in full of the Loans and all other
Obligations payable under this Agreement or any other Loan Document (except indemnification
obligations for which no claim has been made and of which no Responsible Person of any Loan Party has
knowledge and Hedging and Bank Product Obligations) and upon the date on which all Letters of Credit
have been terminated, expired, Cash Collateralized or otherwise dealt with to the satisfaction of the
applicable Issuing Lender, the pledge and security interest granted pursuant to this Agreement and the
other Loan Documents shall automatically terminate and all rights to the Collateral shall revert to the
applicable Loan Party. Upon any such termination or pursuant to any termination or release as described
in Section 11.5(a), the Administrative Agent will, at the applicable Loan Party’s expense, execute and
deliver to such Loan Party such documents as such Loan Party shall reasonably request to evidence such
termination.
11.6 Payment of Costs and Expenses. Each Borrower, jointly and severally, agrees (a)
to pay or reimburse each Agent, the Lead Arranger and the Amendment Arranger for all its reasonable
and documented out-of-pocket costs and expenses incurred in connection with the syndication of the
Facilities and the development, preparation, negotiation, execution, delivery and administration of, and
any amendment, supplement or modification to, this Agreement and the other Loan Documents and any
other documents prepared in connection herewith or therewith, and the consummation and administration
of the transactions contemplated hereby and thereby, including the reasonable and documented fees and
disbursements of one firm of counsel to the Agents, the Lead Arranger and the Amendment Arranger, one
regulatory counsel to the Agents, the Lead Arranger and the Amendment Arranger and a single firm of
local counsel in each applicable jurisdiction, (b) to pay or reimburse each Lender, the Swing Line Lender,
each Issuing Lender, each Agent, the Lead Arranger and the Amendment Arranger, for all its documented
costs and expenses incurred in connection with the enforcement or preservation of any rights under this
Agreement, the other Loan Documents and any such other documents, including the documented fees and
disbursements of counsel to each Lender, the Lead Arranger, the Amendment Arranger, the Swing Line
Lender and each Issuing Lender and of counsel to the Agents, (c) to pay or reimburse the Agents, the
Lead Arranger and the Amendment Arranger for their documented costs and expenses incurred in
connection with inspections performed pursuant to Section 7.9 and audits performed pursuant to Section
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6.1(l), and any other due diligence performed in connection with this Agreement and the other Loan
Documents, including the reasonable and documented fees and disbursements of counsel to the Agents
(including the fees and expenses of Xxxxxxx Xxxxxxx & Xxxxxxxx LLP), (d) to pay, indemnify, and hold
each Lender, the Swing Line Lender, the Issuing Lenders, each Agent, the Lead Arranger and the
Amendment Arranger harmless from, any and all recording and filing fees and any and all liabilities with
respect to, or resulting from any delay in paying, stamp, excise and other similar taxes (except to the
extent the Borrowers have otherwise indemnified such Person for such taxes under Section 4.11(b)), if
any, which may be payable or determined to be payable in connection with the execution and delivery of,
or consummation or administration of any of the transactions contemplated by, or any amendment,
supplement or modification of, or any waiver or consent (including the determination of whether or not
any such waiver or consent is required) under or in respect of, this Agreement, the other Loan Documents
and any such other documents, and (e) on a net after-Tax basis, to pay, indemnify, and hold each Lender,
the Issuing Lenders, the Agents and the Arrangers, and each of their respective officers, employees,
directors, trustees, agents, advisors, affiliates, partners and controlling persons (each, an “Indemnitee”),
harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including the
reasonable and documented fees and expenses of one firm of counsel for all Indemnitees, taken as a
whole, and if necessary, one regulatory counsel and a single firm of local counsel in each appropriate
jurisdiction for all Indemnitees, taken as a whole (and in the case of an actual or perceived conflict of
interest, by another firm of counsel for the affected Indemnitee)) other than Taxes (as to which Section
4.10 and Section 4.11 shall govern) with respect to the execution, delivery, enforcement, performance and
administration of this Agreement, the other Loan Documents, and any such other documents or the use or
proposed use of proceeds of the Facilities, including any of the foregoing relating to the violation of,
noncompliance with or liability under, any Environmental Law applicable to the operations of the Loan
Parties and any of their Subsidiaries, or any of the Properties, or any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory and regardless of whether any Indemnitee is a party thereto (all the foregoing in this
clause (e), collectively, the “Indemnified Liabilities”); provided that the Borrowers shall have no
obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such
Indemnified Liabilities (x) are found by a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from the bad faith, gross negligence or willful misconduct of such
Indemnitee or any Related Person thereof, (y) are found by a final, non-appealable judgment of a court of
competent jurisdiction to have resulted from any material breach of the obligations of such Indemnitee or
any Related Person thereof or (z) result from any proceeding that is solely among Indemnitees (other than
any proceeding against any Agent or Arranger or Person fulfilling a similar role in respect of the Facilities
in its capacity or in fulfilling its role as such) and does not involve an act or omission by the U.S.
Borrower or any of its Affiliates. The agreements in this Section 11.6 shall survive repayment of the
Loans, Reimbursement Obligations and all other amounts payable hereunder.
11.7 Successors and Assigns; Participations and Assignments. (a) This Agreement
shall be binding upon and inure to the benefit of the Borrowers, the Lenders, the Agents and their
respective successors and assigns, except that no Borrower may assign or transfer any of its rights or
obligations under this Agreement without the prior written consent of each Lender (and any purported
such assignment or transfer by any Borrower without such consent of each Lender shall be null and void).
(b) Any Lender may, in accordance with applicable Law, at any time sell to one or more
banks, financial institutions or other entities (other than the U.S. Borrower or any of its Subsidiaries or
Affiliates or any natural person) (individually, a “Participant” and, collectively, the “Participants”) (so
long as no Default or Event of Default has occurred and is continuing, only to a Person other than an
Ineligible Participant) participating interests in any Loan or Reimbursement Obligation owing to such
Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the
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other Loan Documents (a “Participation”). In the event of any such sale by a Lender of a participating
interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this
Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance
thereof, such Lender shall remain the holder of any such Loan, Reimbursement Obligation or other
interest for all purposes under this Agreement and the other Loan Documents, and the Borrowers and the
Agents shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement and the other Loan Documents, except with respect to Section 4.10
and 4.11, under which the Participant has certain rights with respect thereto. In no event shall any
Participant under any such Participation have any right to approve any amendment to or waiver of any
provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to
the extent that such amendment, waiver or consent would reduce the principal of, or the stated rate of
interest on, the Loans, Reimbursement Obligation or any fees payable hereunder, or postpone the date of
the final maturity of the Loans or Reimbursement Obligations, in each case to the extent subject to such
Participation (and, for the avoidance of doubt, each Borrower may exercise any rights granted to them in
Section 4.17 with respect to the Lender that sold a Participation to such Participant to the extent that the
direction by such Participant to such Lender to not consent to any such amendment would cause the
applicable Lender to be subject to the provisions of Section 4.17). The Borrowers agree that if amounts
outstanding under this Agreement are due or unpaid during an Event of Default, or shall have been
declared or shall have become due and payable upon the occurrence of an Event of Default, each
Participant shall, to the maximum extent permitted by applicable Law, be deemed to have the right of
setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as
if the amount of its participating interest were owing directly to it as a Lender under this Agreement;
provided that in purchasing such participating interest, such Participant shall be deemed to have agreed to
share with the Lenders the proceeds thereof as provided in Section 11.8(a) as fully as if it were a Lender
hereunder. The Borrowers also agree that each Participant shall be entitled to the benefits of, and be
bound by the obligations imposed on the Lenders in, Sections 4.10, 4.11 and 4.14 with respect to its
Participation in the Commitments and the Loans and other extensions of credit hereunder outstanding
from time to time as if it were a Lender (it being understood that the documentation required under
Section 4.11(e) shall be delivered to the participating Lender); provided, that no Participant shall be
entitled to receive any greater payments under Sections 4.10, 4.11 and 4.14, with respect to its
participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to receive a greater payment results from change in Law that occurs after the Participant
acquired the applicable participation and the Participant agrees to be subject to the provisions of Section
4.17, as if it were an assignee under paragraph (c) of this Section. Each Lender that sells a participation
agrees to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section
4.17 with respect to any Participant. Each Lender that sells a participation shall, acting solely for this
purpose as non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and
address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in
the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no
Lender shall have any obligation to disclose all or any portion of the Participant Register (including the
identity of any Participant or any information relating to a Participant’s interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the
extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other
obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for
maintaining a Participant Register.
(c) Any Lender may, in accordance with applicable Law, at any time and from time to time
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assign to any Lender or any Subsidiary, Affiliate or Approved Fund thereof, or, with the consent of the
Administrative Agent, and, in the case of an assignment of the Acquisition Facility Commitments, the
Acquisition Facility Issuing Lenders, and, in the case of an assignment of any Working Capital Facility
Commitment, the Relevant Working Capital Facility Issuing Lenders and the Relevant Swing Line
Lenders, and, so long as no Event of Default has occurred and is continuing, the U.S. Borrower (which
consent shall not be unreasonably withheld or delayed), to any other Person (other than the U.S. Borrower
or any of its Subsidiaries or Affiliates, any natural person or any Defaulting Lender) (the “Assignee”), all
or any part of its rights and obligations under this Agreement and the other Loan Documents pursuant to
an Assignment and Acceptance, substantially in the form of Exhibit F, appropriately completed (an
“Assignment and Acceptance”), executed by such Assignee, such assigning Lender (and, in the case of an
Assignee that is not then a Lender or any Subsidiary, Affiliate or Approved Fund thereof, by the
Administrative Agent, and, in the case of an assignment of the Acquisition Facility Commitments, the
Acquisition Facility Issuing Lenders, and, in the case of an Assignment of any Working Capital Facility
Commitment, the Relevant Working Capital Facility Issuing Lenders and the Relevant Swing Line
Lenders, and, so long as no Event of Default has occurred and is continuing and the U.S. Borrower is not
deemed to consent to such assignment, the U.S. Borrower) and attaching the Assignee’s relevant tax
forms, administrative details and wiring instructions, and delivered to the Administrative Agent for its
acceptance and recording in the Register; provided that (i) each such assignment to an Assignee (other
than any Lender) shall be in an aggregate principal amount of $5,000,000 or a whole multiple of
$1,000,000 in excess thereof (other than in the case of (A) an assignment of all of a Lender’s interests
under this Agreement or (B) an assignment to another Lender, a Subsidiary, an Affiliate or an Approved
Fund of such assigning Lender), unless otherwise agreed by the Administrative Agent and, so long as no
Event of Default has occurred and is continuing, the U.S. Borrower (such amount to be aggregated in
respect of assignments by to any Lender and the affiliates or Approved Funds thereof), (ii) in the case of
an assignment by a Lender to a Bank CLO managed by such Lender or an affiliate of such Lender, unless
such assignment to such Bank CLO has been consented to by the Administrative Agent, and in the case of
an assignment of the Acquisition Facility Commitments, the Acquisition Facility Issuing Lenders, and, in
the case of an Assignment of any Working Capital Facility Commitment, the Relevant Working Capital
Facility Issuing Lenders, and the Relevant Swing Line Lenders, and, so long as no Event of Default has
occurred and is continuing and the U.S. Borrower is not deemed to consent to such assignment, the U.S.
Borrower (such consent not to be unreasonably withheld or delayed), the assigning Lender shall retain the
sole right to approve any amendment, waiver or other modification of this Agreement or any other Loan
Document; provided that the Assignment and Acceptance between such Lender and such Bank CLO may
provide that such Lender will not, without the consent of such Bank CLO, agree to any amendment,
modification or waiver that requires the consent of each Lender directly affected thereby pursuant to
Section 11.2, and (iii) each Assignee shall comply with the provisions of Section 4.11(e). Upon such
execution, delivery, acceptance and recording, from and after the effective date determined pursuant to
such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent
provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with
Commitments as set forth therein, and (y) the assigning Lender thereunder shall, to the extent provided in
such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case
of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights
and obligations under this Agreement, such assigning Lender shall cease to be a party hereto).
Notwithstanding any provision of this paragraph (c) and paragraph (e) of this Section 11.7, (x) the consent
of the U.S. Borrower shall not be required, and, unless requested by the Assignee and/or the assigning
Lender, new Notes shall not be required to be executed and delivered by the Borrowers, for any
assignment which occurs at any time when any of the events described in Section 9.1(g) shall have
occurred and be continuing and (y) the U.S. Borrower shall be deemed to have consented to any
assignment that requires consent of the U.S. Borrower pursuant to the terms hereof unless it shall object
thereto by written notice to the Administrative Agent within five (5) Business Days after having received
notice thereof. Any assignment or transfer by a Lender of rights or obligations under this Agreement that
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does not comply with this Section 11.7 shall be treated for purposes of this Agreement as a sale by such
Lender of a Participation in such rights and obligations in accordance with Section 11.7(b).
(d) The Administrative Agent, on behalf of the Borrowers, shall maintain at the address of
the Administrative Agent referred to in Section 11.2 a copy of each Assignment and Acceptance delivered
to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders
(including all Assignees and successors) and the Commitments of, and principal amounts (and stated
interest) of the Loans and other Obligations owing to, each Lender from time to time. The entries made in
the Register shall, to the extent permitted by applicable Law, be prima facie evidence of the existence and
amounts of the obligations of the Borrowers therein recorded (absent manifest error), and the Borrowers,
the Administrative Agent and the Lenders may (and, in the case of any Loan or other Obligation
hereunder not evidenced by a Note, shall) treat each Person whose name is recorded in the Register as the
owner of a Loan or other Obligation hereunder as the owner thereof for all purposes of this Agreement
and the other Loan Documents, notwithstanding any notice to the contrary; provided, however, that the
failure of the Administrative Agent to maintain the Register, or any error therein, shall not in any manner
affect the obligation of the Borrowers to repay (with applicable interest) the Loans and other extensions of
credit hereunder made to any Borrower by such Lender in accordance with the terms of this Agreement.
Any assignment of any Loan or other Obligation hereunder, whether or not evidenced by a Note, shall be
effective only upon appropriate entries with respect thereto being made in the Register. The Register shall
be available for inspection by the Borrowers or any Lender at any reasonable time and from time to time
upon reasonable prior notice. The parties intend for the Loans or other Obligations to be in registered
form for tax purposes and this provision shall be construed in accordance with that intent.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and
an Assignee (and, in the case of an Assignee that is not then a Lender (or any Subsidiary, Affiliate or
Approved Fund thereof), by the Administrative Agent, and, in the case of an assignment of the
Acquisition Facility Commitments, the Acquisition Facility Issuing Lenders, and, in the case of an
assignment of any Working Capital Facility Commitment, the Relevant Working Capital Facility Issuing
Lenders and the Relevant Swing Line Lenders and, so long as no Event of Default has occurred and is
continuing and the U.S. Borrower is not deemed to consent to such assignment, the U.S. Borrower),
together with payment to the Administrative Agent by the assigning Lender of a registration and
processing fee of $3,500, the Administrative Agent shall (i) promptly accept such Assignment and
Acceptance and (ii) on the effective date determined pursuant thereto record the information contained
therein in the applicable Register and give notice of such acceptance and recordation to the Lenders and
the U.S. Borrower.
(f) Each Borrower authorizes each Lender to disclose to any Participant or Assignee (each, a
“Transferee”) and any prospective Transferee (so long as no Default or Event of Default has occurred and
is continuing, other than an Ineligible Participant) in each case, any and all financial information in such
Lender’s possession concerning the Borrowers, the other Loan Parties and their Subsidiaries and
Affiliates which has been delivered to such Lender by or on behalf of any Borrower or the other Loan
Parties pursuant to this Agreement or which has been delivered to such Lender by or on behalf of any
Borrower or other Loan Parties in connection with such Lender’s credit evaluation of the Borrowers, the
other the Loan Parties and their Subsidiaries or Affiliates prior to becoming a party to this Agreement;
provided that such Transferee or prospective Transferee shall have agreed to be bound by the provisions
of Section 11.16 hereof.
(g) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of
this Section 11.7 concerning assignments of Loans and other extensions of credit hereunder and Notes
relate only to absolute assignments and that such provisions do not prohibit assignments creating security
interests, including (i) any pledge or assignment by a Lender of any Loan or Note to any Federal Reserve
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Bank (including the Bank of Canada) or any central bank having jurisdiction over such Lender in
accordance with applicable Law and (ii) any pledge or assignment by a Lender which is a fund to its
trustee for the benefit of such trustee and/or its investors to secure its obligations under any indenture or
Governing Documents to which it is a party; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto.
(h) Notwithstanding the foregoing, any Lender may, with notice to, but without consent of,
any Borrower and the Administrative Agent, and in accordance with the definition of “Conduit Lender”
set forth in Section 1.1 hereof and the terms of this Section 11.7(h), designate a Conduit Lender and fund
any of the Loans or Unreimbursed Amounts which such Lender is obligated to make or pay hereunder by
causing such Conduit Lender to fund such Loans or Unreimbursed Amounts on behalf of such Lender.
Any Conduit Lender may assign any or all of the Loans or Unreimbursed Amounts it may have funded
hereunder to its designating Lender without the consent of any Borrower or the Administrative Agent and
without regard to the limitations set forth in Section 11.7(c). Each Borrower, each Lender and each Agent
hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting
against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding under any state bankruptcy, insolvency or similar Law in connection with any obligation of
such Conduit Lender under the Loan Documents, for one year and one day after the payment in full of the
latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each
Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other
party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding
against such Conduit Lender during such period of forbearance. In addition, notwithstanding the
foregoing, any Conduit Lender may (i) with notice to, but without the prior written consent of, any
Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a
portion of its interests in any Loans or Reimbursement Obligations to any financial institutions (consented
to by the U.S. Borrower and the Administrative Agent) providing liquidity and/or credit support to or for
the account of such Conduit Lender to support the funding or maintenance of Loans or Reimbursement
Obligations by such Conduit Lender and (ii) disclose on a confidential basis any non-public information
relating to its Loans and its Reimbursement Obligations to any rating agency, commercial paper dealer or
provider of any surety, guarantee or credit or liquidity enhancement to such Conduit Lender. This clause
(h) may not be amended without the written consent of any Conduit Lender directly affected thereby.
11.8 Adjustments; Set-off. (a) If any Lender (a “Benefited Lender”) shall at any time
receive any payment of all or part of its Loans or Reimbursement Obligations with regards to either
Facility, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or
involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 9.1(g), or
otherwise), in a greater proportion than any such payment to or collateral received by any other Lender
under such Facility, if any, in respect of such other Lender’s Loans or Reimbursement Obligations under
such Facility, or interest thereon, except to the extent specifically provided hereunder, such Benefited
Lender shall purchase for cash from the other Lenders under such Facility a participating interest in such
portion of each such other Lender’s Loans or Reimbursement Obligations under such Facility, or shall
provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be
necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or
proceeds ratably with each of the Lenders under such Facility; except that with respect to any Lender that
is a Defaulting Lender by virtue of such Lender failing to fund its Commitment Percentage of any Loan or
Participation Obligation, such Defaulting Lender’s pro rata share of the excess payment shall be allocated
to the Lender (or the Lenders, pro rata) that funded such Defaulting Lender’s Commitment Percentage
thereof; provided, however, that if all or any portion of such excess payment or benefits is thereafter
recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and
benefits returned, to the extent of such recovery, but without interest; provided further, that to the extent
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prohibited by applicable law as described in the definition of “Excluded Swap Obligation,” no amounts
received from, or set off with respect to, any Loan Party shall be applied to any Excluded Swap
Obligations of such Loan Party. Each Borrower agrees that each Lender so purchasing a portion of
another Lender’s Loans or Reimbursement Obligations may exercise all rights of payment (including
rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such
portion.
(b) In addition to any rights and remedies of the Lenders provided by Law, each Lender shall
have the right, without prior notice to any Borrower, any such notice being expressly waived by each
Borrower to the extent permitted by applicable Law, during the existence of an Event of Default, upon
any amount becoming due and payable by any Borrower hereunder (whether at the stated maturity, by
acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits
(general or special, time or demand, provisional or final), in any currency, and any other credits,
indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent,
matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or
for the credit or the account of the applicable Borrower. Each Lender agrees to promptly notify the U.S.
Borrower and the Administrative Agent after any such set-off and application made by such Lender;
provided that the failure to give such notice shall not affect the validity of such set-off or application.
11.9 Counterparts. This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts (including by facsimile transmission or electronic
mail transmission in portable document format of signature pages hereto), and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by facsimile transmission or by electronic mail in portable document
format shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this
Agreement signed by all the parties shall be lodged with the U.S. Borrower and the Administrative Agent.
11.10 Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.
11.11 Integration. This Agreement and the other Loan Documents represent the
agreement of the parties hereto with respect to the subject matter hereof, and there are no promises,
undertakings, representations or warranties relative to subject matter hereof not expressly set forth or
referred to herein or in the other Loan Documents.
11.12 Governing Law. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
11.13 Submission to Jurisdiction. Each Loan Party hereby irrevocably and
unconditionally:
(a) submits for itself and its property in any legal action or proceeding relating to this
Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of
any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New
York, the courts of the United States of America for the Southern District of New York, and appellate
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courts from any thereof;
(b) consents that any such action or proceeding may be brought in such courts and waives
any objection that it may now or hereafter have to the venue of any such action or proceeding in any such
court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or
claim the same;
(c) agrees that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to the Loan Parties as the case may be, at their address set forth in Section 11.2 or at such other
address of which the Administrative Agent shall have been notified pursuant thereto;
(d) agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by Law or shall limit the right to xxx in any other jurisdiction; and
(e) waives, to the maximum extent not prohibited by Law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or
consequential damages.
11.14 Acknowledgements. Each Loan Party hereby acknowledges that:
(a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents;
(b) none of the Agents nor any Lender has any fiduciary relationship with or duty to the Loan
Parties arising out of or in connection with this Agreement or any of the other Loan Documents, and the
relationship between the Borrowers and the other Loan Parties, on one hand, and Agents and Lenders, on
the other hand, in connection herewith or therewith is solely that of debtor and creditor; and
(c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among the Loan Parties and the
Lenders.
11.15 Waivers of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AND FOR ANY COUNTERCLAIM THEREIN.
11.16 Confidentiality. (a) Each Lender Party shall use its best efforts to (i) keep
confidential (and shall cause its directors, officers, employees, representatives, agents, professional
advisors or auditors (collectively, “Representatives”) to keep confidential) all information that such
Lender Party receives from or on behalf of the Loan Parties other than information that is identified by
any of the Loan Parties as being non-confidential information (all such information that is not so
identified being “Confidential Information”); provided that nothing in this Section 11.16 shall prevent any
Lender Party from (A) disclosing, subject to the terms and requirements of this Section 11.16, such
information to a Subsidiary or an Affiliate or its or their Representatives provided that such Subsidiary,
Affiliate, or Representatives, as applicable, have been advised of the confidential nature, and restrictions
on use, of such Confidential Information set forth in this Section 11.16, (B) disclosing Confidential
Information in connection with the exercise of any remedy hereunder, (C) using Confidential Information
solely for purposes of evaluating and administering the Loans and the Loan Documents, (D) disclosing
Confidential Information to a Participant, an Assignee or a potential Transferee, in each case in
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accordance with Section 11.7(f) or (E) to the National Association of Insurance Commissioners, any title
or credit insurance company or any similar organizations; provided further that Confidential Information
shall not include information pertaining to this Agreement routinely provided by arrangers to data service
providers, including league table providers, that serve the lending industry and (ii) subject to Section
11.16(d), not disclose Confidential Information to Representatives of its Trading Business. Any Person
required to maintain the confidentiality of Confidential Information as provided in this Section 11.16 shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree
of care to maintain the confidentiality of such Confidential Information as such Person would accord to its
own confidential information.
(b) Notwithstanding anything in this Section 11.16 to the contrary, any Confidential
Information may be disclosed by any Lender Party or any Representative (the affected Lender Party or
Representative being the “Disclosing Party”) if the Disclosing Party is compelled by judicial process or is
required by Law or regulation or is requested to do so by any examiner or any other regulatory authority
or recognized self-regulatory organization including the New York Stock Exchange, the Federal Reserve
Board, the New York State Banking Department and the Securities & Exchange Commission, in each
case having or asserting jurisdiction over the Disclosing Party.
(c) The obligations of each Lender Party and its Representatives under this Section 11.16
with respect to Confidential Information shall not apply to (i) any Confidential Information which, as of
the date of disclosure by such Lender Party or its Representatives, is in the public domain or subsequently
comes into the public domain other than as a result of a breach of the obligations of such Lender Party or
its Representatives hereunder, or (ii) any Confidential Information that was or becomes available to such
Lender Party or its Representatives from a person or source that is or was not, to the knowledge of such
Lender Party or its Representatives, bound by a confidentiality agreement with any Loan Party or
otherwise prohibited from transferring such information to any other Person, or (iii) any Confidential
Information which was or becomes available to such Lender Party or its Representatives without any
obligation of confidentiality prior to its disclosure by or on behalf of the Loan Parties or (iv) any
Confidential Information that was developed by such Lender Party or its Representative without the use
of information provided by any Loan Party.
(d) Notwithstanding anything herein to the contrary, any Lender Party may disclose
Confidential Information to those Representatives of its Trading Business, solely to the extent (i) such
disclosure is (A) advisable, in the good faith discretion of such Lender Party, to assist such Lender Party
in protecting and enforcing its rights under any Loan Document and other credit facilities which such
Lender Party or any of its Subsidiaries or Affiliates has with the applicable Loan Party (or any of its
Subsidiaries or Affiliates) and (B) relevant to such assistance, (ii) such Representatives have been advised
of, and agree to, the confidential nature, and restrictions on use, of such Confidential Information and
need to know same in connection with providing such assistance, and (iii) such Confidential Information
is not used for any purpose other than that set forth in this Section 11.16.
(e) Each of the Lender Parties acknowledges that (a) the Confidential Information may
include material non-public information concerning the Loan Parties and their related parties or their
respective securities, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable
Law, including United States Federal and state securities Laws, Canadian securities laws and Dutch
securities laws.
11.17 Specified Laws. Each Lender and each Agent (for itself and not on behalf of any
Lender) hereby notifies the Borrowers that pursuant to the requirements of the Specified Laws, it is
required to obtain, verify and record information that identifies the Loan Parties, which information
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includes the names and addresses of the Loan Parties and other information that will allow such Lender or
Agent, as applicable, to identify the Loan Parties in accordance with the Specified Laws.
11.18 [Reserved].
11.18 No Fiduciary Duty, etc. Each Borrower acknowledges and agrees, and
acknowledges its Subsidiaries’ understanding, that no Lender Party will have any obligations except those
obligations expressly set forth herein and in the other Loan Documents and each Lender Party is acting
solely in the capacity of an arm’s length contractual counterparty to such Borrower with respect to the
Loan Documents and the transaction contemplated therein and not as a financial advisor or a fiduciary to,
or an agent of, such Borrower or any other Person. Each Borrower agrees that it will not assert any claim
against any Lender Party based on an alleged breach of fiduciary duty by such Lender Party in connection
with this Agreement and the transactions contemplated hereby. Additionally, each Borrower
acknowledges and agrees that no Lender Party is advising such Borrower as to any legal, tax, investment,
accounting, regulatory or any other matters in any jurisdiction. Each Borrower shall consult with its own
advisors concerning such matters and shall be responsible for making its own independent investigation
and appraisal of the transactions contemplated hereby, and the Lender Parties shall have no responsibility
or liability to the Borrowers with respect thereto.
Each Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’
understanding, that each Lender Party is a full service securities or banking firm engaged in securities
trading and brokerage activities as well as providing investment banking and other financial services. In
the ordinary course of business, any Lender Party may provide investment banking and other financial
services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt
and other securities and financial instruments (including bank loans and other obligations) of, the
Borrowers and other companies with which the Borrowers may have commercial or other relationships.
With respect to any securities and/or financial instruments so held by any Lender Party or any of its
customers, all rights in respect of such securities and financial instruments, including any voting rights,
will be exercised by the holder of the rights, in its sole discretion.
In addition, each Borrower acknowledges and agrees, and acknowledges its
Subsidiaries’ understanding, that each Lender Party and its affiliates may be providing debt financing,
equity capital or other services (including financial advisory services) to other companies in respect of
which the Borrowers and/or their Subsidiaries may have conflicting interests regarding the transactions
described herein and otherwise. No Lender Party will use confidential information obtained from the
Borrowers by virtue of the transactions contemplated by the Loan Documents or its other relationships
with the Borrowers in connection with the performance by such Lender Party of services for other
companies, and no Lender Party will furnish any such information to other companies. Each Borrower
also acknowledges that no Lender Party has any obligation to use in connection with the transactions
contemplated by the Loan Documents, or to furnish to the Borrowers, confidential information obtained
from other companies.
11.19 Additional Borrowers. At any time and from time-to-time after the Restatement
Effective Date, the U.S. Borrower may request that any of its Subsidiaries (other than an Exempt CFC or
a direct or indirect Subsidiary of an Exempt CFC) become a borrower under this Agreement (each
Subsidiary which becomes a borrower pursuant to the terms of this Section 11.19, an “Additional
Borrower”). Such Subsidiary shall become an Additional Borrower with effect on and from the date on
which the Administrative Agent notifies the U.S. Borrower that each of the following has been satisfied
(which date shall be within ten (10) Business Days after each Lender has received the documents referred
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to in Section 11.19(e):
(a) the Administrative Agent receives a duly completed and executed Joinder Agreement,
substantially in the form of Exhibit U;
(b) each Lender has approved of such Additional Borrower;
(c) the U.S. Borrower confirms that no Default or Event of Default is continuing or would
occur as a result of that Subsidiary becoming an Additional Borrower and each of the representations and
warranties relating to the Additional Borrower and the Loan Parties (other than the representations and
warranties set forth in Sections 5.1, 5.4, 5.6, 5.7, 5.17 and 5.20) is true and not misleading in any material
respect (except that any representation and warranty that is qualified by “materiality” or “Material
Adverse Effect” shall be true and correct in all respects as so qualified) as if made on date of accession of
Additional Borrower;
(d) the Subsidiary is incorporated, organized or formed in the United States of America,
Canada or another jurisdiction approved by the Supermajority Lenders;
(e) the Administrative Agent has received all of the documents and other evidence referred
to in Section 6.1(b) and Sections 6.1(d) through 6.1(g) in relation to that Additional Borrower together
with a legal opinion in respect of the Additional Borrower from a law firm qualified to issue legal
opinions with respect to the jurisdiction of incorporation, organization or formation and (with respect to
any Additional Borrower organized under the laws of any jurisdiction of Canada) the jurisdiction of the
chief executive office and domicile (within the meaning of the Civil Code of Quebec) and each
jurisdiction in which material tangible assets are located, each in form and substance reasonably
satisfactory to the Administrative Agent;
(f) the Administrative Agent shall have received the results of a recent search by a Person
reasonably satisfactory to the Administrative Agent, of the Uniform Commercial Code and PPSA (if
relevant), judgment and tax Lien filings, and all customary searches for financing transactions of this
nature in all applicable jurisdictions, which may have been filed with respect to personal property of such
Additional Borrower, and the results of such search shall be reasonably satisfactory to the Administrative
Agent;
(g) the Co-Collateral Agents and each Lender shall have received copies of a collateral and
risk management review (the “Additional Borrower Collateral Risk Review”), in form and substance
satisfactory to the Co-Collateral Agents, of all of the assets of such Additional Borrower that would
comprise each asset category set forth in the definition of “U.S. Borrowing Base” or “Kildair Borrowing
Base”, as applicable, prepared by Co-Collateral Agents’ internal or external collateral and risk manager;
provided, however, that (i) the Additional Borrower Collateral Risk Review shall be completed (or in the
event it is not completed, be deemed completed) by a date no later than the date twenty-one (21) calendar
days following the U.S. Borrower’s request that a Subsidiary become an Additional Borrower, which
such request may not be made more than sixty (60) calendar days prior to the date such Subsidiary shall
become an Additional Borrower and (ii) prior to the completion of the Additional Borrower Collateral
Risk Review, the Co-Collateral Agents may, in their sole discretion, count the assets of such Additional
Borrower in the calculation of the U.S. Borrowing Base or Kildair Borrowing Base, as applicable;
(h) the Administrative Agent shall have received evidence in form and substance reasonably
satisfactory to it that all of the requirements of Section 7.5 hereof, Section 5(q) of the U.S. Security
Agreement and Section 5(p) of the Canadian Security Agreement, in each case to the extent applicable,
shall have been satisfied with respect to such Additional Borrower;
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(i) each Lender shall have received all of the documents referred to in Section 6.1(y) with
respect to that Additional Borrower and has confirmed to the Administrative Agent that such documents
are in form and substance reasonably satisfactory to such Lender;
(j) such Additional Borrower becomes a Grantor; and
(k) such Additional Borrower appoints the U.S. Borrower to act on its behalf as the agent for
such Additional Borrower hereunder and under the other Loan Documents and authorizes the U.S.
Borrower to take such actions on its behalf and to exercise such powers as are delegated to the U.S.
Borrower by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto, and the U.S. Borrower accepts such appointment (which appointment shall not be
terminated or revoked without the consent of the Administrative Agent and the Required Lenders).
The Agents, the Borrowers and any Additional Borrowers shall be permitted to amend this Agreement
and the other Loan Documents solely as necessary or advisable to permit the Additional Borrower to
borrow hereunder and as otherwise required or advisable in connection therewith.
11.20 Joint and Several Liability. (a) All Loans, upon funding, shall be deemed to be
jointly funded to and received by the Borrower Parties, (b) each Borrower Party jointly and severally
agrees to pay, and shall be jointly and severally liable under this Agreement for, all Obligations,
regardless of the manner or amount in which proceeds of Loans are used, allocated, shared, or disbursed
by or among the Borrower Parties themselves, or the manner in which an Agent and/or any Lender
accounts for such Loans or other extensions of credit on its books and records, (c) each Borrower Party
shall be liable for all amounts due to an Agent and/or any Lender under this Agreement, regardless of
which Borrower Party actually receives Loans or other Extensions of Credit hereunder or the amount of
such Loans and Extensions of Credit received or the manner in which such Agent and/or such Lender
accounts for such Loans or other Extensions of Credit on its books and records, and (d) each Borrower
Party’s Obligations with respect to Loans and other Extensions of Credit made to it, and such Borrower
Party’s Obligations arising as a result of the joint and several liability of such Borrower Party hereunder,
with respect to Loans and other Extensions of Credit made to the other Borrower Parties hereunder, shall
be separate and distinct obligations, but all such Obligations shall be primary obligations of such
Borrower Party. The Borrower Parties acknowledge and expressly agree with the Agents and each Lender
that the joint and several liability of each Borrower Party is required solely as a condition to, and is given
solely as inducement for and in consideration of, credit or accommodations extended or to be extended
under the Loan Documents to any or all of the other Borrower Parties and is not required or given as a
condition of Extensions of Credit to such Borrower Party. Each Borrower Party’s obligations under this
Agreement shall be separate and distinct obligations. Each Borrower Party’s obligations under this
Agreement shall, to the fullest extent permitted by Law, be unconditional irrespective of (i) the validity or
enforceability, avoidance, or subordination of the Obligations of any other Borrower Party or of any Note
or other document evidencing all or any part of the Obligations of any other Borrower Party, (ii) the
absence of any attempt to collect the Obligations from any other Borrower Party, any other Loan Party, or
any other security therefor, or the absence of any other action to enforce the same, (iii) the waiver,
consent, extension, forbearance, or granting of any indulgence by an Agent and/or any Lender with
respect to any provision of any instrument evidencing the Obligations of any other Borrower Party or any
other Loan Party, or any part thereof, or any other agreement now or hereafter executed by any other
Borrower Party or any other Loan Party and delivered to an Agent and/or any Lender, (iv) the failure by
an Agent and/or any Lender to take any steps to perfect and maintain its security interest in, or to preserve
its rights to, any security or collateral for the Obligations of any other Borrower Party or any other Loan
Party, (v) an Agent’s and/or any Lender’s election, in any proceeding instituted under the Bankruptcy
Code or Insolvency Laws, of the application of Section 1111(b)(2) of the Bankruptcy Code or
corresponding provisions of Insolvency Laws, (vi) any borrowing or grant of a security interest by any
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other Borrower Party, as debtor-in-possession under Section 364 of the Bankruptcy Code or under
Insolvency Laws, (vii) the disallowance of all or any portion of an Agent’s and/or any Lender’s claim(s)
for the repayment of the Obligations of any other Borrower Party under Section 502 of the Bankruptcy
Code or under Insolvency Laws, or (viii) any other circumstances which might constitute a legal or
equitable discharge or defense of a guarantor or of any other Borrower Party. With respect to any
Borrower Party’s Obligations arising as a result of the joint and several liability of the Borrower Parties
hereunder with respect to Loans or other Extensions of Credit made to any of the other Borrower Parties
hereunder, such Borrower Party waives, until the Obligations shall have been paid in full and this
Agreement shall have been terminated, any right to enforce any right of subrogation or any remedy which
an Agent and/or any Lender now has or may hereafter have against any other Borrower Party, any
endorser or any guarantor of all or any part of the Obligations, and any benefit of, and any right to
participate in, any security or collateral given to an Agent and/or any Lender to secure payment of the
Obligations or any other liability of any Borrower Party to an Agent and/or any Lender. Upon any Event
of Default, the Agents may proceed directly and at once, without notice, against any Borrower Party to
collect and recover the full amount, or any portion of the Obligations, without first proceeding against any
other Borrower Party or any other Person, or against any security or collateral for the Obligations. Each
Borrower Party consents and agrees that the Agents shall be under no obligation to marshal any assets in
favor of any Borrower Party or against or in payment of any or all of the Obligations. Each Borrower
Party further acknowledges that credit extended to each Borrower Party hereunder will directly or
indirectly benefit each other Borrower Party.
11.21 Contribution and Indemnification among the Borrower Parties; Subordination.
Each Borrower Party is obligated to repay the Obligations as joint and several obligor under this
Agreement. To the extent that any Borrower Party shall, under this Agreement as a joint and several
obligor, repay any of the Obligations constituting Loans made to another Borrower Party hereunder or
other Obligations incurred directly and primarily by any other Borrower Party (an “Accommodation
Payment”), then the Borrower Party making such Accommodation Payment shall be entitled to
contribution and indemnification from, and be reimbursed by, each of the other Borrower Parties in an
amount, for each of such other Borrower Parties, equal to a fraction of such Accommodation Payment,
the numerator of which fraction is such other Borrower Party’s Allocable Amount (as defined below) and
the denominator of which is the sum of the Allocable Amounts of all of the Borrower Parties. As of any
date of determination, the “Allocable Amount” of each Borrower Party shall be equal to the maximum
amount of liability for Accommodation Payments which could be asserted against such Borrower Party
hereunder without (a) rendering such Borrower Party “insolvent” within the meaning of Section 101(31)
of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the
Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such Borrower Party with unreasonably
small capital or assets, within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the
UFTA, or Section 5 of the UFCA, or (c) leaving such Borrower Party unable to pay its debts as they
become due within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA, or
Section 5 of the UFCA. All rights and claims of contribution, indemnification, and reimbursement under
this Section 11.21 shall be subordinate in right of payment to the prior payment in full of the Obligations.
The provisions of this Section 11.21 shall, to the extent expressly inconsistent with any provision in any
Loan Document, supersede such inconsistent provision.
11.22 Express Waivers by Borrower Parties in Respect of Cross Guaranties and Cross
Collateralization. Each Borrower Party agrees as follows:
(a) Each Borrower Party hereby waives: (i) notice of acceptance of this Agreement; (ii)
notice of the making of any Loans, the issuance of any Letter of Credit or any other financial
accommodations made or extended under the Loan Documents or the creation or existence of any
Obligations; (iii) notice of the amount of the Obligations, subject, however, to such Borrower Party’s
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right to make inquiry of the Administrative Agent to ascertain the amount of the Obligations at any
reasonable time; (iv) notice of any adverse change in the financial condition of any other Borrower Party
or of any other fact that might increase such Borrower Party’s risk with respect to such other Borrower
Party under the Loan Documents; (v) notice of presentment for payment, demand, protest, and notice
thereof as to any promissory notes or other instruments among the Loan Documents; and (vi) all other
notices (except if such notice is specifically required to be given to such Borrower Party hereunder or
under any of the other Loan Documents to which such Borrower Party is a party) and demands to which
such Borrower Party might otherwise be entitled.
(b) Each Borrower Party hereby waives the right by statute or otherwise to require an Agent
or any other Secured Party to institute suit against any other Borrower Party or to exhaust any rights and
remedies which an Agent or any other Secured Party has or may have against any other Borrower Party.
Each Borrower Party further waives any defense arising by reason of any disability or other defense of
any other Borrower Party (other than the defense that the Obligations shall have been fully and finally
performed and paid) or by reason of the cessation from any cause whatsoever of the liability of any such
Borrower Party in respect thereof.
(c) Each Borrower Party hereby waives and agrees not to assert against an Agent or any
Lender: (i) any defense (legal or equitable), set-off, counterclaim, or claim which such Borrower Party
may now or at any time hereafter have against any other Borrower Party or any other party liable under
the Loan Documents; (ii) any defense, set-off, counterclaim, or claim of any kind or nature available to
any other Borrower Party against an Agent or any Lender, arising directly or indirectly from the present
or future lack of perfection, sufficiency, validity, or enforceability of the Obligations or any security
therefor; (iii) any right or defense arising by reason of any claim or defense based upon an election of
remedies by an Agent or any Lender under any applicable law; and (iv) the benefit of any statute of
limitations affecting any other Borrower Party’s liability hereunder.
(d) Each Borrower Party consents and agrees that, without notice to or by such Borrower
Party and without affecting or impairing the obligations of such Borrower Party hereunder, the Agents
may (subject to any requirement for consent of any of the Lenders to the extent required by this
Agreement), by action or inaction: (i) compromise, settle, extend the duration or the time for the payment
of, or discharge the performance of, or may refuse to or otherwise not enforce the Loan Documents; (ii)
release all or any one or more parties to any one or more of the Loan Documents or grant other
indulgences to any other Borrower Party in respect thereof; (iii) amend or modify in any manner and at
any time (or from time to time) any of the Loan Documents; or (iv) release or substitute any Person liable
for payment of the Obligations, or enforce, exchange, release, or waive any security for the Obligations or
any Guarantee of the Obligations.
(e) Each Borrower Party represents and warrants to the Agents and the Lenders that, as of the
date of entry of any Additional Borrower into this Agreement, such Borrower Party is currently informed
of the financial condition of all other Borrower Parties and all other circumstances which a diligent
inquiry would reveal and which bear upon the risk of nonpayment of the Obligations. Each Borrower
Party further represents and warrants that, as of the date of entry of such Borrower Party into this
Agreement, such Borrower Party has read and understands the terms and conditions of the Loan
Documents. Each Borrower Party agrees that none of the Agents or any Lender has any responsibility to
inform any Borrower Party of the financial condition of any other Borrower Party or of any other
circumstances which bear upon the risk of nonpayment or nonperformance of the Obligations.
11.23 Limitation on Obligations of Borrower Parties. In the event that in any action or
proceeding involving any state, provincial, territorial or foreign corporate law, or any state, federal,
provincial, territorial or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights
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of creditors generally, the obligations of any Borrower Party, including for the obligations of any other
Borrower Party, under this Agreement shall be held or determined to be void, avoidable, invalid or
unenforceable (including because of Section 548 of the Bankruptcy Code or any applicable Insolvency
Laws or any applicable state, provincial, territorial or federal Law relating to fraudulent conveyances or
transfers), then, notwithstanding any other provision of this Agreement to the contrary, the amount of
such liability of a Borrower Party shall, without any further action by any Loan Party, Agent or Lender,
be automatically limited and reduced to the highest amount that is valid and enforceable (such highest
amount determined hereunder being the relevant Borrower’s “Maximum Liability”); provided that
nothing contained in this Section 11.23 shall limit the liability of any Borrower Party to repay Loans
made directly or indirectly to or for the benefit of that Borrower Party or any Subsidiary of that Borrower
Party (including Loans advanced to any other Borrower Party and then re-loaned or otherwise transferred
to, or for the benefit of, such Borrower Party or any of its Subsidiaries), Obligations relating to Letters of
Credit issued for the direct or indirect benefit of such Borrower Party or any of its Subsidiaries, and all
interest, fees, expenses and other related Obligations under the Loan Documents with respect thereto, for
which such Borrower Party shall be primarily liable for all purposes hereunder. This Section 11.23 with
respect to the Maximum Liability of each Borrower Party is intended solely to preserve the rights of the
Agents and the Lenders to the maximum extent not subject to avoidance under applicable Law, and no
Loan Party nor any other person or entity shall have any right or claim under this Section 11.23 with
respect to such Maximum Liability, except to the extent necessary so that the obligations of any Borrower
Party hereunder shall not be rendered void, voidable, invalid or unenforceable under applicable Law.
11.24 [Reserved].
11.25 Judgment Currency. (a) The Loan Parties’ obligations hereunder and under the
other Loan Documents to make payments in United States Dollars or Canadian Dollars, as applicable,
shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or
converted into any currency other than United States Dollars or Canadian Dollars, as applicable, except to
the extent that such tender or recovery results in the effective receipt by the Administrative Agent or
Canadian Agent, as applicable, or the respective Lender or Issuing Lender of the full amount of United
States Dollars or Canadian Dollars, as applicable, expressed to be payable to the Administrative Agent or
the Canadian Agent or such Lender or Issuing Lender under this Agreement or the other Loan
Documents. If, for the purpose of obtaining or enforcing judgment against any Loan Party in any court or
in any jurisdiction, it becomes necessary to convert into or from any currency other than United States
Dollars or Canadian Dollars, as applicable, (such other currency being hereinafter referred to as the
“Judgment Currency”) an amount due in United States Dollars or Canadian Dollars, as applicable, the
conversion shall be made at the Dollar Equivalent or Canadian Dollar Equivalent, as applicable,
determined as of the Business Day immediately preceding the day on which the judgment is given (such
Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”).
(b) If there is a change in the rate of exchange prevailing between the Judgment
Currency Conversion Date and the date of actual payment of the amount due, the Loan Parties shall pay,
or cause to be paid, such additional amounts, if any (but in any event not a lesser amount) as may be
necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of
exchange prevailing on the date of payment, will produce the amount of United States Dollars or
Canadian Dollars, as applicable, which could have been purchased with the amount of Judgment
Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment
Currency Conversion Date.
(c) For purposes of determining the Dollar Equivalent or Canadian Dollar Equivalent
or any other rate of exchange for this Section 11.25, such amounts shall include any premium and costs
193
509265-1804-0000000000-Active.18599927.1821183188.22
payable in connection with the purchase of United States Dollars or Canadian Dollars, as applicable.
11.26 English Language. The parties hereto confirm that it is their wish that this
Agreement and any other document executed in connection with the transactions contemplated herein be
drawn up in the English language only and that all other documents contemplated thereunder or relating
thereto, including notices, may also be drawn up in the English language only. Les parties aux présentes
confirment que c’est leur volonté que cette convention et les autres documents de crédit y afférents soient
rédigés en anglais seulement et que tous les documents, y compris tous avis, envisagés par cette
convention soient rédigés en anglais seulement.
11.27 Amendment and Restatement. This Agreement amends and restates the Existing
Credit Agreement. All indebtedness, obligations and Liens created by the Existing Credit Agreement and
the Loan Documents referred to therein remain outstanding and in effect and are continued by this
Agreement and the other Loan Documents with such modifications as are set forth herein and therein.
11.28 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement
or understanding among any such parties, each party hereto acknowledges that any liability of any EEA
Financial Institution arising under any Loan Document may be subject to the write-downWrite-Down and
cConversion pPowers of an EEA Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:
(a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is
an EEA Financial Institution; and
(b) the effects of any Bail-In Action on any such liability, including, if applicable:
(i) a reduction in full or in part or cancellation of any such liability;
(ii) a conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such EEA Financial Institution, its parent
entity, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or
(iii) the variation of the terms of such liability in connection with the exercise
of Write-Down and Conversion Powers of any EEA Resolution
Authority.
Annex II
Schedule 1.0
LENDERS, COMMITMENTS AND APPLICABLE LENDING OFFICES
Lender
Dollar Working
Capital Facility
Commitment
Multicurrency
Working Capital
Facility
Commitment
Acquisition Facility
Commitment
Applicable Lending
Office
JPMorgan Chase
Bank, N.A.
$79,456,250.00 $9,137,500.00 $46,406,250.00
000 Xxxx Xxxxxx,
00xx Xxxxx
Xxx Xxxx, XX 00000
BNP Paribas $79,456,250.00 $9,137,500.00 $46,406,250.00
000 Xxxxxxx Xxxxxx,
0xx Xxxxx,
Xxx Xxxx, XX 00000
Citizens Bank,
N.A.
$79,456,250.00 $9,137,500.00 $46,406,250.00
0 Xxxxxxxx Xx.
Xxxxxxxxx, XX 00000
Xxxxx Fargo Bank,
N.A.
$79,456,250.00 $9,137,500.00 $46,406,250.00
000 Xxxx Xxxxxx
00xx Xxxxx
Xxxxxx, XX 00000
Société Générale $79,456,250.00 $9,137,500.00 $46,406,250.00
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
The Bank of
Tokyo-Mitsubishi
UFJ, LTD.
$79,456,250.00 $9,137,500.00 $46,406,250.00
0000 Xxxxxx xx xxx
Xxxxxxxx
Xxx Xxxx, XX 00000
Coöperatieve
Rabobank U.A.,
NewYork Branch
$79,456,250.00 $9,137,500.00 $46,406,250.00
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Santander Bank
N.A.
$50,468,750.00 $5,312,500.00 $29,218,750.00
00 Xxxxx Xxxxxx
Xxxxxx, XX 00000
ABN AMRO
Capital USA LLC
$53,437,500.00 $5,625,000.00 $30,937,500.00
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
BMO Xxxxxx Bank
N.A.
$43,937,500.00 $4,625,000.00 $25,437,500.00
000 Xxxx Xxxxxx
Xxxxxxx, XX 00000
Royal Bank of
Canada
$42,931,250.00 $4,975,000.00 $25,093,750.00
00 Xxxx Xxxxxx Xxxx,
0xx Xxxxx
Xxxxxxx, Xxxxxxx
X0X 0X0
TD Bank, N.A. $43,343,750.00 $4,562,500.00 $25,093,750.00
000 Xxxxxxx Xxxxxx,
Xxxxxx Xxxxx
Xxx Xxxx, XX 00000
Barclays Bank $35,625,000.00 $3,750,000.00 $20,625,000.00
000 0xx Xxxxxx
Xxx Xxxx, XX 00000
13
509265-1804-15860-Active.21190040.12 04/26/2017 7:29 PM
PLC
People’s United
Bank
$22,968,750.00 -- $12,031,250.00
000 Xxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
Blue Hills Bank $19,687,500.00 -- $10,312,500.00
0000 Xxxxx Xxxxxx
Xxxx Xxxx, XX
00000
Xxxxxxx Xxxxx
Bank, N.A.
$14,843,750.00 $1,562,500.00 $8,593,750.00
000 Xxxxxxxx Xxxxxxx
Xx. Xxxxxxxxxx, XX
00000
Xxxxxxx Bank, NA $11,875,000.00 $1,250,000.00 $6,875,000.00
000 Xxxx Xxxxxx
Xxxxxxxxx, XX 00000
Customers Bank $11,875,000.00 $1,250,000.00 $6,875,000.00
Xxx Xxxxxxxxxxxxx
Xxxxx, 00xx Xxxxx
Xxxxxx, XX 00000
Commerce Bank &
Trust Company
$13,125,000.00 -- $6,875,000.00
000 Xxxx Xxxxxx, XX
Xxx 00000
Xxxxxxxxx XX
00000-0000
Citibank, N.A. $29,687,500.00 $ 3,125,000.00 $ 17,187,500.00
000 Xxxxxxxx Xxxxxx,
00xx Xxxxx, Xxxxxx,
XX 00000
Total $950,000,000.00 $100,000,000.00 $550,000,000.00