AGREEMENT AND AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT
EXHIBIT
10.1
AGREEMENT AND AMENDMENT NO. 1 TO
AMENDED AND RESTATED CREDIT AGREEMENT
AMENDED AND RESTATED CREDIT AGREEMENT
This AGREEMENT AND AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Agreement”) dated as of February 25, 2008 (the “Effective Date”) is among Xxxxx
Energy Partners — Operating, L.P. (the “Borrower”), the Guarantors (as defined below), the
parties that are “Banks” under and as defined in the Credit Agreement referred to below (the
“Existing Banks”), the parties that are New Banks (as defined below; and together with the
Existing Banks, the “Banks” and individually, a “Bank”), Union Bank of California,
N.A., as administrative agent for such Banks (in such capacity, the “Administrative Agent”)
and as Sole Lead Arranger, Bank of America, N.A. as Syndication Agent, and Guaranty Bank as
Documentation Agent.
RECITALS
A. The Borrower, the Existing Banks, and the Administrative Agent are parties to the Amended
and Restated Credit Agreement dated as of August 27, 2007 (the “Credit Agreement”).
B. In connection with such Credit Agreement, the undersigned Subsidiaries of the Borrower (the
“Guarantors”) executed and delivered that certain Amended and Restated Guaranty Agreement
dated as of August 27, 2007 (as the same may be further amended, modified or supplemented from time
to time, the “Guaranty”) in favor of the Administrative Agent for the benefit of the
Beneficiaries (as defined therein).
C. The Borrower, Xxxxx Energy Partners, L.P., a Delaware limited partnership (the “Limited
Partner”), HEP Pipeline, L.L.C., a Delaware limited liability company (“HEP”), and HEP
Xxxxx Cross, L.L.C., a Delaware limited liability company (“HEP Xxxxx Cross”), as buyer
parties (collectively, the “Purchasers”) will enter into a Purchase and Sale Agreement
dated on or about February 29, 2008 (the “Navajo/Xxxxx Cross PSA”) with Xxxxx Corporation,
a Delaware corporation (“Parent”), Navajo Pipeline Co., L.P., a Delaware limited
partnership (“Navajo Pipeline”), Navajo Refining Company, L.P., a Delaware limited
partnership (“Navajo Refining”) and Xxxxx Cross Refining Company, L.L.C., a Delaware
limited liability company (“Xxxxx Cross Refining”) as seller parties (collectively, the
“Sellers”), pursuant to which the Limited Partner and/or certain of its Subsidiaries will
acquire (the “Navajo/Xxxxx Cross Acquisition”) certain pipelines and related assets (the
“Navajo/Xxxxx Cross Assets”).
D. Pursuant to a Contribution Agreement dated on or about February 29, 2008 (the
“Navajo/Xxxxx Cross Contribution Agreement”) among the Borrower, the Limited Partner, HEP
and HEP Xxxxx Cross, as transferee parties, and Parent, Navajo Pipeline, Navajo Refining, and Xxxxx
Cross Refining as transferor parties, a portion of the Navajo/Xxxxx Cross Assets will be
contributed to and owned by HEP after the Navajo/Xxxxx Cross Acquisition and the remaining portion
of the Navajo/Xxxxx Cross Assets will be contributed to and owned by HEP Xxxxx Cross after the
Navajo/Xxxxx Cross Acquisition.
E. To fund the Navajo/Xxxxx Cross Acquisition, the Borrower has requested an increase in the
aggregate Commitments under, and as defined in, the Credit Agreement.
F. To effect the increase to the Commitments and subject to the terms set forth herein,
certain Existing Banks have agreed to increase their respective Commitments and certain other
financial institutions have agreed to enter into the Credit Agreement as Banks (such new banks
being referred to herein as “New Banks”).
G. The Borrower has also requested that the Existing Banks and the New Banks amend the Credit
Agreement to make certain other changes to the Credit Agreement.
THEREFORE, the parties hereto hereby agree as follows:
ARTICLE I.
DEFINITIONS
DEFINITIONS
Section 1.01 Terms Defined Above. As used in this Agreement, each of the terms
defined in the opening paragraph and the Recitals above shall have the meanings assigned to such
terms therein.
Section 1.02 Terms Defined in the Credit Agreement. Each term defined in the Credit
Agreement and used herein without definition shall have the meaning assigned to such term in the
Credit Agreement, unless expressly provided to the contrary.
Section 1.03 Other Definitional Provisions. The words “hereby”, “herein”,
“hereinafter”, “hereof”, “hereto” and “hereunder” when used in this Agreement shall refer to this
Agreement as a whole and not to any particular Article, Section, subsection or provision of this
Agreement. Section, subsection and Exhibit references herein are to such Sections, subsections and
Exhibits to this Agreement unless otherwise specified. All titles or headings to Articles,
Sections, subsections or other divisions of this Agreement or the exhibits hereto, if any, are only
for the convenience of the parties and shall not be construed to have any effect or meaning with
respect to the other content of such Articles, Sections, subsections, other divisions or exhibits,
such other content being controlling as the agreement among the parties hereto. Whenever the
context requires, reference herein made to the single number shall be understood to include the
plural; and likewise, the plural shall be understood to include the singular. Words denoting sex
shall be construed to include the masculine, feminine and neuter, when such construction is
appropriate; and specific enumeration shall not exclude the general but shall be construed as
cumulative. Definitions of terms defined in the singular or plural shall be equally applicable to
the plural or singular, as the case may be, unless otherwise indicated.
ARTICLE II.
NEW BANKS
NEW BANKS
Section 2.01 New Banks Agreements. Each New Bank:
(a) represents and warrants that it has full power and authority, and has taken all action
necessary, to execute and deliver this Agreement and to become a Bank under the Credit Agreement;
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(b) agrees that, from and after the Effective Date, it shall be bound by the provisions of the
Credit Agreement as a Bank thereunder and, subject to its Commitment, shall have the obligations of
a Bank thereunder;
(c) represents and warrants that it is sophisticated with respect to decisions to enter into
the Credit Agreement as a Bank and either it, or the person exercising discretion in making its
decision to enter into the Credit Agreement, is experienced in making credit decisions as a lender
in the type of transaction evidenced by the Credit Agreement;
(d) represents and warrants that it has received a copy of the Credit Agreement and such other
Credit Documents it has requested, and has received or has been accorded the opportunity to receive
copies of the most recent financial statements delivered pursuant to Section 5.06 thereof, as
applicable, and such other documents and information as it deems appropriate to make its own credit
analysis and decision to enter into this Agreement and the Credit Agreement;
(e) represents and warrants that it has, independently and without reliance upon the
Administrative Agent or any other Existing Bank or New Bank and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement and to become a Bank under the Credit Agreement,
(f) if it is not incorporated under the laws of the United States of America or a state
thereof, has delivered or shall deliver simultaneously with the execution of this Agreement, any
documentation required to be delivered by it as a Bank pursuant to the terms of the Credit
Agreement, duly completed and executed by such New Bank;
(g) agrees that (i) it will, independently and without reliance on the Administrative Agent or
any other Existing Bank or New Bank, 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 Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Credit Documents are required to be performed by it as a
Bank; and
(h) appoints and authorizes Administrative Agent to take such action as Administrative Agent
on its behalf and to exercise such powers and discretion under the Credit Documents as are
delegated to the Administrative Agent thereby, together with such powers and discretion as are
reasonably incidental thereto.
ARTICLE III.
AMENDMENTS
AMENDMENTS
Section 3.01 Amendments to Credit Agreement. Effective as of the Effective Date, the
Credit Agreement shall hereby be amended as follows:
(a) The reference to “$100,000,000” on the cover page to the Credit Agreement is hereby
replaced with a reference to “$300,000,000.”
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(b) The following definitions found in Section 1.01 (Certain Defined Terms) of the
Credit Agreement are hereby amended to read in their entirety as follows:
“Bank” means a party to this Agreement that (a) became a party hereto as a
lender on the date hereof, (b) is identified as new lender entering into this
Agreement under and as provided in Amendment No. 1, or (c) is an Eligible Assignee
that became a party hereto pursuant to Sections 2.14, 2.15 or 9.06.
(c) The following new definitions are added to Section 1.01 (Certain Defined Terms) of
the Credit Agreement to appear therein in alphabetical order:
“Amendment No. 1” means the Agreement and Amendment No. 1 to Amended and
Restated Credit Agreement dated as of February 25, 2008 among the Borrower, the
Banks and the other parties thereto which amends this Agreement.
“Navajo/Xxxxx Cross Acquisition” means the “Navajo/Xxxxx Cross Acquisition”
as defined in Amendment No. 1
“Navajo/Xxxxx Cross Assets” means the “Navajo/Xxxxx Cross Assets” as defined
in Amendment No. 1.
“Navajo/Xxxxx Cross Contribution Agreement” means the “Navajo/Xxxxx Cross
Contribution Agreement” as defined in Amendment No. 1.
“Navajo/Xxxxx Cross Effective Date” means the date notified by the
Administrative Agent to the Banks which shall be the date on or prior to which all
of the conditions precedent that are listed on Schedule 3.03 to this Agreement have
been satisfied (or will be satisfied contemporaneously with the consummation of the
Navajo/Xxxxx Cross Acquisition) or waived.
“Navajo/Xxxxx Cross PSA” means the “Navajo/Xxxxx Cross PSA” as defined in
Amendment No. 1.
(d) Section 2.01 (Making the Advances) of the Credit Agreement is hereby amended by replacing
clause (a) thereof in its entirety with the following:
(a) Advances. Each Bank having a Commitment severally agrees, on the terms and
conditions set forth in this Agreement, to make Advances to the Borrower from time to time
on any Business Day during the period from the date of this Agreement until the Revolver
Termination Date in an aggregate outstanding amount up to but not to exceed at any time
outstanding its Commitment, as such amount may be reduced pursuant to Section 2.03, 7.02,
and 7.03 or increased pursuant to Section 2.14 or pursuant to Amendment No. 1;
provided, however that (i) the aggregate outstanding principal amount of all
Advances plus the aggregate Letter of Credit Exposure shall not at any time exceed
the aggregate Commitments, and (ii) prior to the Navajo/Xxxxx Cross Effective Date, the
aggregate outstanding principal amount of all Advances plus the aggregate Letter of
Credit Exposure shall not exceed $150,000,000.
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(e) Section 2.02(c) (Certain Limitations) of the Credit Agreement is hereby amended by
replacing sub-clause (i) thereof in its entirety with the following:
(i) at no time shall there be more than twelve (12) Interest Periods applicable to
outstanding Eurodollar Rate Advances and the Borrower may not select Eurodollar Rate
Advances for any Borrowing at any time that an Event of Default has occurred and is
continuing;
(f) Section 2.06 (Fees) of the Credit Agreement is hereby amended by replacing clauses (a) and
(b) thereof in their entirety with the following:
(a) Commitment Fees. The Borrower agrees to pay to the Administrative Agent
for the account of each Bank:
(i) prior to the Navajo/Xxxxx Cross Effective Date, a commitment fee on the daily
amount by which such Bank’s Pro Rata Share of $150,000,000 exceeds such Bank’s
outstanding Advances plus its Pro Rata Share of the aggregate Letter of Credit
Exposure, at a rate equal to the Applicable Margin for commitment fees from the date
of this Agreement until the Revolver Termination Date; and
(ii) on and after the Navajo/Xxxxx Cross Effective Date, a commitment fee on the
daily amount by which such Bank’s Commitment exceeds such Bank’s outstanding
Advances plus its Pro Rata Share of the aggregate Letter of Credit Exposure, at a
rate equal to the Applicable Margin for commitment fees from the date of this
Agreement until the Revolver Termination Date.
All commitment fees required hereunder shall be due and payable quarterly in arrears
on the last day of each March, June, September and December commencing on September
30, 2007 and continuing thereafter through the Revolver Termination Date and on the
Revolver Termination Date.
(b) Administrative Agent Fees. The Borrower agrees to pay to the
Administrative Agent for the benefit of the Administrative Agent the fees described
in (i) the letter dated August 27, 2007 from the Administrative Agent to the
Borrower, and (ii) the letter dated February 25, 2008 from the Administrative Agent
to the Borrower (such letters being collectively, the “Administrative Agent’s
Fee Letter”).
(g) Section 2.14 (Commitment Increase) of the Credit Agreement is hereby amended by replacing
the reference to “$200,000,000” found in clause (a) therein with a reference to “$370,000,000.”
(h) Article III (Conditions of Lending) of the Credit Agreement is hereby amended by adding a
new Section to the end thereof as follows:
Section 3.03 Conditions Precedent to Borrowings Above $150,000,000.
Notwithstanding anything herein to the contrary, the obligation of each Bank to make an
Advance on the occasion of any Borrowing (and of an Issuing Bank to issue, increase, or
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extend any Letter of Credit) that would result in the sum of the aggregate outstanding
Advances hereunder plus the aggregate Letter of Credit Exposure exceeding $150,000,000,
shall be subject to the further conditions precedent that on or prior to the date of such
Borrowing (or the date of such issuance, increase, or extension of such Letter of Credit)
each of the conditions precedent set forth on Schedule 3.03 shall have been satisfied or
waived in writing by all of the Banks.
(i) Schedule 1.01 (a) — Commitments and Schedule 1.01(b) — Notice Addresses and Applicable
Lending Offices which are attached to the Credit Agreement are hereby replaced in their entirety
with the corresponding Schedule 1.01(a) and Schedule 1.01(b) that are attached hereto.
(j) The Credit Agreement is further amended by adding the Schedule 3.03 attached to this
Agreement as a new Schedule 3.03 to the end thereof.
ARTICLE IV.
AGREEMENTS
AGREEMENTS
Section 4.01 Commitments. Each Existing Bank and each New Bank hereby acknowledges
and confirms that, as of the date hereof and after giving effect to this Agreement its respective
Commitment is as set forth next to its name on Schedule 1.01(a) attached hereto.
Section 4.02 Breakage Costs. If, as a result of increase in the aggregate Commitments
effected hereby, including the introduction of the New Banks under the Credit Agreement, any
Existing Bank incurs any losses, out-of-pocket costs or expenses as a result of any payment of
Eurodollar Rate Advances prior to the last day of the Interest Period applicable thereto (whether
by the Borrower or as a result of the reallocation of the outstandings of the Eurodollar Rate
Advances under the Credit Agreement due to the changes in the Existing Banks’ Pro Rata Share
resulting from the non-pro rata increases in the Commitments and the introduction of New Banks into
the Credit Agreement) and such Existing Bank makes a request for compensation, the Borrower shall,
within 10 days of any written demand sent by such Existing Bank to the Borrower through the
Administrative Agent, pay to the Administrative Agent for the account of such Existing Bank any
amounts required to compensate such Existing Bank for such losses, out-of-pocket costs or expenses
which it may reasonably incur as a result of such payment or reallocation, including, without
limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of
the liquidation or reemployment of deposits or other funds acquired by any Existing Bank to fund or
maintain such Advances.
Section 4.03 Upfront Fees. On the Effective Date, the Borrower shall pay to the
Administrative Agent (a) for each Existing Bank, an upfront fee equal to .20% of the increase in
its Commitment which is effected hereby, and (b) for each New Bank, an upfront fee equal to .20% of
its Commitment after giving effect to this Agreement. Such fee shall be non-refundable and deemed
to be fully earned when paid.
Section 4.04 Pro Forma EBITDA Adjustments. The Existing Banks and the New Banks
hereby acknowledge that the pro forma adjustments to EBITDA under the Credit Agreement that would
result from the Navajo/Xxxxx Cross Acquisition may exceed 30%.
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Based on the pro forma calculations of EBITDA previously delivered to the Administrative
Agent, such pro forma calculations resulting from the Navajo/Xxxxx Cross Acquisition are acceptable
to the Administrative Agent and otherwise comply with the terms of the Credit Agreement (it being
agreed that to the extent such calculations differ in any material respect (as determined solely by
the Administrative Agent in its reasonable discretion) with the pro forma adjustments to EBITDA
which the Borrower includes in its Compliance Certificate delivered under the Credit Agreement,
such differing calculations must be reasonably acceptable to the Administrative Agent in accordance
with the definition of “EBITDA” set forth in the Credit Agreement.
ARTICLE V.
REPRESENTATIONS AND WARRANTIES
REPRESENTATIONS AND WARRANTIES
Section 5.01 Borrower Representations and Warranties. The Borrower represents and
warrants that: (a) the representations and warranties contained in the Credit Agreement and the
representations and warranties contained in the other Credit Documents are true and correct in all
material respects on and as of the Effective Date as if made on as and as of such date, except to
the extent that such representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct in all material respects as of such earlier date; (b) no
Default has occurred which is continuing; (c) the execution, delivery and performance of this
Agreement are within the partnership power and authority of the Borrower and have been duly
authorized by appropriate partnership action and proceedings; (d) this Agreement constitutes the
legal, valid, and binding obligation of the Borrower enforceable in accordance with its terms,
except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
affecting the rights of creditors generally and general principles of equity; (e) there are no
governmental or other third party consents, licenses and approvals required to be obtained by the
Borrower in connection with the execution, delivery, performance of this Agreement by the Borrower
or the validity and enforceability of this Agreement against the Borrower; and (f) the Liens under
the Security Documents are valid and subsisting and secure Borrower’s obligations under the Credit
Documents.
Section 5.02 Guarantors’ Representations and Warranties. Each Guarantor represents
and warrants that: (a) the representations and warranties of such Guarantor contained in the
Guaranty and the representations and warranties contained in the other Credit Documents to which
such Guarantor is a party are true and correct in all material respects on and as of the Effective
Date as if made on as and as of such date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct as
of such earlier date; (b) no Default has occurred which is continuing; (c) the execution, delivery
and performance of this Agreement are within the corporate or other organizational power and
authority of such Guarantor and have been duly authorized by appropriate action and proceedings;
(d) this Agreement constitutes the legal, valid, and binding obligation of such Guarantor
enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting the rights of creditors generally and general
principles of equity; (e) there are no governmental or other third party consents, licenses and
approvals required to be obtained by such Guarantor in connection with the execution, delivery or
performance of this Agreement by such Guarantor or the validity and enforceability of this
Agreement against such Guarantor; (f) it has no defenses to the
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enforcement of its Guaranty (other than the indefeasible payment in full of the Obligations);
and (g) the Liens under the Security Documents to which such Guarantor is a party are valid and
subsisting and secure such Guarantor’s obligations under the Credit Documents.
ARTICLE VI.
CONDITIONS
CONDITIONS
The consent provided herein shall become effective and enforceable against the parties hereto,
and the Credit Agreement shall be amended as provided herein, upon the date all of the following
conditions precedent have been met (the “Effective Date”):
Section 6.01 Documents. The Administrative Agent shall have received each of the
following:
(a) this Agreement duly and validly executed and delivered by duly authorized officers of the
Borrower, the Guarantors, the Administrative Agent, the Existing Banks and the New Banks;
(b) a fee letter from the Administrative Agent to the Borrower and dated the date hereof;
(c) new Notes for the Existing Banks which increase their Commitments under this Agreement and
the New Banks, in each case, in the amount of their respective Commitments after giving effect to
this Agreement;
(d) favorable opinions of the Borrower’s and the Guarantors’ counsel dated as of the date of
this Agreement in form and substance satisfactory to the Administrative Agent and covering such
matters as the Administrative Agent may reasonably request;
(e) a secretary’s or a Responsible Officer’s certificate for the Borrower dated the date
hereof and certifying (i) copies of the resolutions of the board of directors of the General
Partner authorizing this Amendment and the increase in the aggregate Commitments effected hereby,
(ii) the Borrower Partnership Agreement and the other organizational documents of the Borrower,
(iii) the General Partner’s Certificate of Organization and Regulations, (iv) all other documents
evidencing other necessary corporate action and governmental approvals, if any, with respect to
this Agreement, the new Notes delivered in connection herewith, and the other Credit Documents
delivered in connection herewith, and (v) the names and true signatures of the officers of the
General Partner authorized to sign this Agreement, the new Notes, and the other Credit Documents to
which the Borrower is a party;
(f) a secretary’s or a Responsible Officer’s certificate for each Guarantor dated the date
hereof and covering the matters set forth in clause (h) above as to such Guarantor; and
(g) certificates of good standing and existence for the Borrower and each Guarantor in each
state in which each such Person is organized, which certificate shall be dated a date not sooner
than 30 days prior to Effective Date.
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Section 6.02 No Default. No Default shall have occurred which is continuing as of the
Effective Date.
Section 6.03 Representations. The representations and warranties in this Agreement
shall be true and correct in all material respects as of the Effective Date.
Section 6.04 Fees. The Borrower shall have paid or reimbursed the Administrative
Agent for (a) all of its reasonable out-of-pocket costs and expenses incurred in connection with
this Agreement and the increases in the aggregate Commitments effected hereby, any other documents
prepared in connection herewith and the transactions contemplated hereby, including, without
limitation, the fees and disbursements of the Administrative Agent’s outside legal counsel, in each
case, pursuant to all invoices of the Administrative Agent and/or such counsel presented to the
Borrower for payment not less than one Business Day prior to the Effective Date, (b) all fees
required to be paid under the fee letter referenced in Section 6.01(b) above, and (c) all upfront
fees required to be paid under Section 4.03 above.
ARTICLE VII.
MISCELLANEOUS
MISCELLANEOUS
Section 7.01 Effect on Credit Documents; Acknowledgments.
(a) The Borrower acknowledges that on the date hereof all Obligations are payable without
defense, offset, counterclaim or recoupment.
(b) The Administrative Agent, the Issuing Banks, the Existing Banks and the New Banks hereby
expressly reserve all of their rights, remedies, and claims under the Credit Documents. Nothing in
this Agreement shall constitute a waiver or relinquishment of (i) any Default or Event of Default
under any of the Credit Documents, (ii) any of the agreements, terms or conditions contained in any
of the Credit Documents, (iii) any rights or remedies of the Administrative Agent, the Issuing
Bank, any Existing Bank or any New Bank with respect to the Credit Documents, or (iv) the rights of
the Administrative Agent, any Issuing Bank, any Existing Bank or any New Bank to collect the full
amounts owing to them under the Credit Documents.
(c) Each of the Borrower, the Guarantors, Administrative Agent, Issuing Banks, the Existing
Banks and the New Banks does hereby adopt, ratify, and confirm the Credit Agreement and each other
Credit Document, as amended hereby, and acknowledges and agrees that the Credit Agreement and each
other Credit Document, as amended hereby, is and remains in full force and effect, and the Borrower
and the Guarantors acknowledge and agree that their respective liabilities under the Credit
Agreement and the other Credit Documents are not impaired in any respect by this Agreement.
(d) From and after the Effective Date, all references to the Credit Agreement and the Credit
Documents shall mean such Credit Agreement and such Credit Documents as amended by this Agreement.
(e) This Agreement is a Credit Document for the purposes of the provisions of the other Credit
Documents. Without limiting the foregoing, any breach of representations,
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warranties, and covenants under this Agreement shall be a Default or Event of Default, as
applicable, under the Credit Agreement.
Section 7.02 Reaffirmation of the Guaranty. Each Guarantor hereby ratifies, confirms,
acknowledges and agrees that its obligations under the Guaranty are in full force and effect and
that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual
payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the
Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed Obligations may have been
amended by this Agreement, and its execution and delivery of this Agreement does not indicate or
establish an approval or consent requirement by such Guarantor under the Guaranty in connection
with the execution and delivery of amendments to the Credit Agreement, the Notes or any of the
other Credit Documents (other than the Guaranty or any other Credit Document to which such
Guarantor is a party).
Section 7.03 Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original and all of which, taken together, constitute a
single instrument. This Agreement may be executed by facsimile signature and all such signatures
shall be effective as originals.
Section 7.04 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns permitted pursuant
to the Credit Agreement.
Section 7.05 Invalidity. In the event that any one or more of the provisions
contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of
this Agreement.
Section 7.06 Governing Law. This Agreement shall be deemed to be a contract made
under and shall be governed by and construed in accordance with the laws of the State of Texas.
Section 7.07 Additional Agents. Neither the Syndication Agent nor the Documentation
Agent referred herein shall have any duties, obligations or liabilities in their respective
capacities as agents. The Sole Lead Arranger shall have no duties, obligations or liabilities in
its capacity as such under this Agreement or under any other Credit Document but shall be entitled
to the indemnities provided for it in the Credit Documents.
Section 7.08 Patriot Act. Each Existing Bank, New Bank and the Administrative Agent
(for itself and not on behalf of any other Person) hereby notifies the Borrower and the Guarantors
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that
identifies the Borrower and the Guarantors, which information includes the names and addressed of
the Borrower and the Guarantors and other information that will allow such Existing Bank, New Bank
or the Administrative Agent, as applicable, to identify the Borrower and the Guarantors in
accordance with the Act.
Section 7.09 Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS
AGREEMENT, THE NOTES, AND THE
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OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH
RESPECT THERETO.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[SIGNATURES BEGIN ON NEXT PAGE]
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EXECUTED effective as of the date first above written.
BORROWER: XXXXX ENERGY PARTNERS — OPERATING, L.P., a Delaware limited partnership By: HEP Logistics GP, L.L.C., a Delaware limited liability company, its General Partner By: Xxxxx Energy Partners, L.P., a Delaware limited partnership, its Sole Member By: HEP Logistics Holdings, L.P., a Delaware limited partnership, its General Partner By: Xxxxx Logistic Services, L.L.C., a Delaware limited liability company, its General Partner |
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By: | /s/ Xxxxx X. Xxxx | |||
Xxxxx X. Xxxx | ||||
Senior Vice President and Chief Financial Officer |
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
GUARANTORS: HEP PIPELINE GP, L.L.C., a Delaware limited liability company HEP REFINING GP, L.L.C., a Delaware limited liability company HEP MOUNTAIN HOME, L.L.C., a Delaware limited liability company HEP PIPELINE, L.L.C., a Delaware limited liability company HEP REFINING, L.L.C., a Delaware limited liability company HEP XXXXX CROSS, L.L.C., a Delaware limited liability company Each by: Xxxxx Energy Partners — Operating, L.P., a Delaware limited partnership and its Sole Member By: HEP Logistics GP, L.L.C., a Delaware limited liability company, its General Partner By: Xxxxx Energy Partners, L.P., a Delaware limited partnership, its Managing Member By: HEP Logistics Holdings, L.P., a Delaware limited partnership, its General Partner By: Xxxxx Logistic Services, L.L.C., a Delaware limited liability company, its General Partner |
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By: | /s/ Xxxxx X. Xxxx | |||
Xxxxx X. Xxxx | ||||
Senior Vice President and Chief Financial Officer |
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XXXXX ENERGY FINANCE CORP., a Delaware corporation |
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By: | /s/ Xxxxx X. Xxxx | |||
Xxxxx X. Xxxx | ||||
Vice President and Chief Financial Officer |
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Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
HEP NAVAJO SOUTHERN, L.P., a Delaware limited
partnership HEP PIPELINE ASSETS, LIMITED PARTNERSHIP, a Delaware limited partnership HEP FIN-TEX/TRUST-RIVER, L.P., a Texas limited partnership Each by: HEP Pipeline GP, L.L.C., a Delaware limited liability company and its General Partner By: Xxxxx Energy Partners — Operating, L.P., a Delaware limited partnership and its Sole Member By: HEP Logistics GP, L.L.C., a Delaware limited liability company, its General Partner By: Xxxxx Energy Partners, L.P., a Delaware limited partnership, its Managing Member By: HEP Logistics Holdings, L.P., a Delaware limited partnership, its General Partner By: Xxxxx Logistic Services, L.L.C., a Delaware limited liability company, its General Partner |
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By: | /s/ Xxxxx X. Xxxx | |||
Xxxxx X. Xxxx | ||||
Senior Vice President and Chief Financial Officer |
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Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
XXXXX ENERGY PARTNERS, L.P., a Delaware
limited partnership By: HEP Logistics Holdings, L.P., a Delaware limited partnership, its General Partner By: Xxxxx Logistic Services, L.L.C., a Delaware limited liability company, its General Partner |
||||
By: | /s/ Xxxxx X. Xxxx | |||
Xxxxx X. Xxxx | ||||
Senior Vice President and Chief Financial Officer |
||||
HEP REFINING ASSETS, L.P., a Delaware limited
partnership By: HEP Refining GP, L.L.C., a Delaware limited liability company and its General Partner By: Xxxxx Energy Partners — Operating, L.P., a Delaware limited partnership and its Sole Member By: HEP Logistics GP, L.L.C., a Delaware limited liability company, its General Partner By: Xxxxx Energy Partners, L.P., a Delaware limited partnership, its Managing Member By: HEP Logistics Holdings, L.P., a Delaware limited partnership, its General Partner By: Xxxxx Logistic Services, L.L.C., a Delaware limited liability company, its General Partner |
||||
By: | /s/ Xxxxx X. Xxxx | |||
Xxxxx X. Xxxx | ||||
Senior Vice President and Chief Financial Officer |
||||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
HEP LOGISTICS GP,
L.L.C., a Delaware limited liability company
By: Xxxxx Energy Partners, L.P., a Delaware limited partnership, its Managing Member By: HEP Logistics Holdings, L.P., a Delaware limited partnership, its General Partner By: Xxxxx Logistic Services, L.L.C., a Delaware limited liability company, its General Partner |
||||
By: | /s/ Xxxxx X. Xxxx | |||
Xxxxx X. Xxxx | ||||
Senior Vice President and Chief Financial Officer |
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
ADMINISTRATIVE AGENT: UNION BANK OF CALIFORNIA, N.A., as Administrative Agent and Sole Lead Arranger |
||||
By: | /s/ Xxxx Xxxxxx | |||
Xxxx Xxxxxx, Senior Vice President | ||||
EXISTING BANKS: UNION BANK OF CALIFORNIA, N.A., as an Existing Bank |
||||
By: | /s/ Xxxx Xxxxxx | |||
Xxxx Xxxxxx, Senior Vice President | ||||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
BANK OF AMERICA, N.A., as an Existing Bank and as Syndication Agent |
||||
By: | /s/ Xxxxxx X. XxXxxx | |||
Name: | Xxxxxx X. XxXxxx | |||
Title: | Senior Vice President | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
GUARANTY BANK, as an Existing Bank and as Documentation Agent |
||||
By: | /s/ Xxx X. Xxxxxxxx | |||
Name: | Xxx X. Xxxxxxxx | |||
Title: | Senior Vice President | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
FORTIS CAPITAL CORP., as an Existing Bank |
||||
By: | /s/ Xxxxxx Xxxxx | |||
Name: | Xxxxxx Xxxxx | |||
Title: | Managing Director | |||
By: | /s/ Xxxxxx Xxxxx | |||
Name: | Xxxxxx Xxxxx | |||
Title: | Vice President | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
XXXXX FARGO BANK, NATIONAL ASSOCIATION, as an
Existing Bank |
||||
By: | /s/ Xxxxxx Xxxxxx | |||
Name: | Xxxxxx Xxxxxx | |||
Title: | Vice President | |||
By: | /s/ Xxxx Xxxxxxx | |||
Name: | Xxxx Xxxxxxx | |||
Title: | Portfolio Manager |
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
U.S. BANK NATIONAL ASSOCIATION, as an Existing Bank |
||||
By: | /s/ Xxxxx Xxxxxxxxx | |||
Name: | Xxxxx Xxxxxxxxx | |||
Title: | Vice President |
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
NEW BANKS: PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY, as a New Bank |
||||
By: | Prudential Investment Management, Inc., as investment manager | |||
By: | /s/ Xxxxxxx X. Xxxxxxxxxx | |||
Xxxxxxx X. Xxxxxxxxxx | ||||
Vice President | ||||
PRUCO LIFE INSURANCE COMPANY, as a New Bank |
||||
By: | /s/ Xxxxxxx X. Xxxxxxxxxx | |||
Xxxxxxx X. Xxxxxxxxxx | ||||
Vice President | ||||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
COMPASS BANK, as a New Bank |
||||
By: | /s/ Xxxxxx X. Xxxxxxxx | |||
Name: | Xxxxxx X. Xxxxxxxx | |||
Title: | Executive Vice President | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
BANK OF SCOTLAND plc, as a New Bank |
||||
By: | /s/ Xxxxx Xxxxx | |||
Name: | Xxxxx Xxxxx | |||
Title: | Vice President | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
CAPITAL ONE, N.A., as a New Bank |
||||
By: | /s/ Xxxx X. Xxxxxx Xx. | |||
Name: | Xxxx X. Xxxxxx Xx. | |||
Title: | Vice President | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
COMERICA BANK, as a New Bank |
||||
By: | /s/ Xxxxxx X. Xxxxxx, Xx. | |||
Name: | Xxxxxx X. Xxxxxx, Xx. | |||
Title: | Vice President | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
NATIXIS, as a New Bank |
||||
By: | /s/ Xxxxxx Xxxxx | |||
Name: | Xxxxxx Xxxxx | |||
Title: | Director | |||
By: | /s/ Xxxxx X. Xxxxxxx, III | |||
Name: | Xxxxx X. Xxxxxxx, III | |||
Title: | Managing Director | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
PNC BANK, NATIONAL ASSOCIATION, as a New Bank |
||||
By: | /s/ Xxxxxx Xxxxx | |||
Name: | Xxxxxx Xxxxx | |||
Title: | Vice President | |||
Signature page to Agreement and Amendment No. 1 to Amended and Restated Credit Agreement
SCHEDULE 1.01(a)
COMMITMENTS
Bank | Commitment | |||
Union Bank of California, N.A. |
$ | 40,000,000 | ||
Bank of America, N.A. |
$ | 25,000,000 | ||
Guaranty Bank |
$ | 20,000,000 | ||
Fortis Capital Corp. |
$ | 30,000,000 | ||
Xxxxx Fargo Bank, National Association |
$ | 30,000,000 | ||
U.S. Bank National Association |
$ | 30,000,000 | ||
Compass Bank |
$ | 22,500,000 | ||
Prudential Retirement Insurance and Annuity Company |
$ | 17,450,000 | ||
Pruco Life Insurance Company |
$ | 5,050,000 | ||
Bank of Scotland plc |
$ | 20,000,000 | ||
Capital One, N.A. |
$ | 15,000,000 | ||
Comerica Bank |
$ | 15,000,000 | ||
Natixis |
$ | 15,000,000 | ||
PNC Bank, National Association |
$ | 15,000,000 | ||
Total: |
$ | 300,000,000 |
Schedule 1.01(a)
Page 1 of 1
Page 1 of 1
SCHEDULE 1.01(b)
NOTICE ADDRESSES AND APPLICABLE LENDING OFFICES
Borrower: |
Office: | |
Xxxxx Energy Partners — Operating, L.P. |
Address for Notices: | |
000 Xxxxxxxx Xxxxx, Xxxxx 0000 | ||
Xxxxxx, XX 00000-0000 | ||
Telecopier Number: (000) 000-0000 | ||
Attention: Xxxxxxx X. Xxxx | ||
Administrative Agent: |
Applicable Lending Offices: | |
Union Bank of California, N.A. |
Address for Notices: | |
000 Xxxxx Xxxxxxxx Xxxxxx, 00xx Xxxxx | ||
Xxx Xxxxxxx, Xxxxxxxxxx 00000 | ||
Telecopier Number: 000-000-0000 | ||
Attention: Xxx Xxxxx | ||
Banks: |
Applicable Lending Offices: | |
Union Bank of California, N.A. |
U.S. Domestic Lending Office: | |
000 Xxxxx Xxxxxxxx Xxxxxx, 00xx Xxxxx | ||
Xxx Xxxxxxx, Xxxxxxxxxx 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: 000-000-0000 | ||
Attention: Xxx Xxxxx | ||
Bank of America, N.A. |
U.S. Domestic Lending Office: | |
000 Xxxx Xx. | ||
Xxxxxx, XX 00000-0000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: (000) 000-0000 | ||
Attention: Taelitha Xxxxxx |
Schedule 1.01(b)
Page 1 of 3
Page 1 of 3
Guaranty Bank |
U.S. Domestic Lending Office: | |
0000 XX Xxxx 000, Xxxxx 000 | ||
Xxx Xxxxxxx, XX 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: (000) 000-0000 | ||
Attention: Xxx Xxxxxxxx | ||
Fortis Capital Corp. |
U.S. Domestic Lending Office: | |
00000 Xxxxx Xxxxxx Xxxxxxx, Xxxxx 0000 | ||
Xxxxxxx, XX 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: (000) 000-0000 | ||
Attention: Xxxxx Xxxxxx | ||
Xxxxx Fargo Bank, National Association |
U.S. Domestic Lending Office: | |
0000 Xxxx Xxxxxx #0000 | ||
XXX: X0000-000 | ||
Xxxxxx, XX 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: (000) 000-0000 | ||
Attention: Xxxxx Xxxx | ||
U.S. Bank National Association |
U.S. Domestic Lending Office: | |
000 00xx Xxxxxx XX-XX-X0X | ||
Xxxxxx, XX 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
000 XX Xxx, XXXXX0XX | ||
Xxxxxxxx, XX 00000 | ||
Telecopier Number: (000) 000-0000 | ||
Attention: Xxxx Xxxx |
Schedule 1.01(b)
Page 2 of 3
Page 2 of 3
Prudential Retirement Insurance and Annuity Company |
U.S. Domestic Lending Office: | |
c/o Prudential Capital Group | ||
0000 Xxxx Xxxxxx, Xxxxx 0000X | ||
Xxxxxx, XX 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: (000) 000-0000 | ||
Attention: Xxxxxx Xxxxxxxxxx and Xxxxx Xxxxxx | ||
Pruco Life Insurance Company |
U.S. Domestic Lending Office: | |
c/o Prudential Capital Group | ||
0000 Xxxx Xxxxxx, Xxxxx 0000X | ||
Xxxxxx, XX 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: (000) 000-0000 | ||
Attention: Xxxxxx Xxxxxxxxxx and Xxxxx Xxxxxx | ||
Compass Bank |
U.S. Domestic Lending Office: | |
00 Xxxxxxxx Xxxxx, Xxxxx 0000X | ||
Xxxxxxx, Xxxxx 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: 000-000-0000 | ||
Attention: Xxxx Xxxxxxxxx | ||
Bank of Scotland plc |
U.S. Domestic Lending Office: | |
000 Xxxxx Xxxxxx | ||
Xxx Xxxx, Xxx Xxxx 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
0000 Xxxx Xxxxxx, Xxxxx 0000 | ||
Xxxxxxx, Xxxxx 00000 | ||
Telecopier Number: 000-000-0000 | ||
Attention: Xxx Xxxxx / Xxxxxx Xxxxxxxxx |
Schedule 1.01(b)
Page 3 of 3
Page 3 of 3
Capital One, N.A. |
U.S. Domestic Lending Office: | |
000 Xxxxxxxxxx Xx., 00xx Xxxxx | ||
Xxx Xxxxxxx, Xxxxxxxxx 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: 000-000-0000 | ||
Attention: Xxxxx Xxxxxxx / Xxxx Xxxxxxx | ||
Comerica Bank |
U.S. Domestic Lending Office: | |
0000 Xxxxxx Xxxxxx Xx. Xxxxx 000 | ||
Xxxxxx, Xxxxx 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: 000-000-0000 | ||
Attention: Xxxxxx X. Xxxxxx, Xx. | ||
Natixis |
U.S. Domestic Lending Office: | |
000 Xxxx Xxxxxx, Xxxxx 0000 | ||
Xxxxxxx, Xxxxx 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: 000-000-0000 | ||
Attention: Xxxxxx Xxxxx | ||
PNC Bank, National Association |
U.S. Domestic Lending Office: | |
Xxx Xxxxx Xxxxxx Xxxx. 0xx Xxxxx | ||
Xxxx Xxxxxxxxx, Xxx Xxxxxx 00000 | ||
Eurodollar Lending Office: | ||
Same as U.S. Domestic Lending Office | ||
Address for Notices: | ||
Same as U.S. Domestic Lending Office | ||
Telecopier Number: 000-000-0000 | ||
Attention: Xxxxxxx Xxxxxxxx |
Schedule 1.01(b)
Page 4 of 3
Page 4 of 3
Schedule 3.03
Navajo/Xxxxx Cross Conditions Precedent
(I) Documents. The Administrative Agent shall have received each of the following (or
evidence that, contemporaneously with the consummation of the Navajo/Xxxxx Cross Acquisition, the
Administrative Agent shall receive the following):
(a) a fully executed copy, certified by the Limited Partner, of the Navajo/Xxxxx Cross
Contribution Agreement and the Navajo/Xxxxx Cross PSA, together with all of their respective
exhibits, schedules, and amendments thereto and any material bills of sale, material assignments,
and other material documents or agreements executed in connection with the Navajo/Xxxxx Cross
Acquisition;
(b) new Mortgages or supplements to existing Mortgages by HEP Pipeline, L.L.C., a Delaware
limited liability company (“HEP”), and HEP Xxxxx Cross, L.L.C., a Delaware limited
liability company (“Xxxxx Cross”) in form and substance substantially similar to the
Mortgages previously approved by the Administrative Agent (with such revisions thereto necessary to
address issues particular to the jurisdictions in which such new Mortgages will be filed) and in
favor of the Administrative Agent for the benefit of the Secured Parties covering all real property
assets included in the applicable Navajo/Xxxxx Cross Assets to the extent required under Section
5.11 of the Credit Agreement;
(c) copies of the subordinated mortgages executed in favor of the Parent by any of the
purchasers under the Navajo/Xxxxx Cross PSA and encumbering the Navajo/Xxxxx Cross Assets in form
and substance substantially similar to the subordinated mortgages previously approved by the
Administrative Agent and subordination, non-disturbance and attornment agreements executed by the
Parent and such applicable purchasers covering such mortgages and in form and substance
substantially similar to the Subordination, Non-Disturbance and Attornment Agreement dated as of
July 8, 2005 executed by the Administrative Agent and the Parent;
(d) legal opinions of Xxxx Xxxxxxxx Xxxxx Xxx & Xxxxxxxx as Utah local counsel, of Xxxxxxx,
Xxxx & Xxxxxxxxx as New Mexico local counsel and of Xxxxxx & Xxxxxx LLP as Texas counsel (or such
other Utah and/or New Mexico local counsel reasonably acceptable to the Administrative Agent) in
each case, with respect to the Mortgages described in the preceding clause (b) in form and
substance reasonably satisfactory to the Administrative Agent, and including, without limitation,
opinions regarding the enforceability of such Mortgages and the validity and perfection of the
Liens created thereby; and
(e) a certificate dated as of the Navajo/Xxxxx Cross Effective Date from a Responsible Officer
and containing therein a representation and warranty that (i) Navajo/Xxxxx Cross Acquisition
complies with Section 6.04 of this Agreement, (ii) the conditions in this Schedule 3.03 have been
satisfied or waived by all of the Banks, (iii) the Borrower has provided to the Administrative
Agent, true, correct, and complete copies of all Material Contracts which affect the Navajo/Xxxxx
Cross Assets and which are in effect as of the Navajo/Xxxxx Cross Effective Date, (iv) the assets
which are being acquired under the Navajo/Xxxxx Cross PSA are substantially the same assets as
those listed in Schedule 8.03 of the draft of the Navajo/Xxxxx Cross PSA provided by the Borrower
to the Administrative Agent for its due diligence review
Schedule 3.03
Page 1 of 2
Page 1 of 2
performed on or prior to February 25, 2008, and (iv) since February 25, 2008, no event,
circumstance, action, or other condition has occurred or exists which could reasonably be expected
to (A) result in a Material Adverse Effect or (B) result in a material adverse affect on the
Navajo/Xxxxx Cross Assets.
II. Fees. The Borrower shall have paid or reimbursed the Administrative Agent for all
of its reasonable out-of-pocket costs and expenses for which the Borrower has received an invoice
not less than one Business Day prior to the Navajo/Xxxxx Cross Effective Date and which are payable
pursuant to Section 9.04(a) of this Agreement.
III. Acquisition. The Administrative Agent shall have received evidence reasonably
satisfactory to it that all actions and consents necessary to consummate the Navajo/Xxxxx Cross
Acquisition (other than the payment of the purchase price) shall have been received or taken in
accordance with all Legal Requirements, all applicable material third party agreements, and in
accordance with the terms of the Navajo/Xxxxx Cross PSA, without amendment or waiver of any
material provision thereof from the form of the Navajo/Xxxxx Cross PSA provided to and reviewed by
the Administrative Agent on or prior to February 25, 2008 other than any amendment or waiver that
could not reasonably be expected to result in an adverse consequence or otherwise have an adverse
affect on the Borrower, any Guarantor, the Administrative Agent, the Issuing Bank, or any Bank.
Schedule 3.03
Page 2 of 2
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