EXHIBIT 10

 

EXECUTION COPY

 

SUNOCO, INC.

 

$400,000,000

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of July 21, 2003

 

Amending and Restating the

364-Day Credit Agreement

dated as of July 22, 2002, as amended,

 

JPMORGAN CHASE BANK,

as Administrative Agent,

 

BANK OF AMERICA, N.A.

as Syndication Agent,

and

BANK OF NOVA SCOTIA,

And

BANK OF TOKYO-MITSUBISHI TRUST COMPANY

And

BARCLAYS BANK PLC

as Co-Documentation Agents

 

J.P. MORGAN SECURITIES INC.

and

BANC OF AMERICA SECURITIES LLC

as Joint Advisors, Co-Lead Arrangers and Joint Bookrunners

 

AMENDED AND RESTATED CREDIT AGREEMENT dated as of July 21, 2003 (this “Amendment
and Restatement”) amending and restating the 364-DAY CREDIT AGREEMENT dated as
of July 22, 2002, (the “Credit Agreement”), as amended by the First Amendment
dated as of October 15, 2002, among SUNOCO, INC. (hereinafter called the
“Borrower”), the Lenders party thereto, JPMORGAN CHASE BANK, as Administrative
Agent (hereinafter, in such capacity, together with any successor thereto in
such capacity, the “Administrative Agent”), BANC OF AMERICA SECURITIES LLC, as
Syndication Agent (hereinafter, in such capacity, together with any successor
thereto in such capacity, the “Syndication Agent”) and BANK OF TOKYO-MITSUBISHI
TRUST COMPANY, BANK OF NOVA SCOTIA and BARCLAYS BANK PLC, as Co-Documentation
Agents (hereinafter, in such capacity, together with any successor thereto in
such capacity, the “Documentation Agents”).

 

The Borrower has requested that the Credit Agreement be amended and restated as
set forth in Section 1 below and the parties hereto are willing so to amend the
Credit Agreement. Each capitalized term used but not defined herein has the
meaning assigned thereto in the Credit Agreement.

 

In consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto hereby agree, on the terms and subject to
the conditions set forth herein, as follows:

 

SECTION 1. Amendment and Restatement. Upon the effectiveness of this Amendment
and Restatement as provided in Section 3 below, the Credit Agreement shall be
amended and restated in the form in which it shall exist immediately prior to
such effectiveness, but with the caption set forth above and the following
revisions:

 

(a) Section 1.01 is hereby amended as follows:

 

(i) Existing Credit Agreement. The definition of the term “Existing Credit
Agreement” is hereby amended to read as follows:

 

“Existing Credit Agreement” means the 364-Day Credit Agreement dated as of July
22, 2002, among the Borrower, the lenders party thereto and the agents party
thereto.

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(ii) Termination Date. The definition of the term “Termination Date” is hereby
amended by deleting the date “July 21, 2003” and substituting therefor “July 19,
2004”.

 

(b) Section 3.04 of the Credit Agreement is hereby amended by (i) deleting each
reference therein to “December 31, 2001” and replacing it with a reference to
“December 31, 2002” and (ii) deleting the reference to March 31, 2002 and
replacing it with a reference to March 31, 2003.

 

(c) Section 4.01 of the Credit Agreement is hereby amended by deleting reference
therein to “August 15, 2002” and replacing it with a reference to “July 21,
2003”.

 

(d) Section 9.03(a) of the Credit Agreement is hereby amended by deleting
reference therein to “Cravath, Swaine & Moore” and replacing it with a reference
to “Cravath, Swaine & Moore LLP”.

 

(e) Section 9.12 of the Credit Agreement is hereby amended by inserting the
following at the end of such Section:

 

“Notwithstanding anything herein to the contrary, any Lender (and any employee,
representative or other agent of such Lender) may disclose to any and all
persons, without limitation of any kind, such Lender’s U.S. federal income tax
treatment and the U.S. federal income tax structure of the transactions
contemplated hereby relating to such Lender and all materials of any kind
(including opinions or other tax analyses) that are provided to it relating to
such tax treatment and tax structure. However, no disclosure of any information
relating to such tax treatment or tax structure may be made to the extent
nondisclosure is reasonably necessary in order to comply with applicable
securities laws.”

 

(f) Effective Date. From and after the Effective Date (as defined below), all
references in the Credit Agreement to “the date hereof” or other words or
phrases of similar import shall be deemed references to the date of this
Amendment and Restatement, except in the case of amounts accrued under Section
2.11 of the Existing Credit Agreement, for which references to the date “hereof”
or other words or phrases of similar import shall be deemed references to July
22, 2002.

 

(g) Exhibits. Each reference to “July 22, 2002” in the Exhibits to the Credit
Agreement is hereby deleted and replaced with a reference to “July 21, 2003” and
each reference to the “364-Day Credit Agreement” is hereby deleted and replaced
with a reference to the “Amended and Restated 364-Day Credit Agreement”.

 

(h) Schedule 2.01. Schedule 2.01 to the Credit Agreement is hereby deleted and
Schedule I hereto is inserted in its place.

 

SECTION 2. Representations and Warranties. The Borrower represents and warrants
as of the Effective Date to the Lenders that:

 

(a) After giving effect to this Amendment and Restatement, the representations
and warranties on the part of the Borrower contained in the Credit Agreement are
true and correct in all material respects at and as of the Effective Date as
though made on and as of the Effective Date (except to the extent such
representations and warranties expressly relate solely to an earlier date).

 

(b) After giving effect to this Amendment and Restatement, the Borrower is in
compliance with the covenants set forth in Article V and Article VI of the
Credit Agreement.

 

(c) After giving effect to this Amendment and Restatement, no Event of Default
or Default has occurred and is continuing.

 

2

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SECTION 3. Conditions to Effectiveness. This Amendment and Restatement shall
become effective on the date hereof (the “Effective Date”) subject to the
following conditions precedent:

 

(a) The Administrative Agent (or its counsel) shall have received from each
party hereto either (i) a counterpart of this Amendment and Restatement signed
on behalf of such party or (ii) written evidence satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed
signature page of this Amendment and Restatement) that such party has signed a
counterpart of this Amendment and Restatement.

 

(b) The Administrative Agent shall have received a written opinion (addressed to
the Administrative Agent and the Banks and dated the Effective Date) of Ann C.
Mulé, Assistant General Counsel of the Borrower, substantially in the form of
Exhibit B to the Credit Agreement, but updated as necessary to refer to the
Credit Agreement as amended hereby. The Borrower hereby requests such counsel to
deliver such opinion.

 

(c) The Administrative Agent shall have received certified copies of the charter
and by-laws (or equivalent documents) of the Borrower, a long-form certificate
of good standing for the Borrower from the office of the Secretary of State of
the State of Delaware and certified copies of all corporate authority for the
Borrower (including, without limitation, board of director resolutions and
evidence of the incumbency, including specimen signatures, of officers) with
respect to the execution, delivery and performance of this Amendment and
Restatement and each other document to be delivered by the Borrower from time to
time in connection herewith and the Loans hereunder.

 

(d) The Administrative Agent, on behalf of itself and the Banks, shall have
received all fees which they are entitled to be paid on or prior to the Closing
Date in connection with this Amendment and Restatement, as separately agreed
upon in writing.

 

(e) On the Effective Date, no Loans shall be outstanding under the Credit
Agreement and all interest, fees and other amounts accrued for the accounts of
or otherwise due to the Lenders and Administrative Agent under the Credit
Agreement shall have been paid.

 

SECTION 4. Agreement. Except as specifically stated herein, the provisions of
the Credit Agreement are and shall remain in full force and effect. As used
therein, the terms “Credit Agreement”, “this Agreement”, “herein”, “hereunder”,
“hereinafter”, “hereto”, “hereof” and words of similar import shall, unless the
context otherwise requires, refer to the Credit Agreement as amended hereby.

 

SECTION 5. Governing Law. THIS AMENDMENT AND RESTATEMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

 

SECTION 6. Counterparts. This Amendment and Restatement may be executed in any
number of counterparts, each of which shall constitute an original but all of
which when taken together shall constitute but one contract. Delivery of an
executed counterpart of a signature page of this Amendment and Restatement by
telecopy shall be effective as delivery of a manually executed counterpart of
this Amendment and Restatement.

 

SECTION 7. Expenses. The Borrower agrees to reimburse the Administrative Agent
for all expenses incurred in connection with this Amendment and Restatement,
including the fees, charges and disbursements of Cravath, Swaine & Moore LLP,
counsel for the Administrative Agent.

 

SECTION 8. Headings. The headings of this Amendment and Restatement are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

[signature pages follow]

 

3

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment and
Restatement to be duly executed by their respective authorized officers as of
the day and year first above written.

 

SUNOCO, INC.,

by:

 

/s/ PAUL MULHOLLAND

--------------------------------------------------------------------------------

   

Name: Paul Mulholland

   

Title: Treasurer

JPMORGAN CHASE BANK, individually and

as Administrative Agent,

by:

 

/s/ RUSSELL A. JOHNSON

--------------------------------------------------------------------------------

   

Name: Russell A. Johnson

   

Title: Vice President

BANK OF AMERICA, N.A., individually and

as Syndication Agent,

by:

 

/s/ RONALD E. McKAIG

--------------------------------------------------------------------------------

   

Name: Ronald E. McKaig

   

Title: Managing Director

BANK OF NOVA SCOTIA, individually and as

Co-Documentation Agent,

by:

 

/s/ M. D. SMITH

--------------------------------------------------------------------------------

   

Name: M. D. Smith

   

Title: Agent, Operations

BANK OF TOKYO-MITSUBISHI TRUST

COMPANY, individually and as Co-Documentation Agent,  

by:

 

/s/ KAREN OSSOLINSKI

--------------------------------------------------------------------------------

   

Name: Karen Ossolinski

   

Title: Vice President

BARCLAYS BANK PLC, individually and as

Co-Documentation Agent,

by:

 

/s/ NICHOLAS A. BELL

--------------------------------------------------------------------------------

   

Name: Nicholas A. Bell

   

Title: Director, Loan Transaction Management

J.P. MORGAN SECURITIES INC., individually

and as Joint Advisors, Co-Lead Arrangers and

Joint Bookrunners,

by:

 

/s/ GEORGE M. SERICE

--------------------------------------------------------------------------------

   

Name: George M. Serice

   

Title: Vice President

BANC OF AMERICA SECURITIES LLC, individually and as Joint Advisors, Co-Lead
Arrangers and Joint Bookrunners,

by:

 

/s/ DARYL G. PATTERSON

--------------------------------------------------------------------------------

   

Name: Daryl G. Patterson

   

Title: Managing Director

 

4

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BANK ONE, NA (Main Office - Chicago),

by:

 

/s/ PETE S. TORRES

--------------------------------------------------------------------------------

   

Name: Pete S. Torres

   

Title: Director

CITIBANK, N.A.,

by:

 

/s/ GORDON DEKUYPER

--------------------------------------------------------------------------------

   

Name: Gordon Dekuyper

   

Title: Attorney-in-Fact

CREDIT LYONNAIS NEW YORK BRANCH,

by:

 

/s/ OLIVIER AUDEMARD

--------------------------------------------------------------------------------

   

Name: Olivier Audemard

   

Title: Senior Vice President

CREDIT SUISSE FIRST BOSTON, acting

through its Cayman Islands Branch,

by:

 

/s/ JAMES P. MORAN

--------------------------------------------------------------------------------

   

Name: James P. Moran

   

Title: Director

by:

 

/s/ DAVID J. DODD

--------------------------------------------------------------------------------

   

Name: David J. Dodd

   

Title: Associate

FIFTH THIRD BANK,

by:

 

/s/ CHRISTINE WAGNER

--------------------------------------------------------------------------------

   

Name: Christine Wagner

   

Title: Assistant Vice President

KEYBANK NATIONAL ASSOCIATION

By:

 

/s/ MARIANNE T. MEIL

--------------------------------------------------------------------------------

   

Name: Marianne T. Meil

   

Title: Vice Persident

BANK HAPOALIM B.M.,

By:

 

/s/ SHAUN BREIDBART

--------------------------------------------------------------------------------

   

Name: Shaun Breidbart

   

Title: Vice President

MELLON BANK, N.A.,

by:

 

/s/ ROGER N. STANIER

--------------------------------------------------------------------------------

   

Name: Roger N. Stanier

   

Title: Vice President

PNC BANK, NATIONAL ASSOCIATION,

by:

 

/s/ LOUIS K. McLINDEN, JR.

--------------------------------------------------------------------------------

   

Name: Louis K. McLinden, Jr.

   

Title: Vice President

THE ROYAL BANK OF SCOTLAND PLC,

by:

 

/s/ PAUL McDONAGH

--------------------------------------------------------------------------------

   

Name: Paul McDonagh

   

Title: Sr. Vice President

WACHOVIA BANK, National Association,

by:

 

/s/ PAUL N. RIDDLE

--------------------------------------------------------------------------------

   

Name: Paul N. Riddle

   

Title: Managing Director

 

5

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EXHIBIT A

 

[Form of]

 

ASSIGNMENT AND ASSUMPTION

 

Reference is made to the 364-Day Competitive Advance and Revolving Credit
Facility Agreement dated as of July 21, 2003 (as the same may be further
amended, restated, supplemented or otherwise modified from time to time, the
“364-Day Credit Agreement”) among Sunoco, Inc. (the “Borrower”), the Lenders
party thereto (the “Lenders”), JPMorgan Chase Bank (“JPMCB”), as Administrative
Agent, Bank of America, N.A. as Syndication Agent, and Bank of Nova Scotia, Bank
of Tokyo-Mitsubishi Trust Company and Barclays Bank PLC, as Co-Documentation
Agents. Terms defined in the 364-Day Credit Agreement are used herein with the
same meanings.

 

1. The Assignor hereby sells and assigns, without recourse, to the Assignee, and
the Assignee hereby purchases and assumes, without recourse, from the Assignor,
effective as of the Effective Date set forth below (but not prior to the
recordation of the information contained herein in the Register pursuant to
Section 9.04(b)(iv) of the 364-Day Credit Agreement), the interests set forth
below (the “Assigned Interest”) in the Assignor’s rights and obligations under
the 364-Day Credit Agreement and the other Loan Documents, including, without
limitation, the amounts and percentages set forth below of (i) the Commitment of
the Assignor on the Effective Date and (ii) the Loans owing to the Assignor
which are outstanding on the Effective Date. From and after the Effective Date
(1) the Assignee shall be a party to and be bound by the provisions of the
364-Day Credit Agreement and, to the extent of the interests assigned by this
Assignment and Assumption, have the rights and obligations of a Lender
thereunder and under the Loan Documents and (ii) the Assignor shall, except as
otherwise provided in the 364-Day Credit Agreement, to the extent of the
interests assigned by this Assignment and Assumption, relinquish its rights and
be released from its obligations under the 364-Day Credit Agreement.

 

2. This Assignment and Assumption is being delivered to the Administrative Agent
together with (i) if the Assignee is organized under the laws of a jurisdiction
outside the United States, the forms specified in Section 2.16(e) of the 364-Day
Credit Agreement, duly completed and executed by such Assignee, (ii) if the
Assignee is not already a Lender under the 364-Day Credit Agreement, an
Administrative Questionnaire in the form supplied by the Administrative Agent
and (iii) unless otherwise agreed to by the Administrative Agent, a processing
and recordation fee of $3,500 pursuant to Section 9.04(b)(ii)(C) of the 364-Day
Credit Agreement. The Administrative Agent shall record the information
contained in this Assignment and Assumption in the Register pursuant to
9.04(b)(iv) of the 364-Day Credit Agreement.

 

3. THIS ASSIGNMENT AND ASSUMPTION SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

6

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Date of Assignment:

 

Legal Name of Assignor:

 

Legal Name of Assignee:

 

Assignee’s Address for Notices:

 

Effective Date of Assignment

 

Principal

Amount Assigned

--------------------------------------------------------------------------------

  

Percentage Assigned of Facility/Commitment

(set forth to at least 8 decimals), as a percentage

of the Facility and the Aggregate Commitments of all Lenders

--------------------------------------------------------------------------------

$

   %

 

The terms set forth above are hereby agreed to:

   Accepted*/

[Name of Assignor],

       

JPMORGAN CHASE BANK, as

as Assignor,

       

Administrative Agent,

by:

   by:          

Name:

       

Name:

    

Title:

       

Title:

[Name of Assignee],

       

SUNOCO, INC.

as Assignee,

         

by:

   by:          

Name:

       

Name:

    

Title:

       

Title:

--------------------------------------------------------------------------------

*/ To be completed to the extent consents are required under Section 9.04(b) of
the 364-Day Credit Agreement.

 

7

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Sunoco, Inc.

 

364-Day Competitive Advance and Revolving Credit Facility Agreement

 

Schedule I

 

Institution

--------------------------------------------------------------------------------

   Commitment

--------------------------------------------------------------------------------

JPMorgan Chase Bank

   $ 40,000,000

Bank of America, N.A.

   $ 40,000,000

The Bank of Nova Scotia

   $ 40,000,000

Bank of Tokyo-Mitsubishi Trust Company

   $ 40,000,000

Barclays Bank PLC

   $ 40,000,000

Mellon Bank, N.A.

   $ 30,000,000

Citibank, N.A

   $ 20,000,000

Credit Lyonnais New York Branch

   $ 20,000,000

Credit Suisse First Boston

   $ 20,000,000

Key Bank National Association

   $ 20,000,000

The Royal Bank of Scotland PLC

   $ 20,000,000

Wachovia Bank, N.A.

   $ 20,000,000

Bank One, NA

   $ 12,500,000

Bank Hapoalim B.M.

   $ 12,500,000

PNC Bank, National Association

   $ 12,500,000

Fifth Third Bank

   $ 12,500,000

Total

   $ 400,000,000

 

8

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Schedule 6.01

 

Sunoco, Inc.

364-Day

Competitive Advance and Revolving Credit Facility Agreement

 

Subsidiary Indebtedness outstanding:

--------------------------------------------------------------------------------

   (in $000’s)

--------------------------------------------------------------------------------

1) Sunoco, Inc. (R&M) Trust No. 1997-1 (Propylene Splitter Facility)

   49,271

2) Aristech Chemical Corporation 6 7/8% Debentures due 11/15/2006

   150,000

3) Sunoco, Inc. (R&M) DELCO IRB Series A due 11/1/2033

   12,400

4) Sunoco, Inc. (R&M) DELCO IRB Series B due 12/1/2006

   1,000

5) Sunoco, Inc. (R&M) PEDFA IRB Series A due 12/1/2024

   100,000

6) PP&L Note

   266

7) Various Sunoco Marketing deferred purchase price contracts

   2,703

8) Sunoco, Inc. (R&M) PEIDC capital lease

   13,065

9) Various Sunoco Marketing capital leases

   2,980

10) Sunoco, Inc. (R&M) letter of credit to Citicorp North America, Inc.

   9,300

 

9

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Schedule 6.02

 

Sunoco, Inc.

 

364-Day

 

Competitive Advance and Revolving Credit Facility Agreement

 

Liens existing:

--------------------------------------------------------------------------------

   (in S000’s)

--------------------------------------------------------------------------------

1) Sunoco, Inc. (R&M) Trust No. 1997-1 (Propylene Splitter Facility)

   49,271

2) Sunoco, Inc. (R&M) DELCO IRB Series A due 11/1/2033

   12,400

3) Sunoco, Inc. (R&M) DELCO IRB Series B due 12/1/2006

   1,000

4) Sunoco, Inc. (R&M) PEDFA IRB Series A due 12/1/2024

   100,000

 

10