EXHIBIT 10.1
 
Execution Copy
 
AMENDMENT NO. 3 TO THE FIFTH AMENDED AND RESTATED
CREDIT AND REIMBURSEMENT AGREEMENT
 
Dated as of July 26,  2013
 
AMENDMENT NO. 3 TO THE FIFTH AMENDED AND RESTATED CREDIT AND REIMBURSEMENT
AGREEMENT (this “Amendment”) among The AES Corporation, a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors listed on the signature pages
hereof, the Bank Parties listed on the signature pages hereto, CITICORP USA,
INC., as administrative agent (the “Agent”) and CITIBANK, N.A., as Collateral
Agent, for the Bank Parties (the “Collateral Agent”).
 
PRELIMINARY STATEMENTS
 
(1)           WHEREAS, the Borrower is party to a Fifth Amended and Restated
Credit and Reimbursement Agreement dated as of July 29, 2010 (as amended,
amended and restated, supplemented or otherwise modified up to the date hereof,
the “Existing Bank Credit Agreement”; capitalized terms used herein but not
defined shall be used herein as defined in the Credit Agreement) among the
Subsidiary Guarantors named therein, Citicorp USA, Inc., as Administrative Agent
and the other Bank Parties, agents and arrangers party thereto;
 
(2)           WHEREAS, the Borrower, each Departing Revolving Credit Loan Bank
(as defined in the Credit Agreement) and each Revolving Credit Loan Bank have
agreed, subject to the terms and conditions hereinafter set forth, to amend and
restate the Existing Bank Credit Agreement as set forth below (as amended and
restated the “Credit Agreement”); and
 
(3)           WHEREAS, certain of the Banks have agreed to increase their
Revolving Credit Loan Commitments and other have elected to reduce their
Revolving Credit Loan Commitments, which will result in the Revolving Credit
Loan Commitments being as set forth on Appendix I to the Existing Bank Credit
Agreement, as amended and restated hereby.
 
NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the sufficiency and receipt of all of which is hereby
acknowledged, the parties hereto hereby agree as follows:
 
SECTION 1.                      Amendment.  As of the Amendment and Restatement
Effective Date, the Existing Bank Credit Agreement is hereby amended and
restated as set forth in Annex A hereto.  Each Bank, by executing this Amendment
hereby confirms that, on the Amendment and Restatement Effective Date, after
giving effect to (a) each Departing Revolving Credit Loan Bank’s and each
Reducing Revolving Credit Bank’s (as defined in the Credit Agreement) sale and
assignment of its Total Outstandings and Revolving Credit Loan Commitment and
(b) each Assignee Revolving Credit Bank’s (as defined in the Credit Agreement)
purchase and assumption  of such Total Outstandings and Revolving Credit Loan
Commitments, the
 
 
 
 

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

 

Revolving Credit Commitment of such Bank shall be as set forth on such Bank’s
executed signature page to this Amendment No. 3.
 
SECTION 2.                      Conditions to Effectiveness.  This Amendment
shall become effective when, and only when, and as of the date (the “Amendment
and Restatement Effective Date”) on which:
 
(a)           the Agent shall have received counterparts of this Amendment
executed by the Borrower and each of the Subsidiary Guarantors, each Departing
Revolving Credit Loan Bank and each Revolving Credit Loan Bank or, as to any of
the Revolving Credit Loan Banks, advice satisfactory to the Agent that such Bank
Party has executed this Amendment;
 
(b)           the Agent shall have received payment of all accrued fees and
expenses of the Arranger Parties (including the reasonable and accrued fees of
counsel to the Agent invoiced on or prior to the date hereof);
 
(c)           each Departing Revolving Credit Loan Bank and each Reducing
Revolving Credit Bank shall have received payment in full of all accrued
interest and fees owing to it under the Existing Bank Credit Agreement with
respect to that portion of its Revolving Credit Loan Commitment being sold and
assigned on the Amendment and Restatement Effective Date;
 
(d)           each Bank that executes a counterpart to this Amendment on or
before 12:00 p.m. (New York City time) on July 23, 2013, shall have received a
commitment fee (based on percentage set forth below for the original amount such
Bank agreed to commit in respect of the Revolving Credit Loan Facility) of the
amount of such Bank’s Revolving Credit Loan Commitment (as set forth on Appendix
I to the Credit Agreement) as follows:
 
Bank’s Original Committed Amount
Commitment Fee
 
$75,000,000 or greater
0.50%
$50,000,000 to $74,999,999
0.375%
$25,000,000 to $49,999,999
0.25%

 
(e)           the Agent shall have received a favorable opinion or opinions of
counsel to the Borrower addressed to the Agent and the Banks regarding the due
authorization, execution and delivery and enforceability of this Amendment and
other matters reasonably requested by the Agent;
 
(f)           the Agent shall have received a certificate signed by a duly
authorized officer of the Borrower dated the Amendment and Restatement Effective
Date, to the effect that, after giving effect to this Amendment: (i) the
representations and warranties contained in each of the Financing Documents are
true and correct in all material respects on and as of the Amendment and
Restatement Effective Date as though made on and as of such date (unless
 

 
2

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

 

stated to relate solely to an earlier date, in which case such representations
and warranties are true and correct in all material respects as of such earlier
date); and (ii) no Default has occurred and is continuing; and
 
(g)           the Agent shall have received certified copies of (A) the
resolutions of the Board of Directors of the Borrower approving this Amendment
and the matters contemplated hereby and (B) all other documents evidencing other
necessary corporate action and governmental or other third party approvals and
consents, if any, with respect to this Amendment and the matters contemplated
hereby.
 
This Amendment is subject to the provisions of Section 10.05 of the Credit
Agreement.
 
SECTION 3.                      Representations and Warranties.  The Borrower
represents and warrants as follows:
 
(a)           The representations and warranties contained in each of the
Financing Documents, after giving effect to this Amendment, are correct in all
material respects on and as of the date of this Amendment, as though made on and
as of such date (unless stated to relate solely to an earlier date, in which
case such representations and warranties are true and correct in all material
respects as of such earlier date).
 
(b)           After giving effect to this Amendment, no Default has occurred and
is continuing on the date hereof.
 
SECTION 4.                      Reference to and Effect on the Financing
Documents.  (a)  On and after the Amendment and Restatement Effective Date, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or
words of like import referring to the Credit Agreement, and each reference in
the Notes and each of the other Financing Documents to “the Agreement”,
“thereunder”, “thereof”, or words of like import referring to the Credit
Agreement shall mean and be a reference to the Credit Agreement, as amended and
restated hereby.
 
(b)           The Credit Agreement, the Notes and each of the other Financing
Documents, as specifically modified by this Amendment, are and shall continue to
be in full force and effect and are hereby in all respects ratified and
confirmed.  Without limiting the generality of the foregoing, the Collateral
Documents and all of the Collateral described therein do and shall continue to
secure the payment of all Obligations of the Loan Parties under the Financing
Documents, in each case as modified by this Amendment. Each of Borrower and AES
BVI II (i) acknowledges and agrees that (A) each Financing Document to which it
is a party is hereby confirmed and ratified and shall remain in full force and
effect according to its respective terms, as amended pursuant to this Amendment
and (B) the Collateral Documents do, and all of the Collateral does, and in each
case shall continue to, secure the payment of all Secured Obligations on the
terms and conditions set forth in the Collateral Documents, and (ii) hereby
ratifies the security interests granted by it pursuant to the Collateral
Documents and each of Borrower and AES BVI II hereby confirms and ratifies its
continuing unconditional obligations under the Financing Documents with respect
to all of the Secured Obligations.
 

 
3

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

 
 
(c)           The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Banks, nor constitute an amendment or waiver of any
provision of the Credit Agreement or the other Financing Documents.
 
SECTION 5.                      Release of Subsidiary Guarantors.  Each Agent
and Bank hereby consents to the amendments to the Credit Agreement effected
hereby, including, without limitation, the release and termination  of the
obligations of each Subsidiary Guarantor contained in Article IX of the Existing
Credit Agreement or in any other Financing Documents.
 
SECTION 6.                      GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
 
SECTION 7.                      WAIVER OF JURY TRIAL.  EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS AMENDMENT OR THE ACTIONS OF THE COLLATERAL TRUSTEES OR THE
AGENT IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.
 
SECTION 8.                      Execution in Counterparts.  This Amendment may
be executed by one or more of the parties to this Amendment on any number of
separate counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.  Delivery of an executed
counterpart of a signature page to this Amendment by facsimile or electronic
transmission shall be effective as delivery of a manually executed counterpart
of this Amendment
 
SECTION 9.                      Costs and Expenses.  The Borrower hereby agrees
to pay all reasonable costs and expenses associated with the preparation,
execution, delivery, administration, and enforcement of this Amendment,
including, without limitation, the fees and expenses of the Collateral Trustees’
and the Agent’s counsel and other out-of-pocket expenses related hereto.
 
[Signature Pages Follow]
 

 
4

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

 

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

By:      /s/ Willard C. Hoagland, III                   
Title:           Vice President and Treasurer
Address:     4300 Wilson Boulevard
Arlington, VA  22203
Fax:              (703) 528-4510
 
 
 

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

 

GRANTOR:
 
AES INTERNATIONAL HOLDINGS II, LTD.,
as Grantor
     
By:
 /s/ Willard C. Hoagland, III    
Title: President
    Address:  4300 Wilson Boulevard
Arlington, VA     Fax:  (703) 528-4510  

 

 
 

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

 
 
 
SUBSIDIARY GUARANTORS:

AES HAWAII MANAGEMENT COMPANY, INC.,
as Subsidiary Guarantor
     
By:
 /s/ Willard C. Hoagland, III    
Title: Treasurer
    Address:  4300 Wilson Boulevard
Arlington, VA 22203     Fax: (703) 528-4510  

 
 
AES NEW YORK FUNDING, L.L.C.,
as Subsidiary Guarantor
     
By:
 /s/ Willard C. Hoagland, III    
Title: Treasurer
    Address:  4300 Wilson Boulevard
Arlington, VA 22203     Fax: (703) 528-4510

 
 
AES OKLAHOMA HOLDINGS, L.L.C.,
as Subsidiary Guarantor
     
By:
 /s/ Willard C. Hoagland, III    
Title: Treasurer
    Address:  4300 Wilson Boulevard
Arlington, VA 22203     Fax: (703) 528-4510

 
 
AES WARRIOR RUN FUNDING, L.L.C.,
as Subsidiary Guarantor
     
By:
 /s/ Willard C. Hoagland, III    
Title: Treasurer
    Address:  4300 Wilson Boulevard
Arlington, VA 22203     Fax: (703) 528-4510

 
 
 

 
 

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

 
 
 
AGENTS:
 
CITIBANK, N.A.,
as Agent
     
By:
 /s/ Roland Kirkwood    
Title: Director & Vice President
    Address: 390 Greenwich Street, 1st Floor
New York, NY 10013           Fax:   (646) 352-0795  
Attention: Roland Kirkwood
 
Email: kirkwood.roland@citi.com

 
 
CITIBANK N.A.,
as Collateral Agent
     
By:
/s/ Roland Kirkwood    
Title: Director & Vice President
    Address: 390 Greenwich Street, 1st Floor
New York, NY 10013           Fax:   (646) 352-0795  
Attention:  Roland Kirkwood

 
 

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

 
 
 
    CITIBANK, N.A.,  
as Bank
       

     
By:
 /s/ Roland Kirkwood     Name: Kirkwood Roland    
Title: Director & Vice President
 

 
 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $75,000,000.00  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000.00  
 
       

 
 

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

 
 
 
    Associated Bank, N.A.,  
as Bank
       

     
By:
 /s/ Yolanda Meza     Name: Yolanda Meza    
Title: Vice President
 

 
 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $15,000,000.00  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $25,000,000.00  
 
       

 

 
 

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

 
 
 
    Bank of America, N.A.,  
as Bank
       

     
By:
 /s/ Jerry Wells     Name: Jerry Wells    
Title: Vice President
 

 
 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $50,000,000.00  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000.00  
 
       

 
 

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

 
 
 
    BARCLAYS BANK, PLC,  
as Bank
       

     
By:
 /s/ Sreedhar R. Kona     Name: Sreedhar R. Kona    
Title: Vice President
 

 
 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $75,000,000  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000  
 
       

 

 
 

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

 
 
 
    BNP Paribas,,  
as Bank
       

     
By:
 /s/ Francis DeLaney     Name: Francis DeLaney    
Title: Managing Director
 

     
By:
 /s/ Pasquale Perraglia     Name: Pasquale Perraglia    
Title: Director
 

 
 
 
 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $25,000,000  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $25,000,000  
 
       

 
 

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

 
 
 
    Crédit Agricole Corporate and Investment Bank,  
as Bank
       

     
By:
 /s/ Deborah Kross     Name: Deborah Kross    
Title: Director
 

     
By:
 /s/ Ken Ricciardi     Name: Ken Ricciardi    
Title: Director
 

 
 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $25,000,000.00  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $25,000,000.00  
 
       

 
 

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

 
 
 
   
CREDIT SUISSE, AG, Cayman Islands Branch,
 
as Bank
       

     
By:
 /s/ Mikhail Faybusovich     Name: Mikhail Faybusovich    
Title: Authorized Signatory
 

     
By:
 /s/ Tyler R. Smith     Name: Tyler R. Smith    
Title: Authorized Signatory
 

 
 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $75,000,000  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000  
 
       

 
 

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

 
 
 
   
Deutsche Bank AG New York Branch,
 
as Bank
       

     
By:
 /s/ Marcus M. Tarkington     Name: Marcus M. Tarkington    
Title: Director
 

     
By:
 /s/ Michael Getz     Name: Michael Getz    
Title: Vice President
 

 
 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000  
 
       

 
 

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

 
 
 
   
Goldman Sachs Bank USA,
 
as Bank
       

     
By:
 /s/ Mark Walton     Name: Mark Walton    
Title: Authorized Signatory
 

 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $50,000,000.00  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000.00  
 
       

 
 

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

 
 
 
   
HSBC Bank USA, National Association,
 
as Bank
       

     
By:
 /s/ Alexandra Barrows     Name: Alexandra Barrows    
Title: Vice President
 

 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $25,000,000  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $25,000,000  
 
       

 
 

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

 
 
 
   
JPMorgan Chase Bank, N.A.,
 
as Bank
       

     
By:
 /s/ Juan J. Javellana     Name: Juan J. Javellana    
Title: Executive Director
 

 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $50,000,000.00  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000.00  
 
       

 
 

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

 
 
 
   
MORGAN STANLEY BANK,N.A.,
 
as Bank
       

     
By:
 /s/ Kelly Chin     Name: Kelly Chin    
Title: Authorized Signatory
 

 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $75,000,000  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000  
 
       

 
 

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

 
 
 
   
Royal Bank of Scotland plc,
 
as Bank
       

     
By:
 /s/ Tyler J. McCarthy     Name: Tyler J. McCarthy    
Title: Director
 

 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $75,000,000  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000  
 
       

 
 

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

 
 
 
   
Societe Generale,
 
as Bank
       

     
By:
 /s/ Yao Wang     Name: Yao Wang    
Title: Director
 

 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $25,000,000  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $25,000,000  
 
       

 
 

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

 
 
 
   
Union Bank N.A.,
 
as Bank
       

     
By:
 /s/ Michael Agrimis     Name: Michael Agrimis    
Title: Vice President
 

 
Revolving Credit Loan Commitment
under Existing Bank Credit Agreement:
    $75,000,000.00  
 
       

 
 
Revolving Credit Loan Commitment
on Amendment and Restatement Effective
Date under Credit Agreement:
    $75,000,000.00  
 
       

 
 
 

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

 

ANNEX A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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