Document:

exhibit10_1.htm

EXHIBIT 10.1

 

 

Published CUSIP Number: ________________

 

 

CREDIT AGREEMENT

 

 

Dated as of May 27, 2011

 

 

among

 

 

EL PASO PIPELINE PARTNERS OPERATING COMPANY, L.L.C.

and

WYOMING INTERSTATE COMPANY, L.L.C.

as the Borrowers,

 

 

EL PASO PIPELINE PARTNERS, L.P.

as the Parent Guarantor

 

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender

and L/C Issuer,

 

 

and

 

 

The Other Lenders and L/C Issuers Party Hereto

 

 

_______________

 

 

THE ROYAL BANK OF SCOTLAND PLC,

Syndication Agent

 

DNB NOR BANK ASA,

BARCLAYS BANK PLC,

THE BANK OF NOVA SCOTIA,

and

WELLS FARGO BANK, N.A.,

Co-Documentation Agents

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

BARCLAYS CAPITAL, DNB NOR MARKETS, INC.,

RBS SECURITIES INC.,

THE BANK OF NOVA SCOTIA,

and

WELLS FARGO SECURITIES, LLC,

Joint Lead Arrangers and Joint Book Running Managers

 

  

 

 

	
TABLE OF CONTENTS

 

 

	
Section

	
Page

 

	
ARTICLE I.  DEFINITIONS AND ACCOUNTING TERMS

	
1

	
1.01

	 	
Defined Terms

	
1

	
1.02

	 	
Other Interpretive Provisions

	
27

	
1.03

	 	
Accounting Terms

	
28

	

1.04

	 	

Rounding

	

28

	

1.05

	 	Times of Day	

29

	

1.06

	 	

Letter of Credit Amounts

	

29

	
ARTICLE II.  THE COMMITMENTS AND CREDIT EXTENSIONS

	29
	
2.01

	 	
Committed Loans

	
29

	
2.02

	 	
Borrowings, Conversions and Continuations of Committed Loans

	
29

	
2.03

	 	

Letters of Credit

	
30

	
2.04

	 	
Swing Line Loans

	
39

	
2.05

	 	
Prepayments

	
42

	
2.06

	 	
Termination or Reduction of Commitments

	
43

	
2.07

	 	
Repayment of Loans

	
43

	
2.08

	 	
Interest

	
44

	
2.09

	 	

Fees

	
44

	
2.10

	 	
Computation of Interest and Fees

	
45

	
2.11

	 	
Evidence of Debt

	
45

	
2.12

	 	
Payments Generally; Administrative Agent's Clawback

	
45

	
2.13

	 	
Sharing of Payments by Lenders

	
47

	
2.14

	 	
Extension of Scheduled Maturity Date

	
47

	
2.15

	 	
Increase in Commitments

	
49

	
2.16

	 	
Additional Borrowers

	
50

	
2.17

	 	

Liability of Borrowers; Appointment of Opco as Agent for the Subsidiary Borrowers

	
51

	2.18	 	Additional Guarantors 	52
	2.19	 	Unrestricted Subsidiaries; Project Financing Subsidiaries	52
	2.20	 	Defaulting Lenders	53
	
ARTICLE III.  TAXES, YIELD PROTECTION AND ILLEGALITY

	55
	
3.01

	 	
Taxes

	
55

	
3.02

	 	
Illegality

	
59

 

 

 

 

i

 

 

 

	
3.03

	 	
Inability to Determine Rates

	
59

	

3.04

	 	

Increased Costs

	60
	

3.05

	 	

 

	61
	

3.06

	 	

 

	

61

	

3.07

	 	

Survival

	

62

	
ARTICLE IV.  CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

	62
	
4.01

	 	
Conditions of Initial Credit Extension

	
62

	
4.02

	 	
Conditions to all Credit Extensions

	
63

	

ARTICLE V.  REPRESENTATIONS AND WARRANTIES

	64

	
5.01

	 	
Existence, Qualification and Power 

	
53

	

5.02

	 	Authorization; No Contravention	 
	 5.03	 	Governmental Authorization; Other Consents	 
	

5.04

	 	 Binding Effect	 
	

5.05

	 	Financial Statements; No Material Adverse Effect 	 
	

5.06

	 	Litigation	 
	
5.07

	 	
No Default

	
53

	
5.08

	 	
Ownership of Property; Liens 

	
53

	
5.09

	 	

Environmental Compliance

	
53

	
5.10

	 	
Taxes

	
53

	
5.11

	 	
ERISA Compliance

	
54

	
5.12

	 	
Subsidiaries; Equity Interests

	
54

	
5.13

	 	
Margin Regulations; Investment Company Act

	
54

	
5.14

	 	
Disclosure 

	
54

	
5.15

	 	
Compliance with Laws

	
55

	
ARTICLE VI.  AFFIRMATIVE COVENANTS

	55
	
6.01

	 	
Financial Statements

	
55

	
6.02

	 	

Certificates; Other Information

	
55

	
6.03

	 	
 Notices

	
55

	
6.04

	 	
Preservation of Existence, Etc. 

	
55

	
6.05

	 	
Maintenance of Properties

	
56

	
6.06

	 	
Maintenance of Insurance

	
56

	
6.07

	 	
Compliance with Laws 

	
56

	
6.08

	 	
Books and Records

	
56

	
6.09

	 	
Inspection Rights

	
59

	 6.10	 	Use of Proceeds	59
	6.11	 	 Maintenance of Separateness	 

 

 

 

 

ii

 

 

 

	
ARTICLE VII.  NEGATIVE COVENANTS

	71
	
7.01

	 	
Liens

	
71

	
7.02

	 	

Certain Investments

	
72

	
7.03

	 	
Indebtedness

	
73

	
7.04

	 	
Fundamental Changes

	
74

	
7.05

	 	
Dispositions

	
75

	
7.06

	 	
Restricted Payments

	
76

	
7.07

	 	
Change in Nature of Business

	
77

	
7.08

	 	
Transactions with Affiliates

	
77

	

7.09

	 	 Burdensome Agreements	77
	

7.10

	 	Amendment to Organization Documents	77
	

7.11

	 	Use of Proceeds	78
	

7.12

	 	Leverage Ratio	78
	

7.13

	 	Unrestricted Subsidiaries	79
	

7.14

	 	Swap Contracts	79

	
ARTICLE VIII.  EVENTS OF DEFAULTS AND REMEDIES

	79
	

8.01

	 	

 

	79
	

8.02

	 	

Remedies Upon Event of Default

	81
	

8.03

	 	

Application of Funds

	82
	

ARTICLE IX.  ADMINISTRATIVE AGENT

	83
	

9.01

	 	

Appointment and Authority

	83
	

9.02

	 	

Rights as a Lender  

	83
	

9.03

	 	

Exculpatory Provisions

	83
	

9.04

	 	

Reliance by Administrative Agent

	84
	

9.05

	 	

Delegation of Duties  

	84
	

9.06

	 	

Resignation of Administrative Agent  

	84
	

9.07

	 	

Non-Reliance on Administrative Agent and Other Lenders

	85
	

9.08

	 	

No Other Duties, Etc. 

	85
	

9.09

	 	

Administrative Agent May File Proofs of Claim

	86
	

9.10

	 	

Guaranty Matters

	86
	

 

	87
	
10.01

	 	

Amendments, Etc.

	
87

	
10.02

	 	
Notices; Effectiveness; Electronic Communication

	
88

	
10.03

	 	
No Waiver; Cumulative Remedies Enforcement

	
90

 

 

iii

 

 

 

 

	
10.04

	 	
Expenses; Indemnity; Damage Waiver

	
91

	
10.05

	 	
Payments Set Aside

	
93

	
10.06

	 	
Successors and Assigns

	
94

	
10.07

	 	
Treatment of Certain Information; Confidentiality

	
97

	
10.08

	 	
Right of Setoff 

	
98

	
10.09

	 	
Interest Rate Limitation

	
99

	
10.10

	 	
Counterparts; Integration; Effectiveness 

	
99

	
10.11

	 	
Survival of Representations and Warranties

	
99

	
10.12

	 	
Severability

	
99

	
10.13

	 	
Replacement of Lenders

	
100

	
10.14

	 	
Governing Law; Jurisdiction; Etc. 

	
100

	
10.15

	 	
Waiver of Jury Trial 

	
101

	
10.16

	 	
No Advisory or Fiduciary Responsibility

	
101

	10.17	 	Electronic Execution of Assignments and Certain Other Documents 	102
	10.18	 	USA PATRIOT Act Notice 	102
	 10.19	 	Termination of Commitments Under Existing Credit Agreement	102
	10.20	 	ENTIRE AGREEMENT	102
	SIGNATURES 	S-1 

 

iv

 

 

 

 

	
SCHEDULES

	 
	
    2.01

	
Commitments

	
    5.09

	

Environmental Compliance

	
    5.12

	
Subsidiaries; Other Equity Investments

	
    7.01

	

Existing Liens

	
    7.03

	
Existing Indebtedness

	
    7.09

	
Burdensome Agreements 

	    10.02	Administrative Agent’s Office; Certain Addresses for Notices
	 
	
EXHIBITS

	 
	
    Form of

	 
	
    A

	

Committed Loan Notice

	
    B

	
Swing Line Loan Notice

	
    C

	
Note

	
    D

	
Compliance Certificate

	
    E

	
Assignment and Assumption

	
    F-1

	

Parent Guaranty

	
    F-2

	
Opco Guaranty

	
    F-3

	

Subsidiary Guaranty 

	    G	Additional Borrower Counterpart 

 

 

v

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT (“Agreement”) is entered into as of May 27, 2011, among EL PASO PIPELINE PARTNERS OPERATING COMPANY, L.L.C., a Delaware limited liability company (“Opco”), WYOMING INTERSTATE COMPANY, L.L.C. (formerly known as Wyoming Interstate Company, Ltd.), a Delaware limited liability company (“WIC”), the Additional Borrowers that may from time to time become party hereto (together with Opco and WIC, the “Borrowers” and each individually, a “Borrower”), EL PASO PIPELINE PARTNERS, L.P., a Delaware limited partnership (the “MLP”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.

 

Each Borrower has requested that the Lenders provide a revolving credit facility, and the Lenders are willing to do so on the terms and conditions set forth herein.

 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

Article I.

DEFINITIONS AND ACCOUNTING TERMS

 

    1.01  Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:

 

“2010 10-K” means the MLP’s annual report on Form 10-K for the fiscal year ended December 31, 2010.

 

“Acquisition” means an acquisition of Equity Interests or other assets.

 

“Acquisition Period” means the period beginning with the date on which payment of the purchase price for a Specified Acquisition is made and ending on the earlier of (a) the Quarter-End Date that occurs on or after the third full fiscal quarter following such date, (b) the date on which the MLP notifies the Administrative Agent that it desires to end the Acquisition Period for such Specified Acquisition, and (c) the date on which the MLP is in compliance with Section 7.12(a) (without giving effect to the proviso in Section 7.12(a)); provided that during any Acquisition Period, no additional Acquisition Period shall commence, nor shall such Acquisition Period be extended, by any subsequent Specified Acquisition until the current Acquisition Period shall have terminated and the MLP shall be in compliance with Section 7.12(a) (without giving effect to the proviso in Section 7.12(a)).  As used above, “Specified Acquisition” means an Acquisition by the MLP, any Borrower or any of their Restricted Subsidiaries (a) for which the purchase price exceeds $25,000,000, and (b) which is designated by the MLP or Opco (by written notice to the Administrative Agent) as a “Specified Acquisition”.

 

“Additional Borrower” means any Person that becomes a Borrower under this Agreement pursuant to Section 2.16.

 

“Additional Borrower Counterpart” has the meaning specified in Section 2.16.

 

“Additional Borrower Sublimit” means, with respect to each Additional Borrower, the lesser of the borrowing sublimit set forth on the Additional Borrower Counterpart of such Additional Borrower and the Aggregate Commitments.  Each Additional Borrower Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

 

  

  

  

 

“Additional Guarantor Counterpart” has the meaning specified in the Subsidiary Guaranty.

 

“Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 

“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrowers and the Lenders.

 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

 

“Aggregate Commitments” means the Commitments of all the Lenders.

 

“Agreement” means this Credit Agreement.

 

“Alternate Program” of a Person means any program providing for the sale or other Disposition of trade or other receivables and related assets entered into by such Person on terms customary for such a financing transaction.

 

“Applicable OLP/MLP Debt Rating” has the meaning set forth in the definition of “Applicable Rate.”

 

“Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.20.  If the commitment of each Lender to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments.

 

“Applicable Rate” means, from time to time, the following percentages per annum, based upon the Applicable OLP/MLP Debt Rating.

 

	
Pricing Level

	
Applicable OLP/MLP Debt Rating

(S&P/Moody’s/Fitch)

	
Applicable Rate for Commitment Fee

	
Applicable Rate for LIBOR Loans and Letter of Credit Fees

	
Applicable Rate for Base Rate Loans

	
1

	
> BBB+ / Baal / BBB+

	
0.20%

	
1.375%

	
0.375%

	
2

	
BBB / Baa2 / BBB

	
0.25%

	
1.50%

	
0.50%

	
3

	
BBB- / Baa3 / BBB-

	
0.30%

	
1.75%

	
0.75%

	
4

	
BB+ / Ba1 / BB+

	
0.40%

	
2.00%

	
1.00%

	
5

	
BB / Ba2 / BB

	
0.45%

	
2.25%

	
1.25%

	
6

	
< BB / Ba2 / BB

	
0.50%

	
2.50%

	
1.5%

 

 

 

  

2

  

 

“Applicable OLP/MLP Debt Rating” means, as of any date of determination, for each of S&P, Moody’s and Fitch (each a “Rating Agency”), the long term unsecured senior, non-credit enhanced debt rating of Opco established by such Rating Agency; provided, however, if any such Rating Agency does not establish such rating for Opco, but establishes such a rating for the MLP, as to such Rating Agency, the Applicable OLP/MLP Debt Rating will be the long term unsecured senior, non-credit enhanced debt rating of the MLP established by such Rating Agency.  In the event the Applicable OLP/MLP Debt Ratings from each Rating Agency do not indicate the same pricing level: (i) if three ratings are available, either (a) the majority rating will govern, if two ratings are the same, or (b) the middle rating will govern, if all three ratings differ, (ii) if only two ratings are available, the higher rating will govern, unless there is more than one level between the ratings and then the level one below the higher rating (lower pricing) will apply, and (iii) if only one rating is available, such available rating will govern.  If, at any time, no such ratings are available, pricing level 6 will apply.

 

Each change in the Applicable Rate resulting from a change in the Applicable OLP/MLP Debt Rating resulting from a publicly announced change in the long term unsecured senior, non-credit enhanced debt rating of Opco or the MLP, as applicable, shall be effective during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.

 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Arrangers” means, collectively, each of Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital, the investment banking division of Barclays Bank PLC, DnB NOR Markets, Inc., RBS Securities Inc., The Bank of Nova Scotia and Wells Fargo Securities, LLC, in their respective capacities as joint lead arrangers and joint book running managers.

 

“Assets” means, with respect to any Person, all or any part of its business, property, rights, interests and assets, both tangible and intangible (including Equity Interests in any Person), wherever situated.

 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.

 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit E or any other form approved by the Administrative Agent.

 

“Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease.

 

 

  

3

  

 

“Audited Financial Statements” means the audited financial statements of the MLP and its Subsidiaries for the fiscal year ended December 31, 2010.

 

“Availability Period” means, for any Lender, the period from and including the Closing Date to the earliest of (a) the Scheduled Maturity Date for such Lender, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.

 

“Bank of America” means Bank of America, N.A. and its successors.

 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, other than an Undisclosed Administration, or has, other than via an Undisclosed Administration, had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business or assets appointed for it, or, in the good faith judgment of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment.

 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus 1.00%.  The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.  Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate Committed Loan” means a Committed Loan that is a Base Rate Loan.

 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate.

 

“Borrower” and “Borrowers” have the meanings specified in the introductory paragraph hereto.

 

“Borrower Materials” has the meaning specified in Section 6.02.

 

“Borrowing” means a Committed Borrowing or a Swing Line Borrowing, as the context may require.

 

“Borrowing Sublimit” shall mean with respect to any Subsidiary Borrower, the WIC Sublimit or the Additional Borrower Sublimit of such Subsidiary Borrower, as applicable.

 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

 

“Business Entity” means a partnership, limited partnership, limited liability partnership, corporation (including a business trust), limited liability company, unlimited liability company, joint stock company, trust, unincorporated association, joint venture or other entity.

 

 

  

4

  

 

“Cash Collateralize” means (a) to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more L/C Issuers or Lenders, as collateral for the L/C Obligations or obligations of Lenders to fund participations in respect thereof, cash or deposit account balances pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and each applicable L/C Issuer or (b) to provide other credit support agreed to by the applicable L/C Issuer (which agreement shall not be unreasonably withheld or delayed, it being unreasonable to not agree to credit support in the form of a standby letter of credit drawable upon the failure to pay when due the L/C Obligations supported thereby and issued by a Lender (provided that such Lender is not a Defaulting Lender and that such Letter of Credit is not issued as a Letter of Credit under this Agreement) or another financial institution reasonably satisfactory to such L/C Issuer in form reasonably acceptable to such L/C Issuer) pursuant to documentation in form and substance reasonably satisfactory to the applicable L/C Issuer.  “Cash Collateral” shall have a meaning correlative to the foregoing and shall include proceeds of such cash collateral and other credit support.

 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, ru

 

le, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Change of Control” means an event or series of events by which:

 

(a)           EPC fails to own directly or indirectly more than 50% of the Equity Interests of the General Partner entitled to vote for members of the board of directors or equivalent governing body of the General Partner on a fully-diluted basis; or

 

(b)           the MLP fails to own directly or indirectly 100% of the Equity Interests of Opco.

 

“CIG” means Colorado Interstate Gas Company, a Delaware general partnership.

 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.

 

“Code” means the Internal Revenue Code of 1986.

 

“Commercial Operation Date” means the date on which a Material Project is substantially complete and commercially operable.

 

“Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the Borrowers pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

 

  

5

  

 

“Commitment Fee” has the meaning set forth in Section 2.09(a).

 

“Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

 

“Committed Loan” has the meaning specified in Section 2.01.

 

“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.

 

“Compliance Certificate” means a certificate substantially in the form of Exhibit D.

 

“Consolidated EBITDA” means, for any period, for any Person, on a consolidated basis, an amount equal to Consolidated Net Income for such Person and its Restricted Subsidiaries (other than Project Financing Subsidiaries) for such period:

 

plus

 

(a)           the following to the extent deducted (or with respect to clauses (vii) and (viii) below, to the extent not otherwise included) in calculating such Consolidated Net Income,

 

(i)           (A) interest expense and (B) charges in connection with the payment, repayment redemption, defeasance, early retirement or refinancing of any Indebtedness;

 

(ii)           income tax expense,

 

(iii)           depreciation and amortization expense,

 

(iv)           losses from sales of assets outside the ordinary course of business,

 

(v)           non-cash extraordinary items and non-cash impairment charges,

 

(vi)           non-recurring noncash charges,

 

(vii)           cash distributions actually received from Unrestricted Subsidiaries, from Joint Venture Entities, from GP LLCs and from Project Financing Subsidiaries, provided that such distributions are received within forty-five (45) days after the end of such period,

 

(viii)           the amount of insurance proceeds received or determined, in accordance with GAAP, to be receivable, not to exceed the amounts by which Consolidated EBITDA for such period or any prior period is or has been reduced on account of the loss to which such insurance proceeds relate, and

 

(ix)           (A) unrealized losses in respect of derivatives resulting from mark to market activity, and (B) cash received in respect of gains from derivatives,

 

and minus

 

 

  

6

  

 

(b)           the following to the extent included in calculating such Consolidated Net Income:

 

(i)           gains from sales of assets outside the ordinary course of business,

 

(ii)           allowance for equity funds during construction as determined in accordance with generally accepted regulatory accounting principles for Persons subject to rate regulation by FERC,

 

(iii)           income from Unrestricted Subsidiaries, from Joint Venture Entities and from GP LLCs,

 

(iv)           the amount of insurance proceeds received that exceed the amounts by which Consolidated EBITDA for such period or any prior period is or has been reduced on account of the loss to which such insurance proceeds relate,

 

(v)           cash payments during such period not deducted in the determination of Consolidated Net Income on account of charges or reserves taken in a prior period, and

 

(vi)           (A) unrealized gains in respect of derivatives resulting from mark to market activity, and (B) cash paid in respect of realized losses on derivatives,

 

provided, that, Consolidated Net Income of a Person and the expenses and other items of such Person described in clauses (a) and (b) above shall be adjusted with respect to the portion of Consolidated Net Income and the portion of expenses and other items which are attributable to such Person’s Subsidiaries that are not Wholly Owned Subsidiaries, so that Consolidated Net Income and the expenses and other items described in clauses (a) and (b) above reflect only such Person’s pro rata ownership interest in such Subsidiaries;

 

Consolidated EBITDA for a Person for a consecutive four quarter period shall be calculated after giving effect, on a pro forma basis, to Acquisitions and Dispositions made by such Person or its Restricted Subsidiaries during such period (and subsequent to such period and on or before the date of incurrence of the Indebtedness giving rise to the need to calculate the Leverage Ratio) as if such Acquisitions or Dispositions occurred on the first day of the period; and, at such Person’s option, Consolidated EBITDA for such Person shall be calculated by giving effect to Material Project EBITDA Adjustments.

 

“Consolidated Indebtedness” means, as of any date of determination, for the MLP or for a Restricted Subsidiary, on a consolidated basis, without duplication, all Indebtedness of such Person and its Restricted Subsidiaries, other than (a) Specified Project Indebtedness and (b) Hybrid Securities.  Notwithstanding the foregoing, such Indebtedness of a non-Wholly Owned Subsidiary of a Person shall be included in Consolidated Indebtedness of such Person only to the extent of such Person’s proportional interest therein, unless such Indebtedness is recourse to such Person, in which case the full amount of such Indebtedness that is recourse to such Person shall be included in the calculation of Consolidated Indebtedness.

 

“Consolidated Net Income” means, for any period, as to any Person, on a consolidated basis, without duplication, all net income of such Person and its Restricted Subsidiaries.

 

“Consolidated Net Tangible Assets” means, at any date of determination, the total amount of consolidated assets of the MLP and its Restricted Subsidiaries after deducting therefrom: (a) all current liabilities (excluding (i) any current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (ii) current maturities of long-term debt); and (b) the value of all goodwill, trade names, trademarks, patents and other like intangible assets, all as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of the MLP and its Restricted Subsidiaries, prepared in accordance with GAAP.

 

 

  

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“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.

 

“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.

 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

 

“Default Rate” means an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum.

 

“Defaulting Lender” means, subject to Section 2.20(b), any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund all or any portion of its Loans, (ii) fund all or any portion of its participations in Letters of Credit or (iii) pay over to the Administrative Agent, any L/C Issuer or any Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the MLP, any Borrower, the Administrative Agent or any L/C Issuer in writing, or has made a public statement to the effect, that it does not intend or expect to comply with all or any portion of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after written request by the Administrative Agent or a Borrower, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Administrative Agent’s and such Borrower’s receipt of such certification in form and substance reasonably satisfactory to it, or (d) has become the subject of a Bankruptcy Event or has a direct or indirect parent company that has become the subject of a Bankruptcy Event; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interests in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

 

 

  

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“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any Equity Interests or other assets by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

“Dollar” and “$” mean lawful money of the United States.

 

“EPC” means El Paso Corporation, a Delaware corporation.

 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, regulating or imposing liability or standards of conduct concerning protection of the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters.

 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the MLP or any Restricted Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equity Contribution Obligations” means equity contribution obligations in connection with Specified Project Indebtedness to the extent the equity contributed is permitted under Section 7.02 at the time of the entry into the equity contribution agreement and at the time of the making of each equity contribution.

 

“Equity Interests” means, with respect to any Person, the shares of capital stock of (or other ownership or profit interests in) such Person, the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, the equity securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued from time to time thereunder.

 

“ERISA Affiliate” means any Person who is a member of the MLP’s controlled group within the meaning of Section 4001(a)(14)(A) of ERISA.

 

 

  

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“Eurodollar Rate” means,

 

(a)           for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or, (ii) if such rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period; and

 

(b)           for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) BBA LIBOR, at approximately 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar market at their request at the date and time of determination.

 

“Eurodollar Rate Loan” means a Committed Loan that bears interest at a rate based on clause (a) of the definition of Eurodollar Rate.

 

“Event of Default” has the meaning specified in Section 8.01.

 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which any Borrower is located, (c) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii), and (d) in the case of a Foreign Lender (other than an assignee pursuant to a request by a Borrower under Section 10.13), any United States withholding tax (including taxes imposed by FATCA) that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force at the time such Foreign Lender (A) becomes a party hereto or (B) designates a new Lending Office, except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Borrower with respect to such withholding tax pursuant to Section 3.01(a) or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e).

 

 

  

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“Existing Credit Agreement” means that certain Credit Agreement dated as of November 21, 2007 among the Borrowers, the MLP, Bank of America as Administrative Agent, and a syndicate of lenders.

 

“Existing Letters of Credit” means the letters of credit outstanding under the Existing Credit Agreement on the Closing Date.

 

“FATCA” means Sections 1471 through 1474 of the Code and any regulations or official interpretations thereof.

 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.

 

“Fee Letters” means (a) the fee letter dated April 4, 2011 among the MLP, Bank of America and Merrill Lynch Pierce Fenner & Smith Incorporated, (b) the fee letter dated April 4, 2011 among the MLP, Bank of America, Merrill Lynch Pierce Fenner & Smith Incorporated, The Royal Bank of Scotland plc and RBS Securities Inc., and (c) the fee letter dated April 4, 2011 among the MLP, Barclays Bank PLC, The Bank of Nova Scotia, DnB NOR Bank ASA, DnB NOR Markets, Inc., Wells Fargo Securities, LLC and Wells Fargo Bank, N.A.

 

“FERC” means the Federal Energy Regulatory Commission and any successor federal regulatory agency.

 

“Financing Vehicle” has the meaning set forth in the definition of Hybrid Securities.

 

“First Quarter 2011 10-Q” means the MLP’s quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2011.

 

“Fitch” means Fitch Ratings, Inc. and any successor thereto.

 

“Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction other than that in which any Borrower is resident for tax purposes.  For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

“Foreign Subsidiary” means a Subsidiary organized under the laws of a jurisdiction other than the United States or a political subdivision thereof.

 

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of outstanding Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

 

 

  

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“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“GAAP” means generally accepted accounting principles in the United States as in effect from time to time.

 

“General Partner” means El Paso Pipeline GP Company, L.L.C., a Delaware limited liability company, or any successor general partner of the MLP.

 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

 

“GP LLC” means a limited liability company or a corporation that is a Restricted Subsidiary of the MLP, is validly existing and in good standing under the laws of its organization, and holds a general partnership interest in a partnership.

 

“Guarantors” means, collectively, the MLP, each Subsidiary Guarantor, and Opco in its capacity as a guarantor.

 

“Guaranty” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness payable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien).  The amount of any Guaranty shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guaranty is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guaranty” as a verb has a corresponding meaning.

 

“Guaranty Agreements” means, collectively, the Parent Guaranty, the Opco Guaranty and the Subsidiary Guaranty, and “Guaranty Agreement” means any one of them, as applicable.

 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature, in each case above to the extent regulated pursuant to any Environmental Law.

 

 

  

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“Hybrid Securities” means any trust preferred securities or deferrable interest subordinated debt issued by the MLP or a Financing Vehicle with a maturity of at least 20 years, which provides for the optional or mandatory deferral of interest or distributions at the option of the issuer thereof, provided that no Restricted Subsidiary shall Guaranty payment of any portion thereof.  “Financing Vehicle” means a business trust, limited liability company, limited partnership or similar entity (i) substantially all of the common equity, general partner or similar interests of which are owned (either directly or indirectly through one or more Wholly Owned Subsidiaries) at all times by the MLP, (ii) that has been formed for the sole purpose of issuing trust preferred securities or deferrable interest subordinated debt, and (iii) substantially all the assets of which consist of (A) subordinated debt of the MLP and (B) payments made from time to time on such subordinated debt.

 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

 

(a)           all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

 

(b)           (i) the amount available to be drawn under letters of credit issued for the account of such Person (or for which such Person is otherwise liable to reimburse drawings thereunder), if such letters of credit support Indebtedness of another Person, and (ii) to the extent not paid on or prior to the fifth Business Day after the due date therefor, all payment obligations of such Person arising under letters of credit, bankers’ acceptances, bank guaranties, surety bonds and similar instruments (for the avoidance of doubt, in the event that Unreimbursed Amounts are converted into Base Rate Loans pursuant to Section 2.03(c)(i), such Base Rate Loans shall be deemed made on the date such conversion occurs, and from and after such date, such Base Rate Loans constitute Indebtedness pursuant to clause (a) of this definition);

 

(c)           all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business);

 

(d)           indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 

(e)           capital leases and Synthetic Lease Obligations;

 

(f)           Receivables Financing Indebtedness;

 

(g)           the greater of the voluntary or involuntary liquidation value of, plus any accrued and unpaid dividends on, any preferred Equity Interests of such Person redeemable at the option of the holder thereof; and

 

(h)           all Guaranties of such Person in respect of any of the foregoing.

 

 

  

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For all purposes hereof, the Indebtedness of any Person other than a GP LLC shall include the Indebtedness of any partnership in which such Person is a general partner, unless such Indebtedness is expressly made non-recourse to such Person.  The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.

 

“Indemnified Taxes” means Taxes other than Excluded Taxes.

 

“Indemnitees” has the meaning specified in Section 10.04(b).

 

“Information” has the meaning specified in Section 10.07.

 

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date.

 

“Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one or two weeks or one, two, three or six months thereafter, as selected by the applicable Borrower in its Committed Loan Notice; provided that:

 

(i)           any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless in the case of a one, two, three or six month Interest Period, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 

(ii)           in the case of a one, two, three or six month Interest Period, any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

 

(iii)           no Interest Period shall extend beyond the Maturity Date.

 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person, or (b) a loan, advance or capital contribution to, Guaranty or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guaranties Indebtedness of such other Person.  For purposes of covenant compliance, the amount of any Investment shall be the net amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

“Investment Grade Rating” means (a) with respect to S&P or Fitch, an Applicable OLP/MLP Debt Rating of BBB- or higher, and (b) with respect to Moody’s, an Applicable OLP/MLP Debt Rating of Baa3 or higher.

 

“Investment Grade Rating Date” means the first date that (a) the Applicable OLP/MLP Debt Rating from two of the three Rating Agencies is an Investment Grade Rating and (b) the third Applicable OLP/MLP Debt Rating, if any, is not less than (i) BB in the case of S&P or Fitch or (ii) Ba2 in the case of Moody’s.

 

 

  

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“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable L/C Issuer and the applicable Borrower (or any Subsidiary) or in favor of the applicable L/C Issuer and relating to such Letter of Credit.

 

“Joint Venture Entity” means any Person (other than a Subsidiary) in which the MLP or any Borrower (including ownership through any of their Subsidiaries) owns Equity Interests representing less than 100% of the total outstanding Equity Interests of such Person.

 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

 

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

 

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Committed Borrowing.

 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

 

“L/C Issuer” means with respect to each Letter of Credit issued hereunder, either Bank of America, The Royal Bank of Scotland plc, Barclays Bank PLC, DnB NOR Bank ASA, The Bank of Nova Scotia, Wells Fargo Bank, N.A., or any other Lender that has agreed such issue such Letter of Credit at the request of the applicable Borrower and that is reasonably acceptable to the Administrative Agent in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder; provided that with respect to the Existing Letters of Credit, Bank of America shall be deemed the initial L/C Issuer hereunder with respect thereto.

 

“L/C Issuer Commitment” means (a) with respect to each of Bank of America, The Royal Bank of Scotland plc, Barclays Bank PLC, DnB NOR Bank ASA, The Bank of Nova Scotia and Wells Fargo Bank, N.A., $100,000,000, or, with respect to any such L/C Issuer, such other amount (not to exceed, when added to the L/C Issuer Commitments of all other L/C Issuers, the Letter of Credit Sublimit) as shall be agreed in writing from time to time by such L/C Issuer and Opco (with prompt notice to the Administrative Agent), and (b) with respect to any other Lender which agrees to be an L/C Issuer after the Closing Date, such amount as shall be agreed in writing from time to time by Opco and such Lender (with prompt notice to the Administrative Agent), not to exceed, when added to the L/C Issuer Commitments of all other L/C Issuers, the Letter of Credit Sublimit; provided that to the extent that any increase in any existing L/C Issuer Commitment, or the addition of any new L/C Issuer Commitment, would cause the sum of all L/C Issuer Commitments to exceed the Letter of Credit Sublimit (any such excess is herein referred to as the “L/C Commitment Excess”), all of the unused L/C Issuer Commitments (other than the L/C Issuer Commitment that has caused such L/C Commitment Excess) shall be reduced in an amount equal to such L/C Commitment Excess on a pro rata basis (or on such other basis as may be agreed by Opco, each L/C Issuer and the Administrative Agent) with the effect that after all such reductions the sum of the L/C Issuer Commitments of all L/C Issuers shall not exceed the Letter of Credit Sublimit.

 

 

  

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“L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“Lender” has the meaning specified in the introductory paragraph hereto and, as the context requires, includes each L/C Issuer and the Swing Line Lender.

 

“Lender Swap Contract” means any Swap Contract made or entered into at any time, or in effect at any time, whether as a result of assignment or transfer or otherwise, between any Loan Party or any Restricted Subsidiary thereof and any Lender Swap Provider.

 

“Lender Swap Provider” means any Lender or Affiliate of a Lender that is a party to a Swap Contract with any Loan Party or any Restricted Subsidiary thereof, in its capacity as party to such Swap Contract; provided, however, that such Person shall no longer be a “Lender Swap Provider” if (a) such Person ceases to be a Lender or an Affiliate of a Lender or (b) the Commitments of all the Lenders hereunder have been terminated and all principal, interest and other amounts outstanding under this Agreement have been paid in full in cash (whether as a result of repayment at maturity, prepayment in connection with the refinancing of this Agreement or otherwise).

 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent.

 

“Letter of Credit” means any letter of credit issued hereunder and the Existing Letters of Credit.  A Letter of Credit may be a standby letter of credit or a commercial letter of credit payable upon presentation of appropriate supporting documentation.

 

“Letter of Credit Application” means (a) with respect to a standby letter of credit, an application for the issuance or amendment of such Letter of Credit containing such information as may be required pursuant to Section 2.03(b)(i), and (b) with respect to a commercial letter of credit, an application and agreement for the issuance or amendment of such Letter of Credit in the form from time to time in use by the applicable L/C Issuer.

 

“Letter of Credit Expiration Date” means, with respect to each L/C Issuer and each Letter of Credit issued by such L/C Issuer, the day that is seven days prior to the Scheduled Maturity Date of such L/C Issuer (or, if such day is not a Business Day, the next preceding Business Day).

 

“Letter of Credit Fee” has the meaning specified in Section 2.03(i).

 

“Letter of Credit Sublimit” means an amount equal to the Aggregate Commitments at such time.  The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“Leverage Ratio” means with respect to any Person as of any date of determination, the ratio of (a) Consolidated Indebtedness of such Person as of such date to (b) Consolidated EBITDA of such Person for the period of four fiscal quarters ending on such date of determination (or, if such date of determination is not a Quarter-End Date, for the most recent Quarter-End Date for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b)).  Before the Investment Grade Rating Date, the amount of Recourse Equity Contribution Obligations shall be added to Consolidated Indebtedness.

 

 

  

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“Lien” means any mortgage, lien, security interest or other charge or encumbrance, any financing lease having substantially the same economic effect as any of the foregoing, any assignment of the right to receive income, or any other type of preferential arrangement.

 

“Loan” means an extension of credit by a Lender to a Borrower under Article II, in the form of a Committed Loan or a Swing Line Loan, each of the foregoing types of Loans being mutually exclusive of the other types of Loan.

 

“Loan Documents” means this Agreement, each Note, each Issuer Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.03(g) of this Agreement, the Fee Letters and each Guaranty Agreement.

 

“Loan Parties” means, collectively, each Borrower, the MLP and each other Guarantor.

 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect on, the operations, business, assets, properties, liabilities (actual or contingent), or financial condition of the MLP and its Restricted Subsidiaries taken as a whole; (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Document, or of the ability of the Loan Parties taken as a whole to perform their obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any material Loan Document to which it is a party.

 

“Material Project” means any capital construction or expansion project of the MLP or its Restricted Subsidiaries, the aggregate capital cost or budgeted capital cost of which, in each case, including capital costs expended prior to the acquisition of any such project by the MLP or its Restricted Subsidiaries, as the case may be, exceeds $20,000,000.00.

 

“Material Project EBITDA Adjustments” means, with respect to each Material Project:

 

(a)           for any period of four consecutive fiscal quarters ending on or prior to the last day of the fiscal quarter in which the Commercial Operation Date of such Material Project occurs, a percentage (based on the then-current completion percentage of such Material Project) of an amount determined by the MLP or Opco as the projected Consolidated EBITDA attributable to such Material Project for the first 12-month period following the scheduled Commercial Operation Date of such Material Project (such proposed amount to be calculated by the MLP or Opco in good faith and in a commercially reasonable manner based on multi-year customer contracts relating to such Material Project, the creditworthiness of the other parties to such contracts, projected revenues from such contracts, capital costs and expenses, scheduled Commercial Operation Date, commodity price assumptions and other factors deemed appropriate by the MLP or Opco) which may, at the MLP’s or Opco’s option, be added to Consolidated EBITDA for the fiscal quarter in which construction or expansion of such Material Project commences and for each fiscal quarter thereafter until the Commercial Operation Date of such Material Project (including the fiscal quarter in which such Commercial Operation Date occurs, but without duplication of any actual Consolidated EBITDA attributable to such Material Project following such Commercial Operation Date); provided that if the actual Commercial Operation Date does not occur by the scheduled Commercial Operation Date as reflected in the Responsible Officer’s Certificate delivered pursuant to clause (c)(i) of this definition then the foregoing amount shall be reduced, for quarters ending after the scheduled Commercial Operation Date to (but excluding) the first full quarter after the actual Commercial Operation Date, by the following percentage amounts depending on the period of delay (based on the actual period of delay or then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer than 90 days, but not more than 180 days, 25%, (iii) longer than 180 days but not more than 270 days, 50%, (iv) longer than 270 days, 75%; and (v) longer than 365 days, 100%; and

 

 

  

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(b)           for each period of four consecutive fiscal quarters ending on the last day of the first, second and third fiscal quarters following the fiscal quarter during which the Commercial Operation Date occurs, an amount equal to the projected Consolidated EBITDA attributable to the Material Project for the balance of the four fiscal quarter period following the fiscal quarter during which the Commercial Operation Date occurs, may, at Opco’s option, be added to Consolidated EBITDA for such period (net of any actual Consolidated EBITDA attributable to the Material Project).

 

(c)           Notwithstanding the foregoing:

 

(i)           no Material Project EBITDA Adjustments shall be allowed with respect to any Material Project unless prior to, or together with, the delivery of any Compliance Certificate on which such Material Project EBITDA Adjustments will be reflected for a Material Project,

 

(A)           Opco shall have delivered to the Administrative Agent a certificate of a Responsible Officer of Opco certifying as to the scheduled Commercial Operation Date of such Material Project and the projected Consolidated EBITDA attributable to such Material Project, together with a reasonably detailed explanation of the basis therefor and such other information and documentation as the Administrative Agent or any Lender may reasonably request, and

 

(B)           if Required Lenders have objected to the Consolidated EBITDA set forth in any Compliance Certificate on the grounds that it was not calculated in compliance with clause (a) of this definition, Opco shall have resolved such objection in a manner reasonably satisfactory to the Required Lenders, and

 

(ii)           the aggregate amount of all Material Project EBITDA Adjustments during any period shall be limited to 25% of the total actual Consolidated EBITDA for such period (which total actual Consolidated EBITDA shall be determined without including any Material Project EBITDA Adjustments or any adjustments for Acquisitions or Dispositions pursuant to the definition of Consolidated EBITDA).

 

“Maturity Date” with respect to a Lender means the earlier of (i) the Scheduled Maturity Date for such Lender, or (ii) the date upon which the Commitments are terminated in accordance with the terms hereof.

 

“MLP” has the meaning specified in the introductory paragraph hereto.

 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the MLP or an ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions and in respect of which the MLP or an ERISA Affiliate has any liability (contingent or otherwise), such plan being maintained pursuant to one or more collective bargaining agreements.

 

 

  

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“Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, which (a) is maintained for employees of the MLP or an ERISA Affiliate and at least one Person other than the MLP and its ERISA Affiliates, or (b) was so maintained and in respect of which the MLP or an ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated.

 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Extending Lender” has the meaning specified in Section 2.14(a).

 

“Non-Recourse” means,

 

(1)           with respect to any Unrestricted Subsidiary and the Indebtedness and other obligations of such Unrestricted Subsidiary:

 

(a)           neither the MLP nor any Restricted Subsidiary guarantees or is otherwise liable in respect of, grants a Lien on any of its assets to secure, or provides credit support of any kind, for the Indebtedness or other obligations of such Unrestricted Subsidiary other than:

 

(i)           a pledge of the Equity Interests in, or Indebtedness or other obligations of, such Unrestricted Subsidiary or one or more other Unrestricted Subsidiaries, to secure Specified Project Indebtedness of such Unrestricted Subsidiary or of its Unrestricted Subsidiaries or to secure Equity Contribution Obligations,

 

(ii)           liability for reimbursement obligations (and incidental obligations such as payment of interest on unreimbursed drawings and letter of credit fees) in respect of letters of credit issued for the benefit of Unrestricted Subsidiaries, provided that no such letter of credit shall be issued to support Indebtedness of an Unrestricted Subsidiary (for the avoidance of doubt, no such letter of credit may be issued to support obligations to fund a debt service reserve account),

 

(iii)           Equity Contribution Obligations, provided that neither the MLP nor any Restricted Subsidiary shall enter into any agreement containing Recourse Equity Contribution Obligations unless at the time of entering into such agreement and after giving effect thereto (x) the MLP shall be in pro forma compliance with Section 7.12(a) determined as of the most recent Quarter End Date for which financial statement have been delivered pursuant to Section 6.01(a) or 6.01(b) and (y) the MLP and the Restricted Subsidiary entering into such agreement would be permitted to incur Indebtedness at such time in an amount equal to such Recourse Equity Contribution Obligation,

 

(iv)           guarantees of the Unrestricted Subsidiary's performance of the acquisition, improvement, installation, design, engineering, construction, development and operation of all or any portion of the project that is financed by Specified Project Indebtedness of such Unrestricted Subsidiary, provided that the aggregate liability (including contingent liability) of the MLP and its Restricted Subsidiaries under all such guarantees shall not exceed $50,000,000 in the aggregate at any time; and provided further that no such guaranty shall be a Guaranty of Indebtedness (for the avoidance of doubt, a guarantee of obligations in respect of a debt service reserve shall be deemed a Guaranty of Indebtedness for purposes of the definition of Non-Recourse); and further for the avoidance of doubt, this clause (iv) shall not be deemed to prohibit the MLP or a Restricted Subsidiary from providing development, operations and maintenance services to an Unrestricted Subsidiary on an arms-length basis in the ordinary course of business in compliance with Section 7.08, and

 

 

  

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(b)           no default on the Indebtedness or other obligations of such Unrestricted Subsidiary (including any rights that the holders of the Indebtedness or other obligations may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of Indebtedness of the MLP or any of its Restricted Subsidiaries to declare a default on such Indebtedness of the MLP or any of its Restricted Subsidiaries or cause the payment of such Indebtedness of the MLP or any of its Restricted Subsidiaries to be accelerated or payable prior to its stated maturity; and

 

(2)           with respect to any Project Financing Subsidiary and the Indebtedness and other obligations of such Project Financing Subsidiary:

 

(a)           neither the MLP nor any Restricted Subsidiary (other than a Project Financing Subsidiary) guarantees or is otherwise liable in respect of, grants a Lien on any of its assets to secure, or provides credit support of any kind, for the Indebtedness or other obligations of such Project Financing Subsidiary other than:

 

(i)           a pledge of the Equity Interests in, or Indebtedness or other obligations of, such Project Financing Subsidiary or one or more other Project Financing Subsidiaries, to secure Specified Project Indebtedness of such Project Financing Subsidiary or of its Project Financing Subsidiaries or to secure Equity Contribution Obligations,

 

(ii)           liability for reimbursement obligations (and incidental obligations such as payment of interest on unreimbursed drawings and letter of credit fees) in respect of letters of credit issued for the benefit of Project Financing Subsidiaries, provided that no such letter of credit shall be issued to support Indebtedness of a Project Financing Subsidiary other than obligations to fund a debt service reserve account in an amount not to exceed six months debt service for Specified Project Indebtedness of such Project Financing Subsidiary,

 

(iii)           Equity Contribution Obligations, provided that neither the MLP nor any Restricted Subsidiary (other than a Project Financing Subsidiary) shall enter into any agreement containing Recourse Equity Contribution Obligations unless at the time of entering into such agreement and after giving effect thereto (x) the MLP shall be in pro forma compliance with Section 7.12(a) determined as of the most recent Quarter End Date for which financial statement have been delivered pursuant to Section 6.01(a) or 6.01(b) and (y) the MLP and the Restricted Subsidiary entering into such agreement would be permitted to incur Indebtedness at such time in an amount equal to such Recourse Equity Contribution Obligation,

 

(iv)           guarantees of the Project Financing Subsidiary’s performance of the acquisition, improvement, installation, design, engineering, construction, development and operation of all or any portion of the project that is financed by Specified Project Indebtedness of such Project Financing Subsidiary, provided that no such guaranty shall be a Guaranty of Indebtedness other than obligations to fund a debt service reserve account in an amount not to exceed six months debt service for Specified Project Indebtedness of such Project Financing Subsidiary; and further for the avoidance of doubt, this clause (iv) shall not be deemed to prohibit the MLP or a Restricted Subsidiary from providing development, operations and maintenance services to a Project Financing Subsidiary on an arms-length basis in the ordinary course of business in compliance with Section 7.08, and

 

(b)           no default on the Indebtedness or other obligations of such Project Financing Subsidiary (including any rights that the holders of the Indebtedness or other obligations may have to take enforcement action against a Project Financing Subsidiary) would permit upon notice, lapse of time or both any holder of Indebtedness of the MLP or any of its Restricted Subsidiaries (other than Project Financing Subsidiaries) to declare a default on such Indebtedness of the MLP or any of its Restricted Subsidiaries (other than Project Financing Subsidiaries) or cause the payment of such Indebtedness of the MLP or any of its Restricted Subsidiaries (other than Project Financing Subsidiaries) to be accelerated or payable prior to its stated maturity.

 

 

  

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“Non-U.S./Canadian Person” means any Person that is organized under the laws of a jurisdiction other than the United States, Canada or any state, province or other political subdivision thereof.

 

“Note” means a promissory note made by a Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit C.

 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, Letter of Credit or Lender Swap Contract, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

“Opco” has the meaning set forth in the introductory paragraph hereto.

 

“Opco Guaranty” means the guaranty agreement made by Opco in favor of the Administrative Agent and the Lenders, substantially in the form of Exhibit F-2.

 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

 

“Other Taxes” means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

 

“Outstanding Amount” means (i) with respect to Committed Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as the case may be, occurring on such date; and (ii) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the applicable Borrower of Unreimbursed Amounts.

 

“Parent Guaranty” means the guaranty agreement made by the MLP in favor of the Administrative Agent and the Lenders, substantially in the form of Exhibit F-1.

 

“Participant” has the meaning specified in Section 10.06(d).

 

 

  

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“PBGC” means the Pension Benefit Guaranty Corporation.

 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Protection Act of 2006, as amended (“Pension Act”), Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Person” means any natural person, Business Entity, or Governmental Authority.

 

“Plan” means a Single Employer Plan or a Multiple Employer Plan.

 

“Platform” has the meaning specified in Section 6.02.

 

“Project Financing Subsidiary” means any Restricted Subsidiary of Opco that is designated by Opco as a “Project Financing Subsidiary” pursuant to Section 2.19 and which meets the following criteria at the time of such designation and at all times thereafter:

 

(a)           the principal purpose of such Subsidiary is to incur Specified Project Indebtedness, or to become a direct or indirect partner, member or other equity participant or owner in a Business Entity so created, and substantially all the assets of which Subsidiary and of any such Business Entity are (i) those assets or operations being financed (or to be financed), in whole or in part by Specified Project Indebtedness, (ii) contracts relating to the assets or operations referenced in the preceding clause (i), or (iii) Equity Interests in, or Indebtedness or other obligations of, one or more other such Subsidiaries or Business Entities;

 

(b)           all Indebtedness of such Subsidiary is Specified Project Indebtedness;

 

(c)           such Subsidiary is a Person with respect to which neither the MLP nor any of its Restricted Subsidiaries (other than Project Financing Subsidiaries) has any direct or indirect obligation (i) to subscribe for additional Equity Interests, except Non-Recourse equity contribution obligations in connection with Specified Project Indebtedness to the extent the equity contribution is permitted under Section 7.02 at the time of entry into the equity contribution agreement and at the time of the making of each equity contribution, or (ii) to maintain or preserve such Person’s financial condition, or, except to the extent such obligations are Non-Recourse to the MLP and its Restricted Subsidiaries (other than Project Financing Subsidiaries), to cause such Person to achieve any specified levels of operating results;

 

(e)           such Subsidiary has not guaranteed or otherwise directly or indirectly provided any credit support for any Indebtedness of the MLP or any Restricted Subsidiary (other than Project Financing Subsidiaries);

 

(f)           the Investments in such Person were permitted under Section 7.02 as of the time of the designation; and

 

(g)           none of the following may be designated as a Project Financing Subsidiary:  (i) Opco, WIC, CIG, SNG, any Additional Borrower, any GP LCC, and (ii) any Subsidiary owning directly or indirectly any Investment in Opco, WIC, an Additional Borrower, CIG, SNG, or any GP LLC.

 

“Proportionate Share” has the meaning specified in clause (ii) of Section 2.17(a).

 

“Public Lender” has the meaning specified in Section 6.02.

 

 

  

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“Quarter-End Date” means the last day of each fiscal quarter.

 

“Rating Agency” has the meaning specified in the definition of “Applicable Rate.”

 

“Receivables Financing Indebtedness” means (i) the unrecovered investment of the purchasers (or the transferees) of the receivables and other assets transferred pursuant to an Alternate Program, and (ii) any other payment, recourse, repurchase, hold harmless, indemnity or similar obligation of a Person or any of its Subsidiaries in respect of assets transferred or payments made in respect thereof, other than limited recourse provisions that are customary for transactions of such type and do not have the effect of limiting the loss or credit risk of such purchasers or transferees with respect to payment or performance by the obligors of the assets so transferred.

 

“Recourse Equity Contribution Obligations” means Equity Contribution Obligations for which there is recourse against the MLP or any Restricted Subsidiary for payment or performance and such recourse is not limited to a Lien on Equity Interests in, or Indebtedness or other obligations of, an Unrestricted Subsidiary or a Project Financing Subsidiary as described in clauses (1)(a)(i) or (2)(a)(i) of the definition of “Non-Recourse”.  The amount of Recourse Equity Contribution Obligations of the MLP or of a Restricted Subsidiary means the aggregate amount of equity contributions that the MLP or such Restricted Subsidiary is obligated to make but has not yet made, whether or not such obligation is contingent upon the occurrence of future events or conditions.

 

“Register” has the meaning specified in Section 10.06(c).

 

“Regulated”, when used with reference to a Subsidiary, means a Subsidiary whose principal business is providing services the rates for which are regulated by FERC.

 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates.

 

“Request for Credit Extension” means (a) with respect to a Borrowing, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

 

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be disregarded for purposes of making a determination of Required Lenders.

 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, or controller of a Loan Party.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted Payment” by a Person means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest in such Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interest or of any option, warrant or other right to acquire any such Equity Interest.

 

 

  

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“Restricted Subsidiaries” means all of the MLP’s Subsidiaries, other than Unrestricted Subsidiaries.

 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.

 

“Scheduled Maturity Date” means, with respect to any Lender, the later of (a) May 27, 2016 and (b) if maturity is extended pursuant to Section 2.14 with the consent of such Lender, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Scheduled Maturity Date shall be the next preceding Business Day.

 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the MLP or an ERISA Affiliate and no Person other than the MLP and its ERISA Affiliates or (b) was so maintained and in respect of which the MLP or an ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated.

 

“SNG” means Southern Natural Gas Company, a Delaware general partnership.

 

“Specified Project Indebtedness” means (a) any Indebtedness incurred by a Project Financing Subsidiary or an Unrestricted Subsidiary to finance or refinance the acquisition, improvement, installation, design, engineering, construction, development, completion, maintenance or operation of, or otherwise in respect of, all or any portion of any project, or any asset related thereto and (b) any Guaranty of such Indebtedness, provided that in each case such Indebtedness and Guaranty is Non-Recourse.  “Specified Project Indebtedness” incurred by a Project Financing Subsidiary shall not include any unsecured Indebtedness (or any Guaranty thereof) that refinances any Indebtedness referenced in clause (a) of the preceding sentence.

 

“Subsidiary” of a Person means a Business Entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Business Entity.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the MLP (which shall include, for the avoidance of doubt, the Borrowers).

 

“Subsidiary Borrower” means WIC and each Additional Borrower.

 

“Subsidiary Guarantor” means each Restricted Subsidiary that becomes a Guarantor pursuant to Section 2.18.

 

“Subsidiary Guaranty” means the guaranty agreement made by the Subsidiary Guarantors, if any, in favor of the Administrative Agent and the Lenders, substantially in the form of Exhibit F-3.

 

 

  

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“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

 

“Swing Line Borrowing” means a borrowing of a Swing Line Loan.

 

“Swing Line Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line Loan” has the meaning specified in Section 2.04(a).

 

“Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B.

 

“Swing Line Sublimit” means an amount equal to the lesser of (a) $50,000,000 and (b) the Aggregate Commitments.  The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Termination Event” means (a) a “reportable event,” as such term is described in Section 4043 of ERISA (other than a “reportable event” not subject to the provision for 30-day notice to the PBGC under PBGC Reg. § 4043.61(a)), or an event described in Section 4062(e) of ERISA, or (b) the withdrawal of the MLP or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which it was a “substantial employer,” as such term is defined in Section 4001(a)(2) of ERISA, or the incurrence of liability by the MLP or any ERISA Affiliate under Section 4064 of ERISA upon the termination of a Multiple Employer Plan, or (c) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (d) the institution of proceedings to terminate a Plan by the PBGC under Section 4042 of ERISA, or (e) the conditions set forth in Sections 430(k)(1)(A) and (B) of the Code and Sections 303(k)(1)(A) and (B) of ERISA to the creation of a lien upon property or rights to property of the MLP or any ERISA Affiliate for failure to make a required payment to a Plan are satisfied, or (f) the adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 436(f) of the Code and Section 206(g) of ERISA, or (g) the occurrence of any other event or the existence of any other condition which would reasonably be expected to result in the termination of, or the appointment of a trustee to administer, any Plan under Section 4042 of ERISA.

 

 

  

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“Threshold Amount” means $50,000,000.

 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

“Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

“Undisclosed Administration” means in relation to a Lender, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed.

 

“Uniform Customs” means the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance of the applicable Letter of Credit.

 

“United States” and “U.S.” mean the United States of America.

 

“Unregulated GP LLC” means a GP LLC that holds a general partnership interest in a partnership that is not Regulated.

 

“Unregulated Restricted Subsidiary” means a Restricted Subsidiary that is not Regulated.

 

“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

 

“Unrestricted Subsidiary” means any Subsidiary of Opco that is designated by the MLP or Opco as an “Unrestricted Subsidiary” pursuant to Section 2.19 and which meets the following criteria at the time of such designation and at all times thereafter:

 

(a)           all Indebtedness and other obligations of such Subsidiary are Non-Recourse to the MLP and its Restricted Subsidiaries;

 

(b)           except as permitted pursuant to Section 7.08, such Subsidiary is not party to any agreement, contract, arrangement or understanding with the MLP or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the MLP or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the MLP;

 

 

  

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(c)           such Subsidiary is a Person with respect to which neither the MLP nor any of its Restricted Subsidiaries has any direct or indirect obligation (i) to subscribe for additional Equity Interests, except Non-Recourse equity contribution obligations in connection with Specified Project Indebtedness of such Subsidiary to the extent the equity contribution is permitted under Section 7.02 at the time of entry into the equity contribution agreement and at the time of the making of each equity contribution, or (ii) to maintain or preserve such Person’s financial condition, or, except to the extent such obligations are Non-Recourse to the MLP and its Restricted Subsidiaries, to cause such Person to achieve any specified levels of operating results;

 

(d)           such Subsidiary has not guaranteed or otherwise directly or indirectly provided any credit support for any Indebtedness of the MLP or any Restricted Subsidiary;

 

(e)           the Investments in such Person were permitted under Section 7.02 as of the time of the designation; and

 

(f)           none of the following may be designated as an Unrestricted Subsidiary:  (i) Opco, WIC, CIG, SNG, any Additional Borrower, any GP LCC, and (ii) any Subsidiary owning directly or indirectly any Investment in Opco, WIC, an Additional Borrower, CIG, SNG, or any GP LLC.

 

“Wholly Owned Restricted Subsidiary” means with respect to a Person, any Restricted Subsidiary of such Person, all of the Equity Interests of which are directly or indirectly (through one or more Restricted Subsidiaries) owned by such Person, excluding directors’ qualifying shares if applicable.

 

“Wholly Owned Subsidiary” means, with respect to a Person, any Subsidiary of such Person, all of the Equity Interests of which are directly or indirectly (through one or more Subsidiaries) owned by such Person, excluding directors’ qualifying shares if applicable.

 

“WIC” has the meaning set forth in the first paragraph of this Agreement.

 

“WIC Sublimit” means an amount equal to the lesser of $375,000,000 and the Aggregate Commitments.  The WIC Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“Withdrawal Liability” has the meaning given such term under Part 1 of Subtitle E of Title IV of ERISA.

 

    1.02  Other Interpretive Provisions.  With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Equity Interests in subsidiaries and other securities, accounts and contract rights.

 

 

  

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(b) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

 

    1.03  Accounting Terms.

 

(a) Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, for purposes of determining compliance by the MLP and its Subsidiaries with any covenant (including the computation of any financial covenant) contained herein, Indebtedness shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

(b) Changes in GAAP.  Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the MLP notifies the Administrative Agent that the MLP requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of or calculation of compliance with such provision (or if the Administrative Agent notifies the MLP that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

 

(c) Consolidation of Variable Interest Entities.  All references herein to consolidated financial statements of the MLP and its Subsidiaries or to the determination of any amount for the MLP and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the Borrower is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein.

 

    1.04  Rounding.  Any financial ratios required to be maintained by the MLP and the Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

 

  

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    1.05  Times of Day.  Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 

    1.06  Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases after such time in the stated amount thereof, the amount of such Letter of Credit shall be deemed for all purposes (other than determining the Letter of Credit Fee payable in connection with such Letter of Credit) to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time or may occur in the future.

 

ARTICLE II.

THE COMMITMENTS AND CREDIT EXTENSIONS

 

    2.01  Committed Loans.  Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Committed Loan”) to each Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the Outstanding Amount of all Loans and L/C Obligations attributable to WIC shall not exceed the WIC Sublimit, (iii) the Outstanding Amount of all Loans and L/C Obligations attributable to each Additional Borrower shall not exceed the applicable Additional Borrower Sublimit, and (iv) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment.  Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, each Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01.  Committed Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

 

    2.02  Borrowings, Conversions and Continuations of Committed Loans.

 

(a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the applicable Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone.  Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Committed Loans, and (ii) on the requested date of any Borrowing of Base Rate Committed Loans.  Each telephonic notice by a Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of such Borrower.  Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.  Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Committed Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof.  Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether such Borrower is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto.  If a Borrower fails to specify a Type of Committed Loan in a Committed Loan Notice or if such Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans.  If a Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

 

 

  

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(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the applicable Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection.  In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the applicable Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by such Borrower; provided, however, that if, on the date the Committed Loan Notice with respect to such Borrowing is given by such Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to such Borrower as provided above.

 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan.  During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders.

 

(d) The Administrative Agent shall promptly notify the applicable Borrowers and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate.  At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the applicable Borrowers and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

 

(e) After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than ten Interest Periods in effect with respect to Committed Loans.

 

    2.03  Letters of Credit.

 

(a) The Letter of Credit Commitment.

 

 

  

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(i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the MLP or any of its Restricted Subsidiaries or Affiliates in which it has an Equity Interest, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the MLP or its Restricted Subsidiaries or Affiliates in which it has an Equity Interest and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (u) the Total Outstandings shall not exceed the Aggregate Commitments, (v) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, (w) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit, (x) the Outstanding Amount of all Loans and L/C Obligations attributable to WIC shall not exceed the WIC Sublimit, and (y) the Outstanding Amount of all Loans and L/C Obligations attributable to each Additional Borrower shall not exceed the applicable Additional Borrower Sublimit, and (z) Outstanding Amount of the L/C Obligations under Letters of Credit issued by such L/C Issuer shall not exceed such L/C Issuer’s L/C Issuer Commitment.  Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by such Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.  Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly each Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.  All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

 

(ii) No L/C Issuer shall issue any Letter of Credit, if:

 

(A) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than three years after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or

 

(B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all Lenders have approved such expiry date.

 

 

  

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(iii) No L/C Issuer shall be under any obligation to issue any Letter of Credit if:

 

(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer would not otherwise be compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such L/C Issuer in good faith deems material to it;

 

(B) the expiry date of such requested Letter of Credit would occur after any Scheduled Maturity Date, unless the amount of such Letter of Credit together with all other L/C Obligations outstanding on the date of issuance of such Letter of Credit is equal to or less than the aggregate Commitments of all Lenders who shall remain party to this Agreement subsequent to such Scheduled Maturity Date;

 

(C) [Reserved];

 

(D) except as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial stated amount less than $100,000 in the case of a commercial Letter of Credit;

 

(E) the Letter of Credit is to be denominated in a currency other than Dollars;

 

(F) any Lender is at that time a Defaulting Lender, unless such L/C Issuer is satisfied that it will have no actual or potential Fronting Exposure arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

 

(G) the Outstanding Amount of the L/C Obligations under Letters of Credit issued by such L/C Issuer would exceed the L/C Issuer Commitment of such L/C Issuer.

 

(iv) No L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof.

 

(v) No L/C Issuer shall be under any obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

 

(vi) Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuers.

 

(b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit; Auto Reinstatement Letters of Credit.

 

(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the applicable Borrower delivered to the applicable L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of such Borrower.  In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to such L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as such L/C Issuer may require.  In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the applicable L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); and (C) such other matters as such L/C Issuer may require.  Additionally, the applicable Borrower shall furnish to such L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or the Administrative Agent may require.

 

 

  

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(ii) Promptly after receipt by an L/C Issuer of any Letter of Credit Application, such L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the applicable Borrower and, if not, such L/C Issuer will provide the Administrative Agent with a copy thereof.  If the applicable L/C Issuer receives the Letter of Credit Application on any Business Day, such L/C Issuer shall issue the requested Letter of Credit or enter into the applicable amendment, as the case may be, by the end of the following Business Day (or such later date as may be requested in the applicable Letter of Credit Application), in each case in accordance with such L/C Issuer’s usual and customary business practices and provided that all necessary information is in order.  If the applicable L/C Issuer receives the Letter of Credit Application prior to 12:00 noon on any Business Day and such Letter of Credit Application requests a Letter of Credit or amendment to be issued on such Business Day, such L/C Issuer shall use its best efforts to issue the requested Letter of Credit or enter into the applicable amendment, as the case may be, on such date, in each case in accordance with such L/C Issuer’s usual and customary business practices and provided that all necessary information is in order. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit.

 

(iii) If a Borrower so requests in any Letter of Credit Application, such L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit such L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by an L/C Issuer, such Borrower shall not be required to make a specific request to an L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that no L/C Issuer shall permit any such extension if (A) such L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or a Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing such L/C Issuer not to permit such extension.

 

  

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(iv) If a Borrower so requests in any Letter of Credit Application, an L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”); provided that such Auto-Reinstatement Letter of Credit permits the applicable L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”).  Unless otherwise directed by the applicable L/C Issuer, such Borrower shall not be required to make a specific request to such L/C Issuer to permit such reinstatement.  Once an Auto-Reinstatement Letter of Credit has been issued, except as provided in the following sentence, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the provisions of such Letter of Credit.  No L/C Issuer shall permit any such reinstatement if it has received a notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Reinstatement Deadline (A) from the Administrative Agent that the Required Lenders have elected not to permit such reinstatement, or (B) from the Administrative Agent, any Lender or a Borrower that (1) one or more of the applicable conditions specified in Section 4.02 is not then satisfied (treating such reinstatement as an L/C Credit Extension for purposes of this clause), or (2) such reinstatement (treating such reinstatement as an L/C Credit Extension for purposes of this clause) does not comply with the provisos to the first sentence of Section 2.01 of this Agreement, and in each case directing such L/C Issuer not to permit such reinstatement.

 

(v) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable L/C Issuer will also deliver to the applicable Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

 

(c) Drawings and Reimbursements; Funding of Participations.

 

(i) Upon receipt by an L/C Issuer of any notice of a drawing under any Letter of Credit from the beneficiary of such Letter of Credit, such L/C Issuer shall notify the applicable Borrower and the Administrative Agent thereof.  Not later than 12:00 noon on the date of any payment by an L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the applicable Borrower may (but shall not be required to) reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing.  If such Borrower fails to so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof.  In such event, the Unreimbursed Amount shall automatically be converted (unless an Event of Default under Section 8.01(f) has occurred and is continuing, or, in the case of a Letter of Credit with an expiry date that is after the last occurring Scheduled Maturity Date, the drawing is made after such Scheduled Maturity Date) into a Committed Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or the conditions set forth in Section 4.02, but subject to the amount of the unutilized portion of the Aggregate Commitments.  Any notice given by an L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

 

  

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(ii) Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the applicable Borrower in such amount.  The Administrative Agent shall remit the funds so received to the applicable L/C Issuer.

 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because an Event of Default under Section 8.01(f) has occurred and is continuing or for any other reason, the applicable Borrower shall be deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate.  In such event, each Lender’s payment to the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.

 

(iv) Until each Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of such L/C Issuer.

 

(v) Each Lender’s obligation to make Committed Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against such L/C Issuer, the applicable Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.  No such making of an L/C Advance shall relieve or otherwise impair the obligation of the applicable Borrower to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

(vi) If any Lender fails to make available to the Administrative Agent for the account of an L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), such L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.  A certificate of an L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 

(d) Repayment of Participations.

 

(i) At any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the applicable Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Administrative Agent.

 

  

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(ii) If any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

(e) Obligations Absolute. The obligation of the Borrowers to repay each Committed Loan made in respect of the Unreimbursed Amount of any Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

 

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the applicable L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv) any payment by the applicable L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or

 

(v) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Borrower or any Subsidiary.

 

Each Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with such Borrower’s instructions or other irregularity, such Borrower will immediately notify the applicable L/C Issuer.  Each Borrower shall be deemed to have waived any such claim against such L/C Issuer and its correspondents unless such notice is given as aforesaid.

 

 

  

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(f) Role of L/C Issuer. Each Lender and each Loan Party agree that, in paying any drawing under a Letter of Credit, no L/C Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document.  Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude each Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, a Borrower may have a claim against an L/C Issuer, and an L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit.  In furtherance and not in limitation of the foregoing, an L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason

 

(g) Cash Collateral.  Upon the request of the Administrative Agent or any L/C Issuer (with a copy to the Administrative Agent) (i) if such L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any Letter of Credit remains outstanding, or any other L/C Obligation for any reason remains outstanding, each Borrower shall immediately Cash Collateralize 105% of the then Outstanding Amount of all L/C Obligations attributable to it.  Sections 2.05, Section 2.14(d) and 8.02(c) set forth certain additional requirements to deliver Cash Collateral hereunder.  In addition, at any time that there shall exist a Defaulting Lender, within five Business Days following the written request of the Administrative Agent or any L/C Issuer (with a copy to the Administrative Agent), the Borrowers shall Cash Collateralize 105% of the Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.20(a)(iv) and any Cash Collateral provided by the Defaulting Lender).  Each Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the L/C Issuers and the Lenders, as applicable, a first priority security interest in all cash, deposit accounts and all balances therein and in all other property so provided as collateral pursuant to this Agreement, and in all proceeds of the foregoing, all as security for the obligations for which Cash Collateral may be applied as set forth herein.  Cash collateral shall be maintained in blocked, interest bearing deposit accounts at the financial institution that serves as Administrative Agent.

 

 

  

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If at any time the Administrative Agent determines that Cash Collateral provided pursuant to this Agreement is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than 105% of the applicable Fronting Exposure and other L/C Obligations secured thereby, the Borrower will, promptly (but in any event within 5 Business Days) upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

 

Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Agreement in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

 

Cash Collateral (or the appropriate portion thereof) provided to reduce any L/C Issuer’s Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or payment in full of all other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.06(b)(vi)) or (ii) the Administrative Agent’s good faith determination that there exists excess Cash Collateral; provided, however, that the Person providing Cash Collateral and each L/C Issuer may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure and other obligations and shall remain subject to the security interest granted pursuant to the Loan Documents; and provided further that Cash Collateral furnished by or on behalf of a Borrower shall not be released during the continuance of a Default or an Event of Default (and following application as provided in this Section 2.03(g) may be subject to Section 8.03).

 

(h) Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs shall apply to each commercial Letter of Credit.

 

(i) Letter of Credit Fees.  Each Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit issued at the request of such Borrower equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.  Letter of Credit Fees shall be (i) due and payable on the tenth Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand, and (ii) computed on a quarterly basis in arrears.  If Opco does not receive an invoice for the Letter of Credit Fees on or before 1 p.m. at least one Business Day before the Letter of Credit Fees are due, the Letter of Credit Fees shall be due on the first Business Day after Opco has received an invoice therefor before 1 p.m. on the prior Business Day.  If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

 

  

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(j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. Each Borrower shall pay directly to each L/C Issuer for its own account a fronting fee (i) with respect to each commercial Letter of Credit issued at the request of such Borrower, at the rate agreed between the MLP and such L/C Issuer not to exceed 0.20% per annum, computed on the amount of such Letter of Credit, and payable upon the issuance thereof, (ii) with respect to any amendment of a commercial Letter of Credit issued at the request of such Borrower increasing the amount of such Letter of Credit, at a rate separately agreed between such Borrower and such L/C Issuer, computed on the amount of such increase, and payable upon the effectiveness of such amendment, and (iii) with respect to each standby Letter of Credit issued at the request of such Borrower, at the rate agreed between the MLP and such L/C Issuer not to exceed 0.20% per annum, computed on the daily amount available to be drawn under such Letter of Credit, and payable on a quarterly basis in arrears.  Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December, in respect of the most recently ended quarterly period (or portion thereof, in the case of the first payment) commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand.  If Opco does not receive an invoice for the fronting fees on or before 1 p.m. at least one Business Day before the fronting fees are otherwise due, the fronting fees shall be due on the first Business Day after Opco has received an invoice therefor before 1 p.m. on the prior Business Day.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.  In addition, each Borrower shall pay directly to each L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect in connection with Letters of Credit issued at the request of such Borrower.  Such customary fees and standard costs and charges are due and payable in accordance with any invoice issued therefor and are nonrefundable.

 

(k) Conflict with Issuer Documents.  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application, reimbursement agreement or other agreement submitted by a Borrower to, or entered into by a Borrower with, an L/C Issuer relating to any Letter of Credit issued hereunder, the terms and conditions of this Agreement shall control.

 

(l) Letters of Credit Issued for Subsidiaries or Affiliates.  Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, the MLP or a Subsidiary or an Affiliate of the MLP, the Borrower that requested such Letter of Credit shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit.  Each Borrower hereby acknowledges that the issuance of Letters of Credit for the account of the MLP or any of its Subsidiaries or Affiliates inures to the benefit of such Borrower, and that such Borrower’s business derives substantial benefits from the businesses of the MLP and such Subsidiaries and Affiliates.

 

(m) L/C Issuer Reporting Requirements.  Each L/C Issuer shall, no later than first Business Day of each quarter, provide to the Administrative Agent a schedule of the Letters of Credit issued by it outstanding at any time during such quarter, such schedule to be in form and substance reasonably satisfactory to the Administrative Agent, showing the date of issuance of each such Letter of Credit, the account party, the original face amount, the current face amount (if any), the expiration date, and the reference number.

 

    2.04  Swing Line Loans.

 

  

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(a) The Swing Line.  Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, to make loans (each such loan, a “Swing Line Loan”) to one or more Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the Outstanding Amount of all Loans and L/C Obligations attributable to WIC shall not exceed the WIC Sublimit, (iii) the Outstanding Amount of all Loans and L/C Obligations attributable to each Additional Borrower shall not exceed the applicable Additional Borrower Sublimit, and (iv) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and provided, further, that no Borrower shall use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan.  Within the foregoing limits, and subject to the other terms and conditions hereof, each Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04.  Each Swing Line Loan shall be a Base Rate Loan.  Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan.

 

(b) Borrowing Procedures.  Each Swing Line Borrowing shall be made upon a Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.  Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the applicable Borrower.  Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the applicable Borrower at its office by crediting the account of such Borrower on the books of the Swing Line Lender in immediately available funds.

 

(c) Refinancing of Swing Line Loans.

 

(i) Each Borrower hereby irrevocably authorizes the Swing Line Lender to request, on behalf of such Borrower, at any time in the Swing Line Lender’s sole and absolute discretion, that each Lender make a Base Rate Committed Loan in an amount equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans made to such Borrower then outstanding.  Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02.  The Swing Line Lender shall furnish Opco with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent.  Each Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately available funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the applicable Borrower in such amount.  The Administrative Agent shall remit the funds so received to the Swing Line Lender.

 

  

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(ii) If for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Committed Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such participation.

 

(iii) If any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be.  A certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

(iv) Each Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, any Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02.  No such funding of risk participations shall relieve or otherwise impair the obligation of any Borrower to repay Swing Line Loans made to it, together with interest as provided herein.

 

(d) Repayment of Participations.

 

(i) At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Swing Line Lender.

 

 

 

  

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(ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate.  The Administrative Agent will make such demand upon the request of the Swing Line Lender.  The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

(e) Interest for Account of Swing Line Lender.  The Swing Line Lender shall be responsible for invoicing each Borrower for interest on the Swing Line Loans made to such Borrower.  Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender.

 

(f) Payments Directly to Swing Line Lender.  Each Borrower shall make all payments of principal and interest in respect of the Swing Line Loans made to it directly to the Swing Line Lender.

 

    2.05  Prepayments.

 

(a) Each Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Committed Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of Base Rate Committed Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans.  The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.  If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.  Subject to Section 2.20, each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their Applicable Percentages.

 

(b) Each Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000.  Each such notice shall specify the date and amount of such prepayment.  If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

 

(c) If for any reason the Total Outstandings at any time exceed the Aggregate Commitments then in effect, each Borrower shall immediately prepay Loans made to such Borrower in an aggregate amount equal to such excess.  If after the prepayment in full of the Loans of all Borrowers the Total Outstandings exceed the Aggregate Commitments then in effect, each Borrower shall Cash Collateralize the L/C Obligations attributable to it to the extent the L/C Obligations exceed the Aggregate Commitments then in effect.

 

 

  

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(d) If for any reason the Outstanding Amount of Obligations attributable to WIC at any time exceeds the WIC Sublimit, WIC shall immediately prepay Loans made to it in an aggregate amount equal to such excess.  If after the prepayment in full of the Loans made to WIC the Outstanding Amount of Obligations attributable to WIC exceeds the WIC Sublimit, WIC shall Cash Collateralize the L/C Obligations attributable to it to the extent such L/C Obligations exceed the WIC Sublimit.

 

(e) If for any reason the Outstanding Amount of Obligations attributable to any Additional Borrower at any time exceeds such Additional Borrower’s Additional Borrower Sublimit, such Additional Borrower shall immediately prepay Loans made to it in an aggregate amount equal to such excess.  If after the prepayment in full of the Loans made to such Additional Borrower the Outstanding Amount of Obligations attributable to such Additional Borrower exceeds such Additional Borrower’s Additional Borrower Sublimit, such Additional Borrower shall Cash Collateralize the L/C Obligations attributable to it to the extent such L/C Obligations exceed such Additional Borrower’s Additional Borrower Sublimit.

 

(f) If for any reason Opco shall fail to own 100% of the Equity Interests of any Additional Borrower, such Additional Borrower shall immediately prepay all Loans made to it and Cash Collateralize all L/C Obligations attributable to it.

 

(g) Any prepayment of a Eurodollar Rate Loan made pursuant to this Section 2.05 shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.  Each prepayment of Loans made pursuant to this Section 2.05 shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages.

 

    2.06  Termination or Reduction of Commitments.  Opco may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) Opco shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such sublimit shall be automatically reduced by the amount of such excess.  The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments.  Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage.  All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

 

    2.07  Repayment of Loans.

 

(a) Each Borrower shall repay to each Lender on the Maturity Date for such Lender the aggregate principal amount of Committed Loans made to such Borrower outstanding on such date.

 

(b) Each Borrower shall repay each Swing Line Loan made to such Borrower on the earlier to occur of (i) the date ten Business Days after such Loan is made and (ii) the next occurring Maturity Date.

 

 

  

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    2.08  Interest.

 

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.

 

(b) (i)           If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii) If any amount (other than principal of any Loan) payable by a Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iii) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

    2.09  Fees.  In addition to certain fees described in subsections (i) and (j) of Section 2.03:

 

(a) Commitment Fee.  The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee (the “Commitment Fee”) equal to the Applicable Rate times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Committed Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.20 provided, that the liability of a Subsidiary Borrower under this Section 2.09(a) shall not exceed an amount equal to the total amount due pursuant to this Section 2.09(a) times (x) the dollar amount of the Outstanding Amount of Loans and L/C Obligations attributable to such Subsidiary Borrower as of the last day of the applicable quarter divided by (y) the Outstanding Amount of Loans and L/C Obligations at such time.  The Commitment Fee shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last occurring Maturity Date (and, if applicable, thereafter on demand).  The Commitment Fee shall be calculated quarterly in arrears and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.  The Commitment Fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met.

 

(b) Other Fees. (i)  The Borrowers shall pay to the Arrangers and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letters.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

 

  

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(ii)           The Borrowers shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

    2.10  Computation of Interest and Fees

 

.  All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

    2.11  Evidence of Debt.

 

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business.  The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to each Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of any Borrower to pay any amount owing by it under this Agreement or the other Loan Documents.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, each Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans to such Borrower in addition to such accounts or records.  Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

 

(b) In addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans.  In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

 

    2.12  Payments Generally; Administrative Agent’s Clawback.

 

(a) General.  All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein.  The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by a Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

 

  

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(b) Funding by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Committed Borrowing of Eurodollar Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Committed Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by a Borrower, the interest rate applicable to Base Rate Loans.  If the applicable Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period.  If such Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing.  Any payment by a Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

(c) Payments by Borrowers; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the applicable Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuers hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable L/C Issuers, as the case may be, the amount due.  In such event, if such Borrower has not in fact made such payment, then each of the Lenders or the applicable L/C Issuers, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.

 

(d) Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the applicable Borrower by the Administrative Agent because the conditions to the applicable Loan set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

 

  

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(e) Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Committed Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint.  The failure of any Lender to make any Committed Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Committed Loan, to purchase its participation or to make its payment under Section 10.04(c).

 

(f) Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

    2.13  Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Committed Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Committed Loans and subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans and other amounts owing them, provided that:

 

(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii) the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of a Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.03(g), or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than to any Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this Section shall apply).

 

Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.

 

    2.14  Extension of Scheduled Maturity Date.

 

(a) Requests for Extension; Lender Elections to Extend.  Opco may, by notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than 60 days and not later than 30 days prior to the latest Scheduled Maturity Date then in effect hereunder (the “Existing Scheduled Maturity Date”), request that each Lender whose Scheduled Maturity Date is the Existing Scheduled Maturity Date extend such Lender’s Scheduled Maturity Date to a date that is one year after the Existing Scheduled Maturity Date; provided that there shall be no more than two extensions of the Scheduled Maturity Date pursuant to this Section 2.14.  Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given within 15 days of such notice (or such longer time period as may be agreed by the Borrowers and the Administrative Agent), advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Scheduled Maturity Date, a “Non-Extending Lender”).  Any Lender that does not so advise the Administrative Agent shall be deemed to be a Non-Extending Lender.  The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.

 

 

  

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(b) Additional Commitment Lenders.  Opco shall have the right to replace each Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more Eligible Assignees (each, an “Additional Commitment Lender”) as provided in Section 10.13; provided that each of such Additional Commitment Lenders shall enter into an Assignment and Assumption pursuant to which such Additional Commitment Lender shall, effective as of the Existing Scheduled Maturity Date, undertake a Commitment (and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender’s Commitment hereunder on such date).  Each Non-Extending Lender agrees to execute such Assignment and Assumption, if requested to do so by the Borrower.

 

(c) Minimum Extension Requirement.  If (and only if) the total of the Commitments of the Lenders that have agreed so to extend their Scheduled Maturity Date (each, an “Extending Lender”) and the additional Commitments of the Additional Commitment Lenders shall be more than 50% of the aggregate amount of the Commitments in effect immediately prior to the Existing Scheduled Maturity Date, then, effective as of the Existing Scheduled Maturity Date, the Scheduled Maturity Date of each Extending Lender and of each Additional Commitment Lender shall be extended to the date falling one year after such Existing Scheduled Maturity Date (except that, if such date is not a Business Day, such Scheduled Maturity Date as so extended shall be the next preceding Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement.  The pre-existing Scheduled Maturity Date shall remain in effect with respect to any Non-Extending Lender that is not replaced.

 

(d) Conditions to Effectiveness of Extensions.  As a condition precedent to such extension, Opco shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Existing Scheduled Maturity Date signed by a Responsible Officer of such Loan Party (x) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such extension and (y) certifying that, before and after giving effect to such extension, (A) the representations and warranties made by such Loan Party contained in Article V and the other Loan Documents, as applicable, are true and correct in all material respects on and as of the Existing Scheduled Maturity Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.14, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b) respectively, of Section 6.01, and (B) no Default exists; and

 

(e) Scheduled Maturity Date of Non-Extending Lenders.  On the Scheduled Maturity Date applicable to each Non-Extending Lender,

 

 

  

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(i) Each Borrower shall prepay any Committed Loans made to such Borrower outstanding on such date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to satisfy in full the Obligations of such Borrower due to such Non-Extending Lender as of such date.

 

(ii) All or any part of the Non-Extending Lenders’ Applicable Percentage of the Outstanding Amount of L/C Obligations shall be reallocated among the Extending Lenders and the Additional Commitment Lenders in accordance with their respective Applicable Percentages (calculated without regard to the Non-Extending Lenders’ Commitments) but only to the extent that such reallocation does not cause, with respect to any Extending Lender or Additional Commitment Lender, the aggregate Outstanding Amount of the Committed Loans of such Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans to exceed such Lender’s Commitments as in effect at such time.

 

(iii) If the reallocation described in the preceding clause (ii) cannot, or can only partially, be effected, each Borrower shall Cash Collateralize any L/C Obligations with respect to all existing Letters of Credit issued on behalf of such Borrower to the extent that, after giving effect to the reallocation pursuant to the preceding clause (ii) and the payment required by the preceding clause (i), the Total Outstandings exceed the Commitments of the remaining Lenders.  The amount of Cash Collateral provided by the Borrowers pursuant to this clause (iii) shall reduce the Non-Extending Lenders’ Applicable Percentage of the Outstanding Amount of L/C Obligations (after giving effect to any partial reallocation pursuant to the preceding clause (ii)) on a pro rata basis; and each Non-Extending Lender’s Commitment to make Committed Loans, purchase participations in Swing Line Loans, and purchase participations in L/C Obligations with respect to Letters of Credit issued after such Scheduled Maturity Date shall terminate.

 

(f) Conflicting Provisions.  This Section shall supersede any provisions in Section 2.13 or 10.01 to the contrary.

 

    2.15  Increase in Commitments.

 

(a) Request for Increase; Additional Lenders.  Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), Opco may request up to two increases in the Aggregate Commitments such that the Aggregate Commitments as so increased equal an amount not to exceed $1,500,000,000; provided that any such request for an increase shall be in a minimum amount of $5,000,000.  To achieve the full amount of a requested increase and subject to the approval of each L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld), Opco may (i) invite Lenders to increase their commitments and/or (ii) invite Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent.  In the event Opco invites Lenders to increase their Commitments, then at the time of sending the notice referenced in this Section 2.15(a), Opco (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders).

 

(b) Lender Elections to Increase.  Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase.  Any increase in the Commitment of a Lender shall be subject to the approval of each L/C Issuer and the Swing Line Lender such consents not to be unreasonably withheld.  Unless otherwise agreed between the Borrowers and the proposed Lender, any Lender not responding within such time period shall be deemed to have declined to increase its Commitment.

 

 

  

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(c) Notification by Administrative Agent.  The Administrative Agent shall notify Opco and each Lender of the Lenders’ responses to each request made hereunder.

 

(d) Effective Date and Allocations.  If the Aggregate Commitments are increased in accordance with this Section, the Administrative Agent and Opco shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase.  The Administrative Agent shall promptly notify Opco and the Lenders of the final allocation of such increase and the Increase Effective Date.

 

(e) Conditions to Effectiveness of Increase.  As a condition precedent to such increase, Opco shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (ii) certifying that, before and after giving effect to such increase, (A) the representations and warranties made by such Loan Party contained in Article V and the other Loan Documents, as applicable, are true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.15, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01, and (B) no Default exists.  Each Borrower shall prepay any Committed Loans made to such Borrower outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Committed Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this Section.

 

(f) Conflicting Provisions.  This Section shall supersede any provisions in Section 2.13 or 10.01 to the contrary.

 

    2.16  Additional Borrowers.

 

(a) A Wholly Owned Restricted Subsidiary of Opco (other than a Project Financing Subsidiary and other than a Foreign Subsidiary) may become an Additional Borrower under this Agreement, and shall be bound by and entitled to the benefits and obligations of this Agreement as a Borrower hereunder to the same extent as any other Borrower, upon not less than 10 Business Days’ notice to the Administrative Agent and each Lender (or such shorter period as may be agreed by the Administrative Agent) and upon the fulfillment of the following conditions:

 

(i) Resolutions and Officers’ Certificates.  Such Additional Borrower shall deliver the items identified in Sections 4.01(a)(iii), (iv), and (vi) with respect to such Additional Borrower.

 

(ii) No Default.  No Default shall have occurred and be continuing, and the Administrative Agent shall have received a certificate of a Responsible Officer of the MLP so certifying.

 

(iii) Representations and Warranties.  The representations and warranties of Borrowers in Article V, shall be true and correct in all material respects with respect to such Additional Borrower, as of the date such Additional Borrower executes the Additional Borrower Counterpart described in clause (iv) below.

 

 

  

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(iv) Additional Borrower Counterpart.  An Additional Borrower Counterpart to this Agreement has been duly executed by such Additional Borrower, Opco, the MLP, the Subsidiary Guarantors and the Administrative Agent substantially in the form of Exhibit G hereto (the “Additional Borrower Counterpart”), which shall set forth the borrowing sublimit for such Additional Borrower as agreed by the Administrative Agent and such Additional Borrower, or such other agreement in form and substance satisfactory to such Additional Borrower and the Administrative Agent.

 

(v) Notes.  The Administrative Agent shall have received a Note, drawn to the order of each Lender requesting a Note, duly executed by such Additional Borrower.

 

(vi) Opinions of Counsel.  The Administrative Agent shall have received legal opinions with respect to such Additional Borrower, dated as of the date such Additional Borrower executes the Additional Borrower Counterpart, addressed to the Administrative Agent and the Lenders, having substantially the same coverage as those opinions delivered pursuant to Section 4.01(a)(v).

 

(vii) Know Your Customer Compliance.  Following the giving of any notice pursuant to this Section 2.16, if the designation of such Subsidiary as a Additional Borrower obligates the Administrative Agent or any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, Opco shall, promptly upon the request of the Administrative Agent or any Lender, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be reasonably satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable Laws and regulations.

 

(b) Upon fulfillment of the conditions in Section 2.16(a), the Administrative Agent will promptly notify each Lender of the date that such Additional Borrower becomes an Additional Borrower hereunder.

 

(c) If for any reason Opco shall fail to own 100% of the Equity Interests of any Additional Borrower, such Additional Borrower shall make the prepayments required pursuant to Section 2.05(f) and (g) and upon the making of such prepayments shall no longer be deemed an Additional Borrower under this Agreement or any other Loan Document.

 

2.17 Liability of Borrowers; Appointment of Opco as Agent for the Subsidiary Borrowers.  Notwithstanding anything to the contrary in this Agreement, each party hereto agrees as follows:

 

(a) (i)  Each Borrower shall be severally liable to the Lenders for all Loans made to such Borrower, all L/C Obligations related to Letters of Credit issued at the request of such Borrower, all interest attributable to the foregoing, and all other Obligations directly related or attributable thereto.

 

(ii)           Unless otherwise expressly provided herein, the liability of a Subsidiary Borrower for Obligations other than those described in the preceding clause (i) (“Other Obligations”) shall be limited to such Subsidiary Borrower’s Proportionate Share of such Other Obligations.  For purposes of this Section, the “Proportionate Share” of a Subsidiary Borrower means at any time a percentage determined by dividing the Borrowing Sublimit of such Subsidiary Borrower in effect at such time by the dollar amount of the Aggregate Commitments at such time.

 

 

  

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(iii)           Each Subsidiary Borrower’s liability under Article III and under Section 10.04(b) shall in each case be limited to the liability that results from or is directly related to such Subsidiary Borrower’s actions or inaction, or is related to the Obligations of such Subsidiary Borrower.

 

(b) Each Borrower acknowledges that the Administrative Agent (on behalf of the Lenders) may exercise remedies against such Borrower and its property separately, whether or not the Administrative Agent exercises remedies against any other Borrower or its property.

 

(c) With respect to all Obligations, the Administrative Agent may enforce the Obligations of one or more Borrowers without enforcing the Obligations of any other Borrower.  Any failure or inability of the Administrative Agent to enforce the Obligations of one or more Borrowers shall not in any way limit the Administrative Agent’s right to enforce the Obligations of any other Borrower.

 

(d) WIC hereby irrevocably appoints, and each other Subsidiary Borrower, by its execution of the Subsidiary Guaranty or an Additional Borrower Counterpart, shall be deemed to irrevocably appoint, Opco to act as its agent for all purposes of the Loan Documents, including taking any action or receiving any communication on behalf of such Borrower in connection with the Loan Documents.  Each of the Lenders and the Administrative Agent shall be entitled to deal with any Subsidiary Borrower through Opco and to rely on any instructions or other communications from Opco on behalf of any Subsidiary Borrower.  Notwithstanding the appointment of Opco as agent for the Subsidiary Borrowers hereunder, the Administrative Agent and the Lenders shall be entitled to, but shall not be required to, deal directly with any Subsidiary Borrower for purposes of the Loan Documents.

 

    2.18  Additional Guarantors.

 

(a) Opco may (but will not be required to) designate any Restricted Subsidiary as a Guarantor, upon the fulfillment of the following conditions:

 

(i) Counterpart to Subsidiary Guaranty.  The Administrative Agent shall have received the Subsidiary Guaranty or an Additional Guarantor Counterpart duly executed by such Restricted Subsidiary, or such other agreement in form and substance satisfactory to the Administrative Agent.

 

(ii) Resolutions and Officers’ Certificates.  Such Restricted Subsidiary shall deliver the items identified in Sections 4.01(a)(iii), (iv), and (vi) with respect to such Restricted Subsidiary.

 

(iii) Opinions of Counsel.  The Administrative Agent shall have received legal opinions with respect to such Guarantor, dated as of the date such Restricted Subsidiary executes the documentation referred to in clause (i) above, addressed to the Administrative Agent and the Lenders, having substantially the same coverage as those opinions delivered pursuant to Section 4.01(a)(v).

 

(b) Upon fulfillment of the conditions in Section 2.18(a), the Administrative Agent will promptly notify each Lender of the date that such Restricted Subsidiary becomes a Guarantor hereunder.

 

    2.19  Unrestricted Subsidiaries; Project Financing Subsidiaries.

 

(a) Opco may designate one or more Restricted Subsidiaries of Opco as Unrestricted Subsidiaries or Project Financing Subsidiaries, provided that (i) the conditions specified in the definition of “Unrestricted Subsidiary” or “Project Financing Subsidiary”, as applicable, have been satisfied, (ii) after giving effect to such designation, the MLP and any Restricted Subsidiary that owns Equity Interests in such Subsidiary are in compliance with the provisions of Article VII, including Section 7.01, and are in pro forma compliance with Sections 7.03 and 7.12, (iii) no Default of Event of Default shall exist or result from such designation, and (iv) the MLP has provided to the Administrative Agent a Responsible Officer’s certificate in form and substance satisfactory to the Administrative Agent to the effect that each of the foregoing conditions have been satisfied.

 

 

  

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(b) Opco may designate any Unrestricted Subsidiary to be a Restricted Subsidiary or designate any Project Financing Subsidiary to be a Restricted Subsidiary that is not a Project Financing Subsidiary, provided that such designation may be made only if at the time of such redesignation and after giving effect thereto, (i) if such Unrestricted Subsidiary or Project Financing Subsidiary has outstanding Indebtedness, it would be permitted to incur such Indebtedness pursuant to Section 7.03 on the date of designation, (ii) after giving effect to such designation, the MLP and any Borrower that owns Equity Interests in such Subsidiary shall be in pro forma compliance with Section 7.12, (iii) the representations and warranties herein that are applicable to Restricted Subsidiaries shall be true and correct with respect to such Subsidiary after giving effect to such designation, (iv) no Default of Event of Default shall exist or result from such designation, and (v) the MLP has provided to the Administrative Agent a Responsible Officer’s certificate in form and substance satisfactory to the Administrative Agent to the effect that each of the foregoing conditions have been satisfied.  Each such designation of a Person will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary that is not a Project Financing Subsidiary of any outstanding Indebtedness of such Person.

 

(c) If, at any time, any Unrestricted Subsidiary or Project Financing Subsidiary would fail to meet the requirements set forth in the definition of “Unrestricted Subsidiary” or “Project Financing Subsidiary”, as applicable, it will thereafter cease to be an Unrestricted Subsidiary or a Project Financing Subsidiary, as applicable, for purposes of this Agreement and the other Loan Documents, and any Indebtedness of such Person will be deemed to be incurred by a Restricted Subsidiary that is not a Project Financing Subsidiary as of such time.

 

    2.20  Defaulting Lenders.

 

(a) Defaulting Lender Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(i) Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and in Section 10.01.

 

(ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from such Defaulting Lender pursuant to Section 10.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuers or Swing Line Lender hereunder; third, to Cash Collateralize the L/C Issuers’ Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.03(g); fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuers’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.03(g); sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers and the Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any L/C Issuer or Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by a Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Advances owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Advances owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to Section 2.20(a)(iv).  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.20(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

  

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(iii) Certain Fees.

 

(A) No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 

(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which it is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.03(g).

 

(C) With respect to any Commitment Fee or Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each L/C Issuer and the Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

 

  

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(iv) Reallocation of Participations to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the Applicable Percentage of any Non-Defaulting Lender in the Total Outstandings to exceed such Non-Defaulting Lender’s Commitment.  No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v) Cash Collateral, Repayment of Swing Line Loans.  If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.03(g).

 

(b) Defaulting Lender Cure.  If the MLP, the Borrowers, the Administrative Agent, the Swing Line Lender and each L/C Issuer agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to Section 2.20(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(c) New Swing Line Loans/Letters of Credit.  So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto arising from either the Letter of Credit then proposed to be issued, extended, renewed or increased or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has Fronting Exposure.

 

ARTICLE III.

TAXES, YIELD PROTECTION AND ILLEGALITY

 

    3.01  Taxes.

 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.  (i) Any and all payments by or on account of any obligation of any Borrower hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes.  If, however, applicable Laws require a Borrower or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by such Borrower or the Administrative Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

 

  

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(ii) If a Borrower or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by such Borrower shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, each Lender and each L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

(b) Payment of Other Taxes by the Borrowers.  Without limiting the provisions of subsection (a) above, each Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws.

 

(c) Tax Indemnifications.  (i) Without limiting the provisions of subsection (a) or (b) above, each Borrower shall, and does hereby, indemnify the Administrative Agent, each Lender and each L/C Issuer, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by such Borrower or the Administrative Agent or paid by the Administrative Agent, such Lender or such L/C Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.

 

(ii) Without limiting the provisions of subsection (a) or (b) above, each Lender and each L/C Issuer shall, and does hereby, indemnify each Borrower and the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and disbursements of any counsel for any Borrower or the Administrative Agent) incurred by or asserted against any Borrower or the Administrative Agent by any Governmental Authority as a result of the failure by such Lender or such L/C Issuer, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender or such L/C Issuer, as the case may be, to any Borrower or the Administrative Agent pursuant to subsection (e).  Each Lender and each L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or such L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).  The agreements in this clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender or an L/C Issuer, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations.  Each Borrower shall, and does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or an L/C Issuer fails to pay to the Administrative Agent as required by this clause (ii).  A certificate as to the amount of any such payment or liability delivered to the Borrowers by a Lender or an L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.

 

 

  

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(d) Evidence of Payments.  Upon request by a Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by any Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, such Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to such Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to such Borrower or the Administrative Agent, as the case may be.

 

(e) Status of Lenders; Tax Documentation.  (i)  Each Lender shall deliver to the Borrowers and to the Administrative Agent, at the time or times prescribed by applicable Laws or when reasonably requested by any Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Borrowers or the Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by each Borrower pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction.

 

(ii) Without limiting the generality of the foregoing, if any Borrower is resident for tax purposes in the United States,

 

(A) any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to such Borrower and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by such Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements;

 

(B) each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of such Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 

(I)           executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party,

(II)           executed originals of Internal Revenue Service Form W-8ECI,

(III)           executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation,

(IV)           in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of a Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN, or

 

  

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(V)           executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit such Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (C), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(iii) Each Lender shall promptly (A) notify each Borrower and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that any Borrower or the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender.

 

(f) Treatment of Certain Refunds.  Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be.  If the Administrative Agent, any Lender or any L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this Section, it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender or such L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that such Borrower, upon the request of the Administrative Agent, such Lender or such L/C Issuer, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or such L/C Issuer in the event the Administrative Agent, such Lender or such L/C Issuer is required to repay such refund to such Governmental Authority.  This subsection shall not be construed to require the Administrative Agent, any Lender or any L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Borrower or any other Person.

 

 

  

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    3.02  Illegality.  If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrowers through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Committed Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (x) each Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender made to such Borrower to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate.  Upon any such prepayment or conversion by a Borrower, such Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

    3.03  Inability to Determine Rates.  If the Required Lenders determine that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrowers and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, each Borrower may revoke any pending request made by such Borrower for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein.

 

 

  

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    3.04  Increased Costs.

 

(a) Increased Costs Generally.  If any Change in Law shall:

 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section (e)) or any L/C Issuer;

 

(ii) subject any Lender or any L/C Issuer to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender or such L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 3.01); or

 

(iii) impose on any Lender or any L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or such L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or such L/C Issuer, the Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

 

(b) Capital Requirements.  If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender or such L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s or such L/C Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction suffered.

 

(c) Certificates for Reimbursement.  A certificate of a Lender or an L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to Opco shall be conclusive absent manifest error.  The Borrowers shall pay such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof.

 

(d) Delay in Requests.  Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such compensation, provided that no Borrower shall be required to compensate a Lender or an L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or such L/C Issuer, as the case may be, notifies such Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

 

  

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(e) Reserves on Eurodollar Rate Loans.  Each applicable Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided such Borrower shall have received at least 30 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender.  If a Lender fails to give notice 30 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 30 days from receipt of such notice.

 

    3.05  Compensation for Losses.  Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, each Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a) any continuation, conversion, payment or prepayment of any Loan to such Borrower other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan made, or to be made, to such Borrower other than a Base Rate Loan on the date or in the amount notified by or on behalf of such Borrower; or

 

(c) any assignment of a Eurodollar Rate Loan made, or to be made, to such Borrower on a day other than the last day of the Interest Period therefor as a result of a request by such Borrower pursuant to Section 10.13;

 

excluding any loss of anticipated profits, but including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  Each applicable Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating amounts payable by any Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

 

    3.06  Mitigation Obligations; Replacement of Lenders.

 

(a) Designation of a Different Lending Office.  If any Lender requests compensation under Section 3.04, or a Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrowers hereby agree to pay the reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

 

  

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(b) Replacement of Lenders.  If any Lender requests compensation under Section 3.04, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, Opco may replace such Lender in accordance with Section 10.13.

 

    3.07  Survival.  All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder.

 

ARTICLE IV.

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

    4.01  Conditions of Initial Credit Extension.  The obligation of each L/C Issuer and each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies or electronic facsimiles, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders:

 

(i) executed counterparts of this Agreement, the Parent Guaranty and the Opco Guaranty;

 

(ii) a Note executed by each Borrower in favor of each Lender requesting a Note;

 

(iii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party;

 

(iv) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed and in good standing in its jurisdiction of organization;

 

(v) a favorable opinion of Bracewell & Giuliani LLP, counsel to the Loan Parties and a favorable opinion of the General Counsel of the General Partner, in each case, addressed to the Administrative Agent and each Lender, as to the matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;

 

 

  

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(vi) a certificate of a Responsible Officer of the MLP either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by the Loan Parties and the validity against the Loan Parties of the Loan Documents, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;

 

(vii) a certificate signed by a Responsible Officer of the MLP certifying that (A) both before and after giving effect to the Borrowing on the Closing Date, (a) the representations and warranties of the MLP and the Borrowers contained in Article V or any other Loan Document are true and correct in all material respects on and as of such date, and (b) no Default exists, and (B) there has been no event or circumstance since December 31, 2010 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;

 

(viii) evidence of termination of all commitments to extend credit under the Existing Credit Agreement and repayment of all amounts owed thereunder; and

 

(ix) such other assurances, certificates, documents, consents or opinions as the Administrative Agent, any L/C Issuer, the Swing Line Lender or the Required Lenders reasonably may require.

 

(b) Any fees invoiced at least one Business Day before the Closing Date and required to be paid on or before the Closing Date shall have been paid.

 

(c) Unless waived by the Administrative Agent, the Borrowers shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced at least one Business Day prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrowers and the Administrative Agent).

 

Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

    4.02  Conditions to all Credit Extensions.  The obligation of each Lender to honor any Request for Credit Extension is subject to the following conditions precedent:

 

(a) The representations and warranties of the Borrowers and each other Loan Party contained in Article V (other than Section 5.05(c)) or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, both before and after taking into account such Credit Extension, 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 shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

 

 

  

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(c) The Administrative Agent and, if applicable, an L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

Each Request for Credit Extension submitted by any Borrower shall be deemed to be a representation and warranty that the conditions specified in Section 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE V.

REPRESENTATIONS AND WARRANTIES

 

Each of the Borrowers and the MLP represent and warrant to the Administrative Agent and the Lenders that:

 

    5.01  Existence, Qualification and Power.  The MLP is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware.  Each other Loan Party is duly organized or formed, validly existing and, if applicable, in good standing in the jurisdiction of its organization or formation.  Each Loan Party and each of its Restricted Subsidiaries possesses all applicable Business Entity powers and all other authorizations and licenses necessary to engage in its business and operations as now conducted, the failure to obtain or maintain which would have a Material Adverse Effect.

 

    5.02  Authorization; No Contravention.  The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party are within such Loan Party’s applicable Business Entity powers, have been duly authorized by all necessary applicable Business Entity action, and do not contravene (a) any Loan Party’s Organizational Documents, or (b) any Law or any material Contractual Obligation binding on or affecting any Loan Party.

 

    5.03  Governmental Authorization; Other Consents.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document.

 

    5.04  Binding Effect.  This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.  This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or by general principles of equity.

 

    5.05  Financial Statements; No Material Adverse Effect.

 

(a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the MLP and its Subsidiaries as of the date thereof and its results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein.

 

(b) The unaudited consolidated financial statements of the MLP and its Subsidiaries for the fiscal quarter ended March 31, 2011 and the related statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the MLP and its Subsidiaries as of the date thereof and its results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.

 

 

  

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(c) Since December 31, 2010, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

    5.06  Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the MLP or the Borrowers, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of their Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except for the matters set forth in the 2010 10-K or the First Quarter 2011 10-Q (the “Disclosed Proceedings”), either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect.  Since the date of filing of the First Quarter 2011 10-Q, there has been no adverse change in the status of the Disclosed Proceedings that, taking into account the availability of any appeals, could reasonably be expected to increase materially the likelihood of a Material Adverse Effect resulting therefrom.

 

    5.07  No Default.  No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

    5.08  Ownership of Property; Liens.  Each Loan Party and each of their Restricted Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    5.09  Environmental Compliance.  Except for the matters set forth on Schedule 5.09 and other matters that, in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, no Loan Party or any of its Subsidiaries (a) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (b) is subject to any Environmental Liability, (c) has received notice of any claim with respect to any Environmental Liability or (d) knows of any basis for any Environmental Liability.

 

    5.10  Taxes.  Each Loan Party and each of its Subsidiaries has duly filed all tax returns required to be filed by it, and has duly paid and discharged all taxes, assessments and governmental charges upon it or against its properties now due and payable, the failure to file or pay which, as applicable, would have a Material Adverse Effect, unless and to the extent only that the same are being contested in good faith by the MLP or the applicable Subsidiary by appropriate proceedings and if required by GAAP, for which adequate reserves have been provided in accordance with GAAP.

 

    5.11  ERISA Compliance.

 

(a) No Termination Event has occurred or is reasonably expected to occur with respect to any Plan which, with the giving of notice or lapse of time, or both, would constitute an Event of Default under Section 8.01(h).

 

(b) Each Plan has complied with the applicable provisions of ERISA and the Code where the failure to so comply would reasonably be expected to result in a Material Adverse Effect.

 

 

  

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(c) The statement of assets and liabilities of each Plan and the statements of changes in fund balance and in financial position, or the statement of changes in net assets available for plan benefits, for the most recent plan year for which an accountant’s report with respect to such Plan has been prepared, copies of which report have been made available to the Administrative Agent, present fairly, in all material respects, the financial condition of such Plan as at such date and the results of operations of such Plan for the plan year ended on such date.

 

(d) Neither the MLP nor any ERISA Affiliate has incurred, or is reasonably expected to incur, any Withdrawal Liability to any Multiemployer Plan which, when aggregated with all other amounts required to be paid to Multiemployer Plans in connection with Withdrawal Liability (as of the date of determination), would have a Material Adverse Effect.

 

(e) Neither the MLP nor any ERISA Affiliate has received any notification that any Multiemployer Plan is in reorganization, insolvent or has been terminated, within the meaning of Title IV of ERISA, and no Multiemployer Plan is reasonably expected to be in reorganization, to be insolvent or to be terminated within the meaning of Title IV of ERISA the effect of which reorganization, insolvency or termination would be the occurrence of an Event of Default under Section 8.01(f).

 

(f) The MLP and each ERISA Affiliate have made all required contributions to each Plan subject to the Pension Funding Rules, except to the extent the failure to make such contributions could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and no application for a funding waiver under the Pension Funding Rules or an extension of any amortization period pursuant to the Pension Funding Rules has been made with respect to any Plan, except to the extent such application could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    5.12  Subsidiaries; Equity Interests.  As of the Closing Date, the MLP and the Borrowers (a) have no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.12, and all of the outstanding Equity Interests in such Subsidiaries are owned by the Loan Party indicated on Schedule 5.12, and (b) have no material equity investments in any other Business Entity other than those disclosed in Part (b) of Schedule 5.12.

 

    5.13  Margin Regulations; Investment Company Act.

 

(a) No Loan Party is engaged and no Loan Party will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

 

(b) No Loan Party, no Person Controlling any Loan Party, or any Subsidiary of any Loan Party is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

    5.14  Disclosure.  No report, financial statement, certificate or other information furnished in writing by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or, when taken as a whole with publicly available information filed by any Loan Party with the SEC, omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, each of the MLP and each Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

 

  

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5.15  Compliance with Laws.  Each Loan Party and each Restricted Subsidiary thereof is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

ARTICLE VI.

AFFIRMATIVE COVENANTS

 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the MLP and each of the Borrowers shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each of their Restricted Subsidiaries to:

 

6.01  Financial Statements.  Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

 

(a) Annually as follows:

 

as soon as available, but in any event within 120 days after the end of each fiscal year

 

(i) a consolidated balance sheet of the MLP and its Subsidiaries, as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, and

 

(ii) if Opco, WIC or an Additional Borrower is required to file a Form 10-Q or a Form 10-K with the SEC, a consolidated balance sheet of such Person and its Subsidiaries, as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year,

 

all prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; and

 

(iii) if WIC or an Additional Borrower is not required to file a Form 10-K or Form 10-Q with the SEC, a consolidated balance sheet of such Person and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year,

 

subject only to the absence of footnotes, all in reasonable detail, certified by a Responsible Officer of the MLP as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of such Person and its Subsidiaries in accordance with GAAP; and

 

 

  

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(b) Quarterly as follows:

 

as soon as available, but in any event within 60 days after the end of each of the first three fiscal quarters of each fiscal year or, in the case of the fiscal quarter most recently ended prior to the Closing Date, within 60 days after the Closing Date:

 

(i) a consolidated balance sheet of the MLP and its Subsidiaries, at the end of such fiscal quarter, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the MLP’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, and

 

(ii) a consolidated balance sheet of WIC and its Subsidiaries, and a consolidated balance sheet of each other Subsidiary Borrower and its Subsidiaries, in each case at the end of such fiscal quarter, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the portion of such Subsidiary Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year,

 

all in reasonable detail, certified by a Responsible Officer of the MLP as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the MLP and its Subsidiaries or the applicable Subsidiary Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments (if applicable) and the absence of footnotes.

 

As to any information contained in materials furnished pursuant to Section 6.02(b), the MLP and the Borrowers shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the MLP and the Borrowers to furnish the information and materials described in clauses (a) and (b) above at the times specified therein.

 

    6.02  Certificates; Other Information.  Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

 

(a) within five Business Days after the delivery of the financial statements referred to in Section 6.01(a) and Section 6.01(b) (but in any event, no later than the deadlines for delivery of financial statements set forth in Section 6.01(a) or 6.01(b), as applicable) a duly completed Compliance Certificate signed by a Responsible Officer of the MLP;

 

(b) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the equity owners of the MLP, and copies of all annual, regular, periodic and special reports and registration statements which the MLP may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;

 

(c) within 10 days after sending or filing thereof, a copy of each FERC Form No. 2:  Annual Report of Major Natural Gas Companies, sent or filed by any Borrower or other Restricted Subsidiary to or with the FERC; and

 

 

  

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(d) promptly, such additional information regarding the business, financial or corporate affairs of the MLP or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.

 

The electronic posting of any financial reports, notices or other items required to be furnished pursuant to Section 6.01 or 6.02 on a website established by the MLP and accessible by the Administrative Agent free of charge and notice of such posting to the Administrative Agent shall constitute delivery for all purposes of Section 6.01 or 6.02.

 

Notwithstanding anything contained herein, in every instance the MLP shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(a) to the Administrative Agent.  Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the MLP and the Borrowers with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

Each of the MLP and the Borrowers hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the MLP and the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the MLP, the Borrowers or their respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  Each of the MLP and the Borrowers hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” each of the MLP and the Borrowers shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the MLP or any Borrower or their respective securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”

 

    6.03  Notices.  Notify the Administrative Agent and each Lender:

 

(a) promptly after, and in any event within five Business Days after any Responsible Officer has knowledge, of the occurrence of any Default that is continuing;

 

(b) promptly after, and in any event within five Business Days after any Responsible Officer has knowledge, of the occurrence of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) any dispute, litigation, investigation, proceeding or suspension between any Loan Party or any Restricted Subsidiary thereof and any Governmental Authority or (ii) the commencement of, or any material development in, any litigation or proceeding affecting any Loan Party or any Restricted Subsidiary thereof, including pursuant to any applicable Environmental Laws;

 

 

  

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(c) as soon as practicable and in any event (i) within 30 days after a Loan Party, any of its Restricted Subsidiaries or any ERISA Affiliate knows or has reason to know that any Termination Event described in clause (a) of the definition of Termination Event with respect to any Plan has occurred that could reasonably be expected to have a Material Adverse Effect, and (ii) within 10 days after a Loan Party, any of its Restricted Subsidiaries or any ERISA Affiliate knows or has reason to know that any other Termination Event with respect to any Plan has occurred, a statement of a Responsible Officer describing such Termination Event and the action, if any, that the Loan Party, its Restricted Subsidiary or such ERISA Affiliate proposes to take with respect thereto;

 

(d) promptly and in any event within five Business Days after receipt thereof by a Loan Party, any of its Restricted Subsidiaries or any ERISA Affiliate, copies of each notice received by a Loan Party or any of its Restricted Subsidiaries from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan which termination could reasonably be expected to have a Material Adverse Effect;

 

(e) promptly and in any event within 30 days after the filing thereof with the Internal Revenue Service, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect to each Single Employer Plan;

 

(f) promptly and in any event within five Business Days after receipt thereof by a Loan Party, any of its Restricted Subsidiaries or any ERISA Affiliate from the sponsor of a Multiemployer Plan, a copy of each notice received by a Loan Party, any of its Restricted Subsidiaries or any ERISA Affiliate concerning (i) the imposition of Withdrawal Liability by a Multiemployer Plan, (ii) the determination that a Multiemployer Plan is, or is expected to be, in reorganization or insolvent within the meaning of Title IV of ERISA, (iii) the termination of a Multiemployer Plan within the meaning of Title IV of ERISA, or (iv) the amount of liability incurred, or expected to be incurred, by a Loan Party, any of its Restricted Subsidiaries or any ERISA Affiliate in connection with any event described in clause (i), (ii), or (iii) above, in each case if such event could reasonably be expected to have a Material Adverse Effect; and

 

(g) promptly after, and in any event within five Business Days after any Responsible Officer has knowledge, of the occurrence of any material change in accounting policies or financial reporting practices by the MLP or any Restricted Subsidiary.

 

Each notice pursuant to this Section 6.03 (other than Section 6.03(g)) shall be accompanied by a statement of a Responsible Officer of the MLP setting forth details of the occurrence referred to therein and stating what action the MLP or such Restricted Subsidiary, as applicable, has taken and proposes to take with respect thereto.

 

    6.04  Preservation of Existence, Etc.

 

(a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05 or where the failure to so preserve would not have a Material Adverse Effect and except that nothing herein shall prevent any change in Business Entity form of any Subsidiary of the MLP, and

 

(b) take reasonable action to maintain permits, licenses and franchises necessary in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

 

  

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    6.05  Maintenance of Properties.  (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof, except in the case of both the foregoing clauses (a) and (b) where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

    6.06  Maintenance of Insurance.  Maintain or cause to be maintained with financially sound and reputable insurance companies (or through self-insurance), property damage and liability insurance of such types, in such amounts and against such risks as is commercially reasonable to maintain; and furnish to the Administrative Agent, upon written request, full information as to the insurance carried.

 

    6.07  Compliance with Laws.  Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

 

    6.08  Books and Records.  (a) Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving its assets and business; and (b) maintain such books of record and account in conformity with all applicable material requirements of any Governmental Authority having regulatory jurisdiction over it.

 

    6.09  Inspection Rights.  At any reasonable time and from time to time, permit the Administrative Agent or any of the Lenders or any agents or representatives thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, the MLP and any of its Restricted Subsidiaries, and to discuss the affairs, finances and accounts of the MLP and any of its Restricted Subsidiaries with any of their officers and, in the company of an officer of the MLP or the applicable Restricted Subsidiary if so requested by the MLP, with their independent certified public accountants.

 

    6.10  Use of Proceeds.  Use the proceeds of the Credit Extensions for general corporate purposes not in contravention of any Law or of any Loan Document.

 

    6.11  Maintenance of Separateness.  Cause each Unrestricted Subsidiary and Project Financing Subsidiary to (a) maintain its books and records to show its assets and liabilities separate and apart from those of the MLP and those of all other Subsidiaries (other than its own Subsidiaries); (b) conduct its business in its own name or in the names of its Subsidiaries; (c) generally hold itself out as an entity separate from the MLP and other Subsidiaries (other than its own Subsidiaries); and (d) observe corporate, limited liability company or partnership formalities required by its organizational documents and applicable Law.

 

ARTICLE VII.

NEGATIVE COVENANTS

 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the MLP and each of the Borrowers shall not, nor shall they permit any of their Restricted Subsidiaries to, directly or indirectly:

 

 

  

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7.01  Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

 

(a) Liens pursuant to any Loan Document;

 

(b) Liens existing on the Closing Date and listed on Schedule 7.01 and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 7.03(a)(iv), and (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.03(a)(iv);

 

(c) Liens for taxes, assessments, obligations under workers’ compensation or other social security legislation or other requirements, charges or levies of any Governmental Authority, in each case not yet overdue, or which are being contested in good faith by appropriate proceedings diligently conducted;

 

(d) inchoate Liens and charges imposed by law and incidental to construction, maintenance, development or operation of properties, or the operation of business, in the ordinary course of business if payment of the obligation secured thereby is not yet overdue or if the validity or amount of which is being contested in good faith by the MLP or any of its Restricted Subsidiaries;

 

(e) pledges and deposits to secure the performance of bids, tenders, trade or government contracts and leases (other than for Indebtedness), licenses, statutory obligations, surety bonds, performance bonds, completion bonds and other obligations of a like kind, in each case incurred in the ordinary course of business;

 

(f) easements, servitudes, rights-of-way and other rights, exceptions, reservations, conditions, limitations, covenants and other restrictions that do not materially interfere with the operation, value or use of the properties affected thereby;

 

(g) any Lien on any asset (including a capital lease) securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring such asset, provided that such Lien attaches to such asset concurrently with or within 180 days after the acquisition thereof;

 

(h) Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(g) or appeal or surety bonds related to such judgments;

 

(i) Liens existing on any property or asset of any Person that becomes a Restricted Subsidiary of the MLP or any Borrower after the Closing Date prior to the time such Person becomes a Restricted Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary, (ii) such Lien shall not apply to any other property or assets of the MLP, any Borrower or any Restricted Subsidiary, (iii) such Lien shall secure only those obligations which it secures on the date such Person becomes a Restricted Subsidiary and any renewals, extensions and modifications (but not increases) thereof;

 

(j) conventional provisions contained in contracts or agreements affecting properties under which the MLP or a Restricted Subsidiary is required immediately before the expiration, termination or abandonment of a particular property to reassign to such Person’s predecessor in title all or a portion of such Person’s rights, titles and interests in and to all or portion of such property;

 

 

  

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(k) any Lien consisting of (i) landlord’s liens under leases to which the MLP or any of its Restricted Subsidiaries is a party or other Liens on leased property reserved in leases thereof for rent or for compliance with the terms of such leases (other than Liens securing Indebtedness), (ii) rights reserved to or vested in any municipality or governmental, statutory or public authority to control or regulate any property of the MLP or any of its Restricted Subsidiaries, or to use such property in any manner which does not materially impair the use of such property for the purposes for which it is held by the MLP or any such Restricted Subsidiary, (iii) obligations or duties to any municipality or public authority with respect to any franchise, grant, license, lease or permit and the rights reserved or vested in any governmental authority or public utility to terminate any such franchise, grant, license, lease or permit or to condemn or expropriate any property, and (iv) zoning laws and ordinances and municipal regulations;

 

(l) Liens on the Equity Interests in, or Indebtedness or other obligations of, an Unrestricted Subsidiary securing the payment of Specified Project Indebtedness of such Unrestricted Subsidiary or securing Equity Contribution Obligations as permitted by clauses (1)(a)(i) and (1)(a)(iii) of the definition of “Non-Recourse” set forth in Section 1.01;

 

(m) Liens on the Equity Interests in, or Indebtedness or other obligations of, a Project Financing Subsidiary securing the payment of Specified Project Indebtedness of such Project Financing Subsidiary or securing Equity Contribution Obligations as permitted by clauses (2)(a)(i) and (2)(a)(iii) of the definition of “Non-Recourse” set forth in Section 1.01;

 

(n) Liens on assets of a Project Financing Subsidiary securing the Specified Project Indebtedness of such Project Financing Subsidiary;

 

(o) Liens on receivables and related assets sold pursuant to an Alternate Program permitted by Section 7.05(a)(v);

 

(p) Liens that ratably secure the Obligations and other Indebtedness, subject to customary collateral trust or similar arrangements and execution by the Administrative Agent and the other necessary parties of appropriate documentation governing such arrangement; and

 

(q) Liens securing Indebtedness in an aggregate principal amount not to exceed, at the time of incurrence of such Indebtedness, an amount equal to 10% of Consolidated Net Tangible Assets as of the most recent Quarter End Date for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b).

 

Liens permitted by this Section 7.01 may also extend to products and proceeds (including dividends, distributions, interest and like payments on or with respect to, and insurance and condemnation proceeds and rental, lease, licensing and similar proceeds) of, and property evidencing or embodying, or constituting rights or other general intangibles directly relating to or arising out of, and accessions and improvements to, such property subject to such Liens.

 

    7.02  Certain Investments.

 

(a) Prior to the Investment Grade Rating Date:

 

(i) make any Investments after the Closing Date in any Person that is not a Restricted Subsidiary at the time of (or as a result of) such Investment, unless (A) the lines of business in which such Person is primarily engaged are permitted, or not prohibited, for the MLP and its Restricted Subsidiaries under this Agreement, (B) at the time of the making of such Investment and after giving effect thereto, (x) no Default exists and (y) the MLP shall be in compliance on a pro forma basis with Section 7.12, and (C) if such Investment is made by a Restricted Subsidiary, such Restricted Subsidiary shall be in compliance with Section 7.03(b), in each case as of the most recent Quarter End Date for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b); or

 

 

  

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(ii) make any Investments in Non-U.S./Canadian Persons in excess of $5,000,000 in the aggregate.

 

(b) The MLP may not directly own Equity Interests in any Person other than Opco and Financing Vehicles.

 

(c) No Project Financing Subsidiary may hold, directly or indirectly, any Equity Interest in, or any Indebtedness of, the MLP or any Subsidiary of the MLP other than Project Financing Subsidiaries.

 

    7.03  Indebtedness.

 

(a) Create, incur, assume or suffer to exist any Indebtedness, except that, subject to the limitations set forth in Section 7.03(b), the following Indebtedness shall be permitted:

 

(i) Indebtedness among the MLP and its Restricted Subsidiaries and Indebtedness among Restricted Subsidiaries subject to compliance with Section 7.02(c), provided that in the case of Indebtedness owed by a Loan Party to a Restricted Subsidiary of the MLP other than Opco, such Indebtedness is subordinated to the Obligations on subordination terms reasonably acceptable to the Administrative Agent;

 

(ii) Indebtedness outstanding on the Closing Date and listed on Schedule 7.03;

 

(iii) Indebtedness of any Person that becomes a Restricted Subsidiary after the Closing Date existing prior to the time such Person becomes a Restricted Subsidiary; provided that such Indebtedness is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary;

 

(iv) refinancings, refundings, renewals or extensions (“Refinancing Indebtedness”) of Indebtedness incurred pursuant to clause (ii) and (iii) above (“Existing Indebtedness”), provided that in each such case, (1) any Loan Party or Restricted Subsidiary who is not obligated on the Existing Indebtedness shall be not be obligated in respect of the Refinancing Indebtedness, and (2) the amount of such Existing Indebtedness is not increased except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such Refinancing Indebtedness;

 

(v) Specified Project Indebtedness owed by Project Financing Subsidiaries; and

 

(vi) Indebtedness under the Loan Documents and other Indebtedness of the MLP or any Restricted Subsidiary not described by the foregoing clauses (i) through (v) provided that at the time of incurring the Indebtedness permitted by this clause, after giving effect thereto, (x) the MLP shall be in pro forma compliance with Section 7.12(a) determined as of the most recent Quarter End Date for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b), as applicable, and (y) no Default shall have occurred and be continuing.

 

 

  

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(b) Notwithstanding the foregoing, the parties agree that:

 

(i) a Regulated Restricted Subsidiary (including any Borrower that is a Regulated Restricted Subsidiary, but excluding any Project Financing Subsidiary) may incur Indebtedness only if at the time of incurring such Indebtedness and after giving effect thereto, the Leverage Ratio of such Regulated Restricted Subsidiary, determined as of the most recent Quarter End Date for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b), as applicable, does not exceed 5.00 to 1.00;

 

(ii) an Unregulated Restricted Subsidiary that is a Borrower or that is a Guarantor may incur Indebtedness only if at the time of incurring such Indebtedness and after giving effect thereto, the Leverage Ratio of such Unregulated Restricted Subsidiary, determined as of the most recent Quarter End Date for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b), as applicable, does not exceed 5.00 to 1.00;

 

(iii) an Unregulated Restricted Subsidiary (other than a Project Financing Subsidiary) that is not a Borrower or a Guarantor may incur Indebtedness only if at the time of incurring such Indebtedness and after giving thereto, the aggregate amount of Indebtedness of all Unregulated Restricted Subsidiaries that are not Borrowers or Guarantors does not exceed an aggregate amount equal to 10% of Consolidated Net Tangible Assets as of the most recently completed fiscal quarter; and

 

(iv) in the event that a Subsidiary (other than Opco) owns, directly or indirectly, Equity Interests or other Investments in WIC, in any other Regulated Subsidiary, in SNG or in CIG, such Subsidiary may not incur any Indebtedness (other than Obligations under this Agreement) or Recourse Equity Contribution Obligations or enter into any Swap Contracts.

 

    7.04  Fundamental Changes.  In the case of the MLP, Opco, WIC and an Additional Borrower, merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets unless (i) at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing, (ii) if the MLP is involved in any such transaction, either (a) it is the surviving or resultant entity or the recipient of any such sale, transfer, lease or other disposition of assets, or (b) provided that no Change of Control shall have occurred as a result of such transaction, the continuing or surviving Business Entity is a limited partnership organized under the laws of the United States or a State thereof and unconditionally assumes by written agreement reasonably satisfactory to the Administrative Agent all of the performance and payment obligations of the MLP under each Loan Document to which it is a party, (iii) if Opco is involved in any such transaction, it is the surviving or resultant entity or the recipient of any such sale, transfer, lease or other disposition of assets, (iv) if WIC is involved in any such transaction, it is the surviving or resultant entity or the recipient of any such sale, transfer, lease or other disposition of assets, and (v) if an Additional Borrower is involved in any such transaction with a Person other than the MLP, Opco or WIC, an Additional Borrower (or a Person that becomes an Additional Borrower upon the completion of such transaction) is the surviving or resultant entity or the recipient of any such sale, transfer, lease or other disposition of assets; provided, however, that in no event shall any such merger, consolidation, sale, transfer, lease or other disposition whether or not otherwise permitted by this Section 7.04 have the effect of releasing the MLP or any Borrower from any of its obligations and liabilities under this Agreement or any other Loan Document.

 

 

  

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    7.05  Dispositions.

 

(a) Prior to the Investment Grade Rating Date, make any Disposition or enter into any agreement to make any Disposition, except:

 

(i) Dispositions of obsolete or worn out property or assets (or property or assets no longer useful in the business of the relevant Loan Party) in the ordinary course of business and leases or subleases of unused office or other space entered into by any Loan Party on an arms-length basis and in the ordinary course of business;

 

(ii) Dispositions of inventory in the ordinary course of business;

 

(iii) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reinvested within 365 days in assets to be used in the business of the Borrowers or their Restricted Subsidiaries (other than Project Financing Subsidiaries);

 

(iv) Dispositions of property by any Restricted Subsidiary to the MLP or to a Wholly Owned Restricted Subsidiary (other than Project Financing Subsidiaries);

 

(v) Dispositions of any receivables and related rights pursuant to any Alternate Program so long as immediately before and immediately after giving effect to such Disposition the MLP and any Subsidiaries parties thereto are in compliance with Section 7.12 and Section 7.13, determined on a pro forma basis as of the most recent Quarter End Date for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b);

 

(vi) Investments permitted under Section 7.02;

 

(vii) Dispositions of property or assets by a Restricted Subsidiary other than WIC to a Restricted Subsidiary (other than a Project Financing Subsidiary), or to a Business Entity that after giving effect to such Disposition will become a Restricted Subsidiary (other than a Project Financing Subsidiary) in which the MLP’s direct or indirect Equity Interest will be at least as great as its direct or indirect Equity Interests in the transferor immediately prior to such Disposition;

 

(viii) Dispositions constituting licenses of intellectual property in the ordinary course of business;

 

(ix) Dispositions of cash or cash equivalents;

 

(x) Dispositions of Indebtedness or instruments or other obligations that are received as consideration for any Disposition of property or assets permitted by this Section 7.05;

 

(xi) Dispositions of investments (including Equity Interests and Indebtedness or instruments or other obligations) that are received in connection with the bankruptcy or reorganization of suppliers, customers or other Persons, or in settlement of, or pursuant to any judgment or other order in respect of, delinquent obligations of, or litigation proceedings or other disputes with, or from exercises of rights or remedies against, any such Persons;

 

(xii) any Disposition by a Project Financing Subsidiary to another Project Financing Subsidiary; and

 

 

  

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(xiii) any other Disposition by the Loan Parties and their Restricted Subsidiaries provided that at the time of such Disposition, (i) no Default shall exist or would result from such Disposition and (ii) the book value of the property being Disposed of, together with the book value of all other property disposed of in reliance on this clause (xii) during the fiscal year in which such Disposition occurs, shall not exceed 10% of Consolidated Net Tangible Assets as of the most recent Quarter End Date for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b).

 

(b) Notwithstanding the foregoing, the parties agree that prior to the Investment Grade Rating Date, Opco shall not Dispose of any Equity Interest in WIC, and WIC shall continue to be a Wholly Owned Subsidiary of Opco, either directly or through intermediate Wholly Owned Restricted Subsidiaries of Opco.

 

(c) If the Investment Grade Rating Date shall have occurred, Opco may not Dispose of any equity interests in WIC, SNG or CIG unless the MLP or Opco shall have obtained sufficient confirmations from Rating Agencies in form and substance reasonably satisfactory to the Administrative Agent, either immediately before announcing such Disposition (which confirmations shall not have been withdrawn prior to consummating such Disposition) or immediately before consummating such Disposition, to demonstrate that the criteria for “Investment Grade Rating Date” would be satisfied notwithstanding such Disposition.

 

    7.06  Restricted Payments.  Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:

 

(a) (i) each Restricted Subsidiary may make Restricted Payments to a Loan Party or a Restricted Subsidiary of a Loan Party, and (ii) any non-Wholly Owned Restricted Subsidiary may make Restricted Payments to any other Person that owns an Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;

 

(b) so long as no Default which would become an Event of Default under clauses (f) of Section 8.01 or an Event of Default shall have occurred and be continuing or would result therefrom, the MLP may make Restricted Payments.

 

    7.07  Change in Nature of Business.  Engage in any line of business other than gathering, transporting, processing and storing natural gas or other hydrocarbons or any businesses reasonably related or incidental thereto.

 

    7.08  Transactions with Affiliates.  Sell, lease or otherwise transfer any property to, or purchase, lease or otherwise acquire any property from, or otherwise engage in any other transaction with, any Affiliate of the MLP, whether or not in the ordinary course of business, except (a) transactions on terms no less favorable to such Person as would be obtainable by such Person at the time in a comparable arm’s-length transaction or series of transactions with a person other than an Affiliate of the MLP, (b) transactions among the MLP and the Restricted Subsidiaries (other than Project Financing Subsidiaries and the GP LLCs), (c) transactions described in the 2010 10-K or the First Quarter 10-Q, and (d) transactions the value of which are de minimis in relation to the assets, liabilities or revenues of the Loan Party or Restricted Subsidiary engaging in such transaction.

 

    7.09  Burdensome Agreements.  Directly or indirectly, enter into or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition on (a) the ability of any Loan Party or any Restricted Subsidiary (other than a Project Financing Subsidiary) to create or permit to exist any Lien on any of its property to secure the Obligations or (b) the ability of any Restricted Subsidiary (other than a Project Financing Subsidiary) to (i) pay dividends or make other distributions with respect to any of its capital stock or other Equity Interests to the MLP or any Restricted Subsidiary, (ii) make or repay loans or advances to the MLP or any Restricted Subsidiary, (iii) Guaranty the Obligations, or (iv) transfer assets to or otherwise invest in the MLP or any Restricted Subsidiary (any such prohibition, restriction or imposition of condition of the type described in the foregoing clause (a) or (b) is herein called a “Burdensome Restriction”); provided that

 

 

  

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(1)           clauses (a) and (b) of this Section shall not apply to restrictions and conditions imposed by law or by any Loan Document,

 

(2)           clauses (a) and (b) of this Section shall not apply to restrictions and conditions (A) existing on the Closing Date and identified on Schedule 7.09, or existing in any indenture, loan or credit agreement, or other debt instrument to which a Restricted Subsidiary that becomes a Restricted Subsidiary after the Closing Date (a "New Restricted Subsidiary") is party when it becomes a Restricted Subsidiary and that is not entered into in contemplation of or in connection with the New Restricted Subsidiary becoming a Restricted Subsidiary or (B) in any extension, refinancing or renewal thereof permitted under this Agreement, provided that the terms of any Burdensome Restriction contained in such extension, refinancing or renewal is no more restrictive than the Burdensome Restrictions being extended, refinanced or renewed,

 

(3)           clauses (a) and (b) of this Section shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Restricted Subsidiary pending such sale, provided that such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and such sale is permitted hereunder,

 

(4)           clause (a) of this Section shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property securing such Indebtedness,

 

(5)           clause (a) of this Section shall not apply to customary provisions in leases and other contracts entered into in the ordinary course of business restricting the assignment thereof,

 

(6)           clause (a) of this Section shall not apply to provisions imposed by an agreement related to Indebtedness permitted by this Agreement that provides for the imposition of equal and ratable Liens to secure such Indebtedness if Liens are granted to secure the Obligations; and

 

(7)           clause (a) of this Section shall not apply to the receivables and related assets subject to an Alternate Program or owned by a Restricted Subsidiary whose only activities are to purchase receivables from the MLP or a Restricted Subsidiary and resell such receivables, in each case pursuant to an Alternate Program.

 

    7.10  Amendment to Organization Documents.  Prior to the Investment Grade Rating Date, amend, or permit any Subsidiary to amend, any of its or their Organization Documents in any manner that could reasonably be expected to adversely and materially affect the rights of the Lenders under this Agreement or their ability to enforce any provisions of this Agreement or that could reasonably be expected to have a Material Adverse Effect.

 

    7.11  Use of Proceeds.  Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

 

 

  

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    7.12  Leverage Ratio.

 

(a) Permit the Leverage Ratio of the MLP or the Leverage Ratio of Opco to exceed 5.00 to 1.00 as of any Quarter-End Date; provided that as of any Quarter-End Date that is during an Acquisition Period, such ratio shall not exceed 5.50 to 1.00.

 

(b) Permit the Leverage Ratio of any Subsidiary Borrower to exceed 5.00 to 1.00 as of any Quarter-End Date.

 

    7.13 Unrestricted Subsidiaries.  Permit any Unrestricted Subsidiary to hold, directly or indirectly, any Equity Interest in, or any Indebtedness of, the MLP, any Restricted Subsidiary.

 

    7.14  Swap Contracts.  Prior to the Investment Grade Rating Date, enter into or permit to exist any obligations under Swap Contracts other than Swap Contracts entered into by such Person in the ordinary course of business for the purpose of mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view.”

 

ARTICLE VIII.

EVENTS OF DEFAULT AND REMEDIES

 

    8.01  Events of Default.  Any of the following shall constitute an Event of Default:

 

(a) Non-Payment.  Any Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within five Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or any other amount payable hereunder or under any other Loan Document; or

 

(b) Specific Covenants.  Any Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.03(a), 6.04(a) (with respect to the MLP, Opco, and any other Borrower), 6.10 or Article VII; or

 

(c) Other Defaults.  Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days; or

 

(d) Representations and Warranties.  Any representation or warranty made or deemed made by or on behalf of the MLP, any Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; or

 

(e) Cross-Default.  (i) The General Partner, the MLP or any Restricted Subsidiary (other than a Project Financing Subsidiary)

 

(A)           fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, required repurchase or redemption or otherwise) in respect of any Indebtedness or Guaranty (other than Indebtedness hereunder) having an aggregate outstanding principal amount of more than the Threshold Amount, or

 

 

  

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(B)           fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guaranty or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event (other than an exercise of voluntary prepayment or voluntary purchase option or analogous right or any issuance or Disposition of Equity Interests or other assets, or an incurrence or issuance of Indebtedness or other obligations, giving rise to a repayment or prepayment obligation in respect of such Indebtedness if such repayment or prepayment is paid when due) occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guaranty (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), prior to its stated maturity, or such Guaranty to become payable or cash collateral in respect thereof to be demanded; or

 

(ii)           there occurs under any Swap Contract to which the General Partner, the MLP or any Restricted Subsidiary other than a Project Financing Subsidiary is a party an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the General Partner, the MLP or any Restricted Subsidiary (other than a Project Financing Subsidiary) is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the General Partner, the MLP or any Restricted Subsidiary (other than a Project Financing Subsidiary) is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the General Partner, the MLP or such Restricted Subsidiary as a result thereof is greater than the Threshold Amount and is not paid when due; or

 

(iii)           The MLP or any Restricted Subsidiary (other than a Project Financing Subsidiary) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, required repurchase or redemption or otherwise) in respect of Recourse Equity Contribution Obligations having an aggregate outstanding principal amount of more than the Threshold Amount; or

 

(f) Insolvency Proceedings, Etc.  The MLP, any other Loan Party, the General Partner, or any Restricted Subsidiary other than a Project Financing Subsidiary, if such Restricted Subsidiary has total Assets in excess of the Threshold Amount (any of the foregoing, a “Material Related Party”) shall (A) generally not pay its debts as such debts become due; or (B) admit in writing its inability to pay its debts generally; or (C) make a general assignment for the benefit of creditors; or (i) any proceeding shall be instituted or consented to by any Material Related Party seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; or (ii) any such proceeding shall have been instituted against any Material Related Party and either such proceeding shall not be stayed or dismissed for 60 consecutive days or any of the actions referred to above sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or any substantial part of its property) shall occur; or (iii) any Material Related Party shall take any corporate action to authorize any of the actions set forth above in this paragraph (f); or

 

 

  

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(g) Judgments.  Any judgment or order for the payment of money in an aggregate amount in excess of the Threshold Amount (net of insurance coverage which is reasonably expected to be paid by the insurer and as to which the insurer has not denied coverage) shall be rendered against the General Partner, the MLP or any Restricted Subsidiary (other than a Project Financing Subsidiary) or any combination thereof and either (i) the same shall remain undischarged for a period of 45 consecutive days during which execution shall not be effectively stayed, or (ii) enforcement proceedings are commenced by a judgment creditor to attach or levy upon any property or assets of the General Partner, the MLP or a Restricted Subsidiary (other than a Project Financing Subsidiary) to enforce any such judgment or order; provided, however, that with respect to any such judgment or order that is subject to the terms of one or more settlement agreements that provide for the obligations thereunder to be paid or performed over time, such judgment or order shall not be deemed hereunder to be undischarged unless and until the General Partner, the MLP or the applicable Restricted Subsidiary, as applicable, shall have failed to pay any amounts due and owing thereunder (payment of which shall not have been stayed) after expiration of all grace periods for payment provided in such settlement agreement; or

 

(h) ERISA.  (i) Any Termination Event with respect to a Plan shall have occurred and, 30 days after notice thereof shall have been given to the MLP by the Administrative Agent, such Termination Event shall still exist; or (ii) the MLP or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan; or (iii) the MLP or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization, or is insolvent or is being terminated, within the meaning of Title IV of ERISA; or (iv) any Person shall engage in a “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan; and in each case in clauses (i) through (iv) above, such event or condition, together with all other such events or conditions, if any, would result in an aggregate liability of the MLP or any ERISA Affiliate that would have a Material Adverse Effect; or

 

(i) Invalidity of Loan Documents.  Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or

 

(j) Change of Control.  There occurs any Change of Control.

 

    8.02  Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a) declare the commitment of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers;

 

(c) require that each Borrower Cash Collateralize the L/C Obligations attributable to such Borrower (in an amount equal to the then Outstanding Amount thereof); and

 

(d) exercise on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and the L/C Issuers under the Loan Documents;

 

 

  

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provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of each Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

 

    8.03  Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any payments made by or on behalf of any Loan Party on the Obligations shall, subject to the provisions of Section 2.03(g) and 2.20, be applied by the Administrative Agent in the following order:

 

First, to payment of that portion of the Obligations of such Loan Party constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 

Second, to payment of that portion of the Obligations of such Loan Party constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and L/C Issuers and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them;

 

Third, to payment of that portion of the Obligations of such Loan Party constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment of that portion of the Obligations of such Loan Party constituting unpaid principal of the Loans, L/C Borrowings and amounts owing to Lender Swap Providers under Lender Swap Contracts, ratably among the Lenders, the L/C Issuers and the Lender Swap Providers in proportion to the respective amounts described in this clause Fourth owed to them;

 

Fifth, to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize that portion of the Obligations of such Loan Party constituting L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03(g) and 2.20; and

 

Last, the balance, if any, after all of the Obligations of such Loan Party have been indefeasibly paid in full, to such Loan Party or as otherwise required by Law.

 

Subject to Sections 2.03(c) and 2.03(g), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur.  If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations of the applicable Loan Party, if any, in the order set forth above.

 

 

  

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ARTICLE IX.

ADMINISTRATIVE AGENT

 

    9.01  Appointment and Authority.  Each of the Lenders and the L/C Issuers hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and no Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.

 

    9.02  Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

    9.03  Exculpatory Provisions.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents.  Without limiting the generality of the foregoing, the Administrative Agent:

 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

(c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of their respective Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 10.01 and Section 8.02) or (ii) in the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by a Borrower, a Lender or an L/C Issuer.

 

 

  

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The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

    9.04  Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or an L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit.  The Administrative Agent may consult with legal counsel (who may be counsel for a Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

    9.05  Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

    9.06  Resignation of Administrative Agent.

 

(a)           The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrowers.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders and the Borrowers) (the “Resignation Effective Date”), then the retiring Administrative Agent may on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice.

 

 

  

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(b)           If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrowers and such Person remove such Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders and the Borrowers) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)           With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents.  The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.

 

Any resignation by, or removal of, Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as an L/C Issuer and Swing Line Lender.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, issued by the retiring or removed L/C Issuer and outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

 

    9.07  Non-Reliance on Administrative Agent and Other Lenders.  Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

    9.08  No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers or other agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder.

 

 

  

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    9.09  Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the applicable Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise

 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(i) and (j), 2.09 and 10.04) allowed in such judicial proceeding; and

 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 10.04).

 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer in any such proceeding.

 

    9.10  Guaranty Matters.

 

(a) The Lenders and the L/C Issuers, and, by their acceptance of the benefits of the Guaranty Agreements and the Lender Swap Providers, irrevocably authorize the Administrative Agent, at its option and in its discretion, to release any Guarantor (other than the MLP and Opco) from its obligations under its Guaranty Agreement if such Person ceases to be a Restricted Subsidiary as a result of a transaction permitted hereunder.

 

Upon request by the Administrative Agent at any time, each Lender agrees to confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under its Guaranty Agreement pursuant to this Section 9.10(a).

 

(b) The benefit of the Guaranty Agreements shall also extend to and be available to Lender Swap Providers on a pro rata basis as set forth in Section 8.03 in respect of any obligations of the Loan Parties or any of their Restricted Subsidiaries which arise under any Lender Swap Contract. No Lender Swap Provider shall have any voting rights under this Agreement or any other Loan Document as a result of the existence of obligations owed to it under any such Lender Swap Agreements.  The Administrative Agent shall not be deemed to have knowledge of any Lender Swap Contract unless it receives written notice from the Loan Parties or the Lender Swap Provider that is a party thereto, such notice to specify, as applicable, that such Lender Swap Provider is a “Lender Swap Provider” as herein defined and that such Lender Swap Contract is a “Lender Swap Contract” as herein defined.

 

 

  

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ARTICLE X.

MISCELLANEOUS

 

    10.01  Amendments, Etc.

 

  No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrowers or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(a) waive any condition set forth in Section 4.01(a) without the written consent of each Lender;

 

(b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender;

 

(c) postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby;

 

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;

 

(e) change Section 2.13, Section 8.03 or the definition of “Applicable Percentage” in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender;

 

(f) change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender; or

 

(g) release a Guarantor from its Guaranty Agreement without the written consent of each Lender, except to the extent the release of any Guarantor is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent acting alone);

 

 

  

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and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the applicable L/C Issuer in addition to the Lenders required above, affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iv) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended, nor the principal amount of any Loan owed to such Defaulting Lender reduced or the final maturity thereof extended, without the consent of such Defaulting Lender, (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender, and (z) any waiver, amendment or modification changing the voting rights of a Defaulting Lender shall require the consent of each Lender, including each Defaulting Lender.

 

If a Lender does not consent to a proposed amendment, consent, waiver or release with respect to a Loan Document that requires the consent of each Lender, if such amendment, consent, waiver or release has been approved by the Required Lenders, Opco may replace such non-consenting Lender pursuant to Section 10.13 if such amendment, consent, waiver or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by Opco to be made pursuant to this paragraph).

 

    10.02  Notices; Effectiveness; Electronic Communication.

 

(a) Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i) if to any Borrower, the Administrative Agent, an L/C Issuer or the Swing Line Lender, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and

 

(ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the MLP or the Borrowers).

 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received.  Notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not sent during normal business hours for the recipient, such notice or other communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).

 

 

  

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(b) Electronic Communications.  Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or L/C Issuer pursuant to Article II if such Lender or L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

 

(c) The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to any Borrower, any Lender, any L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

(d) Change of Address, Etc.  Each of the Borrowers, the Administrative Agent, the L/C Issuers and the Swing Line Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrowers, the Administrative Agent, the L/C Issuers and the Swing Line Lender.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to any Borrower or its securities for purposes of United States Federal or state securities laws.

 

 

  

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(e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of a Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  Each Borrower shall indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of such Borrower as provided in Section 10.04(b).  All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

    10.03  No Waiver; Cumulative Remedies Enforcement.

 

(a) No failure by any Lender, any L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

(b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

 

  

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    10.04  Expenses; Indemnity; Damage Waiver.

 

(a) Costs and Expenses.  The Borrowers shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of one counsel for the Administrative Agent and the Arrangers), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or any L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.  The liability of each Subsidiary Borrower pursuant to this Section 10.04(a) shall be subject to the limitations set forth in Section 2.17.

 

(b) Indemnification by the Borrowers.  The Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, the reliance by such Indemnitee on notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of a Borrower, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the MLP or any of its Subsidiaries, or any Environmental Liability related in any way to the MLP or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the MLP, any Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by the MLP, any Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the MLP, such Borrower or such Loan Party, as applicable, has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, or (z) result from any dispute arising solely between or among any Lenders, Agents, L/C Issuers or other Indemnitees which dispute is not a direct or indirect result of any act or omission of any Loan Party or any of its Subsidiaries.  The liability of each Subsidiary Borrower pursuant to this Section 10.04(b) shall be subject to the limitations set forth in Section 2.17.

 

 

  

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(c) Reimbursement and Indemnification by Lenders.

 

(i) Each Lender severally agrees to indemnify on demand the Administrative Agent (and any sub-agent thereof), each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Agent/Issuer-Related Indemnitee”) (to the extent not reimbursed by or on behalf of the Borrowers and without limiting any obligations of the Borrowers to do so), pro rata, according to each such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), and hold harmless each Agent/Issuer-Related Indemnitee from and against, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Agent/Issuer-Related Indemnitee), incurred by or against the Administrative Agent (and any sub-agent thereof) or an L/C Issuer acting in its capacity as such, or incurred by or against any Related Party of any of the foregoing acting for the Administrative Agent (and any sub-agent thereof) or an L/C Issuer in connection with such capacity, arising out of arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, the reliance by such Agent/Issuer-Related Indemnitee on notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of a Borrower, or the administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the MLP or any of its Subsidiaries, or any Environmental Liability related in any way to the MLP or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the MLP, any Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE AGENT/ISSUER-RELATED INDEMNITEE (all of the foregoing, collectively, “Indemnified Liabilities”); provided, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or an L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or an L/C Issuer in connection with such capacity; and provided further that such indemnity shall not be available to an Agent/Issuer-Related Indemnitee to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent/Issuer-Related Indemnitee; and provided, further, that no action taken by the Administrative Agent in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section.

 

 

  

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(ii) To the extent that the MLP or any Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or any L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity.  The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(e).

 

(d) Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, the MLP and each Borrower agrees not to assert, and hereby waives, any claim against any Indemnitee, and the Administrative Agent, each L/C Issuer and each Lender agrees not to assert, and hereby waives, any claim against the MLP or any Borrower, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided that the foregoing agreement and waiver by the Administrative Agent, the L/C Issuers and the Lenders shall not limit the obligations of any Borrower under Section 10.04(a) or 10.04(b).  No party hereto or other Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Person as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(e) Payments.  All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

 

(f) Survival.  The agreements in this Section shall survive the resignation of the Administrative Agent, any L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

    10.05  Payments Set Aside.  To the extent that any payment by or on behalf of any Borrower is made to the Administrative Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the L/C Issuers under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

 

  

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    10.06  Successors and Assigns.

 

(a) Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither any Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b) Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 

(i) Minimum Amounts.

 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, each Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met.

 

(ii) Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;

 

 

  

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(iii) Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

 

(A) the consent of each Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;

 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender;

 

(C) the consent of the applicable L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding) issued by such L/C Issuer; and

 

(D) the consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.

 

(iv) Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v) No Assignment to Certain Persons.  No such assignment shall be made (A) to any Borrower or to the Subsidiaries or Affiliates of any Borrower, (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural person.

 

(vi) Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each L/C Issuer, each Swing Line Lender and each other Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

 

  

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Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Upon request, each Borrower (as applicable and at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.

 

(c) Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrowers (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender.  The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d) Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender or a subsidiary thereof, or any Borrower or any of the Affiliates or Subsidiaries of any Borrower) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.

 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant.  Subject to subsection (e) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender.

 

 

  

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(e) Limitations upon Participant Rights.  A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with Opco’s prior written consent.  A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless Opco is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Sections 3.01(e) and (f) as though it were a Lender.

 

(f) Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(g) Electronic Execution of Assignments.  An Assignment and Assumption may be signed electronically as provided in Section 10.17.

 

(h) Resignation as L/C Issuer or Swing Line Lender after Assignment.  Notwithstanding anything to the contrary contained herein, if (i) at any time Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, (A) upon 30 days’ notice to the Borrowers and the Lenders, resign as L/C Issuer and/or (B) upon 30 days’ notice to the Borrowers and the Lenders, resign as Swing Line Lender, and (ii) at any time any other L/C Issuer assigns all of its Commitment and Loans pursuant to subsection (b) above, such L/C Issuer, may, upon 30 days’ notice to the Borrowers and the Lenders, resign as L/C Issuer.  In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrowers to appoint any such successor shall affect the resignation of Bank of America or such other L/C Issuer, as applicable, as L/C Issuer or Swing Line Lender, as the case may be.  If Bank of America or any other L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).  If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).  Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

 

    10.07  Treatment of Certain Information; Confidentiality.  Each of the Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as (or at least as restrictive as) those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.15(c) or (ii) any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap or derivative or other transaction under which payments are to be made by reference to the MLP or any Subsidiary and its obligations, this Agreement or payments hereunder, (iii) any Rating Agency, or (iv) the CUSIP Service Bureau or any similar organization, (g) with the consent of the Borrowers or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the MLP or a Subsidiary.

 

 

  

97

  

 

For purposes of this Section, “Information” means all information received from the MLP or a Subsidiary relating to the MLP or a Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by the MLP or a Subsidiary, provided that, in the case of information received from the MLP or a Subsidiary after the Closing Date such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

Each of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information concerning the MLP or a Subsidiary, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.

 

    10.08  Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of any Loan Party against any and all of the obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or such L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, each L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, each L/C Issuer or their respective Affiliates may have.  Each Lender and each L/C Issuer agrees to notify Opco and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

 

  

98

  

 

    10.09  Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to each applicable Borrower.  In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

    10.10  Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means (such as .pdf format) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

    10.11  Survival of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

    10.12  Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, any L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

 

  

99

  

 

    10.13  Replacement of Lenders.  If any Lender requests compensation under Section 3.04, if any Lender is unable to fund Eurodollar Rate Loans, if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, if any Lender is a Defaulting Lender or if any other circumstance exists hereunder that gives the Borrowers the right to replace a Lender as a party hereto, then Opco may, at the sole expense and effort of the Borrowers, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a) the Borrowers shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b);

 

(b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts);

 

(c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and

 

(d) such assignment does not conflict with applicable Laws.

 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply.

 

    10.14  Governing Law; Jurisdiction; Etc.

 

(A) GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b) SUBMISSION TO JURISDICTION.  EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

  

100

  

(c) WAIVER OF VENUE.  EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d) SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

    10.15  Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    10.16  No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Arrangers, are arm’s-length commercial transactions between each Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent and the Arrangers, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Arrangers and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Loan Party, or any of their respective Affiliates, or any other Person and (B) neither the Administrative Agent nor any Arranger nor any Lender has any obligation to any Loan Party or any of their Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their Affiliates, and neither the Administrative Agent nor any Arranger nor any Lender has any obligation to disclose any of such interests to any Loan Party or any of its Affiliates.  To the fullest extent permitted by law, each Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

 

  

101

  

 

    10.17  Electronic Execution of Assignments and Certain Other Documents.  The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

    10.18  USA PATRIOT Act Notice.  Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Loan Party 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 such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Act.  Each Loan Party shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

 

    10.19  Termination of Commitments Under Existing Credit Agreement.  Reference is made to Section 4.01(a)(viii) which requires evidence of termination of all commitments to extend credit under the Existing Credit Agreement and payments of all amounts due thereunder.  By executing this Agreement, the Lenders who are lenders party to the Existing Credit Agreement hereby waive the notice provisions in Section 2.06 of the Existing Credit Agreement.

 

    10.20  ENTIRE AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

 

  

102

  

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

BORROWERS:

 

	

EL PASO PIPELINE PARTNERS OPERATING COMPANY, L.L.C.

 

 

 

	
By:

	
/s/ John J. Hopper

	
John J. Hopper

	
Vice President and Treasurer

	

WYOMING INTERSTATE COMPANY, L.L.C.

(formerly known as Wyoming Interstate Company, Ltd.)

 

 

 

	
By:

	
/s/ John J. Hopper

	
John J. Hopper

	
Vice President and Treasurer

	

MLP:

 

EL PASO PIPELINE PARTNERS, L.P.

 

By:  El Paso Pipeline GP Company L.L.C., its general partner

 

 

 

	
By:

	
/s/ John J. Hopper

	
John J. Hopper

	
Vice President and Treasurer

 

 

                             

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

	
BANK OF AMERICA, N.A.,

as Administrative Agent

 

	
By:

	
/s/ Anthony W. Kell

	
Anthony W. Kell

	
Managing Director

 

 

	
BANK OF AMERICA, N.A.,

as a Lender, an L/C Issuer and Swing Line Lender

 

 

	
By:

	
/s/ Ronald E. McKaig

	
Ronald E. McKaig

	
Managing Director

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

	
THE ROYAL BANK OF SCOTLAND,

as a Lender and an L/C Issuer

 

	
By:

	
/s/ Brian D. Williams

	
Brian D. Williams

	
Authorised Signatory

	  

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

 

	
BARCLAYS BANK PLC,

as a Lender and an L/C Issuer

 

 

	
By:

	
/s/ David Barton

	
Name:David Barton

	
Title:Director

	  

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

	
DNB NOR Bank ASA,

as a Lender and an L/C Issuer

 

	
By:

	
/s/ Thomas Tangen

	
Name:Thomas Tangen

	
Title:Senior Vice President

	
 

 

  

	
By:

	
/s/ Kristie Li

	
Name:Kristie Li

	
Title:Vice President

	  

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

	
The Bank of Nova Scotia,

as a Lender and an L/C Issuer

 

 

	
By:

	
/s/ Marc Graham

	
Name:Marc Graham

	
Title:Director

	  

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

	
Wells Fargo Bank, N.A.,

as a Lender and an L/C Issuer

 

 

	
By:

	
/s/ Paul V. Farrell

	
Paul V. Farrell

	
Director

	  

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

	
CITIBANK, N.A.,

as a Lender

 

 

	
By:

	
/s/ Shannon Sweeney

	
Name:Shannon Sweeney

	
Title:Vice President

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

	
JPMORGAN CHASE BANK, N.A.,

as a Lender

 

 

	
By:

	
/s/ Muhammad Hasan

	
Name:Muhammad Hasan

	
Title:Vice President

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

 

	
CREDIT SUISSE AG, Cayman Islands Branch,

as a Lender

 

 

	
By:

	
/s/ Nupur Kumar

	
Name:Nupur Kumar

	
Title:Vice President

	
  

 

 

	
By:

	
/s/ Sanja Gazahi

	
Name:Sanja Gazahi

	
Title:Associate

	  

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

	
DEUTSCHE BANK TRUST COMPANY AMERICAS,

as a Lender

 

 

	
By:

	
/s/ Marcus M. Tarkington

	
Name:Marcus M. Tarkington

	
Title:Director

	  

	  
	
By:

	
/s/ Michael Getz

	
Name:Michael Getz

	
Title:Vice President

	  

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

 

	
GOLDMAN SACHS BANK USA,

as a Lender

 

 

	
By:

	
/s/ Mark Walton

	
Name:Mark Walton

	
Title:Authorized Signatory

	  

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

	
MORGAN STANLEY BANK, N.A.,

as a Lender

 

 

	
By:

	
/s/ Sherrese Clarke

	
Name:Sherrese Clarke

	
Title:Authorized Signatory

	  

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

 

 

	
ROYAL BANK OF CANADA,

as a Lender

 

 

	
By:

	
/s/ Jason S. York

	
Name: Jason S. York

	
Title:Authorized Signatory

	  

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

	
UBS AG, Stamford Branch,

as a Lender

 

 

	
By:

	
/s/ Irja R. Otsa

	
Name:Irja R. Otsa

	
Title:Associate Director

	
  

 

 

	
By:

	
/s/ Mary E. Evans

	
Name: Mary E. Evans

	
Title:Associate Director

	  

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

	
Bayerische Landesbank, New York Branch,

as a Lender

 

 

	
By:

	
/s/ Rolf Siebert

	
Name:Rolf Siebert

	
Title:Senior Vice President

	
  

 

 

	
By:

	
/s/ Gina Sandella

	
Name:Gina Sandella

	
Title:Vice President

	  

 

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

	
BANK OF MONTREAL,

as a Lender

 

 

	
By:

	
/s/ Kevin Utsey

	
Name:Kevin Utsey

	
Title:Director

	  

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

	
BNP PARIBAS,

as a Lender

 

 

	
By:

	
/s/ Larry Robinson

	
Name:Larry Robinson

	
Title:Director

	
 

 

  

	
By:

	
/s/ Edward Pak

	
Name:Edward Pak

	
Title:Director

	  

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

	

CoBANK, ACB, as a Lender

 

 

	
By:

	
/s/ Lori Kepner

	
Name:Lori Kepner

	
Title:Vice President

	  

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

	
CREDIT AGRICOLE CORPORATE ANI INVESTMENT BANK,

as a Lender

 

 

	
By:

	
/s/ Darrell Stanley

	
Name:Darrell Stanley

	
Title:Managing Director

	
  

 

 

	
By:

	
/s/ Sharada Manne

	
Name:Sharada Manne

	
Title:Director

	  

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

	
ING CAPITAL LLC,

as a Lender

 

 

	
By:

	
/s/ Subha Pasumarti

	
Name:Subha Pasumarti

	
Title:Director

	  

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

 

	
NATIXIS,

as a Lender

 

 

	
By:

	
/s/ Timothy Polvado

	
Name:Timothy Polvado

	
Title:Sr. Managing Director

	
 

  

 

 

	
By:

	
/s/ Donovan C. Broussard

	
Name:Donovan C. Broussard

	
Title:Managing Director

	  

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

	
SOCIETE GENERALE,

as a Lender

 

 

	
By:

	
/s/ Anson Williams

	
Name:Anson Williams

	
Title:Director

	  

 

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

  

	
UNICREDIT BANK AG, NEW YORK BRANCH,

as a Lender

 

 

	
By:

	
/s/ Thomas Dusch

	
Name:Thomas Dusch

	
Title:Managing Director

	
  

 

 

	
By:

	
/s/ Miriam Trautmann

	
Name:Miriam Trautmann

	
Title:Director

	  

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

	
UNION BANK, N.A.,

as a Lender

 

 

	
By:

	
/s/ Kevin Zitar

	
Name:Kevin Zitar

	
Title:Senior Vice President

	  

 

 

 

Signature Page to

El Paso Pipeline Partners Operating Company, L.L.C.

Credit Agreement

  

  

  

 

 

SCHEDULE 2.01

 

COMMITMENTS

	
Lender

	
Commitment

	
Applicable Percentage

	
Bank of America, N.A.

	
$58,000,000

	
5.800000000%

	
The Royal Bank of Scotland plc

	
58,000,000

	
5.800000000%

	
Barclays Bank PLC

	
58,000,000

	
5.800000000%

	
DnB Nor Bank ASA

	
58,000,000

	
5.800000000%

	
The Bank of Nova Scotia

	
58,000,000

	
5.800000000%

	
Wells Fargo Bank, N.A.

	
58,000,000

	
5.800000000%

	
Citibank, N.A.

	
56,000,000

	
5.600000000%

	
JPMorgan Chase Bank N.A.

	
56,000,000

	
5.600000000%

	
Credit Suisse AG, Cayman Islands Branch

	
40,000,000

	
4.000000000%

	
Deutsche Bank Trust Company Americas

	
40,000,000

	
4.000000000%

	
Goldman Sachs Bank USA

	
40,000,000

	
4.000000000%

	
Morgan Stanley Bank, N.A.

	
40,000,000

	
4.000000000%

	
Royal Bank of Canada

	
40,000,000

	
4.000000000%

	
UBS AG, Stamford Branch

	
40,000,000

	
4.000000000%

	
Bayerische Landesbank, New York Branch

	
30,000,000

	
3.000000000%

	
Bank of Montreal

	
30,000,000

	
3.000000000%

	
BNP Paribas

	
30,000,000

	
3.000000000%

	
CoBank, ACB

	
30,000,000

	
3.000000000%

	
Credit Agricole Corporate and Investment Bank

	
30,000,000

	
3.000000000%

	
ING Capital LLC

	
30,000,000

	
3.000000000%

	
Natixis

	
30,000,000

	
3.000000000%

	
Societe Generale

	
30,000,000

	
3.000000000%

	
Unicredit Bank AG, New York Branch

	
30,000,000

	
3.000000000%

	
Union Bank, N.A.

	
30,000,000

	
3.000000000%

	
Total

	
$1,000,000,000

	
100.00%

 

Schedule 2.01

  

  

  

 

SCHEDULE 5.09

 

ENVIRONMENTAL COMPLIANCE

Matters described under the heading “Environmental Matters” in the 2010 10-K and the First Quarter 2011 10-Q.

Schedule 5.09

  

  

  

 

SCHEDULE 5.12

 

SUBSIDIARIES AND

 

OTHER EQUITY INVESTMENTS

 

Part (a).  Subsidiaries.

 

CIG Funding Company, L.L.C.: 100% owned by Colorado Interstate Gas Company

 

Colorado Interstate Gas Company: 58% general partner interest owned by EPPP CIG GP Holdings, L.L.C.

 

Colorado Interstate Issuing Corporation: 100% owned by Colorado Interstate Gas Company

 

El Paso Pipeline Partners Operating Company, L.L.C.: 100% owned by El Paso Pipeline Partners, L.P.

 

Elba Express Company, L.L.C.: 100% owned by El Paso Pipeline Partners Operating Company, L.L.C. (10% voting interest owned by Southern Natural Gas Company)

 

EPPP SNG GP Holdings L.L.C.:  100% owned by El Paso Pipeline Partners Operating Company, L.L.C.

 

EPPP CIG GP Holdings, L.L.C.:  100% owned by El Paso Pipeline Partners Operating Company, L.L.C.

 

SNG Funding Company, L.L.C.:  100% owned by Southern Natural Gas Company

 

Southern LNG Company, L.L.C.: 100% owned by El Paso Pipeline Partners Operating Company, L.L.C.

 

Southern Natural Gas Company: 85% general partner interest owned by EPPP SNG GP Holdings, L.L.C.

 

Southern Natural Issuing Corporation:  100% owned by Southern Natural Gas Company

 

WYCO Development LLC: 50% owned by Colorado Interstate Gas Company

 

Wyoming Interstate Company, L.L.C.:  100% owned by El Paso Pipeline Partners Operating Company, L.L.C.

 

Unrestricted Subsidiaries.

 

None.

 

 

Part (b).  Other Equity Investments.

 

Bear Creek Storage Company, L.L.C.:    50% owned by Southern Natural Gas Company

Schedule 5.12

  

  

  

 

SCHEDULE 7.01

 

EXISTING LIENS

 

Facilities Lease Agreement between WYCO Development LLC as Secured Party and Wyoming Interstate Company, Ltd. as Debtor, dated as of December 1, 1999 (original amount of lease:  $12,018,616.00 and outstanding amount as of October 31, 2007:  $8,403,365.29)

 

Receivables Purchase Agreement, dated as of January 15, 2010, among SNG Funding Company, L.L.C., Southern Natural Gas Company, Starbird Funding Corporation, the other investor from time to time party thereto, BNP Paribas, New York Branch, as initial Managing Agent, the other managing agents from time to time party thereto and BNP Paribas, New York Branch, as Program Agent

 

Amended and Restated First Tier Receivables Sale Agreement, dated as of January 15, 2010, between Southern Natural Gas Company and SNG Funding Company, L.L.C.

 

Receivables Purchase Agreement, dated as of January 15, 2010, among CIG Funding Company, L.L.C., Colorado Interstate Gas Company, Starbird Funding Corporation, the other investor from time to time party thereto, BNP Paribas, New York Branch, as initial Managing Agent, the other managing agents from time to time party thereto and BNP Paribas, New York Branch, as Program Agent

 

Amended and Restated First Tier Receivables Sale Agreement, dated as of January 15, 2010, between Colorado Interstate Gas Company and CIG Funding Company, L.L.C.

 

Schedule 7.01

  

  

  

 

SCHEDULE 7.03

 

EXISTING INDEBTEDNESS

 

Facilities Lease Agreement between WYCO Development LLC as Secured Party and Wyoming Interstate Company, Ltd. as Debtor, dated as of December 1, 1999 (original amount of lease:  $12,018,616.00 and outstanding amount as of October 31, 2007:  $8,403,365.29)

 

Amended and Restated First Tier Receivables Sale Agreement, dated as of January 15, 2010, between Colorado Interstate Gas Company and CIG Funding Company, L.L.C.

 

Receivables Purchase Agreement, dated as of January 15, 2010, among CIG Funding Company, L.L.C., Colorado Interstate Gas Company, Starbird Funding Corporation, the other investor from time to time party thereto, BNP Paribas, New York Branch, as initial Managing Agent, the other managing agents from time to time party thereto and BNP Paribas, New York Branch, as Program Agent

 

Amended and Restated First Tier Receivables Sale Agreement, dated as of January 15, 2010, between Southern Natural Gas Company and SNG Funding Company, L.L.C.

 

Receivables Purchase Agreement, dated as of January 15, 2010, among SNG Funding Company, L.L.C., Southern Natural Gas Company, Starbird Funding Corporation, the other investor from time to time party thereto, BNP Paribas, New York Branch, as initial Managing Agent, the other managing agents from time to time party thereto and BNP Paribas, New York Branch, as Program Agent

 

Indenture, dated as of June 1, 1987, among Southern Natural Gas Company, Southern Natural Issuing Corporation and Manufacturers Hanover Trust Company

 

(i) Prospectus Supplement dated February 21, 2002 (8.00% Notes due March 1, 2032)

 

(ii) First Supplemental Indenture dated as of September 30, 1997

 

(iii) Second Supplemental Indenture dated as of February 13, 2001

 

(iv) Third Supplemental Indenture dated as of March 26, 2007

 

(v) Fourth Supplemental Indenture dated as of May 4, 2007

 

(vi) Fifth Supplemental Indenture dated as of October 15, 2007

 

(vii) Sixth Supplemental Indenture dated as of November 1, 2007 among Southern Natural Gas Company, Southern Natural Issuing Corporation Wilmington Trust Company and The Bank of New York Trust Company, N.A.

 

Indenture, dated March 30, 2010, between El Paso Pipeline Partners Operating Company, L.L.C. and HSBC Bank USA, National Association ($425,000,000 6.50% Senior Notes due 2020)

 

(i) First Supplemental Indenture, dated March 30, 2010 ($110,000,000 6.50% Senior Notes due 2020)

 

 

  

  

  

 

(ii) Second Supplemental Indenture, dated November 19, 2010 ($375,000,000 4.10% Senior Notes due 2015 and $375,000,000 7.50% Senior Notes due 2040

 

Note Purchase Agreement, dated as of September 30, 2008, by El Paso Pipeline Partners Operating Company, L.L.C., and El Paso Pipeline Partners, L.P. ($37 million 7.76% Senior Notes, Series 2008-A, due September 30, 2011, $15 million 7.93% Senior Notes, Series 2008-B, due September 30, 2012, $88 million 8.00% Senior Notes, Series 2008-C, due September 30, 2013, $35 million Floating Rate Senior Notes, Series 2008-D, due September 30, 2012)

 

Note Purchase Agreement, dated as of February 24, 2009, by Southern LNG Inc. for $71 million 9.50% Senior Notes, Series 2009-A, due February 24, 2014 and $64,000,000 9.75% Senior Notes, Series 2009-B, due February 24, 2016

 

Indenture dated as of June 27, 1997 among Colorado Interstate Gas Company, Colorado Interstate Issuing Corporation and Harris Trust and Savings

 

(i) First Supplemental Indenture, dated as of June 27, 1997

 

(ii) Prospectus Supplement, dated as of June 24, 1997, to Supplement dated as of September 23, 1996

 

(iii) Second Supplemental Indenture, dated as of March 9, 2005

 

(iv) Third Supplemental Indenture, dated as of November 1, 2005

 

(v) Fifth Supplemental Indenture, dated as of November 1, 2007, among Colorado Interstate Gas Company, Colorado Interstate Issuing Corporation and The Bank of New York Trust Company, N.A. (successor-in-interest to Harris Trust and Savings Bank)

 

Schedule 7.03 – Page 2 

  

  

  

 

SCHEDULE 7.09

 

BURDENSOME AGREEMENTS

 

Indenture, dated March 30, 2010, between El Paso Pipeline Partners Operating Company, L.L.C. and HSBC Bank USA, National Association ($425,000,000 6.50% Senior Notes due 2020)

 

	
(i)  

	
First Supplemental Indenture, dated March 30, 2010 ($110,000,000 6.50% Senior Notes due 2020)

	
(ii)  

	
Second Supplemental Indenture, dated November 19, 2010, between El Paso Pipeline Partners Operating Company, L.L.C. and HSBC Bank USA, National Association, as trustee ($375 million 4.10% Senior Notes due 2015 and $375 million 7.50% Senior Notes due 2040)

Note Purchase Agreement, dated as of September 30, 2008, by El Paso Pipeline Partners Operating Company, L.L.C., and El Paso Pipeline Partners, L.P. ($37 million 7.76% Senior Notes, Series 2008-A, due September 30, 2011, $15 million 7.93% Senior Notes, Series 2008-B, due September 30, 2012, $88 million 8.00% Senior Notes, Series 2008-C, due September 30, 2013, $35 million Floating Rate Senior Notes, Series 2008-D, due September 30, 2012)

 

Facilities Lease Agreement between WYCO Development LLC as Secured Party and Wyoming Interstate Company, Ltd. as Debtor, dated as of December 1, 1999 (original amount of lease:  $12,018,616.00 and outstanding amount as of October 31, 2007:  $8,403,365.29)

 

Receivables Purchase Agreement, dated as of January 15, 2010, among SNG Funding Company, L.L.C., Southern Natural Gas Company, Starbird Funding Corporation, the other investor from time to time party thereto, BNP Paribas, New York Branch, as initial Managing Agent, the other managing agents from time to time party thereto and BNP Paribas, New York Branch, as Program Agent

 

Amended and Restated First Tier Receivables Sale Agreement, dated as of January 15, 2010, between Southern Natural Gas Company and SNG Funding Company, L.L.C.

 

Indenture, dated as of June 1, 1987, among Southern Natural Gas Company, Southern Natural Issuing Corporation and Manufacturers Hanover Trust Company

 

	
(i)  

	
Prospectus Supplement dated February 21, 2002 (8.00% Notes due March 1, 2032)

	
(ii)  

	
First Supplemental Indenture dated as of September 30, 1997

	
(iii)  

	
Second Supplemental Indenture dated as of February 13, 2001

	
(iv)  

	
Third Supplemental Indenture dated as of March 26, 2007

	
(v)  

	
Fourth Supplemental Indenture dated as of May 4, 2007

	
(vi)  

	
Fifth Supplemental Indenture dated as of October 15, 2007

 

 

  

  

  

	
(vii)  

	
Sixth Supplemental Indenture dated as of November 1, 2007 among Southern Natural Gas Company, Southern Natural Issuing Corporation Wilmington Trust Company and The Bank of New York Trust Company, N.A.

Receivables Purchase Agreement, dated as of January 15, 2010, among CIG Funding Company, L.L.C., Colorado Interstate Gas Company, Starbird Funding Corporation, the other investor from time to time party thereto, BNP Paribas, New York Branch, as initial Managing Agent, the other managing agents from time to time party thereto and BNP Paribas, New York Branch, as Program Agent

 

Amended and Restated First Tier Receivables Sale Agreement, dated as of January 15, 2010, between Colorado Interstate Gas Company and CIG Funding Company, L.L.C.

 

Indenture dated as of June 27, 1997 among Colorado Interstate Gas Company, Colorado Interstate Issuing Corporation and Harris Trust and Savings

 

	
(i)  

	
First Supplemental Indenture, dated as of June 27, 1997

	
(ii)  

	
Prospectus Supplement, dated as of June 24, 1997, to Supplement dated as of September 23, 1996

	
(iii)  

	
Second Supplemental Indenture, dated as of March 9, 2005

	
(iv)  

	
Third Supplemental Indenture, dated as of November 1, 2005

	
(v)  

	
Fifth Supplemental Indenture, dated as of November 1, 2007, among Colorado Interstate Gas Company, Colorado Interstate Issuing Corporation and The Bank of New York Trust Company, N.A. (successor-in-interest to Harris Trust and Savings Bank)

Note Purchase Agreement, dated as of February 24, 2009, by Southern LNG Inc. for $71 million 9.50% Senior Notes, Series 2009-A, due February 24, 2014 and $64,000,000 9.75% Senior Notes, Series 2009-B, due February 24, 2016

Schedule 7.09 – Page 2

  

  

  

 

SCHEDULE 10.02

 

ADMINISTRATIVE AGENT’S OFFICE;

 

CERTAIN ADDRESSES FOR NOTICES

 

LOAN PARTIES:

 

[Name of Loan Party]

c/o El Paso Pipeline Partners, L.P.

1001 Louisiana Street

Houston, TX  77002

Attention:  John J. Hopper

Telephone:  713-420-2490

Facsimile:  713-420-2708

Electronic Mail: john.hopper@elpaso.com

 

ADMINISTRATIVE AGENT:

 

Administrative Agent’s Office

(for payments and Requests for Credit Extensions):

Bank of America, N.A.

901 Main Street, 14th Floor

Dallas, TX  75202-3714

Attention:  Ms. Melissa Lopez

Telephone:  (214) 209-2031

Facsimile:   (214) 290-9485

Electronic Mail: melissa.lopez@bankofamerica.com

Account No.: 1292000883

Ref: El Paso Pipeline Partners LP - Melissa Lopez

ABA# 026009593

 

Other Notices as Administrative Agent:

Bank of America, N.A.

Agency Management Services

901 Main Street, 14th Floor

Dallas, TX  75202-3714

Attention:  Mr. Alan Tapley

Telephone:  (214) 209-4125

Facsimile:   (214) 290-9507

Electronic Mail:  alan.tapley@baml.com

 

 

  

  

  

 

with a copy to:

Bank of America, N.A.

TX4-213-08-14

700 Louisiana, 8th Floor

Houston, TX  77002

Attention:  Ronald E. McKaig

Managing Director

Telephone:  (713) 247-7237

Facsimile:  (713) 247-7286

Electronic Mail:  ronald.e.mckaig@bankofamerica.com

 

L/C ISSUERS:

Bank of America, N.A.

1000 West Temple Street, 7th Floor

Mail Code:  CA9-705-07-05

Los Angeles, CA  90012-1514

Attention:  Sandra Leon

Vice President

Telephone:    (213) 580-8369

Facsimile:   (213) 580-8440

Electronic Mail:  sandra.leon@bankofamerica.com

Barclays Bank PLC

30 Hudson Street

Jersey City, NJ  07302

Attention:   Szufan (Val) Shih

Telephone:   201-499-4980

Facsimile:  917-522-0453

Electronic Mail:  xrausloanops2@barclayscapital.com

DnB NOR Bank ASA

333 Clay Street, Suite 3950

Houston, TX  77002

Attention:  Alberto Caceda

Telephone:    (832) 214-5807

Facsimile:   (832) 214-5839

Electronic Mail:  alberto.caceda@dnbnor.no

Wells Fargo Bank, N.A.

1700 Lincoln St.

5th Floor

Denver, CO  80203

Attention:  Elizabeth Yowell

Telephone:  303-863-5114

Facsimile:  303-863-2729

Electronic Mail:  denlclnsvmemberssyndication@wellsfargo.com

For each other L/C Issuer, the address, facsimile number, electronic mail address and telephone number specified by such L/C Issuer in its Administrative Questionnaire or by notice to the other parties hereto.

Schedule 10.02 – Page 2

  

  

  

 

SWING LINE LENDER:

Bank of America, N.A.

Credit Services

901 Main Street, 14th Floor

Mail Code:  TX1-492-14-04

Dallas, TX  75202-3714

Attention:  Melissa Lopez

Telephone:  (214) 209-2031

Facsimile:  (214-290-9485

Electronic Mail:  melissa.lopez@bankofamerica.com

Account No.: 1292000883

Ref: El Paso Pipeline Partners LP - Melissa Lopez

ABA# 026009593

Schedule 10.02 – Page 3

  

  

  

2

EXHIBIT A

FORM OF COMMITTED LOAN NOTICE

Date:  ___________, 201__

To:           Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of May 27, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined unless otherwise defined herein), among El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company (“Opco”), Wyoming Interstate Company, L.L.C., a Delaware limited liability company (“WIC”), the Additional Borrowers from time to time party thereto (together with Opco and WIC, the “Borrowers” and each individually, a “Borrower”), El Paso Pipeline Partners, L.P., a Delaware limited partnership, the Lenders and L/C Issuers from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

The undersigned hereby requests (select one):

	
  

	
  A Borrowing of Committed Loans

	
  A conversion or continuation of Loans

1.           Name of Borrower:                                                                           .

2.           On                                                                 (a Business Day).

3.           In the amount of $                                                               .

4.           Comprised of                                                               .

[Type of Committed Loan requested]

5.           For Eurodollar Rate Loans:  with an Interest Period of                                                                                                 months.

The Committed Borrowing, if any, requested herein complies with the provisos to the first sentence of Section 2.01 of the Agreement.

 

[INSERT SIGNATURE BLOCK FOR OPCO OR APPLICABLE BORROWER]

 

By:                                                                           

 

Name:                                                                           

 

Title:                                                                           

 

A - 1

Form of Committed Loan Notice

  

  

  

EXHIBIT B

FORM OF SWING LINE LOAN NOTICE

Date:  ___________, 201__

	
To:

	
Bank of America, N.A., as Swing Line Lender

	
  

	
Bank of America, N.A., as Administrative Agent

	
  

	
Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of May 27, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined unless otherwise defined herein), among El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company (“Opco”), Wyoming Interstate Company, L.L.C., a Delaware limited liability company (“WIC”), the Additional Borrowers from time to time party thereto (together with Opco and WIC, the “Borrowers” and each individually, a “Borrower”), El Paso Pipeline Partners, L.P., a Delaware limited partnership, the Lenders and L/C Issuers from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

The undersigned hereby requests a Swing Line Loan:

1.           Name of Borrower:                                                                           .

2.           On                                                                 (a Business Day).

3.           In the amount of $                                                               .

The Swing Line Borrowing requested herein complies with the requirements of the provisos to the first sentence of Section 2.04(a) of the Agreement.

 

[INSERT SIGNATURE BLOCK FOR OPCO OR APPLICABLE BORROWER]

 

By:                                                                           

 

Name:                                                                           

 

Title:                                                                           

 

 

B - 1

Form of Swing Line Loan Notice

  

  

 

EXHIBIT C

 

FORM OF NOTE

	
___________, 201__

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to _____________________ or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of May 27, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined unless otherwise defined herein), among the Borrower, the other borrowers named therein, El Paso Pipeline Partners, L.P., the Lenders and L/C Issuers from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

The Borrower promises to pay interest on the unpaid principal amount of each Loan made to such Borrower from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement.  Except as otherwise provided in the Agreement, all payments of principal and interest for the account of the Lender shall be made to the Administrative Agent in Dollars in immediately available funds at the Administrative Agent’s Office.  If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.

 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein.  This Note is also entitled to the benefits of the Guaranty Agreements.  Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement.  Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business.

 

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note.

 

THIS NOTE AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLETED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[INSERT SIGNATURE BLOCK FOR APPLICABLE BORROWER]

 

By:                                                                           

 

Name:                                                                           

 

Title:                                                                           

 

C - 1

Form of Note

  

  

  

EXHIBIT D

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: ___________, 201__

 

To:           Bank of America, N.A., as Administrative Agent

 

	
  

	
Ladies and Gentlemen:

 

Reference is made to that certain Credit Agreement, dated as of May 27, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined unless otherwise defined herein), among El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company (“Opco”), Wyoming Interstate Company, L.L.C., a Delaware limited liability company (“WIC”), the Additional Borrowers from time to time party thereto (together with Opco and WIC, the “Borrowers” and each individually, a “Borrower”), El Paso Pipeline Partners, L.P., a Delaware limited partnership (the “MLP”), the Lenders and L/C Issuers from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the of the MLP, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the MLP, and that:

 

[Use following paragraph 1 for fiscal year-end financial statements]

 

1.           The MLP has delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal year of the MLP ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section.

 

[Use following paragraph 1 for fiscal quarter-end financial statements]

 

1.           The MLP has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the MLP ended as of the above date.

 

2.           The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and financial condition of the MLP and its Subsidiaries during the accounting period covered by such financial statements.

 

3.           [select one:]

 

[to the best knowledge of the undersigned, as of the date hereof, no Default has occurred and is continuing.]

 

--or--

 

[to the best knowledge of the undersigned, as of the date hereof, the following is a list of each Default that has occurred and is continuing and its nature and status:]

 

4.           The financial covenant analyses and information set forth on the supporting documentation attached hereto are true and accurate in all material respects on and as of the date of this Certificate.

 

  

  

  

[Insert the following paragraph for fiscal year-end financial statements]

 

The MLP represents and warrants that the financial statements delivered in connection herewith (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) (A) in the case of financial statements prepared for the MLP and its Subsidiaries, fairly present the financial condition, results of operations and cash flows of the MLP and its Subsidiaries in accordance with GAAP as at such date and for such period, and (B) in the case of financial statements prepared for any Subsidiary Borrower and its Subsidiaries, fairly present the financial condition, results of operations and cash flows of such Subsidiary Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period [, subject only to the absence of footnotes].1

 

[Insert the following paragraph for fiscal quarter-end financial statements]

 

The MLP represents and warrants that the financial statements delivered in connection herewith (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) (A) in the case of financial statements prepared for the MLP and its Subsidiaries, fairly present the financial condition, results of operations and cash flows of the MLP and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes, and (B) in the case of financial statements prepared for any Subsidiary Borrower and its Subsidiaries, fairly present the financial condition, results of operations and cash flows of such Subsidiary Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

 

 

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of

 

,                      .

 

 

EL PASO PIPELINE PARTNERS, L.P.

 

By:EL PASO PIPELINE GP COMPANY, L.L.C.,

 

its general partner

 

By:                                                                           

 

Name:                                                                           

 

Title:                                                                           

 

1 Insert bracketed language if such financial statements are unaudited

 

 

D - 2

Form of Compliance Certificate

  

  

  

EXHIBIT E

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]2 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]3 Assignee identified in item 2 below ([the][each, an] “Assignee”).  [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]4 hereunder are several and not joint.]5  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the facility identified below (including, without limitation, the Letters of Credit and the Swing Line Loans included in such facility) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).  Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

 

1.         Assignor[s]:     ______________________________

______________________________

[Assignor [is] [is not] a Defaulting Lender].

 

 

  

  

  

 

2.        Assignee[s]:    ______________________________

______________________________

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

3.        Borrowers:El Paso Pipeline Partners Operating Company, L.L.C. and Wyoming Interstate Company, L.L.C. and such Additional Borrowers, if any, as may be added from time to time

4.        Administrative Agent:  Bank of America, N.A., as the administrative agent under the Credit Agreement

5.        Credit Agreement:                                Credit Agreement, dated as of May 27, 2011, among El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company, Wyoming Interstate Company, L.L.C., a Delaware limited liability company, and the Additional Borrowers from time to time party thereto, as Borrowers, El Paso Pipeline Partners, L.P., a Delaware limited partnership, the Lenders and L/C Issuers from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer, and Swing Line Lender.

6.           Assigned Interest[s]:

	
Assignor[s]6

	
Assignee[s]7

	
Aggregate

Amount of

Commitment/Loans

for all Lenders8

	
Amount of

Commitment/Loans

Assigned

	
Percentage

Assigned of

Commitment/

Loans9

	
CUSIP

Number

	  	  	  	  	  	  
	  	  	
$______________

	
$_________

	
__________%

	  
	  	  	
$______________

	
$_________

	
__________%

	  
	  	  	
$______________

	
$_________

	
__________%

	  

 

[7.           Trade Date:                      __________________]10

 

Effective Date: __________________, 201__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

  

  

  

The terms set forth in this Assignment and Assumption are hereby agreed to:

 

 

ASSIGNOR

 

[NAME OF ASSIGNOR]

 

By: _____________________________

Title:

 

ASSIGNEE

 

[NAME OF ASSIGNEE]

By: _____________________________

Title:

[Consented to and]11 Accepted:

BANK OF AMERICA, N.A., as

  Administrative Agent

By: _________________________________

      Title:

[Consented to:]12

By: _________________________________

      Title:

  

2 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language.  If the assignment is from multiple Assignors, choose the second bracketed language.

 

  

3 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language.  If the assignment is to multiple Assignees, choose the second bracketed language.

 

  

4 Select as appropriate.

 

  

5 Include bracketed language if there are either multiple Assignors or multiple Assignees.

 

  

6 List each Assignor, as appropriate.

  

7 List each Assignee, as appropriate.

  

8 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

  

9 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

  

10 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

 

  

11 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

 

  

12 To be added only if the consent of the Borrower and/or other parties (e.g. Swing Line Lender, L/C Issuer) is required by the terms of the Credit Agreement.

 

E - 3

Form of Assignment and Assumption

  

  

  

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.         Representations and Warranties.

 

1.1.         Assignor.  [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.         Assignee.  [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.06 of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 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 Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, 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 Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.         Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date.  Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the] [the relevant] Assignee.

 

3.         General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 

E - 4

Form of Assignment and Assumption

  

  

  

EXHIBIT F-1

FORM OF CONTINUING GUARANTY

 

(MLP)

 

 

This Guaranty Agreement (this “Guaranty”) is executed effective as of May 27, 2011.  FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in consideration of credit and/or financial accommodation heretofore or hereafter from time to time made or granted to El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company (“Opco”),Wyoming Interstate Company, L.L.C., a Delaware limited liability company (“WIC”), and each Additional Borrower (together with Opco and WIC, the “Borrowers” and each individually, a “Borrower”) pursuant to that certain Credit Agreement, dated as of May 27, 2011, by and among the Borrowers, El Paso Pipeline Partners, L.P., a Delaware limited partnership, the financial institutions party thereto (collectively, the “Lenders”), and Bank of America, N.A., as administrative agent for the Lenders (“Administrative Agent”), L/C Issuer, and Swing Line Lender (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), the undersigned (the “Guarantor”) hereby furnishes in favor of the Administrative Agent, for the benefit of the Administrative Agent, each L/C Issuer, the Swing Line Lender, each Lender and each Lender Swap Provider (each a “Guaranteed Party” and collectively, the “Guaranteed Parties”) its guaranty of the Guaranteed Obligations (as hereinafter defined) as set forth below.  All capitalized terms used but not defined herein shall have the meaning assigned to such term in the Credit Agreement.

 

1. Guaranty.The Guarantor hereby, absolutely and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, the prompt payment in full in Dollars when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all existing and future indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees indemnities, damages, costs, expenses or otherwise, of each Borrower and of each other Loan Party arising under (i) the Credit Agreement or any other Loan Document, and (ii) any Lender Swap Contract (in each case, including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by any Guaranteed Party in connection with the collection or enforcement thereof), and whether recovery upon such indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by or against the Guarantor, any Borrower or any other Loan Party under the Bankruptcy Code (Title 11, United States Code), any successor statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally (collectively, “Debtor Relief Laws”), and including interest that accrues after the commencement by or against any Borrower or any other Loan Party of any proceeding under any Debtor Relief Laws whether or not the claim for such interest is allowed in such proceeding (collectively, the “Guaranteed Obligations”).  This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of the Guarantor under this Guaranty, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

 

 

  

  

  

2. No Setoff or Deductions; Taxes; Payments.  The Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless the Guarantor is compelled by law to make such deduction or withholding.  If any such obligation (other than one arising with respect to taxes based on or measured by the income or profits of the Guaranteed Parties) is imposed upon the Guarantor with respect to any amount payable by it hereunder, the Guarantor will pay to the Administrative Agent, on behalf of the Guaranteed Parties, on the date on which such amount is due and payable hereunder, such additional amount in U.S. dollars as shall be necessary to enable the Guaranteed Parties to receive the same net amount which the Guaranteed Parties would have received on such due date had no such obligation been imposed upon the Guarantor.  The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

3. Rights of Guaranteed Parties.  The Guarantor consents and agrees that the Guaranteed Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Guaranteed Parties in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations.  Without limiting the generality of the foregoing, the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor.

 

4. Certain Waivers.  The Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower or any other Loan Party, or the cessation from any cause whatsoever (including any act or omission of the Guaranteed Parties) of the liability of any Borrower or any other Loan Party; (b) any defense based on any claim that the Guarantor’s obligations exceed or are more burdensome than those of any Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting the Guarantor’s liability hereunder; (d) any right to require the Guaranteed Parties to proceed against any Borrower or any other Loan Party, proceed against or exhaust any security for the Indebtedness, or pursue any other remedy in the Guaranteed Parties’ power whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by the Guaranteed Parties; (f) any defense arising from any change in Law affecting any term of the Guaranteed Debt; and (g) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties.  The Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations.

 

5. Obligations Independent.  The obligations of the Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against the Guarantor to enforce this Guaranty whether or not any Borrower, any other Loan Party or any other person or entity is joined as a party.

 

 

  

  

  

6. Subrogation.  The Guarantor shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full in cash, the Commitments of the Lenders under the Credit Agreement and the other Loan Documents are terminated, and all Letters of Credit have terminated.  If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent, on behalf of the Guaranteed Parties, to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

 

7. Termination; Reinstatement.  This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until (a) (i) all Guaranteed Obligations are indefeasibly paid in full in cash; (ii) the Commitments of the Lenders under the Credit Agreement and the other Loan Documents are terminated; and (iii) all Letters of Credit have terminated or (b) this Guaranty is released by an instrument in writing signed by the Administrative Agent as provided in the Credit Agreement.  Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any other Loan Party is made, or a Guaranteed Party exercises its right of setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Guaranteed Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not such Guaranteed Party is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  The obligations of the Guarantor under this paragraph shall survive termination of this Guaranty.

 

8. Subordination.  The Guarantor hereby subordinates the payment of all obligations and indebtedness of any Borrower or any other Loan Party owing to the Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of any Borrower or any other Loan Party to the Guarantor as subrogee of a Guaranteed Party or resulting from the Guarantor’s performance under this Guaranty, to the indefeasible payment in full in cash of all Guaranteed Obligations.  If the Guaranteed Parties so request, any such obligation or indebtedness of any Borrower or any Loan Party to the Guarantor shall be enforced and performance received by the Guarantor as trustee for the Guaranteed Parties and the proceeds thereof shall be paid over to the Administrative Agent, on behalf of the Guaranteed Parties, on account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty.  No payments on such obligations or indebtedness shall be made to the Guarantor during the continuation of a Default.

 

9. Stay of Acceleration.  In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against the Guarantor, any Borrower or any other Loan Party under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantor immediately upon demand by the Guaranteed Parties.

 

10. Expenses.  The Guarantor shall pay on demand all out-of-pocket expenses (including attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) in any way relating to the enforcement or protection of the Guaranteed Parties’ rights under this Guaranty or in respect of the Guaranteed Obligations, including any incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and any incurred in the preservation, protection or enforcement of any rights of the Guaranteed Parties in any proceeding any Debtor Relief Laws.  The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

 

  

  

  

11. Miscellaneous. No amendment or waiver of any provision of this Guaranty, nor consent to any departure by the Guarantor herefrom, shall in any event be effective unless the same shall be in writing and signed, in the case of amendments, by the Guarantor and by Administrative Agent, and, in the case of consents or waivers, by Administrative Agent, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which made or given.  No failure by the Guaranteed Parties to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity.  The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein.  Unless otherwise agreed by the Guaranteed Parties and the Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by the Guarantor for the benefit of the Guaranteed Parties or any term or provision thereof.

 

12. Condition of Borrower.  The Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrowers, the other Loan Parties and any other guarantor such information concerning the financial condition, business and operations of the Borrowers, the other Loan Parties and any such other guarantor as the Guarantor requires, and that the Guaranteed Parties have no duty, and the Guarantor is not relying on the Guaranteed Parties at any time, to disclose to the Guarantor any information relating to the business, operations or financial condition of the Borrowers or the other Loan Parties or any other guarantor (the Guarantor waiving any duty on the part of the Guaranteed Parties to disclose such information and any defense relating to the failure to provide the same).

 

13. Setoff. If and to the extent any payment is not made when due hereunder, the Guarantor authorizes each Guaranteed Party at any time and from time to time, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Guaranteed Party to or for the credit or the account of the Guarantor against any and all of the Guaranteed Obligations, without prior notice to the Guarantor or demand under this Guaranty, all of which are hereby waived, and although such Guaranteed Obligations may be contingent and unmatured.  Each Guaranteed Party which sets-off pursuant to this Paragraph 13 shall give prompt notice to the Guarantor affected thereby following the occurrence thereof; provided that the failure to give such notice shall not affect the validity of the set-off.  Any payment obtained pursuant to this Paragraph 13 (or in any other manner directly from the Guarantor) by any Guaranteed Party shall be remitted to Administrative Agent and distributed among the Guaranteed Parties in accordance with the provisions of Paragraph 17 below.

 

14. Representations and Warranties.  The Guarantor represents and warrants that (a) it is duly formed, validly existing and in good standing under the laws of the jurisdiction of its organization and has full capacity and right to execute, deliver and perform this Guaranty, and all necessary authority has been obtained; (b) this Guaranty constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or by general principles of equity; (c) the making and performance of this Guaranty does not and will not contravene the provisions of any applicable Law, and does not and will not result in the breach of, or constitute a default or require any consent under, any material Contractual Obligation to which it is a party or by which it or any of its property may be bound or affected; and (d) no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Guarantor of this Guaranty.

 

 

  

  

  

15. Indemnification and Survival.  Without limitation on any other obligations of the Guarantor or remedies of the Guaranteed Parties under this Guaranty, the Guarantor shall, to the fullest extent permitted by law, indemnify, defend and save and hold harmless each Guaranteed Party from and against, and shall pay on demand, any and all damages, losses, liabilities and expenses (including attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) that may be suffered or incurred by such Guaranteed Party in connection with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of the applicable Borrowers or other Loan Parties or enforceable against such Borrowers or other Loan Parties in accordance with their terms.  The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

16. Assignment.  This Guaranty shall (a) bind the Guarantor and its successors and assigns, provided that the Guarantor may not assign its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment without such consent shall be void), and (b) inure to the benefit of the Guaranteed Parties and their respective successors and assigns and the Administrative Agent and each Lender may, without notice to the Guarantor and without affecting the Guarantor’s obligations hereunder, assign, sell or grant participations in the Guaranteed Obligations and this Guaranty, in whole or in part.  The Guarantor agrees that each Guaranteed Party may disclose to any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations of all or part of the Guaranteed Obligations any and all information in the Guaranteed Party’s possession concerning the Guarantor, this Guaranty and any security for this Guaranty.

 

17. Application of Payments.  Any payment received by the Administrative Agent from the Guarantor (or from any Lender pursuant to Paragraph 13 above), shall be applied by the Administrative Agent in accordance with the Credit Agreement.

 

18. Further Assurances.  The Guarantor agrees that at any time and from time to time, at the expense of the Guarantor, to promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to enable the Administrative Agent to protect and to exercise and enforce the rights and remedies of the Guaranteed Parties hereunder.

 

19. Notices.  All notices, requests and other communications provided for hereunder shall be in writing and given to the Administrative Agent as provided in Section 10.02 of the Credit Agreement.  All communications and notices hereunder to the Guarantor shall be given to the Guarantor at their respective addresses set forth on Schedule 10.02 of the Credit Agreement or at such other address as shall be designated by the Guarantor in a written notice to the Administrative Agent.

 

20. GOVERNING LAW.  THIS GUARANTY AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLETED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

  

  

  

21. SUBMISSION TO JURISDICTION.  THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  THE GUARANTOR HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY GUARANTEED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST THE GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

22. WAIVER OF VENUE.  THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH 21 ABOVE.  THE GUARANTOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

23. SERVICE OF PROCESS.  THE GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02 OF THE CREDIT AGREEMENT.  NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF THE GUARANTOR TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

24. WAIVER OF JURY TRIAL.  THE GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  THE GUARANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT AND EACH LENDER HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE FOREGOING WAIVER AND CERTIFICATION.

 

 

  

  

  

 

25. ENTIRE AGREEMENT. THIS GUARANTY AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Remainder of Page Intentionally Blank.

Signature(s) Page to Follow.

 

Exhibit F-1 – Page 7

Form of Continuing Guaranty

(MLP)

  

  

  

IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.

EL PASO PIPELINE PARTNERS, L.P.

By:   EL PASO PIPELINE GP COMPANY, L.L.C.,

its general partner

	
  

	
By:

	 	 

Name:           

	
  

	
Title:

	 	 

Signature Page to Continuing Guaranty

(MLP)

  

  

  

EXHIBIT F-2

FORM OF CONTINUING GUARANTY

 

(Opco)

 

 

This Guaranty Agreement (this “Guaranty”) is executed effective as of May 27, 2011.  FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in consideration of credit and/or financial accommodation heretofore or hereafter from time to time made or granted to Wyoming Interstate Company, L.L.C.., a Delaware limited liability company (“WIC”), and each Additional Borrower (together with WIC, the “Borrowers” and each individually, a “Borrower”) pursuant to that certain Credit Agreement, dated as of May 27, 2011, by and among El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company, WIC, El Paso Pipeline Partners, L.P., a Delaware limited partnership, the financial institutions party thereto (collectively, the “Lenders”), and Bank of America, N.A., as administrative agent for the Lenders (the “Administrative Agent”), L/C Issuer, and Swing Line Lender (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), the undersigned (the “Guarantor”) hereby furnishes in favor of the Administrative Agent, for the benefit of the Administrative Agent, each L/C Issuer, the Swing Line Lender, each Lender and each Lender Swap Provider (each a “Guaranteed Party” and collectively, the “Guaranteed Parties”) its guaranty of the Guaranteed Obligations (as hereinafter defined) as set forth below.  All capitalized terms used but not defined herein shall have the meaning assigned to such term in the Credit Agreement.

 

1. Guaranty.  The Guarantor hereby, absolutely and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, the prompt payment in full in Dollars when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all existing and future indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees indemnities, damages, costs, expenses or otherwise, of each Borrower and of each other Loan Party arising under (i) the Credit Agreement or any other Loan Document, and (ii) any Lender Swap Contract (in each case, including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by any Guaranteed Party in connection with the collection or enforcement thereof), and whether recovery upon such indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by or against the Guarantor, any Borrower or any other Loan Party under the Bankruptcy Code (Title 11, United States Code), any successor statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally (collectively, “Debtor Relief Laws”), and including interest that accrues after the commencement by or against any Borrower or any other Loan Party of any proceeding under any Debtor Relief Laws whether or not the claim for such interest is allowed in such proceeding (collectively, the “Guaranteed Obligations”).  This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of the Guarantor under this Guaranty, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.  Notwithstanding anything contained herein to the contrary, the obligations of the Guarantor hereunder shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any applicable state law.

 

 

  

  

  

2. No Setoff or Deductions; Taxes; Payments.  The Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless the Guarantor is compelled by law to make such deduction or withholding.  If any such obligation (other than one arising with respect to taxes based on or measured by the income or profits of the Guaranteed Parties) is imposed upon the Guarantor with respect to any amount payable by it hereunder, the Guarantor will pay to the Administrative Agent, on behalf of the Guaranteed Parties, on the date on which such amount is due and payable hereunder, such additional amount in U.S. dollars as shall be necessary to enable the Guaranteed Parties to receive the same net amount which the Guaranteed Parties would have received on such due date had no such obligation been imposed upon the Guarantor.  The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

3. Rights of Guaranteed Parties.  The Guarantor consents and agrees that the Guaranteed Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Guaranteed Parties in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations.  Without limiting the generality of the foregoing, the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor.

 

4. Certain Waivers.  The Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower or any other Loan Party, or the cessation from any cause whatsoever (including any act or omission of the Guaranteed Parties) of the liability of any Borrower or any other Loan Party; (b) any defense based on any claim that the Guarantor’s obligations exceed or are more burdensome than those of any Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting the Guarantor’s liability hereunder; (d) any right to require the Guaranteed Parties to proceed against any Borrower or any other Loan Party, proceed against or exhaust any security for the Indebtedness, or pursue any other remedy in the Guaranteed Parties’ power whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by the Guaranteed Parties; (f) any defense arising from any change in Law affecting any term of the Guaranteed Debt; and (g) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties.  The Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations.

 

5. Obligations Independent.  The obligations of the Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against the Guarantor to enforce this Guaranty whether or not any Borrower, any other Loan Party or any other person or entity is joined as a party.

 

 

  

  

  

6. Subrogation.  The Guarantor shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full in cash, the Commitments of the Lenders under the Credit Agreement and the other Loan Documents are terminated, and all Letters of Credit have terminated.  If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent, on behalf of the Guaranteed Parties, to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

 

7. Termination; Reinstatement.  This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until (a) (i) all Guaranteed Obligations are indefeasibly paid in full in cash; (ii) the Commitments of the Lenders under the Credit Agreement and the other Loan Documents are terminated; and (iii) all Letters of Credit have terminated or (b) this Guaranty is released by an instrument in writing signed by the Administrative Agent as provided in the Credit Agreement.  Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any other Loan Party is made, or a Guaranteed Party exercises its right of setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Guaranteed Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not such Guaranteed Party is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  The obligations of the Guarantor under this paragraph shall survive termination of this Guaranty.

 

8. Subordination.  The Guarantor hereby subordinates the payment of all obligations and indebtedness of any Borrower or any other Loan Party owing to the Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of any Borrower or any other Loan Party to the Guarantor as subrogee of a Guaranteed Party or resulting from the Guarantor’s performance under this Guaranty, to the indefeasible payment in full in cash of all Guaranteed Obligations.  If the Guaranteed Parties so request, any such obligation or indebtedness of any Borrower or any Loan Party to the Guarantor shall be enforced and performance received by the Guarantor as trustee for the Guaranteed Parties and the proceeds thereof shall be paid over to the Administrative Agent, on behalf of the Guaranteed Parties, on account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty.  No payments on such obligations or indebtedness shall be made to the Guarantor during the continuation of a Default.

 

9. Stay of Acceleration.  In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against the Guarantor, any Borrower or any other Loan Party under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantor immediately upon demand by the Guaranteed Parties.

 

10. Expenses.  The Guarantor shall pay on demand all out-of-pocket expenses (including attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) in any way relating to the enforcement or protection of the Guaranteed Parties’ rights under this Guaranty or in respect of the Guaranteed Obligations, including any incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and any incurred in the preservation, protection or enforcement of any rights of the Guaranteed Parties in any proceeding any Debtor Relief Laws.  The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

 

  

  

  

11. Miscellaneous. No amendment or waiver of any provision of this Guaranty, nor consent to any departure by the Guarantor herefrom, shall in any event be effective unless the same shall be in writing and signed, in the case of amendments, by the Guarantor and by Administrative Agent, and, in the case of consents or waivers, by Administrative Agent, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which made or given.  No failure by the Guaranteed Parties to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity.  The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein.  Unless otherwise agreed by the Guaranteed Parties and the Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by the Guarantor for the benefit of the Guaranteed Parties or any term or provision thereof.

 

12. Condition of Borrower.  The Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrowers, the other Loan Parties and any other guarantor such information concerning the financial condition, business and operations of the Borrowers, the other Loan Parties and any such other guarantor as the Guarantor requires, and that the Guaranteed Parties have no duty, and the Guarantor is not relying on the Guaranteed Parties at any time, to disclose to the Guarantor any information relating to the business, operations or financial condition of the Borrowers or the other Loan Parties or any other guarantor (the Guarantor waiving any duty on the part of the Guaranteed Parties to disclose such information and any defense relating to the failure to provide the same).

 

13. Setoff. If and to the extent any payment is not made when due hereunder, the Guarantor authorizes each Guaranteed Party at any time and from time to time, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Guaranteed Party to or for the credit or the account of the Guarantor against any and all of the Guaranteed Obligations, without prior notice to the Guarantor or demand under this Guaranty, all of which are hereby waived, and although such Guaranteed Obligations may be contingent and unmatured.  Each Guaranteed Party which sets-off pursuant to this Paragraph 13 shall give prompt notice to the Guarantor affected thereby following the occurrence thereof; provided that the failure to give such notice shall not affect the validity of the set-off.  Any payment obtained pursuant to this Paragraph 13 (or in any other manner directly from the Guarantor) by any Guaranteed Party shall be remitted to Administrative Agent and distributed among the Guaranteed Parties in accordance with the provisions of Paragraph 17 below.

 

14. Representations and Warranties.  The Guarantor represents and warrants that (a) it is duly formed, validly existing and in good standing under the laws of the jurisdiction of its organization and has full capacity and right to execute, deliver and perform this Guaranty, and all necessary authority has been obtained; (b) this Guaranty constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or by general principles of equity; (c) the making and performance of this Guaranty does not and will not contravene the provisions of any applicable Law, and does not and will not result in the breach of, or constitute a default or require any consent under, any material Contractual Obligation to which it is a party or by which it or any of its property may be bound or affected; and (d) no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Guarantor of this Guaranty.

 

 

  

  

  

15. Indemnification and Survival.  Without limitation on any other obligations of the Guarantor or remedies of the Guaranteed Parties under this Guaranty, the Guarantor shall, to the fullest extent permitted by law, indemnify, defend and save and hold harmless each Guaranteed Party from and against, and shall pay on demand, any and all damages, losses, liabilities and expenses (including attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) that may be suffered or incurred by such Guaranteed Party in connection with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of the applicable Borrowers or the other Loan Parties or enforceable against such Borrowers or the other Loan Parties in accordance with their terms.  The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

16. Assignment.  This Guaranty shall (a) bind the Guarantor and its successors and assigns, provided that the Guarantor may not assign its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment without such consent shall be void), and (b) inure to the benefit of the Guaranteed Parties and their respective successors and assigns and the Administrative Agent and each Lender may, without notice to the Guarantor and without affecting the Guarantor’s obligations hereunder, assign, sell or grant participations in the Guaranteed Obligations and this Guaranty, in whole or in part.  The Guarantor agrees that each Guaranteed Party may disclose to any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations of all or part of the Guaranteed Obligations any and all information in the Guaranteed Party’s possession concerning the Guarantor, this Guaranty and any security for this Guaranty.

 

17. Application of Payments.  Any payment received by the Administrative Agent from the Guarantor (or from any Lender pursuant to Paragraph 13 above), shall be applied by the Administrative Agent in accordance with the Credit Agreement.

 

18. Further Assurances.  The Guarantor agrees that at any time and from time to time, at the expense of the Guarantor, to promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to enable the Administrative Agent to protect and to exercise and enforce the rights and remedies of the Guaranteed Parties hereunder.

 

19. Notices.  All notices, requests and other communications provided for hereunder shall be in writing and given to the Administrative Agent as provided in Section 10.02 of the Credit Agreement.  All communications and notices hereunder to the Guarantor shall be given to the Guarantor at their respective addresses set forth on Schedule 10.02 of the Credit Agreement or at such other address as shall be designated by the Guarantor in a written notice to the Administrative Agent.

 

20. GOVERNING LAW.  THIS GUARANTY AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLETED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

  

  

  

21. SUBMISSION TO JURISDICTION.  THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  THE GUARANTOR HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY GUARANTEED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST THE GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

22. WAIVER OF VENUE.  THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH 21 ABOVE.  THE GUARANTOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

23. SERVICE OF PROCESS.  THE GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02 OF THE CREDIT AGREEMENT.  NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF THE GUARANTOR TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

24. WAIVER OF JURY TRIAL.  THE GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  THE GUARANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT AND EACH LENDER HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE FOREGOING WAIVER AND CERTIFICATION.

 

  

  

  

 

25. ENTIRE AGREEMENT. THIS GUARANTY AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Remainder of Page Intentionally Blank.

Signature(s) Page to Follow.

Exhibit F-2 – Page 7

Form of Continuing Guaranty

(Opco)

  

  

  

IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.

EL PASO PIPELINE PARTNERS OPERATING COMPANY, L.L.C.

	
  

	
By:

	 	 

Name:           

	
  

	
Title:

	 	 

Signature Page to Continuing Guaranty

(Opco)

  

  

  

EXHIBIT F-3

FORM OF CONTINUING GUARANTY

 

(Subsidiary Guarantors)

 

 

This Guaranty Agreement (this “Guaranty”) is executed effective as of May 27, 2011.  FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in consideration of credit and/or financial accommodation heretofore or hereafter from time to time made or granted to El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company (“Opco”), Wyoming Interstate Company, L.L.C., a Delaware limited liability company (“WIC”), and each Additional Borrower (together with Opco and WIC, the “Borrowers” and each individually, a “Borrower”) pursuant to that certain Credit Agreement, dated as of May 27, 2011, by and among the Borrowers, El Paso Pipeline Partners, L.P., a Delaware limited partnership (the “MLP”), the financial institutions party thereto (collectively, the “Lenders”), and Bank of America, N.A., as administrative agent for the Lenders (the “Administrative Agent”), L/C Issuer, and Swing Line Lender (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), each of the Persons now or hereafter signatories hereto (each a “Guarantor,” and collectively, the “Guarantors”) hereby furnishes in favor of the Administrative Agent, for the benefit of the Administrative Agent, each L/C Issuer, the Swing Line Lender, each Lender and each Lender Swap Provider (each a “Guaranteed Party” and collectively, the “Guaranteed Parties”) its guaranty of the Guaranteed Obligations (as hereinafter defined) as set forth below.

 

1. Reference to Credit Agreement.  Reference is hereby made to the representations, warranties and covenants of the Loan Parties set forth in Articles V, VI, and VII of the Credit Agreement.  Each Guarantor (i) reaffirms that each such representation and warranty is true and correct in every material respect with respect to such Guarantor to the extent that such representation and warranty refers to such Guarantor, and (ii) agrees, with respect to the covenants, to take, or refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking such action by such Guarantor or any of its Subsidiaries.  If the Credit Agreement shall cease to remain in effect for any reason whatsoever during any period and any part of the Guaranteed Obligations (as hereinafter defined) remain unpaid, then the terms, covenants, and agreements set forth therein applicable to the Guarantors shall nevertheless continue in full force and effect as obligations of each Guarantor under this Guaranty.  All capitalized terms used but not defined herein shall have the meaning assigned to such term in the Credit Agreement.

 

2. Guaranty.  Each Guarantor hereby, jointly and severally, absolutely and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, the prompt payment in full in Dollars when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all existing and future indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees indemnities, damages, costs, expenses or otherwise, of each Borrower and of each other Loan Party arising under (i) the Credit Agreement or any other Loan Document, and (ii) any Lender Swap Contract (in each case, including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by any Guaranteed Party in connection with the collection or enforcement thereof), and whether recovery upon such indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by or against such Guarantor, any Borrower or any other Loan Party under the Bankruptcy Code (Title 11, United States Code), any successor statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally (collectively, “Debtor Relief Laws”), and including interest that accrues after the commencement by or against any Borrower or any other Loan Party of any proceeding under any Debtor Relief Laws whether or not the claim for such interest is allowed in such proceeding (collectively, the “Guaranteed Obligations”).  This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.  Notwithstanding anything contained herein to the contrary, the obligations of each Guarantor hereunder shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any applicable state law.

 

 

  

  

  

3. No Setoff or Deductions; Taxes; Payments.  Each Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless such Guarantor is compelled by law to make such deduction or withholding.  If any such obligation (other than one arising with respect to taxes based on or measured by the income or profits of the Guaranteed Parties) is imposed upon any Guarantor with respect to any amount payable by it hereunder, such Guarantor will pay to the Administrative Agent, on behalf of the Guaranteed Parties, on the date on which such amount is due and payable hereunder, such additional amount in U.S. dollars as shall be necessary to enable the Guaranteed Parties to receive the same net amount which the Guaranteed Parties would have received on such due date had no such obligation been imposed upon such Guarantor.  The obligations of each Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

4. Rights of Guaranteed Parties.  Each Guarantor consents and agrees that the Guaranteed Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Guaranteed Parties in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations.  Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

 

5. Certain Waivers.  Each Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower, any other Loan Party or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of the Guaranteed Parties) of the liability of any Borrower or any other Loan Party; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those of any Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder; (d) any right to require the Guaranteed Parties to proceed against any Borrower or any other Loan Party, proceed against or exhaust any security for the Indebtedness, or pursue any other remedy in the Guaranteed Parties’ power whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by the Guaranteed Parties; (f) any defense arising from any change in Law affecting any term of the Guaranteed Debt; and (g) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties.  Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations.

 

  

  

  

6. Obligations Independent.  The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against such Guarantor to enforce this Guaranty whether or not any Borrower, any other Loan Party or any other person or entity is joined as a party.

 

7. Subrogation.  Each Guarantor shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full in cash, the Commitments of the Lenders under the Credit Agreement and the other Loan Documents are terminated, and all Letters of Credit have terminated.  If any amounts are paid to a Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent, on behalf of the Guaranteed Parties, to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

 

8. Termination; Reinstatement.  This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until (a) (i) all Guaranteed Obligations are indefeasibly paid in full in cash, (ii) the Commitments of the Lenders under the Credit Agreement and the other Loan Documents are terminated, and (iii) all Letters of Credit have terminated; or (b) this Guaranty is released by an instrument in writing signed by the Administrative Agent as provided in the Credit Agreement. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any other Loan Party is made, or a Guaranteed Party exercises its right of setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Guaranteed Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not such Guaranteed Party is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty.

 

9. Subordination.  Each Guarantor hereby subordinates the payment of all obligations and indebtedness of any Borrower or any other Loan Party owing to such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of any Borrower or any other Loan Party to such Guarantor as subrogee of a Guaranteed Party or resulting from such Guarantor’s performance under this Guaranty, to the indefeasible payment in full in cash of all Guaranteed Obligations.  If the Guaranteed Parties so request, any such obligation or indebtedness of any Borrower or any Loan Party to such Guarantor shall be enforced and performance received by such Guarantor as trustee for the Guaranteed Parties and the proceeds thereof shall be paid over to the Administrative Agent, on behalf of the Guaranteed Parties, on account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of such Guarantor under this Guaranty.  No payments on such obligations or indebtedness shall be made to any Guarantor during the continuation of a Default.

 

  

  

  

10. Stay of Acceleration.  In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against any Guarantor, any Borrower or any other Loan Party under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Guaranteed Parties.

 

11. Expenses.  Each Guarantor shall pay, jointly and severally, on demand all out-of-pocket expenses (including attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) in any way relating to the enforcement or protection of the Guaranteed Parties’ rights under this Guaranty or in respect of the Guaranteed Obligations, including any incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and any incurred in the preservation, protection or enforcement of any rights of the Guaranteed Parties in any proceeding any Debtor Relief Laws.  The obligations of each Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

12. Miscellaneous. No amendment or waiver of any provision of this Guaranty, nor consent to any departure by any Guarantor herefrom, shall in any event be effective unless the same shall be in writing and signed, in the case of amendments, by the Guarantor(s) affected thereby and by Administrative Agent, and, in the case of consents or waivers, by Administrative Agent, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which made or given.  No failure by the Guaranteed Parties to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity.  The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein.  Unless otherwise agreed by the Guaranteed Parties and each Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by any Guarantor for the benefit of the Guaranteed Parties or any term or provision thereof.

 

13. Condition of Borrower.  Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrowers, the other Loan Parties and any other guarantor such information concerning the financial condition, business and operations of the Borrowers, the other Loan Parties and any such other guarantor as such Guarantor requires, and that the Guaranteed Parties have no duty, and such Guarantor is not relying on the Guaranteed Parties at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of the Borrowers, the other Loan Parties or any other guarantor (such guarantor waiving any duty on the part of the Guaranteed Parties to disclose such information and any defense relating to the failure to provide the same).

 

14. Setoff. If and to the extent any payment is not made when due hereunder, each Guarantor authorizes each Guaranteed Party at any time and from time to time, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Guaranteed Party to or for the credit or the account of such Guarantor against any and all of the Guaranteed Obligations, without prior notice to such Guarantor or demand under this Guaranty, all of which are hereby waived, and although such Guaranteed Obligations may be contingent and unmatured.  Each Guaranteed Party which sets-off pursuant to this Paragraph 14 shall give prompt notice to such Guarantor affected thereby following the occurrence thereof; provided that the failure to give such notice shall not affect the validity of the set-off.  Any payment obtained pursuant to this Paragraph 14 (or in any other manner directly from the Guarantors, or any of them) by any Guaranteed Party shall be remitted to Administrative Agent and distributed among the Guaranteed Parties in accordance with the provisions of Paragraph 18 below.

 

  

  

  

15. Representations and Warranties.  Each Guarantor represents and warrants that (a) it is duly formed, validly existing and in good standing under the laws of the jurisdiction of its organization and has full capacity and right to execute, deliver and perform this Guaranty, and all necessary authority has been obtained; (b) this Guaranty constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or by general principles of equity; (c) the making and performance of this Guaranty does not and will not contravene the provisions of any applicable Law, and does not and will not result in the breach of, or constitute a default or require any consent under, any material Contractual Obligation to which it is a party or by which it or any of its property may be bound or affected; and (d) no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, such Guarantor of this Guaranty.

 

16. Indemnification and Survival.  Without limitation on any other obligations of the Guarantors or remedies of the Guaranteed Parties under this Guaranty, each Guarantor shall, to the fullest extent permitted by law, indemnify, defend and save and hold harmless each Guaranteed Party from and against, and shall pay, jointly and severally, on demand, any and all damages, losses, liabilities and expenses (including attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) that may be suffered or incurred by such Guaranteed Party in connection with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of the applicable Borrowers or other Loan Parties or enforceable against such Borrowers or other Loan Parties in accordance with their terms.  The obligations of each Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

 

17. Assignment.  This Guaranty shall (a) bind each Guarantor and its successors and assigns, provided that such Guarantor may not assign its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment without such consent shall be void), and (b) inure to the benefit of the Guaranteed Parties and their respective successors and assigns and the Administrative Agent and each Lender may, without notice to any Guarantor and without affecting any Guarantor’s obligations hereunder, assign, sell or grant participations in the Guaranteed Obligations and this Guaranty, in whole or in part.  Each Guarantor agrees that each Guaranteed Party may disclose to any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations of all or part of the Guaranteed Obligations any and all information in the Guaranteed Party’s possession concerning such Guarantor, this Guaranty and any security for this Guaranty.

 

18. Application of Payments.  Any payment received by the Administrative Agent from any Guarantor (or from any Lender pursuant to Paragraph 14 above), shall be applied by the Administrative Agent in accordance with the Credit Agreement.

 

  

  

  

19. Further Assurances.  Each Guarantor agrees that at any time and from time to time, at the expense of such Guarantor, to promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to enable the Administrative Agent to protect and to exercise and enforce the rights and remedies of the Guaranteed Parties hereunder.

 

20. Addition of Guarantors.  The initial Guarantor or Guarantors hereunder shall be each of the Subsidiaries of the MLP that are signatories hereto and that are listed on Schedule 1 attached hereto.  From time to time subsequent to the time hereof, additional Subsidiaries of the MLP may become parties hereto as additional Guarantors (each an “Additional Guarantor”) by executing a counterpart of this Guaranty Agreement in the form of Exhibit A attached hereto (or such other form as may be satisfactory to the Administrative Agent) (each an “Additional Guarantor Counterpart”).  Upon delivery of an Additional Guarantor Counterpart to Administrative Agent, notice of which is hereby waived by Guarantors, each such Additional Guarantor shall be a Guarantor and shall be a party hereto as if such Additional Guarantor were an original signatory hereof.  Each Guarantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Guarantor hereunder, or by any election by the Administrative Agent or any Lenders not to cause any Subsidiary of the MLP to become an Additional Guarantor hereunder.  This Guaranty Agreement shall be fully effective as to any Guarantor that is or becomes a party hereto regardless of whether any such other person becomes or fails to become or ceases to be a Guarantor hereunder.

 

21. Notices.  All notices, requests and other communications provided for hereunder shall be in writing and given to the Administrative Agent as provided in Section 10.02 of the Credit Agreement.  All communications and notices hereunder to the Guarantors shall be given to the Guarantors at their respective addresses set forth on Schedule 10.02 of the Credit Agreement or at such other address as shall be designated by Guarantors in a written notice to the Administrative Agent.

 

22. Joint and Several Obligations.  Each Guarantor acknowledges that (i) this Guaranty is a master Guaranty pursuant to which other Subsidiaries of the MLP now or hereafter may become parties, and (ii) the guaranty obligations of each of the Guarantors hereunder are joint and several.

 

23. Right of Contribution.  Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution shall be subject to the terms and conditions of Paragraph 7 above.  The provisions of this Paragraph 23 shall in no respect limit the obligations and liabilities of any Guarantor to the Guaranteed Parties, and each Guarantor shall remain liable to the Guaranteed Parties for the full amount guaranteed by such Guarantor hereunder.

 

24. GOVERNING LAW. THIS GUARANTY AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLETED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

  

  

  

25. SUBMISSION TO JURISDICTION.  EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH GUARANTOR HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY GUARANTEED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

26. WAIVER OF VENUE.  EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH 25 ABOVE.  EACH GUARANTOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

27. SERVICE OF PROCESS.  EACH GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02 OF THE CREDIT AGREEMENT.  NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY GUARANTOR TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

  

  

  

28. WAIVER OF JURY TRIAL.  EACH GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH GUARANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT AND EACH LENDER HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE FOREGOING WAIVER AND CERTIFICATION.

 

29. ENTIRE AGREEMENT. THIS GUARANTY AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Remainder of Page Intentionally Blank.

Signature(s) Page to Follow.

Exhibit F-3 – Page 8

Form of Continuing Guaranty

(Subsidiary Guarantors)

  

  

  

IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.

,

as a Guarantor

	
  

	
By:

	 	 

Name:           

	
  

	
Title:

	 	 

[INSERT SIGNATURE BLOCKS FOR OTHER SUBSIDIARY GUARANTORS]

Signature Page to Continuing Guaranty

(Subsidiary Guarantors)

  

  

  

SCHEDULE 1

INITIAL GUARANTOR(S)

Schedule 1 to Continuing Guaranty

(Subsidiary Guarantors)

  

  

  

EXHIBIT A

COUNTERPART TO CONTINUING GUARANTY

The Counterpart to Continuing Guaranty is dated as of _________ and is made by ___________ (“Additional Guarantor”) in favor of Bank of America, N.A., as Administrative Agent and the other Guaranteed Parties as defined in the Guaranty Agreement hereinafter referenced.  All capitalized terms not defined herein shall have the meaning ascribed to them in the Guaranty hereinafter referenced or in the Credit Agreement hereinafter referenced.

Recitals

WHEREAS, El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company, Wyoming Interstate Company, L.L.C., a Delaware limited liability company, and each Additional Borrower, as borrowers, El Paso Pipeline Partners, L.P., a Delaware limited partnership (the “MLP”), Bank of America, N.A., as administrative agent (“Administrative Agent”) and as L/C Issuer and Swing Line Lender and certain financial institutions (collectively, the “Lenders”) have entered in to that certain Credit Agreement dated as of May 27, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”); and

WHEREAS, in connection with the Credit Agreement, certain Subsidiaries of the MLP (each a “Guarantor,” and, collectively, the “Guarantors”) entered into a Continuing Guaranty agreement (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Guaranty Agreement”);

WHEREAS, the Credit Agreement permits Additional Guarantor to become a party to the Guaranty Agreement; and

WHREAS, Additional Guarantor has agreed to execute and deliver this Counterpart to Continuing Guaranty in order to become a party to the Guaranty Agreement;

NOW THEREFORE IT IS AGREED:

By executing and delivering this Counterpart to Continuing Guaranty, Additional Guarantor hereby becomes a party to the Guaranty Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder.  Additional Guarantor hereby represents and warrants that each of the representations and warranties contained in the Guaranty Agreement is true and correct on and as of the date thereof (after giving effect to this Counterpart to Continuing Guaranty) as if made on and as of such date.

In witness whereof, the undersigned Additional Guarantor has caused this Guaranty to be duly executed and delivered by its officer thereunto duly authorized as of the date first set forth above.

[NAME OF ADDITIONAL GUARANTOR]

By:                                                                

Name:                                                                

Title:                                                             

 

Exhibit A to Continuing Guaranty

(Subsidiary Guarantors)

  

  

  

EXHIBIT G

FORM OF ADDITIONAL BORROWER COUNTERPART

This Additional Borrower Counterpart is dated as of _________ and is made by ___________, a _______________ (“Additional Borrower”).  All capitalized terms not defined herein shall have the meaning ascribed to them in the Credit Agreement hereinafter referenced.

Recitals

WHEREAS, El Paso Pipeline Partners Operating Company, L.L.C., a Delaware limited liability company, Wyoming Interstate Company, L.L.C., a Delaware limited liability company, and each Additional Borrower, as borrowers, El Paso Pipeline Partners, L.P., a Delaware limited partnership, Bank of America, N.A., as administrative agent (“Administrative Agent”) and as L/C Issuer and Swing Line Lender, and certain financial institutions (collectively, the “Lenders”) have entered in to that certain Credit Agreement dated as of May 27, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”); and

WHEREAS, Additional Borrower desires to become a Borrower under the Credit Agreement pursuant to Section 2.16 thereof;

NOW THEREFORE IT IS AGREED:

By executing and delivering this Additional Borrower Counterpart, Additional Borrower hereby agrees to become a party to the Credit Agreement as a Borrower thereunder with the same force and effect as if originally named therein as a Borrower and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Borrower thereunder.  Additional Borrower hereby represents and warrants that each of the representations and warranties contained in Article V of the Credit Agreement is true and correct in all material respects as to the Additional Borrower as of the date hereof (except such representations and warranties which expressly refer to an earlier date).  The Additional Borrower Sublimit for such Additional Borrower shall be $_________________.

Additional Borrower hereby irrevocably appoints El Paso Pipeline Partners Operating Company, L.L.C (“Opco”) to act as its agent for all purposes of the Loan Documents, including taking any action or receiving any communication on behalf of Additional Borrower in connection with the Loan Documents.  Each of the Lenders and the Administrative Agent shall be entitled to deal with Additional Borrower through Opco and to rely on any instructions or other communications from Opco on behalf of Additional Borrower.  Notwithstanding the appointment of Opco as agent for Additional Borrower, the Administrative Agent and the Lenders shall be entitled to, but shall not be required to, deal directly with Additional Borrower for purposes of the Loan Documents.

 

  

  

  

    IN WITNESS WHEREOF, each of the undersigned has caused this Additional Borrower Counterpart to be duly executed and delivered by its officer thereunto duly authorized as of the date first set forth above.

ADDITIONAL BORROWER

____________________________

	
  

	
By:

	 	 

Name:           

	
  

	
Title:

	 	 

GUARANTORS

EL PASO PIPELINE PARTNERS, L.P.

By:           EL PASO PIPELINE GP COMPANY, L.LC.,

its general partner

	
  

	
By:

	 	 

Name:           

	
  

	
Title:

	 	 

EL PASO PIPELINE PARTNERS OPERATING COMPANY, L.L.C.

	
  

	
By:

	 	 

Name:           

	
  

	
Title:

	 	 

[INSERT SIGNATURE BLOCK FOR EACH SUBSIDIARY GUARANTOR]

	
  

	
By:

	 	 

Name:           

	
  

	
Title:

	 	 

Signature Page to

Additional Borrower Counterpart

  

  

  

Acknowledged:

BANK OF AMERICA, N.A., as

Administrative Agent

By: 

Name: 

Title: 

Signature Page to

Additional Borrower Counterpartex10x1.htm

Exhibit 10.1

 

 

*The following document contains an unofficial translation and such translation has been provided for convenience only*

 

厂房及研发实验楼项目建设合作协议书

 

Factory and R&D Laboratory Buildings Construction Project

Cooperation Agreement

本合作协议书(“本协议”)由以下双方于_2011_年_6_月_1_日在中国哈尔滨市签署:

 

The Cooperation Agreement (this “Agreement”) is made and entered into by and between the Parties below as of the 1st day of June, 2011, in Harbin, China.

甲方:哈尔滨鑫达高分子材料有限责任公司

 

Party A: Harbin Xinda Macromolecule Material Co., Ltd.

 

地址:

 

Address:

 

乙方:哈尔滨晟通工程塑料有限责任公司

 

Party B: Harbin Shengtong Engineering Plastics Co., Ltd.

 

地址:

 

Address

鉴于:

 

Whereas:

 

甲方与乙方在哈尔滨政府的协调下于2011年5月9日签订了《土地及在建工程购买协议》(详见附件一),约定乙方198,913.7平方米土地的土地使用权及土地上的在建工程项目全部转让给甲方;

 

Under the coordination of Harbin government, Party A and Party B signed the “Land and Current Construction Project Purchase Agreement” (See Attachment I) on May 9, 2011 regarding the transfer, by Party B to Party A, of the land use right to a piece of land of 198,913.7 square meters and the project currently under construction on that piece of land;

 

 

  

  

  

为了保证甲方项目早日建成投产,省去因土地使用权及土地上的在建工程项目转让相关的报建手续的办理时间,避免重复交纳前期报建费用,缩短项目建设期,甲乙双方经友好协商决定,甲方委托乙方以乙方名义,按照甲方的项目建设计划及预算,沿用乙方已经报批的建设手续,利用乙方完善的施工建设管理队伍、建设队伍和监理单位按照按甲方的设计要求,在原在建工程基础上,进行新厂房及研发实验楼等项目的建设。

 

In order to ensure the timely completion of Party A's project for production use, reduce the time of filing procedures required for land use right transfer and construction project transfer, avoid paying duplicate pre-construction charges and shorten the construction time, Party A and Party B, after friendly consultation, agree that Party A will entrust Party B with the construction of the new factory buildings and the R&D building by using Party B's sound management team, construction team and supervision organization to continue the construction project on the basis of the original project in accordance with Party A's construction project plan, design requirements and budget in adherence to the construction procedures which have already been filed by Party B.

 

项目建设资金由甲方协助乙方筹措。建筑工程质量、建设工期等相关责任由乙方承担。待全部项目建设完工,经甲方对建设项目进行整体验收后,由乙方负责统一把土地使用权及房屋所有权过户给甲方。甲方支付乙方建设管理费用1000万元。

 

Party A shall assist Party B with securing the financing of the construction fund. Party B shall be responsible for the quality of the project and progress of the construction.  After the completion of the construction project, and after Party A completes comprehensive project inspection for acceptance, Party B shall transfer the land use right and the ownership of the buildings to Party A. Party A shall pay to Party B a construction management fee of RMB 10 million.

 

 

  

  

  

甲乙双方特此签订本协议,以规范双方之间的权利义务。

 

Therefore, Party A and Party B have entered into this agreement, in order to set forth the rights and obligations of Party A and Party B.

 I. 项目建设标的:

 

Object of the Construction Project

 

项目总占地面积为198913.7平方米,项目总建筑面积为104180平方米,其中主要包括5栋生产厂房,1栋研发试验楼,及其他附属工程。

The total land area of the project is 198913.7 square meters and the total construction area of the project is 104180 square meters, including 5 factory buildings, an R&D office building and other supporting facilities.

 

该协议总价款约为4.35亿元人民币,其中包括,土地使用权转让款7584.58万元,项目继续建设工程总价款约3.5亿元(包含项目建设前期手续费706.21万;《土地及在建工程购买协议》签署之日已投入的在建工程价款1915.20万元(详见附件二);银行贷款利息约1600万元。);建设管理费1000万元。

The total price amount contemplated in this Agreement is approximately RMB 435 million, which includes the consideration of RMB 75.8458 million for the transfer of the land use right, the cost of approximately RMB 350 million for the continuation of the construction project (including a management fee of RMB 7.0621 million for the initial phase of the construction project; the  construction cost of RMB 19.152 million which has already been injected as of the date of execution of the "Land and Current Construction Project Purchase Agreement" (see Attachment II for details); interest of approximately RMB 16 million on the bank loan) , and a construction management fee of RMB 10 million.

 

 

  

  

  

 II. 项目建设计划:

 

Plan of the Construction Project

 

(1)乙方将于2011年10月30日前完成项目主体工程,包括1栋研发试验楼、5栋厂房的建设 。

 

 

Party B shall complete the construction of the major buildings of the project before October 30, 2011, which includes an integrated R&D office building and 5 factory buildings .

 

(2)乙方将于2011年12月30日前完成项目其它工程,包括道路、管网等附属工程建设,实现整体项目完工 (详见附件三)。

 

Party B shall complete the remaining part of the construction project before December 30, 2011, which includes the construction of roads, pipe networks and other facilities (See details in Attachment III).

III. 项目资金筹措:

 

Securing of the Construction Funds

 

(1)甲方同意协助乙方,以乙方为贷款主体,向银行申请贷款进行项目融资3.5亿元即:叁亿伍仟万元整,解决项目建设资金。

 

 

  

  

  

Party A agrees to assist Party B in its application, with Party B as the borrower, for a bank loan of RMB 350 million (namely, three hundred and fifty million yuan) to finance the construction project.

 

(2)甲方同意协调政府担保公司为乙方提供银行贷款担保。

 

Party A agrees to act as a coordinator to help party B obtain a bank loan guarantee from a government bonding company.

 

(3)按政府担保公司的要求,甲方同意将在建工程和土地使用权以乙方名义为政府担保公司提供反担保。

 

As the request of the government bonding company, Party A agrees to use the project under construction and the land use right to provide counter guarantee to the government bonding company under the name of Party B.

 

(4)甲方同意承担项目建设期乙方银行贷款3.5亿元(即:叁亿伍仟万元整)所发生的银行贷款利息。

 

Party A agrees to assume the interest on Party B's bank loan of RMB 350 million during the construction period.

 

(5)乙方同意项目建设资金在甲方的监督下使用。

 

Party B agrees to use the construction funds under the supervision of Party A.

 

(6)在甲方对项目建设不做大的设计变更的前提下,超出项目预算的资金,甲方不再追加任何资金,应由乙方自行承担,并不得因此耽误本协议约定的工程进度。

 

 

  

  

  

On the condition that Party A will not make any major design changes to the construction project, Party A will not inject more funds for any amount in excess of the budget of the project; Party B shall be responsible for such excess amount and shall not delay, for this reason, the progress schedule of the project specified in this agreement.

 IV. 项目资金拨付:

 

The Project Funds Appropriation

 

	
(1)  

	
甲方应按照《土地及在建工程购买协议》的约定向乙方支付土地使用权转让款。

 

Party A must pay to Party B the consideration for the transfer of the land use right in accordance with the “Land and Current Construction Project Purchase Agreement”.

 

	
(2)  

	
甲方于本协议签订后的二十五个工作日内,按实际发生的项目建设前期手续费(详见附件四)支付给乙方706.21万元即:柒佰零陆万贰仟壹佰元整,续建期间再发生的报建费用按实际发生支付乙方,工程竣工后甲乙双方按实际发生的相关凭证进行决算。

 

Within 25 business days upon the execution of this agreement, Party A shall pay to Party B the management fee of RMB 7.0621 million already incurred for the initial phase of the construction (see Attachment V). Party A should pay to Party B the construction expenses reported on the actual basis for the continuation of the construction project, and, upon the completion of the project, the two parties will have a final settlement based on actual documents of evidence.

 

 

  

  

  

	
(3)  

	
乙方审核工程进度及应付施工单位工程进度款金额,经甲方批准后,由乙方支付给施工单位,此付款凭证,作为甲乙双方进行工程总造价最终核算的依据;

 

Party B shall review the progress of the construction and the accounts payable to the construction unit, and, upon Party A's approval, will make payment to the construction unit. The documents of payment will be used as the basis for both parties to have the final account settlement for the total cost of the construction project.

 

	
(4)  

	
2011年10月30日前,项目主体工程经甲方初步验收,满足甲方使用要求后,甲方按主体工程总价款的90%向乙方支付工程款。

 

Before October 30, 2011, after Party A conducts a preliminary inspection for acceptance on the major buildings of the project and is satisfied that such buildings meet Party A's requirements, Party A shall pay to Party B 90% of the total construction cost for the major buildings.

 

	
(5)  

	
乙方代甲方建设的主体工程施工完成,经甲方初验合格并使用后,甲方结清乙方《土地及在建工程购买协议》中约定的在建工程款项人民币1915.20万元即:壹仟玖佰壹拾伍万贰仟元整。

 

After Party B completes the construction of the major buildings of the project for Party A and after Party A accepts, upon inspection, such buildings and puts them into use, Party A will settle the payment of RMB 19,152,000 for the cost of the project under construction specified in the “Land and On-site Construction Purchase Agreement”.

 

 

  

  

  

	
(6)  

	
2011年12月30日前,项目其它工程经甲方初步验收,满足甲方使用要求后,甲方按其它工程总价款的90%向乙方支付工程款。

 

Before December 30, 2011, after Party A conducts a preliminary inspection for acceptance on the other facilities and is satisfied that such facilities meet Party A's requirements, Party A shall pay to Party B 90% of the construction cost of such other facilities.

 

	
(7)  

	
2012年6月30日以前,乙方将土地使用权以及全部完工工程(建筑物)所有权更名至甲方名下15个工作日内(更名过程中产生的税费,全部由甲方承担),甲方向乙方支付项目主体工程和项目其它工程剩余的10%项目建设款,同时甲方一次性支付乙方建设管理费1000万元即:壹仟万元整;

 

Before 30th June 2012, within 15 business days upon the transfer to Party A of the land use right and the ownership of all the completed projects (buildings) (Party A will be responsible for all the taxes in connection with the transfer of ownership), Party A should pay to Party B the remaining 10% of the construction cost of the major buildings, the remaining 10% of the construction cost of the buildings and other facilities and, at the same time, a one-time construction management fee of RMB 10 million.

 

	
(8)  

	
甲方自支付每笔工程款之日起不再承担该部分已支付款项的银行贷款利息。

 

After the payments of each amount of the construction costs, Party A will shall not be responsible for the interest on that portion of the bank loan corresponding to the construction costs for which Party A has already paid.

 

 

  

  

  

 V. 项目验收:

 

Project Inspection and Acceptance

 

	
(1)  

	
双方约定,验收依据为甲方向乙方提供的建设施工图纸,甲方建设内容(见附件五)、项目建设计划(见附件三), 项目建设预算(见附件六),验收标准(见附件七),同时工程质量应达到国家质量评定合格标准要求。

 

Both parties agree that inspection and acceptance will be based on the construction drawings, Party A’s Construction Contents (see Attachment V), construction project plan (see Attachment III), construction project budget (see Attachment VI) and acceptance standards (see Attachment VII) provided by Party A to Party B.  In addition, the quality of the construction must also meet the requirements of the State quality assessment standards.

 

	
(2)  

	
乙方应于2011年10月30日前完成项目主体工程交付,甲方按施工图纸进行初步验收,确保达到甲方生产设备安装使用需求。

 

Party B must complete the hand-over of the major buildings to Party A before October 30, 2011. Party A will conduct a preliminary inspection based on the construction drawings to ensure that such buildings meet the requirements of the installation and deployment of Party A's production equipment.

 

	
(3)  

	
乙方应于2011年12月30前完成项目其它工程并完成建设项目整体交付,甲方按施工图纸进行初步验收,确保达到甲方生产设备安装使用需求。

 

Party B must complete the hand-over of the major buildings to Party A before December 30, 2011. Party A will conduct a preliminary inspection based on the construction drawings to ensure that such buildings meet the requirements of the installation and deployment of Party A's production equipment.

 

 

  

  

  

	
(4)  

	
如果项目建设未通过甲方验收,甲方有权但无义务要求乙方按照甲方提出的修改意见和期限对工程进行修整。

 

If the construction project fails to pass Party A’s acceptance inspection, Party A shall have the rights but not the obligation to demand Party B to conduct remedial work based on the improvement recommendations and within the time frame made and specified by Party A.

 

	
(5)  

	
如果由于乙方进行修整而导致交付工期滞后,乙方应按建设项目总价款的日千分之三向甲方支付延期交付违约金,相关款项可以从甲方向乙方支付的项目尾款中扣除。

 

If the delivery of the construction project is delayed due to Party B’s remedial work, Party B  shall pay to Party A the late penalty in the amount equal to a daily rate of 0.3% of the total construction cost for the remedial work period; such amount may be deducted from the balance of the payment  Party A will make to Party B.

 

	
(6)  

	
如果经修整后的工程仍然无法通过甲方验收,乙方应立即返还甲方已经支付的所有款项,同时乙方应赔偿甲方已支付款项总额15%的金额作为违约赔偿金并承担本协议下其他违约责任。

 

If the construction project still fails to pass Party A's inspection after such remedial work, Party B must immediately return all the amount which Party A has already paid to Party B for the construction project and, in addition, pay default damages in the amount equal to 15% of the total amount which Party A has already paid to Party B and assume liabilities hereunder for the breach.

 

	
(7)  

	
项目建设整体完工后,乙方负责协同甲方与建设规划部门、消防部门、质量监督检查站、环保部门等按国家相关建筑验收标准对项目进行整体验收。

 

After the completion of the whole construction project, Party B shall be responsible for coordinating Party A and the relevant government organizations such as construction planning department, fire department, quality monitoring and inspection department and the environmental protection bureau for the comprehensive inspection of the whole construction project  in accordance with the state building inspection and acceptance standards.

 

 

  

  

  

 

 VI. 项目移交:

 

   Project Transfer

 

(1)2011年10月30日前,甲方按施工图纸对项目主体工程进行初步验收,达到甲方生产设备安装使用需求后,乙方将项目主体工程交付给甲方.

 

Before October 30, 2011, after Party A will conduct a preliminary acceptance inspection of the major buildings of the project based on the construction drawings; after Party A is satisfied that such buildings meet the requirements for installation and deployment of Party A’s production equipment, Party B shall transfer the major portion of the construction project to Party A.

 

(2)2011年12月30前,甲方按施工图纸对项目其它工程,进行初步验收,达到甲方生产设备安装使用需求后,乙方将项目其它工程交付给甲方.

 

Before December 30, 2011, after Party A will conduct a preliminary acceptance inspection of the other facilities of the project based on the construction drawings; after Party A is satisfied that such facilities meet the requirements for installation and deployment of Party A’s production equipment, Party B shall transfer the other facilities to Party A.

 

(3)2012年6月30日以前,由乙方解除政府担保公司的担保及土地反抵押后,将土地使用权以及全部完工工程(建筑物)所有权更名至甲方名下。

 

Before June 30, 2012, after dissolving the guarantee with the government bonding company and the counter guarantee backed by the land, Party B will transfer the land use right and the whole completed construction project (buildings) to Party A.

 

 

  

  

  

 VII. 陈述与保证:

 

Representations and Warranties

 

	
(一)  

	
双方陈述与保证

 

(1) Parties Representations and Warranties from Both Parties

 

 双方均有权签署本协议并履行本协议项下各自的义务。

 

Both parties have the power and authority to execute this Agreement and to perform their respective obligations specified herein.

 

 双方均采取了合理和必要的行为促使本协议的签署及其条款的履行,并获得了促使本协议有效签署及其条款履行的全部许可、批准和授权。

 

Both parties have taken reasonable and necessary actions to cause the execution of this Agreement and the performance of the provisions herein, and have obtained all permits, licenses, consents, approvals and authorizations necessary for the execution and performance of this Agreement.

 

	
(二)  

	
乙方特别陈述与保证

 

(2) Party B’s Special Representations and Warranties

 乙方对其本协议项下的土地使用权以及在建工程,拥有完整、可交易的所有权并且该土地使用权之上未设立任何他物权。

 

Party B has the complete and tradable land use right and ownership of the project currently under construction and has established no encumbrance on the land use right.

 

 乙方具备一切在建工程建设所必需的相关政府部门出具的全部批文、许可、资质以及证照。

 

Party B has obtained all approvals, permits, qualification and certification issued by the relevant local authorities necessary for the construction project.

 

 不存在任何针对土地使用权以及其上的在建工程的未决的或潜在的,根据乙方最大程度的了解,可能影响乙方签订或履行本协议能力的诉讼、仲裁、法律或行政或其他程序、政府调查。

 

 

  

  

  

To the best of Party B’s knowledge, there are no pending and potential litigation, arbitration, other legal or administrative proceedings or government investigation involving the land use right and the project under construction that could may affect Party B’s execution and performance of the Agreement.

 

 无论是本协议的签署或是对本合同项下乙方义务的履行均不应与乙方的营业执照或公司章程中的任何条款,或任何法律、规章、法规,任何政府机关、部门的授权或批准,或该公司作为一方或其应遵守的任何合同或协议相冲突,或导致其违约或构成不履行。

 

 Neither the execution of this Agreement nor the performance of the obligations herein will conflict with Party B’s business permit or company charter, or with any laws, statutes and regulations, or with any authorization and approval from any government organizations, or with any other contract or agreement to which Party B is a party or by which Party B is bound.  Nor such execution and performance will cause any breach or constitute any act of non-performance.

 VIII. 乙方责任及承诺:

 

Party B’s responsibility and promise

 

 乙方承诺,在本协议签署之前造成的直接或间接与乙方转让之土地使用权以及在建工程有关的任何争议、权利主张或处罚,应全部由乙方承担义务并负责赔偿。上述争议、权利主张或处罚的影响若于本协议签署之后发生,乙方仍应持续承担其义务并赔偿甲方因此造成的全部损失。

 

Party B promises to be fully responsible for any and all disputes, rights assertions and sanctions arising from, or in connection with, directly or indirectly, the land use right and the project under construction prior to the execution of this Agreement and for compensating Party A for any resulting losses.  Should the effect of such for disputes, rights assertions and sanctions is suffered after the execution of this Agreement, Party B shall still bear full responsibility and compensate Party A for all resulting losses.

 

 在满足本协议项下相关约定的情况下,乙方应保证土地使用权及完工工程所有权变更至甲方名下。

 

 

  

  

  

On the condition that the relevant provisions hereunder are satisfied, Party B must ensure the transfer of the land use right and the ownership of the completed construction project to Party A.

 

 乙方全面负责在建工程项目的建筑工程质量、建设工期、造价、安全、环境保护等工作。由此引起的任何责任,乙方应当负责赔偿因此给甲方造成的所有损失。

 

Party B is fully responsible for the engineering quality, progress, cost, safety and environmental protection issues of the construction.  And Party B shall liable for all consequence arising from such issues and be responsible for compensating Party A for all resulting losses.

 

 工程竣工未移交甲方之前,乙方负责对工程现场的一切设施和工程成品进行管理及保护。

 

Before the transfer to Party A of the construction project after its completion, Party B shall be responsible for the management and security of all the facilities and buildings on the construction site.

 

 在建工程竣工后,乙方提出竣工验收报告,分别向规划、环保、消防等部门申请验收,验收通过以后向工程所在地建设行政主管部门备案。

 

After the completion of the construction project, Party B will submit project completion inspection report, applies to the planning, environmental protection and fire departments respectively for acceptance and, after acceptance inspection, file with the competent construction administration authority at the location of the construction project for record.

 

 在满足本协议规定的条款和条件的前提下,乙方应采取一切必要措施,包括但不限于签署有关向甲方过户所需的一切协议、决议、申请文件等,以及时完成过户手续。

 

 

  

  

  

On the premise that all the terms and conditions hereunder are satisfied, Party B shall take all necessary measures, including but not limited to the execution of all agreements, resolutions and application documents necessary for the transfer of ownership to Party A  to ensure the timely progression of the transfer.

 

 乙方在履行本协议的义务期间,应认真、勤奋地工作,必须按照相关法律、法规及政策规定以及甲方的要求完成其全部职责。

 

Party B must work seriously and diligently during the course of performing the obligations hereunder and must fulfill all of its responsibilities in accordance with the relevant laws, statutes, regulations and policies and with Party A’s requirements.

 

 工程建设期间甲方有权随时检查施工质量及施工进度,甲方对工程质量问题有权代表乙方处理协调施工单位,但这也不能免除工程移交甲方后出现建筑质量时乙方的责任。

 

During the construction period, Party A shall have the right to inspect the quality and progress of the project at any time and shall have the right to give directions to the construction unit on behalf of Party B with regard to construction quality issues; notwithstanding the foregoing, such rights do not absolve Party B of its responsibility for any building structure quality issues that arise after the handover of the completed project.

 IX. 违约责任:

 

Liability of breach of the contract

 

双方应严格按照本协议规定的内容履行各自义务。如一方未履行或未及时履行其在本协议项下的义务、和/或其在本协议所作的承诺和保证存在虚假,违约方赔偿因违约给对方造成的一切经济损失(包括但不限于由此产生的调查取证费、公证费、诉讼费和律师费等必要开支);如各方违约,应根据实际情况各自承担相应的责任。一方违约后,另一方要求违约方继续履行合同时,违约方承担上述违约责任后仍应继续履行合同。

 

Both parties must strictly fulfill their respective obligations in accordance with the provisions herein. If one party fails to perform, or fails to perform on time, its obligation, or if any of the representations and warranties made by one party herein is false, the party in breach shall compensate the other party for all the resulting economic losses suffered by the other party (including not limited investigation and discovery expenses, certification and notary fees, litigation expenses and attorney fees and other necessary expenses in connection with such breach); if both parties breach this Agreement, each party must assume its respective responsibilities based on the actual situation. After one party has breached this Agreement and, after the other party demands the continuation of the performance of this Agreement, assumes the responsibilities for its breach, this Agreement must continue to be performed.

 

 

  

  

  

 X. 不可抗力:

 

Force Majeure:

 

 不可抗力指本协议一方或双方无法控制、无法预见或虽然可以预见但无法避免且在本协议签署之日后发生并使任何一方无法全部或部分履行本协议的任何事件。不可抗力包括但不限于罢工、员工骚乱、爆炸、火灾、洪水、地震及其他自然灾害及战争、民众骚乱、故意破坏、政府主权行为和法律变化致使双方无法继续合作,以及其他重大事件或突发事件的发生。

 

Force Majeure means any unforeseeable event that is beyond the control of one party or of both parties or, even though it is foreseeable, is unpreventable and that, after its occurrence after the date of execution of this Agreement, renders it impossible for any of the two parties to continue the performance, in part or in whole, of this Agreement.  Events of Force Majeure include, without limitation, strikes, employee disturbances and sabotage, explosion, fire, flood, earthquake and other natural disasters and war, civil unrest, vandalism, actions of a sovereign government and changes of the law that make it impossible for the two parties to continue the cooperation, and the occurrence of other major events or emergencies.

 

 当延误和无法履行义务的原因由于外界不可抗力造成时,履行本协议受阻的一方应以最便捷的方式毫无延误地通知对方,并在发生不可抗力事件之日起5日内向对方出具公证机关的证明文件。受到不可抗力影响的一方应采取所有合理行为使损失减少到最低程度,否则将赔偿对方由此造成的损失。

 

Upon the occurrence of an event of Force Majeure causing delay to the fulfillment of any obligation or making such fulfillment impossible, the impacted party must inform the other Party without delay in the most expedite manner and provide to the other party documents of evidence issued by certification agencies within 5 days upon the occurrence of such event.  The impacted party must take all reasonable actions to minimize losses and damages; otherwise, it shall be responsible for compensating the other party for such resulting losses and damages.

 

 各方应根据不可抗力事件对履行本协议的影响,决定是否终止或推迟本协议的履行,或部分或全部免除受阻方在本协议中的义务。

 

The two parties will determine, based on the impact of Force Majeure on the performance of this Agreement, whether to suspend or delay the performance of this Agreement, or whether to absolve the impacted party completely or partially of its obligation to fulfill its obligations hereunder.

 

 

  

  

  

 XI. 争议解决:

 

Dispute Resolution

 

本协议执行过程中,双方发生争议的,应友好协商解决。如果在一方向其他方发出要求协商解决的书面通知后30天之内争议仍然得不到解决,任何一方均可将有关争议依法向甲方所在地有管辖权的人民法院提起诉讼。

 

Any dispute arising from the course of performing this agreement must be settled through consultation between the two parties. If, after 30 days upon issuance of notice for resolution consultation by one party to the other party, such consultation fails  to reach any settlement, either party may institute a proceeding at the local people’s court.

 XII. 保密:

 

Confidentiality

 

除法律强制要求披露以外,

 

Except such discloser as mandated by law,

 

	
(1)  

	
双方对本次合作及本协议的具体内容负有保密责任;未经一方事先书面同意,另一方(包括该方员工)不得将双方的合作及本协议的具体内容披露给任何第三方。

 

Both parties have the obligation to keep confidential this cooperation and the specific contents of this agreement; neither party (including its employees) shall disclose this cooperation and the specific contents of this agreement to any third party without obtaining prior written consent from the other party.

 

	
(2)  

	
双方签署的文件以及往来的所有客户信息、文件资料等均属商业秘密,双方均有保密的义务。

 

The documents executed by, and all client information and documents exchanged between, the two parties are business secrets and both parties shall have the obligation to keep them confidential.

 

 

  

  

  

 XIII.  其他:

 

Miscellaneous:

 

 本协议的附件构成本协议的一部分,与本协议具有同等效力。尽管有前述约定,如果附件一《土地及在建工程购买协议》中的约定与本协议有冲突的,以本协议约定为准。

 

All the attachments hereto are the component parts of this Agreement and shall have the same legal effect.  Notwithstanding the foregoing, if there is any conflict between this agreement and the Land and Current Construction Project Purchase Agreement in Attachment 1, this Agreement shall prevail.

 

 本协议未约定事宜可另行达成书面协议。

 

Other matters not covered herein may be provided in a separate written agreement between the two parties.

 

 本协议一式肆份,甲、乙双方各执两份,具有同等法律效力。双方签字、盖章之日起生效。

 

The agreement contract is in quadruplicates, with Party A and Party B each holding two copies, and all of them have the same legal effect. The agreement will become effective on the day when it is signed and imprinted with seals by both parties.

 

(以下无正文)

 

(The following has no text)

 

 

  

  

  

有鉴于此,本协议各方各自授权代表已经于卷首所载日期签署了本协议,以昭信守。

 

In witness whereof, the respective duly authorized representatives of both parties have executed this Agreement on the date first indicated above.

甲方:

Party A:                      /seal/ Harbin Xinda Macromolecule Material Co., Ltd.

姓名:/s/ 韩杰

Name:           /s/ HAN Jie

职务:董事长

Title:           Chairman of the Board

乙方:

Party B:                      /seal/ Harbin Shengtong Engineering Plastics Co., Ltd.

姓名:/s/ 陈希刚

Name:           /s/ CHEN Xigang

职务:总经理

Title:           General Manager

 

 

 

 

  

  

  

附件一 《土地及在建工程购买协议》

 

Attachment 1 Land and Current Construction Project Purchase Agreement

 

 

 

  

  

  

 

附件二:在建工程项目清单

 

Attachment 2    The List of Current Construction Under Construction

 

	
在建工程明细表

 

The List of the Current Project Under Construction

 

	
序号No.

	
内容描述

Description

	
 核定金额

Approved amount

	
1

	
综合办公楼土建

The civil construction of Comprehensive office

Building

	
              6,596,240.16

	
2

	
厂房基础

Plant foundation

	
             11,996,320.69

	
3

	
门卫工程土建

The civil construction of Security Room

	
                178,587.97

	
4

	
围墙及其它工程土建

The civil construction of Fence and other project

	
                380,852.80

	
土建合计

The total amount of civil construction

	
          19,152,001.62

 

 

 

 

 

  

  

  

 

附件三:甲方建设内容

 

Attachment 3 Party A’s construction context

 

项目总建筑面积104180平方米,其中主要包括5栋生产厂房,总建筑面积88764m2;建设研发试验楼1栋,总建筑面积14400m2。

 

Gross building area of the project is 104180 square meters including five factory buildings with total building area of 88764 square meters and one R&D lab Building with total building area of 14400 square meters.

 

主要建筑物及其规模具体如下:

 

The main construction and scale are as follow:

 

	
序号No

	
建筑物名称Construction name

	
建筑面积(平方米)building area(m2)

	
占地面积(平方米) Land Area(m2)

	
层数Number of building layer

	
层高Height of building layer

	
结构形式Structural Form

	
备注Notes

	
1

	
1号生产车间(含仓库)

Production Plant 1(including storage)

	
16536

	
15600

	
1

	
7.5

	
钢结构Steel structure

	
宽78m,长200m width 78m,length 200m

	
2

	
2号生产车间(含仓库)

Production Plant 2(including storage)

	
16536

	
15600

	
1

	
7.5

	
钢结构Steel structure

	
宽78m,长200m width 78m,length 200m

	
3

	
3号生产车间(含仓库)

Production Plant 3(including storage)

	
16536

	
15600

	
1

	
7.5

	
钢结构Steel structure

	
宽78m,长200m width 78m,length 200m

	
4

	
4号生产车间(含仓库)

Production Plant 4(including storage)

	
16536

	
15600

	
1

	
7.5

	
钢结构Steel structure

	
宽78m,长200m

width 78m,length 200m

	
5

	
5号生产车间(含仓库)Production Plant 5(including storage)

	
22620

	
20280

	
1

	
7.5

	
钢结构Steel structure

	
宽78m,长260m width 78m,length 260m

	
6

	
研发试验楼

R&D lab Building

	
14400

	
2952

	
6

	
24

	
钢筋混凝土框架结构Reinforced concrete Structure

	
6层楼

6 storey

	
7

	
门卫

Security Room

	
696

	
696

	
1

	
3.6

	
砖混结构Masonry structure

	
分为8处

8 places

	
8

	
消防泵房、变电所Fire control pump room and Substation

	
320

	
320

	
1

	
3.6

	
砖混结构Masonry structure

	
在2号厂房内In Plant 2

	  	
合计

total

	
104180

	  	  	  	  	  

 

 

  

  

  

附件四:项目建设计划

 

Attachment 4 Project construction plan

	
建设项目Construction project

	
鑫达规划Xinda’s Plan

	
晟通规划Shengtong’s Plan

	
在建工程现状

Current situation of construction in process

	
设计变更方案Scheme of design change

	
竣工时间Time of completion

	
厂房

Plants

	
5栋钢结构,层高7.5米

5 buildings steel construction, 7.5 meters floor height

	
5栋钢结构,层高8.5米

5 buildings steel construction, 8.5 meters floor height

	
基础完成60%,钢结构未施工

60% base has been completed, and steel construction has not been constructed

	
变更为7.5米层高,工艺布线按实际需求变更

Change to 7.5 meters floor height, process wiring changes according to actual needs

	
2011年11月

November 2011

	
办公楼

Office building

	
研发检测楼,6层,建筑面积14400平方米

R&D detection building, 6 floors, area of structure is 14.4 thousand square meters

	
综合办公楼,5层,建筑面积12546平方米

Comprehensive office building, 5 floors, area of structure is 12546 square meters.

	
基础完成,框架建设至4层

Base has been completed; frame construction has been completed to the fourth floor.

	
工程鉴定后,增加一层,网络、监控、通讯按实际需求变更

After project’s identification, adding one floor and internet, monitoring, and communication change according to actual needs.

	
2011年10月

October, 2011

	
门卫Security Room

	
8处门卫房,砖混

8 security rooms, masonry structure

	
8处门卫房,砖混

security rooms, masonry structure

	
完成4栋

4 building has been completed

	
不变更

No change

	
2011年9月

September, 2011

	
消防泵房

Fire control pump room

	
一处,600立方米

One place, 600 cubic meters

	
一处,750立方米

One place, 750 cubic meters

	
完成90%

90% has been completed

	
不变更

No change

	
2011年7月

July, 2011

	
变电所

Substation

	  	  	
完成基础

Base has been completed

	
不变更

No change

	
2011年10月

October, 2011

	
围墙

Fence

	  	  	
完成40%

40% has been completed

	
不变更

No change

	
2011年8月

August, 2011

	
厂区道路

Plant road

	  	  	
未施工

No construction

	
不变更

No change

	
2012年9月

September, 2012

	
厂区综合管网

Plant comprehensive pipe network

	  	  	
未施工

No construction

	
不变更

No change

	
2012年8月

August, 2012

 

 

 

 

  

  

  

 

附件五: 项目建设预算

 

Attachment 5  The project construction budget

 

	
投    资    估    算    表

Project construction investment budget form

 

	  	  	  	  	  	  	
     单位: 万元

Unite: RMB 10 thousand

	
序号

No.

	
费用名称

Expense

	
建筑

工程费

Construction

Project

Expense

	
安装

工程费

Installation

Project

Expense

	
其它

费用

Other

Expenses

	
合计

Total

	
备注

Notes

	
数量

Quantity

	
单位

Unite

	
一

	
工程费用

Construction

 Expense

	
24301.87

	
770.00

	
0.00

	
25071.87

	
 

	
 

	
(一)

	
建筑工程

Construction

 Project

	
24209.87

	
0.00

	
0.00

	
24209.87

	
104180

	
 

	
1

	
生产车间

Production plant

	
15977.52

	
 

	
 

	
15977.52

	
88764

	
m2

	
2

	
综合办公楼

Comprehensive office

Building

	
3600.00

	
 

	
 

	
3600.00

	
14400

	
m2

	
3

	
消防泵房变电所

Fire Control Room

 Substation

	
32.00

	
 

	
 

	
32.00

	
320

	
m2

	
4

	
门卫室

Security Room

	
83.52

	
 

	
 

	
83.52

	
696

	
m2

	
5

	
围墙

Fence

	
93.55

	
 

	
 

	
93.55

	
1871

	
延长米

Extend meters

	
6

	
道路广场

Roads and Square

	
2645.37

	
 

	
 

	
2645.37

	
75582

	
m2

	
7

	
绿化

Landscaping

	
377.91

	
 

	
 

	
377.91

	
37791

	
m2

	
8

	
研发检测楼装修

R&D and Detection

Building  Decoration

	
1400.00

	  	  	
1400.00

	  	  
	
(二)

	
配套及辅助设施

Supporting and Auxiliary

 Facilities

	
92.00

	
770.00

	
0.00

	
862.00

	
 

	
 

	
1

	
电力设施

Electrical Facilities

	
 

	
450.00

	
 

	
450.00

	
 

	
 

	
2

	
供水设施

Water Supply Facilities

	
 

	
90.00

	
 

	
90.00

	
 

	
 

	
3

	
采暖设施

Heating Facilities

	
 

	
180.00

	
 

	
180.00

	
 

	
 

	
4

	
污水处理设施

Sewage Treatment

Facilities

	
 

	
50.00

	
 

	
50.00

	
 

	
 

	
5

	
消防水池

Fire Pool

	
92.00

	
 

	
 

	
92.00

	
1150

	
立方米

cubic meters

	
二

	
其它费用

Other Expenses

	
 

	
 

	
10746.33

	
10746.33

	
 

	
 

	
1

	
设计前期费

Design Prophase Fee

	
 

	
 

	
119.90

	
119.90

	
 

	
 

	
2

	
勘察设计费

Survey and Design Expenses

	
 

	
 

	
1077.57

	
1077.57

	
 

	
 

	
3

	
工程监理费

Project Supervision Fee

	
 

	
 

	
684.44

	
684.44

	
 

	
 

	
4

	
招投标费

Tendering and biding

	
 

	
 

	
70.05

	
70.05

	
 

	
 

	
5

	
建设单位管理费

Construction unit

Management fee

	
 

	
 

	
943.00

	
943.00

	
 

	
 

	
6

	
施工图设计审查费

Construction Documents

Design Review Fee

	
 

	
 

	
62.30

	
62.30

	  	
 

	
7

	
竣工图编制费

Construction Drawing

Design Review Fee

	
 

	
 

	
89.00

	
89.00

	  	
 

	
8

	
新型墙体材料专项费

New Kind of Wall Material

Special Expenses

	
 

	
 

	
67.37

	
67.37

	
104180

	
 

	
9

	
消防建设费

Fire Construction Fee

	
 

	
 

	
48.12

	
48.12

	
104180

	
 

	
10

	
征地费

Land Acquisition Costs

	
 

	
 

	
7584.58

	
7584.58

	
198913.7

	
m2

	
 

	
一~二项合计

Total Amount of ItemI

and ItemII

	
22543.25

	
770.00

	
10746.33

	
35818.20

	
 

	
 

	
三

	
基本预备费

Basic Reserve Funds

	
 

	
 

	
5000.00

	
5000.00

	  	
 

	
四

	
建设期贷款利息

The Loan Interest in

Construction Period

	
 

	
 

	
1641.90

	
1641.90

	
 

	
 

	
五

	
建设投资合计

Total Amount of

Construction Investment

	
22543.25

	
770.00

	
19211.33

	
42460.10

	
 

	
 

 

 

 

 

  

  

  

 

附件六: 验收标准

Attachment 6 Acceptance standard

 甲方设计的施工图纸

 

The construction drawing designed by Party A

 

 国家相关建筑质量验收规范

 

The related state code for construction quality acceptance of building

 

 消防验收规范

 

The code for acceptance of building fire protection

 

 

 

 

  

  

  

附件七: 前期建设手续明细

 

Attachment 7   List of Pre-project Construction Procedure

 

	
前期建设手续费明细表

The list of pre-project construction procedure

 

	
序号、No.

	
交付项目

delivery of projects

	
 交费金额

amount

	
1

	  	  
	
2

	  	  
	
3

	  	  
	
4

	  	  
	
合计

total

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