Document:

form10q-exhibit10b.htm

Exhibit 10(b)

 

AMENDMENT NO. 1 TO REVOLVING CREDIT AGREEMENT

 

AMENDMENT dated as of June 13, 2011 (this “Amendment”) to the Revolving Credit Agreement dated as of November 1, 2010 (the “Credit Agreement”) among LOUISVILLE GAS AND ELECTRIC COMPANY (the “Borrower”), the LENDERS party thereto (the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender and Swingline Lender (the “Agent”).

 

RECITALS:

 

WHEREAS, the parties hereto desire to amend the Credit Agreement to modify the definition of “Borrower’s Rating”.  The parties hereto therefore agree as follows:

 

Section 1.  Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby and each reference to “thereof”, “thereunder”, “therein” and “thereby” and each other similar reference to the Credit Agreement contained in any other Loan Document shall, after this treatment becomes effective refer to the Credit Agreement as amended hereby.

 

Section 2.  Amendments of Credit Agreement Definitions.

 

(a)  The definition of “Borrower’s Rating” set forth in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety:

 

“Borrower’s Rating” means the senior secured long-term debt rating of the Borrower from S&P or Moody’s.

 

(b)  The definition of “Applicable Percentage” set forth in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety:

 

“Applicable Percentage” means, for purposes of calculating (i) the applicable interest rate for any day for any Base Rate Loans or Euro-Dollar Loans, (ii) the applicable rate for the Commitment Fee for any day for purposes of Section 2.07(a) or (iii) the applicable rate for the Letter of Credit Fee for any day for purposes of Section 2.07(b), the appropriate applicable percentage set forth below corresponding to one rating level below the then current highest Borrower’s Ratings; provided, that, in the event that the Borrower’s Ratings shall fall within different levels and ratings are maintained by both Rating Agencies, the applicable rating shall be based on the higher of the two ratings unless one of the ratings is two or more levels lower than the other, in which case the applicable rating shall be determined by reference to the level one rating lower than the higher of the two ratings:

 

	  	
Borrower’s Ratings

(S&P /Moody’s)

	
Applicable Percentage for Commitment Fees

	
Applicable Percentage for Base Rate Loans

	
Applicable Percentage for Euro-Dollar Loans and Letter of Credit Fees

	
Category A

	
> A- from S&P / A3 from

Moody’s

	
0.200%

	
0.75%

	
1.75%

	
Category B

	
BBB+ from S&P / Baa1 from

Moody’s

	
0.250%

	
1.00%

	
2.00%

	
Category C

	
BBB from S&P / Baa2 from

Moody’s

	
0.375%

	
1.25%

	
2.25%

	
Category D

	
BBB- from S&P / Baa3 from

Moody’s

	
0.500%

	
1.50%

	
2.50%

	
Category E

	
≤BB+ from S&P / Ba1

from Moody’s

	
0.625%

	
2.00%

	
3.00%

 

Section 3.  Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 4. Full Force and Effect; Ratification.  Except as expressly modified herein, all of the terms and conditions of the Credit Agreement are unchanged, and, as modified hereby, the Borrower confirms and ratifies all of the terms, covenants and conditions of the Credit Agreement. This Amendment constitutes the entire and final agreement among the parties hereto with respect to the subject matter hereof and there are no other agreements, understandings, undertakings, representations or warranties among the parties hereto with respect to the subject matter hereof except as set forth herein.

Section 5.  Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

Section 6.  Effectiveness.  This Amendment shall become retroactively effective as of May 1, 2011, on the date when the Agent shall have received from each of the Borrower and the Lenders a counterpart hereof signed by such party or facsimile or other written confirmation (in form satisfactory to the Agent) that such party has signed a counterpart hereof.

 

  

  

  

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

 

	
LOUISVILLE GAS AND ELECTRIC COMPANY

	 	 
	
 
By:

	
/s/ Daniel K. Arbough

	 	
Name:  Daniel K. Arbough

	 	
Title:    Treasurer

  

  

  

	
WELLS FARGO BANK, NATIONAL ASSOCIATION as Administrative Agent, Issuing Lender, Swingline Lender and Lender

	 	 
	
 
By:

	
/s/ Nick Schmiesing

	 	
Name:  Nick Schmiesing

	 	
Title:    Assistant Vice President

  

  

  

	
Bank of America, N.A.

	 	 
	
By:

	
/s/ Mike Mason

	 	
Name:  Mike Mason

	 	
Title:    Director

  

  

  

	
CREDIT SUISSE AG, Cayman Islands Branch

	 	 
	
By:

	
/s/ Jay Chall

	 	
Name:  Jay Chall

	 	
Title:    Director

	
By:

	
/s/ Vipul Dhadda

	 	
Name:  Vipul Dhadda

	 	
Title:    Associate

  

  

  

	
Barclays Bank PLC

	 
	
By:

	
/s/ May Huang

	 	
Name:  May Huang

	 	
Title:    Assistant Vice President

  

  

  

	
BNP Paribas

	 
	
By:

	
/s/ Pasquale A. Perraglia IV

	 	
Name:  Pasquale A. Perraglia IV

	 	
Title:    Vice President

	
By:

	
/s/ Mark A. Renaud

	 	
Name:  Mark A. Renaud

	 	
Title:    Managing Director

  

  

  

	
CITIBANK, N.A.

	 
	
By:

	
/s/ Mary Beth Mandanas

	 	
Name:  Mary Beth Mandanas

	 	
Title:    Vice President

  

  

  

	
JPMorgan Chase Bank, N.A., as a Lender

	 
	
By:

	
/s/ Juan Javellana

	 	
Name:  Juan Javellana

	 	
Title:    Executive Director

  

  

  

	
MORGAN STANLEY BANK, N.A.

	 
	
By:

	
/s/ Scott Taylor

	 	
Name:  Scott Taylor

	 	
Title:    Authorized Signatory

  

  

  

	
ROYAL BANK OF CANADA

	 
	
By:

	
/s/ Thomas Casey

	 	
Name:  Thomas Casey

	 	
Title:    Authorized Signatory

  

  

  

	
THE BANK OF NOVA SCOTIA

	 
	
By:

	
/s/ Thane Rattew

	 	
Name:  Thane Rattew

	 	
Title:    Managing Director

  

  

  

	
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

	 
	
By:

	
/s/ Mary Coseo

	 	
Name:  Mary Coseo

	 	
Title:    Vice President

  

  

  

	
Union Bank, N.A.

	 
	
By:

	
/s/ Hideyuki Okamoto

	 	
Name:  Hideyuki Okamoto

	 	
Title:    Vice President

  

  

  

 

	
The Royal Bank of Scotland plc as a Lender

	 
	

By:

	
/s/ Andrew N. Taylor

	 	
Name:  Andrew N. Taylor

	 	
Title:    Vice President

  

  

  

	
UBS Loan Finance LLC

	 
	

By:

	
/s/ Irja R. Otsa

	 	
Name:  Irja R. Otsa

	 	
Title:    Associate Director

	
By:

	
/s/ Mary E. Evans

	 	
Name:  Mary E. Evans

	 	
Title:    Associate Director

  

  

  

	
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

	 
	
By:

	
/s/ Dixon Schultz

	 	
Name:  Dixon Schultz

	 	
Title:    Managing Director

	
By:

	
/s/ Sharada Manne

	 	
Name:  Sharada Manne

	 	
Title:    Director

  

  

  

	
DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender

	 
	
By:

	
/s/ Phillippe Sandmeier

	 	
Name:  Phillippe Sandmeier

	 	
Title:    Managing Director

	
By:

	
/s/ Edward D. Herko

	 	
Name:  Edward D. Herko

	 	
Title:    Director

  

  

  

	
KEYBANK NATIONAL ASSOCIATION as Lender

	 
	
By:

	
/s/ Paul J. Pace

	 	
Name:  Paul J. Pace

	 	
Title:    Senior Vice President

  

  

  

	
Lloyds TSB Bank plc

	 
	
By:

	
/s/ Deborah Carlson

	 	
Name:  Deborah Carlson

	 	
Title:    Director

             Corporate Banking USA

             C103

	

By:

	
/s/ Christian Hammerbeck

	 	
Name:  Christian Hammerbeck

	 	
Title:    Vice President

             Corporate Banking USA

             H057

  

  

  

	
U.S. Bank National Association

	 
	
By:

	
/s/ Paul Vastola

	 	
Name:  Paul Vastola

	 	
Title:    Sr. Vice President

  

  

  

	
BANCO BILBAO VIZCAYA ARGENTARIA S.A. – NEW YORK BRANCH

	 
	
By:

	
/s/ Nietzsche Rodricks

	 	
Name:  Nietzsche Rodricks

	 	
Title:    Senior Banker

	
By:

	
/s/ Michael Oka

	 	
Name:  Michael Oka

	 	
Title:    Executive Director

  

  

  

	
THE BANK OF NEW YORK MELLON

	 
	
By:

	
/s/ John N. Watt

	 	
Name:  John N. Watt

	 	
Title:    Vice President

  

  

  

	
Bayerische Landesbank, New York Branch

	 
	
By:

	
/s/ Rolf Siebert

	 	
Name:  Rolf Siebert

	 	
Title:    Senior Vice President

	
By:

	
/s/ Michael Hintz

	 	
Name:  Michael Hintz

	 	
Title:    First Vice President

  

  

  

	
MIZUHO CORPORATE BANK, LTD.

	 
	
By:

	
/s/ Leon Mo

	 	
Name:  Leon Mo

	 	
Title:    Authorized Signatory

  

  

  

	
Sovereign Bank

	 
	
By:

	
/s/ Robert D. Lanigan

	 	
Name:  Robert D. Lanigan

	 	
Title:    SVP

  

  

  

	
SUNTRUST BANK

	 
	
By:

	
/s/ Andrew Johnson

	 	
Name:  Andrew Johnson

	 	
Title:    Director

  

  

  

	
CIBC Inc.

	 
	
By:

	
/s/ Robert Casey

	 	
Name:  Robert Casey

	 	
Title:    Executive Director

	
By:

	
/s/ Josh Hogarth

	 	
Name:  Josh Hogarth

	 	
Title:    Director

  

  

  

	
Fifth Third Bank

	 
	
By:

	
/s/ Randolph J. Stierer

	 	
Name:  Randolph J. Stierer

	 	
Title:    Vice President

  

  

  

	
PNC Bank, National Association

	 
	
By:

	
/s/ Edward M. Tessalone

	 	
Name:  Edward M. Tessalone

	 	
Title:    Senior Vice President

             PNC Bank, N.A.

  

  

  

	
Sumitomo Mitsui Banking Corporation

	 
	
By:

	
/s/ Masakazu Hasegawa

	 	
Name:  Masakazu Hasegawa

	 	
Title:    General Manager

  

  

  

	
Wing Lung Bank Ltd., Los Angeles Branch, as a Lender

	 
	
By:

	
/s/ Anthony P.S. Yip

	 	
Name:  Anthony P.S. Yip

	 	
Title:    V.P. & Manager

  

  

  

	
THE NORTHERN TRUST COMPANY

	 
	
By:

	
/s/ Peter J. Hallan

	 	
Name:  Peter J. Hallan

	 	
Title:    Vice PresidentUnassociated Document

Exhibit 10(c)

 

Execution Copy

 

AMENDMENT NO. 5

 

TO THE CREDIT AND SECURITY AGREEMENT

 

This AMENDMENT NO. 5 TO THE CREDIT AND SECURITY AGREEMENT (this “Amendment”), dated as of July 26, 2011, is by and among PPL RECEIVABLES CORPORATION, as Borrower (the “Borrower”), PPL ELECTRIC UTILITIES CORPORATION, as Servicer (the “Servicer”), VICTORY RECEIVABLES CORPORATION (“Victory”), as a Lender, and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Liquidity Bank (in such capacity, the “Liquidity Bank”) and as Agent (in such capacity, the “Agent”).  Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned thereto in the Agreement (as defined below), including terms and definitions incorporated by reference therein.

 

WHEREAS, the parties hereto have entered into that certain Credit and Security Agreement, dated as of August 5, 2008 (as amended, supplemented and otherwise modified from time to time and as may be further amended, supplemented and otherwise modified from time to time, the “Agreement”);

 

WHEREAS, in connection with this Amendment, the parties hereto are entering into a third amended and restated Fee Letter, dated as of the date hereof (the “A&R Fee Letter”); and

 

WHEREAS, the parties hereto desire to amend the Agreement as herein set forth;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1. Amendments to the Agreement.  The Agreement is hereby amended as follows:

 

1.1 The definition of “Facility Termination Date” set forth in Exhibit I to the Agreement is amended by (i) replacing the date “July 26, 2011” where it appears in clause (iii) thereof with the date “July 24, 2012”.

 

1.2 Section 5.1(l) of the Agreement is amended by replacing the date “December 31, 2009” where it appears therein with the date “December 31, 2010”.

 

SECTION 2. Representations and Warranties of the Originator.  Each of the Borrower and the Servicer, as to itself, hereby represents and warrants to Victory, the Liquidity Bank and the Agent as follows:

 

2.1 The representations and warranties of such Person contained in Article V of the Agreement (as amended hereby) are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct as of such earlier date).

 

2.2 This Amendment and the Agreement (as amended hereby) constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with their respective terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

SECTION 3. Conditions to Effectiveness.  This Amendment shall become effective as of the date hereof upon receipt by the Agent of the following:

 

3.1 counterparts of this Amendment executed by each of the parties hereto;

 

3.2 counterparts of the A&R Fee Letter executed by each of the parties thereto; and

 

3.3 payment in full of the renewal fee payable pursuant to the A&R Fee Letter in accordance with the terms thereof.

 

SECTION 4. Effect of Amendment; Ratification.  Except as specifically amended hereby, the Agreement is hereby ratified and confirmed in all respects, and all of its provisions shall remain in full force and effect.  After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to “this Agreement”, “hereof”, “herein”, or words of similar effect, in each case referring to the Agreement, shall be deemed to be references to the Agreement as amended hereby.  This Amendment shall not be deemed to expressly or impliedly waive, amend, or supplement any provision of the Agreement other than as specifically set forth herein.

 

SECTION 5. Counterparts; Delivery.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.

 

SECTION 6. GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

SECTION 7. Section Headings.  The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

 

[Signature pages follow.]

 

 

 

 

 

-2-

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

 

PPL RECEIVABLES CORPORATION,

as Borrower

By:                                                                           

Name:

Title:

PPL ELECTRIC UTILITIES CORPORATION,

as Servicer

By:                                                                           

Name:

Title:

 

 

 

 

 

 

	S-1	 
Amendment No.5 to the Credit

and Security Agreement

 

 

  

  

VICTORY RECEIVABLES CORPORATION,

as a Lender

By:                                                                           

Name:

Title:

 

 

 

 

 

 

	S-2	 
Amendment No.5 to the Credit

and Security Agreement

 

 

  

  

THE BANK OF TOKYO-MITSUBISHI UFJ. LTD., NEW YORK BRANCH, as a Liquidity Bank

By:                                                                           

Name:

Title:

THE BANK OF TOKYO-MITSUBISHI UFJ. LTD., NEW YORK BRANCH, as Agent

By:                                                                           

Name:

Title:

 

 

 

 

	S-3	 
Amendment No.5 to the Credit

and Security Agreement

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