Document:

exv4w12

 

Exhibit 4.12

[Form of Series D Note]

NRP (Operating) LLC

5.05% Senior Note, Series D Due July 19, 2020

	 	 	 
	No. R[___]— [___]

	 	[Date]
	$[___]

	 	PPN 62963# AD 3

     For Value Received, the undersigned, NRP (Operating) LLC (herein called the
“Company”), a limited liability company organized and existing under the laws of the State of
Delaware, hereby promises to pay to [___], or registered assigns, the principal sum of
[___] Dollars on July 19, 2020, with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 5.05% per
annum from the date hereof, payable semi-annually, on the 19th day of July and January
in each year, commencing with the July or January next succeeding the date hereof, until the
principal hereof shall have become due and payable, and (b) to the extent permitted by law on any
overdue payment (including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount (as defined in the Supplement referred to below),
payable semi-annually, as aforesaid (or, at the option of the registered holder hereof, on demand),
at a rate per annum from time to time equal to the greater of (i) 7.05% or (ii) 2% over the rate of
interest publicly announced by Citibank, N.A. from time to time in New York, New York as its “base”
or “prime” rate.

     Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are
to be made in lawful money of the United States of America at Citibank, N.A. or at such other place
as the Company shall have designated by written notice to the holder of this Note as provided in
the Note Purchase Agreements referred to below.

     This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to
that certain First Supplement dated as of July 19, 2005 (as from time to time amended and
supplemented, the “Supplement”) to Note Purchase Agreements, dated as of June 19, 2003, as from
time to time amended and supplemented, between the Company and the respective Purchasers named
therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its
acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Note Purchase Agreements (as defined in the Supplement) and (ii) to have made the
representation set forth in Section 6.2 of the Note Purchase Agreements (as defined in the
Supplement).

     This Note is a registered Note and, as provided in the Note Purchase Agreements, upon
surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for

 

 

registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other purposes, and
the Company will not be affected by any notice to the contrary.

     The Company will make required prepayments of principal on the dates and in the amounts
specified in the Supplement. This Note is also subject to optional prepayment, in whole or from
time to time in part, at the times and on the terms specified in the Supplement, but not otherwise.

     If an Event of Default, as defined in the Note Purchase Agreements, occurs and is continuing,
the principal of this Note may be declared or otherwise become due and payable in the manner, at
the price (including any applicable Make-Whole Amount (as defined in the Supplement)) and with the
effect provided in the Note Purchase Agreements.

     This Note is guaranteed pursuant to the Subsidiary Guarantee dated June 19, 2003.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles of law of
such State that would require the application of the laws of a jurisdiction other than such State.

	 	 	 	 	 
	 	NRP (Operating) LLC

By 

      _____________________

      [Title]exv10w14

 

Exhibit 10.14

Execution Version

AMENDMENT NO. 4 AND WAIVER

     This Amendment No. 4 and Waiver dated as of July 12, 2006 (the “Agreement”) is among
Stone Energy Corporation, a Delaware corporation (“Borrower”), the financial institutions
party to the Credit Agreement described below as Banks (“Banks”), and Bank of America,
N.A., as Agent for the Banks (“Agent”) and as Issuing Bank (“Issuing Bank”).

INTRODUCTION

     A. The Borrower, the Banks, the Issuing Bank, and the Agent have entered into the Credit
Agreement dated as of April 30, 2004, as amended by Amendment No. 1 dated as of December 14, 2004,
Amendment No. 2 dated as of March 28, 2006, and Amendment No. 3 and Waiver dated as of June 16,
2006 (as so amended, the “Credit Agreement”).

     B. Borrower has requested that the Banks (i) amend the Credit Agreement to increase the
sublimit for Letters of Credit issued thereunder to $75,000,000 and (ii) waive any default under
Section 2.6(a)(i)(A) of the Credit Agreement caused by the issuance of Issuing Bank’s Letter of
Credit #3083069 on July 7, 2006 for the Borrower’s account, for the benefit of BP Exploration &
Production, Inc., in the face amount of $34,000,000, and with an expiration date of June 5, 2007
(the “Acquisition L/C”).

     THEREFORE, in fulfillment of the foregoing, Borrower, Agent, the Issuing Bank, and the Banks
hereby agree as follows:

     Section 1. Definitions; References. Unless otherwise defined in this Agreement, each
term used in this Agreement which is defined in the Credit Agreement has the meaning assigned to
such term in the Credit Agreement.

     Section 2. Amendment. Effective as of the date specified in Section 6 of this
Agreement, Section 2.6(a)(i)(A) of the Credit Agreement is amended to delete the reference therein
to “$50,000,000” and replace it with a reference to “$75,000,000”.

     Section 3. Waiver. Notwithstanding any provisions in the Credit Agreement and the
other Credit Documents to the contrary, the Banks hereby waive any existing Default or Event of
Default under Section 2.6(a)(i)(A) of the Credit Agreement caused by the issuance of the
Acquisition L/C. This waiver is limited to the extent described herein and shall not be construed
to be a waiver of any other default or condition under or action prohibited by the Credit
Agreement. The Agent and the Banks reserve the right to exercise any rights and remedies available
to them in connection with any future defaults or unmet conditions precedent under the Credit
Agreement or any other provision of any Credit Document.

     Section 4. Reaffirmation of Liens.

 

 

          (a) The Borrower (i) is party to certain Security Documents securing and supporting the
Borrower’s obligations under the Credit Documents, (ii) represents and warrants that it has no
defenses to the enforcement of the Security Documents and that according to their terms the
Security Documents will continue in full force and effect to secure the Borrower’s obligations
under the Credit Documents, as the same may be amended, supplemented, or otherwise modified, and
(iii) acknowledges, represents, and warrants that the liens and security interests created by the
Security Documents are valid and subsisting and create an Acceptable Security Interest in the
Collateral to secure the Borrower’s obligations under the Credit Documents, as the same may be
amended, supplemented, or otherwise modified.

          (b) The delivery of this Agreement does not indicate or establish a requirement that any
Guaranty or Security Document requires the Borrower’s or any Guarantor’s approval of amendments to
the Credit Agreement.

     Section 5. Representations and Warranties. The Borrower represents and warrants to
the Agent and the Banks that:

          (a) the representations and warranties set forth in the Credit Agreement and in the other
Credit Documents are true and correct in all material respects as of the date of this Agreement;

          (b) (i) the execution, delivery, and performance of this Agreement are within the corporate
power and authority of the Borrower and have been duly authorized by appropriate proceedings and
(ii) this Agreement constitutes a legal, valid, and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally
and general principles of equity; and

          (c) as of the effectiveness of this Agreement and after giving effect thereto, no Default or
Event of Default has occurred and is continuing.

     Section 6. Effectiveness. This Agreement shall become effective as of the date
hereof, and the Credit Agreement shall be amended as provided herein, upon the occurrence of all of
the following: (a) the Majority Banks’ and the Borrower’s duly and validly executing originals of
this Agreement and delivery thereof to the Agent, (b) the representations and warranties in this
Agreement being true and correct in all material respects before and after giving effect to this
Agreement, and (c) the Borrower shall have paid all costs, expenses, and fees which have been
invoiced and are payable pursuant to Section 9.4 of the Credit Agreement or any other
written agreement.

     Section 7. Effect on Credit Documents. Except as amended herein, the Credit Agreement
and the Credit Documents remain in full force and effect as originally executed, and nothing herein
shall act as a waiver of any of the Agent’s or Banks’ rights under the Credit Documents, as
amended. This Agreement is a Credit Document for the purposes of the provisions of the other
Credit Documents. Without limiting the foregoing, any breach of representations, warranties, and
covenants under this Agreement may be a Default or Event of Default under other Credit Documents.

-2-

 

     Section 8. Choice of Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Texas.

     Section 9. Counterparts. This Agreement may be signed in any number of counterparts,
each of which shall be an original.

[The remainder of this page has been left blank intentionally.]

-3-

 

     THIS WRITTEN AGREEMENT AND THE CREDIT DOCUMENTS, AS DEFINED IN THE CREDIT AGREEMENT,
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 BETWEEN THE PARTIES.

     EXECUTED as of the date first set forth above.

	 	 	 	 	 
	 	BORROWER:

STONE ENERGY CORPORATION

 	 
	 	By:  	/s/ Kenneth H. Beer
 	 
	 	Name:  	Kenneth H. Beer 	 
	 	Title:  	Senior Vice President and

Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ J. Kent Pierret
 	 
	 	Name:  	J. Kent Pierret 	 
	 	Title:  	Senior Vice President, Chief Accounting

Officer and Treasurer 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	AGENT AND ISSUING BANK:

BANK OF AMERICA, N.A., as Agent and Issuing Bank

 	 
	 	By:  	/s/ Ronald E. McKaig
 	 
	 	Name:  	Ronald E. McKaig 	 
	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	BANKS:

BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Ronald E. McKaig
 	 
	 	Name:  	Ronald E. McKaig 	 
	 	Title:  	Senior Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/Jo Linda Papadakis
 	 
	 	Name:  	Jo Linda Papadakis 	 
	 	Title:  	Vice President 	 

-2- 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BMO CAPITAL MARKETS FINANCING, INC. F/K/A HARRIS

NESBITT FINANCING, INC.

 	 
	 	By:  	/s/ Mary Lou Allen
 	 
	 	Name:  	Mary Lou Allen 	 
	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	UNION BANK OF CALIFORNIA, N.A.

 	 
	 	By:  	/s/Alison Fuqua
 	 
	 	Name:  	Alison Fuqua 	 
	 	Title:  	Investment Banking Officer 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:	 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	BNP PARIBAS

 	 
	 	By:  	/s/ Douglas R. Liftman         /s/ Polly Schott
 	 
	 	Name:  	Douglas R. Liftman              Polly Schott 	 
	 	Title:  	Managing Director                Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC

 	 
	 	By:  	/s/Robert E. Poirrier Jr.
 	 
	 	Name:  	Robert E. Poirrier Jr. 	 
	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	UFJ BANK LIMITED

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	WHITNEY NATIONAL BANK

 	 
	 	By:  	/s/Trudy W. Nelson
 	 
	 	Name:  	Trudy W. Nelson 	 
	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By:  	/s/Huma Vadgama
 	 
	 	Name:  	Huma Vadgama 	 
	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD.

 	 
	 	By:  	/s/Takahiko Ueda
 	 
	 	Name:  	Takahiko Ueda 	 
	 	Title:  	Deputy General Manager 	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF SCOTLAND

 	 
	 	By:  	/s/Karen Weich
 	 
	 	Name:  	Karen Weich 	 
	 	Title:  	Assistant Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	HIBERNIA NATIONAL BANK

 	 
	 	By:  	/s/David R. Reid
 	 
	 	Name:  	David R. Reid 	 
	 	Title:  	Senior Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

 

 

	 	 	 	 	 
	 	NATEXIS BANQUES POPULAIRES

 	 
	 	By:  	/s/Donovan C. Broussard
 	 
	 	Name:  	Donovan C. Broussard 	 
	 	Title:  	Vice President & Group Manager 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/Daniel Payer
 	 
	 	Name:  	Daniel Payer 	 
	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 4 and Waiver

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