Document:

exv10w2

 

Exhibit 10.2

AMENDMENT NO. 1

TO

SECOND AMENDED AND RESTATED

FIVE-YEAR CREDIT AGREEMENT

     THIS AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED FIVE-YEAR CREDIT AGREEMENT (this
“Amendment”) is made as of January 10, 2007, by and among THE DETROIT EDISON COMPANY (the
“Borrower”), the banks, financial institutions and other institutional lenders listed on
the signature pages hereof (the “Lenders”), BARCLAYS BANK PLC, as Administrative Agent, and
CITIBANK, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents, under that certain Second
Amended and Restated Five-Year Credit Agreement, dated as of October 17, 2005, by and among the
Borrower, the banks, financial institutions and other institutional lenders from time to time
parties thereto, the Administrative Agent and the Co-Syndication Agents (as amended, restated or
otherwise modified from time to time, the “Credit Agreement”). Defined terms used herein
and not otherwise defined herein shall have the meaning given to them in the Credit Agreement.

WITNESSETH

     WHEREAS, the Borrower, the Lenders, the Administrative Agent and the Co-Syndication Agents are
parties to the Credit Agreement; and

     WHEREAS, the Borrower has requested that the Administrative Agent, the Co-Syndication Agents
and the Lenders amend the Credit Agreement on the terms and conditions set forth herein;

     WHEREAS, the Borrower, the Administrative Agent, the Co-Syndication Agents and the requisite
number of Lenders have agreed to amend the Credit Agreement on the terms and conditions set forth
herein;

     NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto have agreed to the following amendments to the Credit
Agreement:

	1.	 	Amendments to the Credit Agreement. Effective as of December 31, 2006 (the
“Effective Date”) and subject to the satisfaction of the conditions precedent set
forth in Section 2 below, the Credit Agreement is hereby amended as follows:

	 	1.1.	 	Section 1.01 of the Credit Agreement is amended to insert the following new
definitions of “Excluded Pension Effects”, “Funded Debt”,
“Guaranteed Obligations”, “Hybrid Equity Securities”, “Mandatorily
Convertible Securities”, and “Total Funded Debt” alphabetically therein:
	 
	 	 	 	     “Excluded Pension Effects” means the non-cash effects on Consolidated
Net Worth resulting from the implementation of FASB Statement of Financial

 

 

	 	 	 	Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension
and Other Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106, and
132(R), dated September 2006.
	 
	 	 	 	     “Funded Debt” means, as to any Person, without duplication: (a) all
Debt of such Person for borrowed money or which has been incurred in connection with
the acquisition of assets (excluding (i) contingent reimbursement obligations in
respect of letters of credit and bankers’ acceptances, (ii) Nonrecourse Debt, (iii)
Junior Subordinated Debt, (iv) Mandatorily Convertible Securities, and (v) Hybrid
Equity Securities), (b) all capital lease obligations of such Person and (c) all
Guaranteed Obligations of Funded Debt of other Persons.
	 
	 	 	 	     “Guaranteed Obligations” has the meaning specified in clause
(h) of the definition of “Debt”.
	 
	 	 	 	     “Hybrid Equity Securities” means any securities issued by the Borrower
or its Subsidiary or a financing vehicle of the Borrower or its Subsidiary that (i)
are classified as possessing a minimum of “intermediate equity content” by S&P,
Basket C equity credit by Moody’s, and 50% equity credit by Fitch and (ii) require
no repayments or prepayments and no mandatory redemptions or repurchases, in each
case, prior to at least 91 days after the later of the termination of the
Commitments and the repayment in full of the Revolving Credit Advances and all other
amounts due under this Agreement.
	 
	 	 	 	     “Mandatorily Convertible Securities” means any mandatorily convertible
equity-linked securities issued by the Borrower or its Subsidiary, so long as the
terms of such securities require no repayments or prepayments and no mandatory
redemptions or repurchases, in each case prior to at least 91 days after the later
of the termination of the Commitments and the repayment in full of the Revolving
Credit Advances and all other amounts due under this Agreement.
	 
	 	 	 	     “Total Funded Debt” means all Funded Debt of the Borrower and its
Consolidated Subsidiaries, on a consolidated basis, as determined in accordance with
GAAP.
	 
	 	1.2.	 	Section 1.01 of the Credit Agreement is amended to delete the definition of
“Excluded Hedging Debt” in its entirety.
	 
	 	1.3.	 	Section 1.01 of the Credit Agreement is amended to delete the definition of
“Capitalization” in its entirety and to substitute the following therefor:
	 
	 	 	 	     “Capitalization” means the sum of (a) Total Funded Debt plus
(b) Consolidated Net Worth.
	 
	 	1.4.	 	Section 1.01 of the Credit Agreement is amended to delete the definition of
“Consolidated Net Worth” in its entirety and to substitute the following
therefor:

2

 

	 	 	 	     “Consolidated Net Worth” means, as of any date of determination, the
consolidated total stockholders’ equity, including capital stock (but excluding
treasury stock and capital stock subscribed and unissued), additional paid-in
capital and retained earnings (but excluding the Excluded Pension Effects) of the
Borrower and its Subsidiaries determined in accordance with GAAP.
	 
	 	1.5.	 	Section 1.01 of the Credit Agreement is amended to insert at the end of clause
(h) of the definition of “Debt” the following: “(all such obligations under
this clause (h) being “Guaranteed Obligations”).
	 
	 	1.6.	 	Section 6.01(i) of the Credit Agreement is amended and restated in its entirety
to read as follows:
	 
	 	 	 	     (i)The Borrower and its Subsidiaries, on a Consolidated basis, shall, as of
the last day of any fiscal quarter of the Borrower, have a ratio of (a) Total Funded
Debt to (b) Capitalization in excess of .65:1; or
	 
	 	1.7.	 	Exhibit F of the Credit Agreement is amended and restated in its entirety to
read as set forth in the form attached hereto.

	2.	 	Conditions of Effectiveness. The effectiveness of this Amendment is subject to the
conditions precedent that the Administrative Agent shall have received:

	 	(a)	 	duly executed originals of this Amendment from each of the
Borrower, the requisite number of Lenders required pursuant to Section 8.01 and
the Administrative Agent; and
	 
	 	(b)	 	such other documents, instruments and agreements as the
Administrative Agent shall reasonably request.

	3.	 	Representations and Warranties and Reaffirmations of the Borrower.

	 	3.1.	 	The Borrower hereby represents and warrants that (i) this Amendment and the
Credit Agreement as previously executed and as modified hereby constitute legal, valid
and binding obligations of the Borrower and are enforceable against the Borrower in
accordance with their terms (except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally), and (ii) no Default or Event of Default has occurred and
is continuing.
	 
	 	3.2.	 	Upon the effectiveness of this Amendment and after giving effect hereto, the
Borrower hereby reaffirms all covenants, representations and warranties made in the
Credit Agreement as modified hereby, and agrees that all such covenants,
representations and warranties shall be deemed to have been remade as of the Effective
Date, except that any such covenant, representation, or warranty that was made as of a
specific date shall be considered reaffirmed only as of such date.

3

 

	4.	 	Reference to the Effect on the Credit Agreement.

	 	4.1.	 	Upon the effectiveness of Section 1 hereof, on and after the date hereof, each
reference in the Credit Agreement (including any reference therein to “this Agreement,”
“hereunder,” “hereof,” “herein” or words of like import referring thereto) or in any
other Loan Document shall mean and be a reference to the Credit Agreement as modified
hereby.
	 
	 	4.2.	 	Except as specifically modified above, the Credit Agreement and all other
documents, instruments and agreements executed and/or delivered in connection therewith
shall remain in full force and effect, and are hereby ratified and confirmed.
	 
	 	4.3.	 	The execution, delivery and effectiveness of this Amendment shall not operate
as a waiver of any right, power or remedy of the Administrative Agent or the Lenders,
nor constitute a waiver of any provision of the Credit Agreement or any other
documents, instruments and agreements executed and/or delivered in connection
therewith.
	 
	 	4.4.	 	Upon satisfaction of the conditions set forth in Section 2 hereof and the
execution hereof by the Borrower and the Required Lenders, this Amendment shall be
binding upon all parties to the Credit Agreement.

	5.	 	GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.
	 
	6.	 	Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose.
	 
	7.	 	Counterparts. This Amendment may be executed by one or more of the parties to this
Amendment on any number of separate counterparts and all of said counterparts taken together
shall be deemed to constitute one and the same instrument.

4

 

     IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written.

	 	 	 	 	 	 	 
	 	 	THE DETROIT EDISON COMPANY, as
the Borrower	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David R. Murphy	 	 
	 

	 	 	 	 

	 	 
	 	 	Name: David R. Murphy	 	 
	 	 	Title: Assistant Treasurer	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC, as Administrative

Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Barton	 	 
	 

	 	 	 	 	 	 
	 	 	Name: David Barton

Title: Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	CITIBANK, N.A., as Co-Syndication Agent
and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Amit Vasani	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Amit Vasani

Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as Co-

Syndication Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Nancy R. Barwig	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Nancy R. Barwig

Title: Vice President	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amendment And Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA, as Co- 

Documentation Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Thane A. Rattew	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Thane A. Rattew

Title: Managing Director	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amendment And Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Co-
Documentation Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Richard Fronapfel, Jr.	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Richard Fronapfel, Jr.

Title: Vice President	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amendment And Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BNP PARIBAS, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Francis J. Delaney	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Francis J. Delaney

Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Mark A. Renaud	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Mark A. Renaud

Title: Managing Director	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amendment And Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION, as
 a
Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Sherrie I. Manson	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Sherrie I. Manson

Title: Sr. Vice President	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amendment And Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE ROYAL BANK OF SCOTLAND plc, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Andrew N. Taylor
 

	 	 
	 	 	Name: Andrew N. Taylor	 	 
	 	 	Title: Vice President	 	 

Signature Page to 

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	UBS LOAN FINANCE LLC, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Richard L. Tavrow
 

	 	 
	 	 	Name: Richard L. Tavrow	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Irja R. Otsa	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Irja R. Otsa	 	 
	 	 	Title: Associate Director	 	 

Signature Page to 

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Signature Page to 

The Detroit Edison Company 

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Dennis G. Blank
 

	 	 
	 	 	Name: Dennis G. Blank	 	 
	 	 	Title: Vice President	 	 

Signature Page to 

The Detroit Edison Company 

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH (formerly known as
CREDIT SUISSE FIRST BOSTON, ACTING THROUGH ITS CAYMAN
ISLANDS BRANCH), as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Sarah Wu
 

	 	 
	 	 	Name: Sarah Wu	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Shaheen Malik	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Shaheen Malik	 	 
	 	 	Title: Associate	 	 

Signature Page to 

The Detroit Edison Company 

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Marcus Tarkington
 

	 	 
	 	 	Name: Marcus Tarkington	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Rainer Meier	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Ranier Meier	 	 
	 	 	Title: Vice President	 	 

Signature Page to 

The Detroit Edison Company 

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	FIFTH THIRD BANK, A MICHIGAN BANKING CORPORATION
(FORMERLY KNOWN AS FIFTH THIRD BANK, EASTERN MICHIGAN),
as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Brian Jelinski
 

	 	 
	 	 	Name: Brian Jelinski	 	 
	 	 	Title: Officer	 	 

Signature Page to 

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 NEW YORK BRANCH
(successor-by-merger to UFJ Bank Limited), as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Chi-Cheng Chen	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Chi-Cheng Chen	 	 
	 	 	Title:   Authorized Signatory	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BANK HAPOALIM B.M., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	WILLIAM STREET COMMITMENT CORPORATION
(recourse only to assets of William
Street Commitment Corporation), as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	MELLON BANK, N.A., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Thomas J. Tarasovich, Jr.	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Thomas J. Tarasovich, Jr.	 	 
	 	 	Title:   Vice President	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	MIZUHO CORPORATE BANK, LTD., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Raymond Ventura	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Raymond Ventura	 	 
	 	 	Title:   Deputy General Manager	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	MORGAN STANLEY BANK, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Alex Nikolov	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Alex Nikolov	 	 
	 	 	Title:   Second – Vice President	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

Signature Page to

The Detroit Edison Company

Amendment No. 1 to Second Amended and Restated Five-Year Credit Agreement

 

 

EXHIBIT F — FORM OF

COMPLIANCE CERTIFICATE

COMPLIANCE CERTIFICATE

			
	To:	 	The Lenders parties to the

Credit Agreement Described Below

          This Compliance Certificate is furnished pursuant to that certain Second Amended and Restated
Five-Year Credit Agreement, dated as of October 17, 2005 (as amended or modified from time to time,
the “Agreement”) among The Detroit Edison Company, a Michigan corporation (the
“Borrower”), the lenders parties thereto, and Barclays Bank PLC, as Agent for the lenders.
Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the
meanings ascribed thereto in the Agreement.

          THE UNDERSIGNED HEREBY CERTIFIES THAT:

          1. I am the duly elected        
              of the Borrower;

          2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under
my supervision, a detailed review of the transactions and conditions of the Borrower and its
Subsidiaries during the accounting period covered by the attached financial statements;

          3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the
existence of any condition or event which constitutes an Event of Default or Default during or at
the end of the accounting period covered by the attached financial statements or as of the date of
this Certificate, except as set forth below; and

          4. Schedule 1 attached hereto sets forth financial data and computations evidencing the
Borrower’s compliance with certain covenants of the Agreement, all of which data and computations
are true, complete and correct.

          Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature
of the condition or event, the period during which it has existed and the action which the Borrower
has taken, is taking, or proposes to take with respect to each such condition or event:

          The foregoing certifications, together with the computations set forth in Schedule I hereto
and the financial statements delivered with this Certificate in support hereof, are made and
delivered this            day of           
          ,            .

	 	 	 	 	 	 	 
	 	 	THE DETROIT EDISON COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

SCHEDULE 1 TO COMPLIANCE CERTIFICATE

Compliance as of ________, ___with

Provisions of Section 5.01(h) of

the Agreement

FINANCIAL COVENANT

Ratio of Total Funded Debt to Capitalization (Section 6.01(i)).

	 	 	 	 	 
	(A) Numerator (Total Funded Debt):
	 	 	 	 
	(i) Debt for borrowed money or which has been incurred
in connection with the acquisition of assets (exclusive
of contingent reimbursement obligations in respect of
letters of credit and bankers’ acceptances):
	 	$	              
      	 
	(ii) Minus: Nonrecourse Debt:
	 	-$	             
       	 
	(iii) Minus: Junior Subordinated Debt:
	 	-$	             
       	 
	(iv) Minus: Mandatorily Convertible Securities:
	 	-$	           
         	 
	(v) Minus: Hybrid Equity Securities:
	 	-$	            
        	 
	(vi) Plus: Capital lease obligations:
	 	+$	             
       	 
	(vii) Plus: Guaranty Obligations of Funded Debt of
other Persons:
	 	+$	            
        	 
	(viii) Numerator: (A)(i) minus (A)(ii) through (A)(v)
plus (A)(vi) plus (A)(vii):
	 	$	              
      	 
	 
	 	 	 	 
	(B) Denominator (Capitalization):
	 	 	 	 
	(i) Total Funded Debt: (A)(viii)
	 	$	               
     	 
	(ii) Plus: Consolidated Net Worth:
	 	+$	             
       	 
	(iii) Denominator: (B)(i) plus (B)(ii):
	 	$	               
     	 
	 
	 	 	 	 
	(C) State whether the ratio of (A)(viii) to (B)(iii) was not
greater than .65:1:
	 	YES/NOexv10w1

 

Exhibit 10.1

AMENDMENT NO. 1

TO

FIVE-YEAR CREDIT AGREEMENT

     THIS AMENDMENT NO. 1 TO FIVE-YEAR CREDIT AGREEMENT (this “Amendment”) is made as of
January 10, 2007, by and among MICHIGAN CONSOLIDATED GAS COMPANY (the “Borrower”), the
banks, financial institutions and other institutional lenders listed on the signature pages hereof
(the “Lenders”), JPMORGAN CHASE BANK, N.A., as Administrative Agent, and BARCLAYS BANK PLC
and CITIBANK, N.A., as Co-Syndication Agents, under that certain Five-Year Credit Agreement, dated
as of October 17, 2005, by and among the Borrower, the banks, financial institutions and other
institutional lenders from time to time parties thereto, the Administrative Agent and the
Co-Syndication Agents (as amended, restated or otherwise modified from time to time, the
“Credit Agreement”). Defined terms used herein and not otherwise defined herein shall have
the meaning given to them in the Credit Agreement.

WITNESSETH

     WHEREAS, the Borrower, the Lenders, the Administrative Agent and the Co-Syndication Agents are
parties to the Credit Agreement; and

     WHEREAS, the Borrower has requested that the Administrative Agent, the Co-Syndication Agents
and the Lenders amend the Credit Agreement on the terms and conditions set forth herein;

     WHEREAS, the Borrower, the Administrative Agent, the Co-Syndication Agents and the requisite
number of Lenders have agreed to amend the Credit Agreement on the terms and conditions set forth
herein;

     NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto have agreed to the following amendments to the Credit
Agreement:

	1.	 	Amendments to the Credit Agreement. Effective as of December 31, 2006 (the
“Effective Date”) and subject to the satisfaction of the conditions precedent set
forth in Section 2 below, the Credit Agreement is hereby amended as follows:

	 	1.1.	 	Section 1.01 of the Credit Agreement is amended to insert the following new
definitions of “Excluded Pension Effects”, “Excluded Short-Term Debt”,
“Funded Debt”, “Guaranteed Obligations”, “Hybrid Equity
Securities”, “Mandatorily Convertible Securities”, and “Total Funded
Debt” alphabetically therein:
	 
	 	 	 	     “Excluded Pension Effects” means the non-cash effects on
Consolidated Net Worth resulting from the implementation of FASB Statement of
Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit

 

 

	 	 	 	Pension and Other Postretirement Plans, an amendment of FASB Statements No. 87, 88,
106, and 132(R), dated September 2006.
	 
	 	 	 	     “Excluded Short-Term Debt” means Debt of the Borrower or any of its
Subsidiaries having an original maturity of not more than 365 days in an aggregate
amount of not more than $450,000,000.
	 
	 	 	 	     “Funded Debt” means, as to any Person, without duplication: (a) all
Debt of such Person for borrowed money or which has been incurred in connection with
the acquisition of assets (excluding (i) contingent reimbursement obligations in
respect of letters of credit and bankers’ acceptances, (ii) Nonrecourse Debt, (iii)
Junior Subordinated Debt, (iv) Mandatorily Convertible Securities, and (v) Hybrid
Equity Securities), (b) all capital lease obligations of such Person and (c) all
Guaranteed Obligations of Funded Debt of other Persons.
	 
	 	 	 	     “Guaranteed Obligations” has the meaning specified in clause
(h) of the definition of “Debt”.
	 
	 	 	 	     “Hybrid Equity Securities” means any securities issued by the Borrower
or its Subsidiary or a financing vehicle of the Borrower or its Subsidiary that (i)
are classified as possessing a minimum of “intermediate equity content” by S&P,
Basket C equity credit by Moody’s, and 50% equity credit by Fitch and (ii) require
no repayments or prepayments and no mandatory redemptions or repurchases, in each
case, prior to at least 91 days after the later of the termination of the
Commitments and the repayment in full of the Revolving Credit Advances and all other
amounts due under this Agreement.
	 
	 	 	 	     “Mandatorily Convertible Securities” means any mandatorily convertible
equity-linked securities issued by the Borrower or its Subsidiary, so long as the
terms of such securities require no repayments or prepayments and no mandatory
redemptions or repurchases, in each case prior to at least 91 days after the later
of the termination of the Commitments and the repayment in full of the Revolving
Credit Advances and all other amounts due under this Agreement.
	 
	 	 	 	     “Total Funded Debt” means all Funded Debt of the Borrower and its
Consolidated Subsidiaries, on a consolidated basis, as determined in accordance with
GAAP.
	 
	 	1.2.	 	Section 1.01 of the Credit Agreement is amended to delete the definition of
“Excluded Hedging Debt” in its entirety.
	 
	 	1.3.	 	Section 1.01 of the Credit Agreement is amended to delete the definition of
“Capitalization” in its entirety and to substitute the following therefor:
	 
	 	 	 	     “Capitalization” means the sum of (a) Total Funded Debt plus
(b) Consolidated Net Worth.

2

 

	 	1.4.	 	Section 1.01 of the Credit Agreement is amended to delete the definition of
“Consolidated Net Worth” in its entirety and to substitute the following
therefor:
	 
	 	 	 	     “Consolidated Net Worth” means, as of any date of determination, the
consolidated total stockholders’ equity, including capital stock (but excluding
treasury stock and capital stock subscribed and unissued), additional paid-in
capital and retained earnings (but excluding the Excluded Pension Effects) of the
Borrower and its Subsidiaries determined in accordance with GAAP.
	 
	 	1.5.	 	Section 1.01 of the Credit Agreement is amended to insert at the end of clause
(h) of the definition of “Debt” the following: “(all such obligations under
this clause (h) being “Guaranteed Obligations”).
	 
	 	1.6.	 	Section 6.01(i) of the Credit Agreement is amended and restated in its entirety
to read as follows:
	 
	 	 	 	     (i) The Borrower and its Subsidiaries, on a Consolidated basis, shall, as of
the last day of any fiscal quarter of the Borrower, have a ratio of (a) Total Funded
Debt to (b) Capitalization in excess of .65:1; provided that for purposes of
calculating the foregoing ratio as of the last day of any fiscal quarter other than
any fiscal quarter ending on June 30, “Total Funded Debt” for purposes of
clauses (a) and (b) above shall be calculated exclusive of all
Excluded Short-Term Debt outstanding as of such date; or
	 
	 	1.7.	 	Exhibit F of the Credit Agreement is amended and restated in its entirety to
read as set forth in the form attached hereto.

	2.	 	Conditions of Effectiveness. The effectiveness of this Amendment is subject to the
conditions precedent that the Administrative Agent shall have received:

	 	(a)	 	duly executed originals of this Amendment from each of the
Borrower, the requisite number of Lenders required pursuant to Section 8.01 and
the Administrative Agent; and
	 
	 	(b)	 	such other documents, instruments and agreements as the
Administrative Agent shall reasonably request.

     3. Representations and Warranties and Reaffirmations of the Borrower.

	 	3.1.	 	The Borrower hereby represents and warrants that (i) this Amendment and the
Credit Agreement as previously executed and as modified hereby constitute legal, valid
and binding obligations of the Borrower and are enforceable against the Borrower in
accordance with their terms (except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally), and (ii) no Default or Event of
Default has occurred and is continuing.

3

 

	 	3.2.	 	Upon the effectiveness of this Amendment and after giving effect hereto, the
Borrower hereby reaffirms all covenants, representations and warranties made in the
Credit Agreement as modified hereby, and agrees that all such covenants,
representations and warranties shall be deemed to have been remade as of the Effective
Date, except that any such covenant, representation, or warranty that was made as of a
specific date shall be considered reaffirmed only as of such date.

	4.	 	Reference to the Effect on the Credit Agreement.

	 	4.1.	 	Upon the effectiveness of Section 1 hereof, on and after the date hereof, each
reference in the Credit Agreement (including any reference therein to “this Agreement,”
“hereunder,” “hereof,” “herein” or words of like import referring thereto) or in any
other Loan Document shall mean and be a reference to the Credit Agreement as modified
hereby.
	 
	 	4.2.	 	Except as specifically modified above, the Credit Agreement and all other
documents, instruments and agreements executed and/or delivered in connection therewith
shall remain in full force and effect, and are hereby ratified and confirmed.
	 
	 	4.3.	 	The execution, delivery and effectiveness of this Amendment shall not operate
as a waiver of any right, power or remedy of the Administrative Agent or the Lenders,
nor constitute a waiver of any provision of the Credit Agreement or any other
documents, instruments and agreements executed and/or delivered in connection
therewith.
	 
	 	4.4.	 	Upon satisfaction of the conditions set forth in Section 2 hereof and the
execution hereof by the Borrower and the Required Lenders, this Amendment shall be
binding upon all parties to the Credit Agreement.

	5.	 	GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.
	 
	6.	 	Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose.
	 
	7.	 	Counterparts. This Amendment may be executed by one or more of the parties to this
Amendment on any number of separate counterparts and all of said counterparts taken together
shall be deemed to constitute one and the same instrument.

4

 

     IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written.

	 	 	 	 	 	 	 
	 	 	MICHIGAN CONSOLIDATED GAS
COMPANY, as the Borrower	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David R. Murphy
 

	 	 
	 	 	Name: David R. Murphy	 	 
	 	 	Title: Assistant Treasurer	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as

Administrative Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Nancy R. Barwig
 

	 	 
	 	 	Name: Nancy R. Barwig	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC, as
Co-Syndication Agent and
as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Barton	 	 
	 

	 	 	 	 	 	 
	 	 	Name: David Barton	 	 
	 	 	Title: Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	CITIBANK, N.A., as Co-Syndication Agent

and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Amit Vasani	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Amit Vasani	 	 
	 	 	Title: Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BNP PARIBAS, as Co-Documentation Agent

and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Francis J. Delaney
 

	 	 
	 	 	Name: Francis J. Delaney	 	 
	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Mark A. Renaud	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Mark A. Renaud	 	 
	 	 	Title: Managing Director	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA, as	 	 
	 	 	Co-Documentation Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Thane Rattew
 

	 	 
	 

	 	Name:
	 	Thane Rattew	 	 
	 

	 	Title:
	 	Managing Director	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Kevin Bertelsen
 

	 	 
	 

	 	Name:
	 	Kevin Bertelsen	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Sherrie I. Manson
 

	 	 
	 

	 	Name:
	 	Sherrie I. Manson	 	 
	 

	 	Title:
	 	Sr. Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE ROYAL BANK OF SCOTLAND plc, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Andrew N. Taylor
 

	 	 
	 

	 	Name:
	 	Andrew N. Taylor	 	 
	 

	 	Title:
	 	Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	UBS LOAN FINANCE LLC, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Richard L. Tavrow	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Richard L. Tavrow	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Irja R. Otsa
 

	 	 
	 

	 	Name:
	 	Irja R. Otsa	 	 
	 

	 	Title:
	 	Associate Director	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, N.A., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Richard Fronapfel, Jr.
 

	 	 
	 

	 	Name:
	 	Richard Fronapfel, Jr.	 	 
	 

	 	Title:
	 	Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Dennis G. Blank
 

	 	 
	 

	 	Name:
	 	Dennis G. Blank	 	 
	 

	 	Title:
	 	Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS	 	 
	 	 	BRANCH, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Sarah Wu
 

	 	 
	 

	 	Name:
	 	Sarah Wu	 	 
	 

	 	Title:
	 	 Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Shaheen Malik	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Shaheen Malik	 	 
	 

	 	Title:
	 	 Associate	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK	 
	 	BRANCH, as a Lender	 
	 
	 	 	 	 
	 

	By
	 	/s/ Marcus Tarkington	 
	 

	 	 	 	 
	 

	Name:
	 	Marcus Tarkington	 
	 

	Title:
	 	 Director	 
	 
	 	 	 	 
	 

	By
	 	/s/ Rainer Meier	 
	 

	 	 	 	 
	 

	Name:
	 	Rainer Meier	 
	 

	Title:
	 	 Vice President	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	FIFTH THIRD BANK, A MICHIGAN	 	 
	 	 	BANKING CORPORATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Brian Jelinski
 

	 	  
	 

	 	Name:
	 	Brian Jelinski	 	 
	 

	 	Title:
	 	 Officer	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ,	 	 
	 	 	LTD., NEW YORK BRANCH (successor-by-	 	 
	 	 	merger to UFJ Bank Limited), as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Chi-Cheng Chen
 

	 	 
	 

	 	Name:
	 	Chi-Cheng Chen	 	 
	 

	 	Title:
	 	 Authorized Signatory	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	MELLON BANK, N.A., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Thomas J. Tarasovich, Jr.
 

	 	 
	 

	 	Name:
	 	Thomas J. Tarasovich, Jr.	 	 
	 

	 	Title:
	 	 Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL	 	 
	 	 	ASSOCIATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Gregory E. Castle
 

	 	 
	 

	 	Name:
	 	Gregory E. Castle	 	 
	 

	 	Title:
	 	First Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	MIZUHO CORPORATE BANK, LTD., as a	 	 
	 

	 	Lender	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Raymond Ventura
 

	 	 
	 

	 	Name:
	 	Raymond Ventura	 	 
	 

	 	Title:
	 	Deputy General Manager	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	MORGAN STANLEY BANK, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By

	 	 
	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY, as a	 	 
	 

	 	Lender	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Alex Nikolov
 

	 	 
	 

	 	Name:
	 	Alex Nikolov	 	 
	 

	 	Title:
	 	Second – Vice President	 	 

Signature Page to

Michigan Consolidated Gas Company

Amendment No. 1 to Five-Year Credit Agreement

 

 

EXHIBIT F — FORM OF
COMPLIANCE CERTIFICATE

COMPLIANCE CERTIFICATE

			
	To:	 	The Lenders parties to the

Credit Agreement Described Below

     This Compliance Certificate is furnished pursuant to that certain Five-Year Credit Agreement,
dated as of October 17, 2005 (as amended or modified from time to time, the “Agreement”)
among Michigan Consolidated Gas Company, a Michigan corporation (the “Borrower”), the
lenders parties thereto, and JPMorgan Chase Bank, N.A., as Agent for the lenders. Unless otherwise
defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed
thereto in the Agreement.

     THE UNDERSIGNED HEREBY CERTIFIES THAT:

     1. I am the duly elected                     of the Borrower;

     2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under
my supervision, a detailed review of the transactions and conditions of the Borrower and its
Subsidiaries during the accounting period covered by the attached financial statements;

     3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the
existence of any condition or event which constitutes an Event of Default or Default during or at
the end of the accounting period covered by the attached financial statements or as of the date of
this Certificate, except as set forth below; and

     4. Schedule 1 attached hereto sets forth financial data and computations evidencing the
Borrower’s compliance with certain covenants of the Agreement, all of which data and computations
are true, complete and correct.

     Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature
of the condition or event, the period during which it has existed and the action which the Borrower
has taken, is taking, or proposes to take with respect to each such condition or event:

     The foregoing certifications, together with the computations set forth in Schedule I hereto
and the financial statements delivered with this Certificate in support hereof, are made and
delivered this                      day of                     ,                     

	 	 	 	 	 	 	 
	 	 	MICHIGAN CONSOLIDATED GAS COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 
	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

 

 

SCHEDULE 1 TO COMPLIANCE CERTIFICATE

Compliance as of                     , ___with

Provisions of Section 5.01(h) of

the Agreement

FINANCIAL COVENANT

Ratio of Total Funded Debt to Capitalization (Section 6.01(i)).

	 	 	 	 	 
	(A) Numerator (Total Funded Debt):
	 	 	 	 
	(i) Debt for borrowed money or which has been incurred
in connection with the acquisition of assets (exclusive
of contingent reimbursement obligations in respect of
letters of credit and bankers’ acceptances):
	 	 	$                    	 
	(ii) Minus: Nonrecourse Debt:
	 	 	-$                    	 
	(iii) Minus: Junior Subordinated Debt:
	 	 	-$                    	 
	(iv) Minus: Mandatorily Convertible Securities:
	 	 	-$                    	 
	(v) Minus: Hybrid Equity Securities:
	 	 	-$                    	 
	(vi) Minus: For any fiscal quarter other than the
fiscal quarter ending on June 30, Excluded Short-Term
Debt:
	 	 	-$                    	 
	(vii) Plus: Capital lease obligations:
	 	 	+$                    	 
	(viii) Plus: Guaranty Obligations of Funded Debt of
other Persons:
	 	 	+$                    	 
	(ix) Numerator: (A)(i) minus (A)(ii) through (A)(vi)
plus (A)(vii) plus (A)(viii):
	 	 	$                    	 
	 
	 	 	 	 
	(B) Denominator (Capitalization):
	 	 	 	 
	(i) Total Funded Debt: (A)(ix)
	 	 	$                    	 
	(ii) Plus: Consolidated Net Worth:
	 	 	+$                    	 
	(iii) Denominator: (B)(i) plus (B)(ii):
	 	 	$                    	 
	 
	 	 	 	 
	(C) State whether the ratio of (A)(ix) to (B)(iii) was not greater
than .65:1:
	 	YES/NO

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