Document:

Exhibit 10.17

 

Execution

 

AMENDMENT NO. 3

 

AMENDMENT NO. 3 dated as of January 25, 2011 between ARES CAPITAL CORPORATION (the “Borrower”), the “Lenders” party hereto and JPMORGAN CHASE BANK, N.A., in its capacity as Administrative Agent (the “Administrative Agent”) and as Issuing Bank (the “Issuing Bank”) under the Credit Agreement referred to below.

 

The Borrower, the “Lenders” and the Administrative Agent, are parties to a Senior Secured Revolving Credit Agreement dated as of December 28, 2005 and amended and restated as of January 22, 2010 (as modified and supplemented and in effect from time to time, the “Credit Agreement”), providing, subject to the terms and conditions thereof, for extensions of credit (by means of loans and letters of credit) to be made by said lenders to the Borrower in an aggregate principal or face amount not exceeding $810,000,000.

 

The Borrower has issued its convertible notes on the terms described in (a) the offering memorandum attached hereto as Exhibit A (the “Notes Prospectus”) and (b) the indenture attached hereto as Exhibit B (the “Indenture”), which terms include “conversion rights” triggered upon the occurrence of the events (i) summarized on page 12 of the Notes Prospectus and as more fully described therein under “Description of Notes—Conversion Rights” and (ii) set forth in Article 13 of the Indenture (such conversion rights, including Physical Settlement, Cash Settlement and/or Combination Settlement, as each such term is defined in the Indenture, referred to herein, collectively, as the “Conversion Feature”).

 

The parties hereto wish now to clarify in certain respects the interpretation of certain provisions of the Credit Agreement, taking into consideration the Conversion Feature.

 

Section 1.  Definitions.  Except as otherwise defined in this Amendment No. 3, terms defined in the Credit Agreement are used herein as defined therein.

 

Section 2.  Amendment.  Section 1.03 of the Credit Agreement is hereby amended by adding the following sentence at the end of such Section:

 

“For the avoidance of doubt, (a) any settlement in respect of the Conversion Feature to the extent made through the delivery of common stock does not constitute a Restricted Payment and (b) the Conversion Feature (or the triggering and/or settlement thereof) shall not (i) constitute “amortization” for purposes of clause (a) of the definition of “Unsecured Indebtedness”, and any cash payment made by the Borrower in respect thereof shall constitute a “regularly scheduled payment, prepayment or redemption of principal and interest” within the meaning of clause (a) of Section 6.12 or (ii) constitute an event or condition described in clause (h) of Article VII unless the Borrower’s actions or omissions in respect of the Conversion Feature (or the triggering and/or settlement thereof) results in an Event of Default as defined in the Indenture.  Any cash payments made in respect of the Conversion Feature shall otherwise comply with the terms and conditions of this Agreement.”

 

Section 3.  Effectiveness.  This Amendment No. 3 shall become effective upon receipt by the Administrative Agent of counterparts of this Amendment No. 3 executed by the Borrower, the Administrative Agent, the Issuing Bank and the Required Lenders.

 

 

Section 4.  Representations and Warranties.  The Borrower represents and warrants to the Lenders, the Issuing Bank and the Administrative Agent that (a) the representations and warranties set forth in Article III of the Credit Agreement, and in each of the other Loan Documents, are true and correct in all material respects on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct in all material respects as of such specific date), and as if each reference in said Article III to “this Agreement” included reference to this Amendment No. 3 and (b) no Default or Event of Default has occurred and is continuing.

 

Section 5.  Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect.  This Amendment No. 3 shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. This Amendment No. 3 may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment No. 3 by signing any such counterpart.  This Amendment No. 3 shall be governed by, and construed in accordance with, the law of the State of New York.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to the Credit Agreement to be duly executed and delivered as of the day and year first above written.

 

	
 
    	
ARES   CAPITAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Penni F. Roll
    
	
 
    	
 
    	
Name:   Penni F. Roll
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    

 

 

	
 
    	
ADMINISTRATIVE   AGENT AND ISSUING BANK
    
	
 
    	
 
    
	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
 
    	
as   Administrative Agent and Issuing Bank
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sangeeta Mahadevan
    
	
 
    	
 
    	
Name:   Sangeeta Mahadevan
    
	
 
    	
 
    	
Title:   Executive Director
    
				

 

 

	
 
    	
LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MULTICURRENCY   LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
as a Multicurrency Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sangeeta Mahadevan
    
	
 
    	
 
    	
Name:   Sangeeta Mahadevan
    
	
 
    	
 
    	
Title:   Executive Director
    

 

 

	
 
    	
LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MULTICURRENCY   LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CITY   NATIONAL BANK, NA,
    
	
 
    	
 
    	
as a Multicurrency Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brandon L. Feitelson
    
	
 
    	
 
    	
Name:   Brandon L. Feitelson
    
	
 
    	
 
    	
Title:   Vice President
    
				

 

 

	
 
    	
LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MULTICURRENCY   LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DEUTSCHE   BANK AG NEW YORK BRANCH,
    
	
 
    	
 
    	
as   a Multicurrency Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert Chesley
    
	
 
    	
 
    	
Name:   Robert Chesley
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kathleen Bowers
    
	
 
    	
 
    	
Name:   Kathleen Bowers
    
	
 
    	
 
    	
Title:   Director
    
				

 

 

	
 
    	
LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MULTICURRENCY   LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON,
    
	
 
    	
 
    	
as   a Multicurrency Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Steven P. Cavaluzzo
    
	
 
    	
 
    	
Name:   Steven P. Cavaluzzo
    
	
 
    	
 
    	
Title:   Managing Director
    
				

 

 

	
 
    	
LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MULTICURRENCY   LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
 
    	
as   a Multicurrency Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Scott W. Reynolds
    
	
 
    	
 
    	
Name:   Scott W. Reynolds
    
	
 
    	
 
    	
Title:   Vice President
    
				

 

 

	
 
    	
LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MULTICURRENCY   LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SunTrust   Bank,
    
	
 
    	
 
    	
as   a Multicurrency Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert S. Ashcom
    
	
 
    	
 
    	
Name:   Robert S. Ashcom
    
	
 
    	
 
    	
Title:   Managing Director
    
				

 

 

	
 
    	
LENDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MULTICURRENCY   LENDERS
    
	
 
    	
 
    
	
 
    	
UBS   LOAN FINANCE LLC,
    
	
 
    	
 
    	
as   a Multicurrency 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
    
				

 

 

Exhibit A

 

 

Exhibit BExhibit No. 10(s)

 

AMENDMENT NO. 1 TO THE

 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT OF CONSTELLATION ENERGY NUCLEAR GROUP, LLC

 

This AMENDMENT NO. 1 TO THE SECOND AMENDED AND RESTATED OPERATING AGREEMENT OF CONSTELLATION ENERGY NUCLEAR GROUP, LLC, is entered into as of this 24th day of June, 2010, by and among Constellation Nuclear, LLC (“CNL”), a Delaware limited liability company, CE Nuclear, LLC (“CEN”), a Delaware limited liability company, and EDF Inc. (f/k/a EDF Development Inc.) (“EDF” and together with CNL and CEN, the “Current Members”), a Delaware corporation.

 

WHEREAS, on November 6, 2009, CNL, CEN, EDF, Constellation Energy Nuclear Group, LLC (the “Company”), a Maryland limited liability company, E.D.F. International S.A., Constellation, and Constellation Energy Group, Inc., entered into that certain Second Amended and Restated Operating Agreement (the “Operating Agreement”) of the Company;

 

WHEREAS, the Current Members of the Company may adopt an amendment of the Operating Agreement by unanimous written consent pursuant to Section 13.7 of the Operating Agreement; and

 

WHEREAS, the Current Members desire to amend the Operating Agreement on the terms set forth herein.

 

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

Section 1.               Defined Terms.  Capitalized terms used herein and not otherwise defined herein shall have the same meanings as set forth in the Operating Agreement.

 

Section 2.               Amendment to Article XIII.  Article XIII of the Operating Agreement hereby is amended by adding the following Section 13.18.1 after Section 13.18:

 

“Section 13.18.1 Property and Accidental Outage Insurance. Property and Accidental Outage Insurance is secured through Nuclear Electric Insurance Limited (“NEIL”). The Company currently is the NEIL member-insured with respect to the Licensed Subsidiaries and, as such, has the rights to participate and vote on NEIL committees and receive NEIL distributions, and the obligations to pay annual premiums for the Licensed Subsidiaries (which are the loss payees) and fund any potential NEIL retrospective premium call. The Members have agreed that with effect from July 1, 2010 the Company will cease to be the NEIL member-insured with respect to the Licensed Subsidiaries and instead the Members or their other Affiliates will become the NEIL member-insureds.  Upon the Members or their other Affiliates becoming the NEIL member-insureds, the loss payees of the

 

 

respective NEIL policies shall continue to be each of the Licensed Subsidiaries, and the Company shall become an additional insured under each of the respective policies. Additionally, the new member-insureds, rather than the Company, will be entitled to participate and vote on NEIL committees and receive NEIL distributions, and will be obligated to fund annual premiums and any potential NEIL retrospective premium call. Notwithstanding the preceding sentence, the Company shall be provided the opportunity to participate in appropriate NEIL forums/committees, continue to pay and bear the cost of the annual premiums for the Licensed Subsidiaries.  Further, in the event of a NEIL retrospective premium call that has been initially satisfied by the new member-insureds, the Company shall reimburse the new member-insureds for such retrospective premium payments, to the extent that the Board of Director’s determines Net Available Cash is available for such reimbursement.”

 

Section 3.               Effect of Amendment.  The parties hereto agree that except as expressly set forth herein, all terms of the Operating Agreement shall remain in full force and effect.  In the event of any inconsistency or conflict between the Operating Agreement and this amendment, the terms, conditions and provisions of this amendment shall govern and control.

 

Section 4.               Entire Agreement.  This Amendment and the Operating Agreement, including the Exhibits and other documents referred to therein which form a part thereof, contain the entire understanding of the parties hereto with respect to the subject matter contained herein and therein.  From and after the execution of a counterpart hereof by the parties hereto, any reference to the Operating Agreement shall be deemed to be a reference to the Operating Agreement as amended hereby.

 

Section 5.               Governing Law.  This agreement shall be governed by and construed in accordance with the laws of the State of Maryland without regard to principles of conflict of laws.

 

Section 6.               Counterparts.  This amendment may be executed in two or more counterparts, each of which shall constitute an original, and all of which taken together shall constitute one instrument.  Any signature page delivered by a facsimile machine shall be binding to the same extent as an original signature page.

 

[SIGNATURE PAGE FOLLOWS]

 

2

 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amendment No. 1 to the Second Amended and Restated Operating Agreement of Constellation Energy Nuclear Group, LLC, as of the date first written above.

 

 

	
CURRENT   MEMBERS:
    	
 
    	
CONSTELLATION   NUCLEAR, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Charles A. Berardesco
    
	
 
    	
 
    	
 
    	
Name:
    	
Charles A. Beraredesco
    
	
 
    	
 
    	
 
    	
Its:
    	
Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
CE NUCLEAR, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Charles A. Berardesco
    
	
 
    	
 
    	
 
    	
Name:
    	
Charles A. Berardesco
    
	
 
    	
 
    	
 
    	
Its:
    	
Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
EDF INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Jean-Pierre Benqué
    
	
 
    	
 
    	
 
    	
Name:
    	
Jean-Pierre Benqué
    
	
 
    	
 
    	
 
    	
Its:
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
THE   COMPANY:
    	
 
    	
CONSTELLATION   ENERGY NUCLEAR GROUP, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Henry B. Barron
    
	
 
    	
 
    	
 
    	
Name:
    	
Henry B. Barron
    
	
 
    	
 
    	
 
    	
Its:
    	
President and CEO

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