Document:

exhibit4a.htm

     

    EXHIBIT
      4.A

    

      
        

      

     

     

    
 

     

    EIGHTH
      SUPPLEMENTAL
      INDENTURE

     

    among

     

    EL
      PASO EXPLORATION
& PRODUCTION COMPANY,

     

    as
      Issuer,

     

    MBOW
      FOUR STAR
      CORPORATION,

    EL
      PASO EXPLORATION
& PRODUCTION MANAGEMENT, INC.,

    EL
      PASO E&P
      HOLDINGS, INC.,

    EL
      PASO E&P
      COMPANY, L.P.,

    EL
      PASO PRODUCTION
      RESALE COMPANY,

    EL
      PASO ENERGY OIL
      TRANSMISSION, L.L.C.,

    EL
      PASO PRODUCTION
      OIL & GAS GATHERING, L.P.,

    EL
      PASO E&P
      INTERNATIONAL HOLDING COMPANY,

    EL
      PASO PREFERRED
      HOLDINGS COMPANY,

    EL
      PASO E&P
      FINANCE COMPANY, L.L.C.,

    EL
      PASO SOUTH TEXAS
      E&P COMPANY, L.L.C.,

    and

    EL
      PASO E&P
      ZAPATA, L.P.,

    

    as
      Subsidiary
      Guarantors,

     

    and

     

    WILMINGTON
      TRUST
      COMPANY,

     

    as
      Trustee

     

    __________________

     

    June
      13,
      2007

     

    __________________

     

    7
3⁄4
Senior
      Notes
      due 2013

     

     

     

    
 

     

     

    
      
 

     

     

     

    

    THIS
      EIGHTH
      SUPPLEMENTAL INDENTURE (this “Eighth Supplemental Indenture”), dated as
      of June 13, 2007, among (i) El Paso Exploration & Production Company (the
“Company”), formerly known as El Paso Production Holding Company, (ii)
      MBOW Four Star Corporation, El Paso Exploration & Production Management,
      Inc., El Paso E&P Holdings, Inc., El Paso E&P Company, L.P., El Paso
      Production Resale Company, El Paso Energy Oil Transmission, L.L.C., El Paso
      Production Oil & Gas Gathering, L.P., El Paso E&P International Holding
      Company, El Paso Preferred Holdings Company, El Paso E&P Finance Company,
      L.L.C., El Paso South Texas E&P Company, L.L.C. and El Paso E&P Zapata,
      L.P. (collectively, the “Subsidiary Guarantors”), and (iii) Wilmington
      Trust Company, as trustee (the “Trustee”).  Capitalized terms
      used herein and not otherwise defined shall have the meaning assigned to them
      in
      the Indenture (as defined below).

     

     

    WITNESSETH:

     

    WHEREAS,
      the
      Company has issued its 73⁄4% Senior Notes due 2013 (the “Notes”) pursuant
      to the Indenture, dated as of May 23, 2003 (as amended by the First Supplemental
      Indenture, dated as of January 31, 2004, the Second Supplemental Indenture,
      dated as of July 26, 2004, the Third Supplemental Indenture, dated as of August
      31, 2005, the Fourth Supplemental Indenture, dated as of December 31, 2005,
      the
      Fifth Supplemental Indenture, dated as of June 30, 2006, the Sixth Supplemental
      Indenture, dated as of October 1, 2006, and the Seventh Supplemental Indenture,
      dated as of January 12, 2007 (the “Indenture”);

     

    WHEREAS,
      the
      Company has offered to purchase for cash any and all outstanding Notes (the
      “Tender Offer”);

     

    WHEREAS,
      in
      connection with the Tender Offer, the Company has requested that Holders of
      the
      Notes deliver their consents with respect to the deletion of certain provisions
      of the Indenture;

     

    WHEREAS,
      Section
      9.02 of the Indenture provides that the Company, the Subsidiary Guarantors
      and
      the Trustee may amend or supplement the Indenture and the Notes may be amended
      or supplemented with the consent of the Holders of a majority in principal
      amount of the Notes then outstanding (including, without limitation, consents
      obtained in connection with a purchase of, or tender offer or exchange offer
      for, the Notes);

     

    WHEREAS,
      the
      Holders of a majority of the principal amount of the Notes outstanding have
      duly
      consented to the proposed modifications set forth in this Eighth Supplemental
      Indenture in accordance with Section 9.02 of the Indenture;

     

    WHEREAS,
      the
      Company has heretofore delivered or is delivering contemporaneously herewith
      to
      the Trustee (i) a copy of resolutions of the Board of Directors of the Company
      authorizing the execution of this Eighth Supplemental Indenture, (ii) evidence
      of the written consent of the Holders set forth in the immediately preceding
      paragraph and (iii) the Officers’ Certificate and the Opinion of Counsel
      described in Section 9.06 of the Indenture; and

     

    WHEREAS,
      all
      conditions necessary to authorize the execution and delivery of this Eighth
      Supplemental Indenture and to make this Eighth Supplemental Indenture valid
      and
      binding have been complied with or have been done or performed.

     

    NOW,
      THEREFORE, in
      consideration of the foregoing and notwithstanding any provision of the
      Indenture which, absent this Eighth Supplemental Indenture, might operate to
      limit such action, the parties hereto, intending to be legally bound hereby,
      agree as follows:

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      ONE

     

    Amendments

     

    Section
      1.01  Amendments.

     

    (a)            Subject
      to Section 2.01 hereof, the Indenture is hereby amended by deleting the
      following provisions of the Indenture, in their respective entireties: Section
      4.02, Section 4.03, Section 4.04, Section 4.05, Section 4.06, Section 4.07,
      Section 4.08, Section 4.09, Section 4.10, Section 4.11, Section 4.12, Section
      4.13, Section 4.14 and Section 4.16.  Effective as of the date hereof,
      none of the Company, the Subsidiary Guarantors, the Trustee or other parties
      to
      or beneficiaries of the Indenture shall have any rights, obligations or
      liabilities under such Sections or Article, and such Sections or Article shall
      not be considered in determining whether an Event of Default has occurred or
      whether the Company has observed, performed or complied with the provisions
      of
      the Indenture.

     

    (b)            Article
      V of the Indenture is hereby amended and restated to read, in its entirety,
      as
      follows:

     

    “ARTICLE
      V

     

    SUCCESSOR
      COMPANY

     

    Section
      5.01.                                     When
      Company May Merge.

     

    (a)           The
      Company shall not consolidate or merge with or into any Person,
      unless:

     

    (1)          the
      resulting or surviving Person (the “Successor Company”) (if not the Company)
      shall expressly assume, by an indenture supplemental hereto, executed and
      delivered to the Trustee, in form satisfactory to the Trustee, all the
      obligations of the Company under the Securities and this Indenture;
      and

     

     (2)          the
      Company shall have delivered to the Trustee an Officers' Certificate and an
      Opinion of Counsel, each stating that such consolidation or merger and such
      supplemental indenture (if any) comply with this Indenture.

     

    The
      Successor
      Company shall be the successor to the Company and shall succeed to, and be
      substituted for, and may exercise every right and power of, the Company under
      this Indenture, and the predecessor Company shall be released from the
      obligation to pay the principal of and interest on the Securities.

     

    (b)           The
      Company shall not permit any Subsidiary Guarantor to consolidate or merge with
      or into any Person unless: (1) the resulting or surviving Person (if not such
      Subsidiary) shall expressly assume, by a Guarantee Agreement, in a form
      satisfactory to the Trustee, all the obligations of such Subsidiary, if any,
      under its Subsidiary Guarantee; and (2) the Company delivers to the Trustee
      an
      Officers' Certificate and an Opinion of Counsel, each stating that such
      consolidation or merger and such Guarantee Agreement, if any, complies with
      this
      Indenture.”

     

    (c)            Section
      6.01 of the Indenture is hereby amended and restated to read, in its entirety,
      as follows:

     

    “Section
      6.01                           Events
      of Default.

     

    An
“Event
      of
      Default” occurs if:

     

    (1)          the
      Company defaults in any payment of interest, or Liquidated Damages, if any,
      on
      any Security when the same becomes due and payable, and such default continues
      for a period of 30 days; or

     

    (2)          the
      Company defaults in the payment of the principal of any Security when the same
      becomes due and payable at its Stated Maturity, upon optional redemption, upon
      declaration of acceleration or otherwise.

     

    The
      foregoing will
      constitute Events of Default whatever the reason for any such Event of Default
      and whether it is voluntary or involuntary or is effected by operation of law
      or
      pursuant to any judgment, decree or order of any court or any order, rule or
      regulation of any administrative or governmental body.”

     

    (d)            Section
      8.01 of the Indenture is hereby amended and restated to read, in its entirety,
      as follows:

     

    “Section
      8.01.                           Discharge
      of Liability on Securities; Defeasance.

     

    (a)           The
      Indenture will be discharged and will cease to be of further effect (except
      as
      to surviving rights of registration of transfer or exchange of Notes) as to
      all
      outstanding Notes when either:

     

    (1)          all
      such Securities theretofore authorized and delivered (except lost, stolen or
      destroyed Securities which have been replaced or paid and Securities for whose
      payment money has theretofore been deposited in trust or segregated and held
      in
      trust by the Company and thereafter repaid to the Company or discharged from
      such trust) have been delivered to the Trustee for cancellation; or

     

    (2)          (i)
      the Company shall have given irrevocable and unconditional notice of redemption
      for all of the outstanding Securities within 60 days of such Securities pursuant
      to the redemption provisions of the Indenture or all Securities not theretofore
      delivered to the Trustee for cancellation otherwise have become due and payable,
      and the Company has irrevocably deposited or caused to be deposited with the
      Trustee as trust funds in the trust for such purpose an amount of money
      sufficient to pay and discharge the entire indebtedness on the Securities not
      theretofore delivered to the Trustee for cancellation, for principal, premium,
      if any, and accrued and unpaid interest, and Liquidated Damages, if any, (ii)
      the Company has paid all sums payable by it under the Indenture, (iii) the
      Company has delivered irrevocable instructions to the Trustee to apply the
      deposited money toward the payment of the Securities at maturity or the
      redemption date, as the case may be, and (iv) the holders of the Securities
      have
      a valid, perfected, exclusive security interest in such trust.

     

    In
      addition, the
      Company must deliver an Officers' Certificate and an Opinion of Counsel stating
      that all conditions precedent to satisfaction and discharge have been complied
      with.

     

    (b)           Subject
      to Sections 8.01(c) and 8.02, the Company at any time may terminate all its
      obligations under the Securities and this Indenture (“legal defeasance
      option”).

     

    If
      the Company
      exercises its legal defeasance option, payment of the Securities may not be
      accelerated because of an Event of Default with respect thereto. If the Company
      exercises its legal defeasance option, each Subsidiary Guarantor, if any, shall
      be released from all its obligations with respect to its Subsidiary
      Guarantee.

     

    Upon
      satisfaction
      of the conditions set forth herein and upon request of the Company, the Trustee
      shall acknowledge in writing the discharge of those obligations that the Company
      terminates.

     

    (c)           Notwithstanding
      clauses (a) and (b) above, the Company's obligations in Sections 2.03, 2.04,
      2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this Article 8 shall survive until
      the Securities have been paid in full. Thereafter, the Company's obligations
      in
      Sections 7.07, 8.04 and 8.05 shall survive.”

     

    (e)            Section
      8.02 of the Indenture is hereby amended and restated to read, in its entirety,
      as follows:

     

    “Section
      8.02.                           Conditions
      to Defeasance.

     

    The
      Company may
      exercise its legal defeasance option only if:

     

    (1)          the
      Company irrevocably deposits in trust with the Trustee money or U.S. Government
      Obligations for the payment of principal of and interest on the Securities
      to
      maturity or redemption, as the case may be;

     

    (2)          the
      Company delivers to the Trustee a certificate from a nationally recognized
      firm
      of independent accountants expressing their opinion that the payments of
      principal and interest when due and without reinvestment on the deposited U.S.
      Government Obligations plus any deposited money without investment will provide
      cash at such times and in such amounts as will be sufficient to pay principal
      and interest when due on all the Securities to maturity or redemption, as the
      case may be;

     

    (3)          the
      deposit does not constitute a default under any other agreement binding on
      the
      Company;

     

    (4)          the
      Company delivers to the Trustee an Opinion of Counsel to the effect that the
      trust resulting from the deposit does not constitute, or is qualified as, a
      regulated investment company under the Investment Company Act of
      1940;

     

    (5)
      the Company
      shall have delivered to the Trustee an Opinion of Counsel stating that (A)
      the
      Company has received from, or there has been published by, the Internal Revenue
      Service a ruling, or (B) since the date of this Indenture there has been a
      change in the applicable Federal income tax law, in either case to the effect
      that, and based thereon such Opinion of Counsel shall confirm that, the
      Securityholders will not recognize income, gain or loss for Federal income
      tax
      purposes as a result of such defeasance and will be subject to Federal income
      tax on the same amounts, in the same manner and at the same times as would
      have
      been the case if such defeasance had not occurred; and

     

    (6)          the
      Company delivers to the Trustee an Officers' Certificate and an Opinion of
      Counsel, each stating that all conditions precedent to the defeasance and
      discharge of the Securities as contemplated by this Article 8 have been complied
      with.

     

    Before
      or after a
      deposit, the Company may make arrangements satisfactory to the Trustee for
      the
      redemption of Securities at a future date in accordance with Article
      3.”

     

    Section
      1.02  Conforming Amendments

     

    (a)            Amendment
      of Definitions. The Indenture is hereby amended by deleting any definitions
      from the Indenture with respect to which references would be eliminated as
      a
      result of the amendments to the Indenture pursuant to Section 1.01
      hereof.

     

    (b)            Amendment
      to Cross-Referencing Provisions.  The Company and the Subsidiary
      Guarantors shall hereafter be deemed at all times to have complied with and
      satisfied in all respects each of the provisions of the Indenture that are
      deleted pursuant to Section 1.01(a) hereof for purposes of any provision of
      the
      Indenture that conditions any right or event, or conditions the Trustee's
      obligation to act, upon the compliance with or satisfaction of any such deleted
      provisions.  Further, the requirement of any provision of the
      Indenture that any action on behalf of the Company, any Subsidiary Guarantor
      or
      the Trustee be taken in accordance with or pursuant to any of the provisions
      of
      the Indenture that are deleted pursuant to Section 1.01(a) hereof shall be
      disregarded and the Company, such Subsidiary Guarantor or the Trustee shall
      be
      deemed to have taken such action in accordance with and pursuant to such deleted
      provision.

     

    (c)            Amendment
      to Forms of Securities.  The forms of securities that are
      attached as exhibits to the Indenture are hereby amended by deleting references
      in such forms of securities to those provisions of the Indenture that are
      eliminated as a result of the amendments to the Indenture pursuant to Section
      1.01 hereof.

     

    ARTICLE
      TWO

     

    Miscellaneous

     

    Section
      2.01  Effect of Supplemental Indenture. Except as amended
      hereby, all of the terms of the Indenture shall remain and continue in full
      force and effect and are hereby confirmed in all respects. From and after the
      date of this Eighth Supplemental Indenture, all references to the Indenture
      (whether in the Indenture or in any other agreements, documents or instruments)
      shall be deemed to be references to the Indenture as amended and supplemented
      by
      this Eighth Supplemental Indenture.  On and not prior to the date on
      which tendered Notes representing a majority of the Notes outstanding are
      accepted for purchase pursuant to the Tender Offer, this Eighth Supplemental
      Indenture will become operative; provided, however, that if and only if
      this Eighth Supplemental Indenture becomes operative, the provisions hereof
      shall be deemed effective as of the date hereof.

     

    Section
      2.02  Governing Law. THE LAWS OF THE STATE OF NEW YORK SHALL
      GOVERN AND BE USED TO CONSTRUE THIS EIGHTH SUPPLEMENTAL INDENTURE.

     

    Section
      2.03  No Representations by Trustee. The recitals contained
      herein shall be taken as the statement of the Company or the Subsidiary
      Guarantors, and the Trustee assumes no responsibility for the correctness or
      completeness of the same.  The Trustee makes no representation as to
      the validity or sufficiency of this Eighth Supplemental Indenture.

     

    Section
      2.04  Certain Duties and Responsibilities of the
      Trustee.  In entering into this Eighth Supplemental Indenture,
      the Trustee shall be entitled to the benefit of every provision of the Indenture
      relating to the conduct or affecting the liability or affording protection
      to
      the Trustee, whether or not elsewhere herein so provided.

     

    Section
      2.05  Endorsement and Change of Form of Notes.  Any
      Notes authenticated and delivered after the close of business on the date that
      this Eighth Supplemental Indenture becomes effective shall be affixed to,
      stamped, imprinted or otherwise legended by the Trustee, with a notation as
      follows:

     

    “Effective
      as of
      June 13, 2007, certain restrictive covenants of the Company and certain of
      the
      Events of Default have been eliminated, as provided in the Eighth Supplemental
      Indenture, dated as of June 13, 2007.  Reference is hereby made to
      said Eighth Supplemental Indenture, copies of which are on file with the
      Trustee, for a description of the amendments made therein.”

     

    Section
      2.06  Counterparts. This Eighth Supplemental Indenture may be
      executed in any number of counterparts, each of which shall be an original;
      but
      such counterparts shall constitute but one and the same instrument.

     

    (signature
      pages follow)

     

    

    
      
         

        
          
          

          
            

          

        

         

      

    

     

    

    IN
      WITNESS WHEREOF,
      the parties hereto have caused this Eighth Supplemental Indenture to be duly
      executed all as of the date hereof.

     

    

    

    EL
      PASO EXPLORATION & PRODUCTION COMPANY

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

    

     

    

    MBOW
      FOUR STAR
      CORPORATION

    

    

    By:    /s/
      Dane E.
      Whitehead                                  

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

     

    

    

    EL
      PASO EXPLORATION & PRODUCTION MANAGEMENT, INC.

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

    

     

    

    EL
      PASO E&P HOLDINGS, INC.

    

    

    By:    /s/
      Karen T.
      Severino                                   

    Karen
      T. Severino

    Vice
      President and Secretary

    

     

    

    EL
      PASO E&P COMPANY, L.P.

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

    

     

    

    EL
      PASO PRODUCTION RESALE COMPANY

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

     

    

    

    EL
      PASO ENERGY OIL TRANSMISSION, L.L.C.

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

     

    

    

    EL
      PASO PRODUCTION OIL & GAS GATHERING, L.P.

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

     

    

    

    EL
      PASO E&P INTERNATIONAL HOLDING COMPANY

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

     

    

    

    EL
      PASO PREFERRED HOLDINGS COMPANY

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

    

     

    

    EL
      PASO E&P FINANCE COMPANY, L.L.C.

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

    

     

    

    EL
      PASO SOUTH TEXAS E&P COMPANY, L.L.C.

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

    

     

    

    EL
      PASO E&P ZAPATA, L.P.

    

    

    By:    /s/
      Dane E.
      Whitehead                                 

    Dane
      E. Whitehead

    Senior
      Vice President and Chief Financial
      Officer

     

    

    

    WILMINGTON
      TRUST
      COMPANY,

    as
      Trustee

    

    

    By:       
      Michael G.
      Oller                                          

    Name:   Michael
      G. Oller,
      Jr.              

    Title:      Senior
      Financial Services
      Officer           

     

    
 (Signature
      Page to Eighth Supplemental
      Indenture)exhibit10a.htm

     

    EXHIBIT
      10.A

     

    
Execution
      Copy

    THIRD
      AMENDMENT TO
      CREDIT AGREEMENT

     

    THIS
      THIRD
      AMENDMENT (herein called this “Amendment”) dated as of June 11, 2007 is
      made by and among EL PASO EXPLORATION & PRODUCTION COMPANY
      (“EPEP”) and EL PASO E&P COMPANY, L.P. (individually, a
“Borrower” and collectively, the “Borrowers”), and FORTIS CAPITAL
      CORP. (“Fortis”), as administrative agent (“Administrative
“Agent”) for the Lenders party to the Credit Agreement (as defined
      below).

     

    W
      I T N E S S E T H
      :

     

    WHEREAS,
      the
      predecessors to the Borrowers, the Administrative Agent and the Lenders have
      entered into that certain Amended and Restated Credit Agreement dated as of
      October 19, 2005 (as amended, the “Credit Agreement”), for the purposes
      and consideration therein expressed, pursuant to which the Lenders became
      obligated to make loans and issue letters of credit to the Borrowers as therein
      provided;

     

    WHEREAS,
      on May 29,
      2007 EPEP announced a tender offer and consent solicitation (the “Tender
      Offer”) pursuant to the Offer to Purchase and Consent Solicitation Statement
      dated May 29, 2007 (the “Offer to Purchase”), whereby it would acquire
      any and all of the outstanding Senior Notes (as defined the Credit Agreement)
      for an aggregate consideration if all the Senior Notes are tendered in the
      Tender Offer of approximately $1,270,000,000;

     

    WHEREAS,
      in order
      to finance the acquisition of the Senior Notes pursuant to such Tender Offer
      and
      the costs and expenses incurred in connection therewith, including dealer
      manager fees and expenses, El Paso Corporation will lend EPEP up to
      $1,300,000,000 on an unsecured basis under the Cash Management Program (the
      “EPC Loan”);

     

    WHEREAS,
      EPEP
      proposes to amend the Indenture (as defined in the Credit Agreement) governing
      the Senior Notes in the manner set forth in the Offer to Purchase (the
“Indenture Amendment”);

     

    WHEREAS,
      as a
      result of the Indenture Amendment, EPEP expects that it will no longer be
      required to file reports with the Securities and Exchange Commission pursuant
      to
      the Securities Exchange Act of 1934;

     

    WHEREAS,
      in order
      to facilitate the above transactions, the Borrowers have requested that the
      Required Lenders consent to the Administrative Agent's amendment of the Credit
      Agreement as set forth herein; and

     

    WHEREAS,
      the
      Required Lenders are willing to consent to the Administrative Agent's amend
      the
      Credit Agreement on the terms and subject to the conditions set forth
      herein;

     

    NOW,
      THEREFORE, in
      consideration of the premises and the mutual covenants and agreements contained
      herein and in the Credit Agreement, in consideration of the loans and letters
      of
      credit which may hereafter be made or issued by the Lenders to the Borrowers,
      and for other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto do hereby agree as
      follows:

     

    1.  Terms
      Defined in
      the Credit Agreement.  Unless the context otherwise requires or
      unless otherwise expressly defined herein, the terms defined in the Credit
      Agreement shall have the same meanings whenever used in this
      Amendment.

     

    2.  Amendments.  The
      Credit Agreement is hereby amended as set forth below in this Section
      2:

     

    (a)  Section
      7.1
      (Financial Statements).  Effective commencing on the date EPEP is
      no longer a reporting company under the Securities Exchange Act of 1934, and
      EPEP so notifies the Administrative Agent and the Lenders in writing, Section
      7.1 shall be amended to read as follows:

     

    “7.1           Financial
      Statements.  Furnish to the Administrative Agent and to each of
      the Lenders:

     

    (a)           as
      soon as available, but in any event within 90 days after the end of each fiscal
      year of EPEP, a consolidated balance sheet of EPEP and its Subsidiaries as
      at
      the end of such fiscal year, and the related consolidated statements of income
      and cash flows for such fiscal year, setting forth in each case in comparative
      form the figures for the previous fiscal year prepared in accordance with GAAP,
      such consolidated statements to be audited and accompanied by a report and
      opinion of an independent certified public accountant of nationally recognized
      standing reasonably acceptable to the Administrative Agent, 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.

     

    (b)           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 of EPEP, a consolidated balance
      sheet of EPEP and its Subsidiaries as at the end of such fiscal quarter, and
      the
      related consolidated statement of income and cash flows for such fiscal quarter
      and for the portion of EPEP’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,
      prepared in accordance with GAAP, such consolidated statements to be certified
      by a Responsible Officer of EPEP, as fairly presenting EPEP’s financial
      condition in accordance with GAAP, subject only to normal year-end audit
      adjustments and the absence of footnotes.”

     

    (b)  Section
      7.2
      (Certificates; Other Information.  Effective commencing on the
      date EPEP is no longer a reporting company under the Securities Exchange Act
      of
      1934, and EPEP so notifies the Administrative Agent and the Lenders in
      writing:

     

    (i)  Subsection
      7.2(a) shall be amended by deleting clause (ii) therefrom;

     

    (ii)  Subsection
      7.2(b) shall de deleted; and

     

    (iii)  Subsection
      7.2(c) shall be amended to read as follows:

     

    “(c)           promptly
      upon receipt thereof, copies of all final reports and management letters
      submitted to EPEP by the Independent Auditors in connection with the audited
      financial statements furnished to the Administrative Agent and each of the
      Lenders pursuant to Section 7.1(a).”

     

    (c)  Section
      8.9
      (Limitation on Payments and Modifications of Debt
      Instruments).  Section 8.9 is amended as
      follows:

     

    (i)  Subsection
      8.9(w) shall be deleted and replaced by the following:

     

    “(w)           amend
      the Indenture pursuant to the Indenture Amendment;”

     

    (ii)  Subsection
      8.9(x) shall be amended to read as follows:

     

    “(x)           prepay,
      purchase, or defease any outstanding Senior Notes pursuant to the Tender Offer
      or, after the closing of the Tender Offer, through open market purchases,
      privately negotiated transactions, tender offers, redemptions, exchange offers,
      or otherwise, upon such terms and at such prices as it may determine or as
      provided in the Indenture in the case of redemptions or defeasances, which
      terms
      may be more or less than the price paid pursuant to the Tender Offer and may
      involve cash or other consideration;”

     

    (iii)  Subsection
      8.9(y) shall be amended to read as follows:

     

    “(y)           provided
      no Default, Event of Default, Borrowing Base Deficiency or Collateral Value
      Deficiency shall have occurred and be continuing, pay principal with respect
      to
      and interest on the EPC Loan and other Indebtedness owed to El Paso Corporation
      or any of its Subsidiaries; provided, however, that such other Indebtedness
      was
      incurred on a revolving basis and the amount of such other revolving
      Indebtedness outstanding at any time does not exceed $200,000,000;
      and”

     

    3.  Effective
      Date.  This Amendment shall become effective (the “Effective
      Date”) when the Administrative Agent shall have received:

     

    (i)  The
      written consent
      to this Amendment from the Required Lenders;

     

    (ii)  A
      counterpart of
      this Amendment executed and delivered by Borrowers;

     

    (iii)  A
      confirmation of
      guaranty executed and delivered by each of the Guarantors; and

     

    (iv)  A
      certificate of a
      duly authorized officer of each Borrower to the effect that all of the
      representations and warranties set forth in Section 4 hereof are true and
      correct at and as of the time of such effectiveness and that there exists no
      Default or Event of Default under the Credit Agreement.

     

    4.  Representations
      and Warranties of Borrowers.  In order to induce the Lenders to
      enter into this Amendment, each of the Borrowers represents and warrants to
      Lenders that:

     

    (i)  The
      representations
      and warranties contained in Section 5 of the Credit Agreement are true and
      correct in all material respects at and as of the time of the effectiveness
      hereof.

     

    (ii)  Such
      Borrower is
      authorized to execute and deliver this Amendment and such Borrower is and will
      continue to be duly authorized to borrow and to perform its obligations under
      the Credit Agreement.  Such Borrower has duly taken all action
      necessary to authorize the execution and delivery of this Amendment and to
      authorize the performance of the obligations of such Borrower
      hereunder.

     

    (iii)  The
      execution and
      delivery by such Borrower of this Amendment, the performance by such Borrower
      of
      its obligations hereunder and the consummation of the transactions contemplated
      hereby do not and will not conflict with any provisions of law, statute, rule
      or
      regulation or of the certificate of incorporation and bylaws or certificate
      of
      limited partnership and agreement of limited partnership, as applicable, of
      such
      Borrower, or of any material agreement, judgment, license, order or permit
      applicable to or binding upon such Borrower, or result in the creation of any
      lien, charge or encumbrance upon any assets or properties of such
      Borrower.  Except for those which have been duly obtained, no consent,
      approval, authorization or order of any court or governmental authority or
      third
      party is required in connection with the execution and delivery by such Borrower
      of this Amendment or to consummate the transactions contemplated
      hereby.

     

    (iv)  When
      duly executed
      and delivered, each of this Amendment and the Credit Agreement will be a legal
      and binding instrument and agreement of such Borrower, enforceable in accordance
      with their terms, except as limited by bankruptcy, insolvency and similar laws
      applying to creditors’ rights generally and by principles of equity applying to
      creditors’ rights generally.

     

    5.  Ratification
      of
      Agreements.  The Credit Agreement is hereby ratified and confirmed
      in all respects.  The execution, delivery and effectiveness of this
      Amendment shall not, except as expressly provided herein, operate as a waiver
      of
      any right, power or remedy of the Lenders under the Credit Agreement or any
      other Loan Document nor constitute a waiver of any provision of the Credit
      Agreement or any other Loan Document.

     

    6.  Survival
      of
      Agreements.  All representations, warranties, covenants and
      agreements of the Borrowers herein shall survive the execution and delivery
      of
      this Amendment and the performance hereof, and shall further survive until all
      of the Obligations are paid in full.  All representations, warranties,
      acknowledgements and agreements contained in Section 5 of the Credit Agreement
      are hereby reconfirmed on and as of the date hereof.  All statements
      and agreements contained in any certificate or instrument delivered by any
      Borrower hereunder or under the Credit Agreement to Lenders shall be deemed
      to
      constitute representations and warranties by, or agreements and covenants of,
      such Borrower under this Amendment and under the Credit Agreement.

     

    7.  Loan
      Documents.  This Amendment is a Loan Document, and all provisions
      in the Credit Agreement pertaining to Loan Documents apply hereto.

     

    8.  Governing
      Law.  This Amendment shall be governed by and construed in
      accordance with the laws of the State of New York and any applicable laws of
      the
      United States of America in all respects, including construction, validity
      and
      performance.

     

    9.  Counterparts.  This
      Amendment may be separately executed in counterparts and by the different
      parties hereto in separate counterparts, each of which when so executed shall
      be
      deemed to constitute one and the same Amendment.

     

    10.  THIS
      AMENDMENT AND
      THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
      AND
      MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
      ORAL AGREEMENT OF THE PARTIES.

     

    [The
      Remainder of
      this Page Intentionally Left Blank]

     

    
      
         

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF,
      this Amendment is executed as of the date first above written.

     

    

      
        	
                EL
                  PASO
                  EXPLORATION & PRODUCTION COMPANY

              
	 	 
	 	 
	 	 
	
                By:

              	/s/
                Dane
                E. Whitehead
	
                Name:

                Title:

              	
                Dane
                  E.
                  Whitehead

                Senior
                  Vice
                  President and Chief Financial
                  Officer

              

      

      

      

      
        	
                EL
                  PASO
                  E&P COMPANY, L.P.

              
	 	 
	
                By:

              	
                El
                  Paso
                  Production Oil & Gas Company, its general partner

              
	 	 
	 	 
	 	 
	
                By:

              	/s/
                Dane
                E. Whitehead
	
                Name:

                Title:

              	
                Dane
                  E.
                  Whitehead

                Senior
                  Vice
                  President and Chief Financial
                  Officer

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              FORTIS
                CAPITAL CORP.,

              as
                Administrative Agent

            
	 	 
	 	 
	 	 
	
              By:
                

            	/s/ Darrell
              Holley
	 	Name: 
              Darrel Holley 
	 	Title:    Managing
              Director
	 	 
	 	 
	 By: 	/s/
              David
              Montgomery
	 	 Name: 
              David Montgomery
	 	 Title:   
              Senior Vice President

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