Document:

ex10_1.htm

     
      
        

      

    

    EX10.1

       

      FIRST
        AMENDMENT TO CREDIT AGREEMENT

      

      This
        First Amendment to Credit
        Agreement (the “Amendment”) is made as of July 18, 2007, by and among
        TORTOISE CAPITAL RESOURCES CORPORATION, a Maryland corporation (the
“Borrower”); U.S. BANK NATIONAL ASSOCIATION, a national banking
        association, and BANK OF OKLAHOMA, N.A., a national banking association (each
        a
“Bank” and, collectively, the “Banks”); U.S. BANK NATIONAL
        ASSOCIATION, a national banking association, as the lender for Swingline
        Loans
        (in such capacity, the “Swingline Lender”); U.S. BANK NATIONAL
        ASSOCIATION, a national banking association, as agent for the Banks hereunder
        (in such capacity, the “Agent”); and as lead arranger hereunder (in such
        capacity, the “Lead Arranger”).  Capitalized terms used and not
        defined in this Amendment have the meanings given to them in the Credit
        Agreement referred to below.

      

      Preliminary
        Statements

      

      (a)           The
        Banks and the Borrower are parties to a Credit Agreement dated as of April
        25,
        2007 (the “Credit Agreement”).

      

      (b)           The
        Borrower has requested that the maximum principal amount of the revolving
        credit
        facility under the Credit Agreement be increased from $20,000,000 to
        $35,000,000.

      

      (c)           U.S.
        Bank National Association, as a Bank, is willing to increase its Commitment
        to
        the Borrower from $15,000,000 to $30,000,000, and collectively, the Banks
        are
        willing to agree to the foregoing request, subject, however, to the terms,
        conditions and agreements set forth below.

      

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

      

      1.           Increase
        in Revolving Credit Facility.  The references to
“$20,000,000” in Section 2.1 of the Credit Agreement and in Exhibit A of
        the Credit Agreement are deleted and are replaced by “$35,000,000.”

      

      2.           Modification
        to Exhibit A.  Exhibit A as attached to the Credit Agreement
        is deleted and hereby replaced with Exhibit A attached to this
        Amendment.

       

      3.           Modification
        to Section 1.1 Definitions.  Section 1.1 is modified as
        follows:

       

      (a)           The
        definition of “Revolving Credit Loan Commitment” as set out in Section 1.1 of
        the Credit Agreement is hereby deleted in its entirety and is replaced with
        the
        following:

       

      “Revolving
        Credit Loan Commitment” means, as to each Bank, its obligation to make
        Revolving Credit Loans under Section 2.2 hereof in an aggregate principal
        amount
        at any time outstanding not to exceed the amount set forth opposite such
        Bank’s
        name on Exhibit A hereto under the column entitled “Revolving Credit Loan
        Commitment Amount,” or as such amount may be modified by any assignment made
        pursuant to this Agreement.

       

      (b)           The
        following defined term is hereby added to Section 1.1:

       

      “Assignment
        and Assumption” means an assignment and assumption entered into by a Bank
        and another Person (with the consent of any party whose consent is required
        pursuant to Section 9.5), and accepted by the Agent, in substantially the
        form
        of Exhibit E or any other form approved by the Agent.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      4.           Modification
        to Section 9.5.  Section 9.5 is deleted in its entirety and
        hereby replaced with the following:

       

      9.5           Entire
        Agreement; Modification of Agreement; Sale of Interest.

       

      (a)           Entire
        Agreement.  This Agreement and the other Credit Documents,
        together with all other instruments, agreements and certificates executed
        by the
        parties in connection therewith or with reference thereto, embody the entire
        agreement between the parties hereto and thereto with respect to the subject
        matter hereof and thereof and supersedes all prior agreements, understandings
        and inducements, whether express or implied, oral or written.

       

      (b)           Modifications.  This
        Agreement may not be modified, altered or amended, except by an agreement
        in
        writing signed by the Borrower and the Required Banks, and any provisions
        of
        this Agreement or the other Credit Documents may be waived by the Required
        Banks; provided, however, that, notwithstanding the foregoing, no
        amendment or waiver shall be effective, without first obtaining the written
        consent of all Banks, that (a) extends the due date of any principal, interest
        or fee payment in respect of the Loans; (b) changes the amount or duration
        of
        any Bank’s Commitment; (c) releases the Borrower, in whole or in part, from any
        obligation under the Credit Documents to pay any principal or interest under
        the
        Loans; (d) reduces the rate of interest or fees provided hereunder; or (e)
        changes the definition of “Required Banks” or amends the terms of this Section
        9.5, or that otherwise has the effect of impairing any of the consent
        requirements contained in this Section 9.5 or in any other provision of this
        Agreement or the other Credit Documents where the consent of all the Banks
        or
        the Required Banks is required in connection with any matter.

      

      (c)           Assignment
        by Borrower.  The Borrower may not directly or indirectly sell,
        assign or transfer any interest in or rights under this Agreement or any
        of the
        other Credit Documents.

      

      (d)           Assignment
        by Banks.

      

      (i)           Any
        Bank may assign all or any part of such Bank’s rights or obligations under this
        Agreement (including all or any part of its Commitment or the Loans owing
        to it,
        the Notes or any of the other Credit Documents); provided, however,
        that each assignment shall be subject to the following conditions: (1) the
        amount of the Commitment being assigned shall equal at least $5,000,000,
        (2)
        each partial assignment shall be made as an assignment of a proportionate
        part
        of all the assigning Bank’s rights and obligations, (3) the assignor and the
        assignee Bank shall execute and deliver to the Agent an Assignment and
        Assumption, and (4) the assignor Bank shall pay to the Agent, for its own
        account and not for the pro-rata benefit of the Banks, an assignment fee
        of
        $3,500; provided further, unless an Event of Default is then in effect
        or the Termination Date has occurred, the Banks shall not have the right
        to make
        any such assignment without first obtaining the Agent’s and the Borrower’s prior
        written consent (which consent shall not be unreasonably withheld or
        delayed).  Notwithstanding anything herein to the contrary, no consent
        shall be required in connection with any assignment to another Bank or an
        affiliate of a Bank.  For purposes of this Section 9.5, an affiliate
        of a Bank means any Person that directly, or indirectly through intermediaries,
        is controlled by, controls or is under common control with such Bank; for
        purposes of Section 9.5, “control”
        means the ability, directly or indirectly, to affect the management or policies
        of a Person by virtue of an ownership interest, by right of contract or any
        other means.

      
        
          First
            Amendment to Credit Agreement – Page 2 

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (ii)           Upon
        any assignment, as described in paragraph (i) above, (1) the assignee Bank
        thereunder shall be a party to this Agreement and, to the extent of the interest
        assigned by such Assignment and Assumption, have the rights and obligations
        of a
        Bank under this Agreement, and (2) the assigning Bank thereunder shall, to
        the
        extent of the interest assigned by such Assignment and Assumption, be released
        from its obligations under this Agreement (and, in the case of an Assignment
        and
        Assumption covering all of the assigning Bank’s rights and obligations under
        this Agreement, such Bank shall cease to be a party hereto) but shall continue
        to be entitled to the benefits of Sections 3.1(d), 3.17,
9.3 and 9.4 with respect to facts and circumstances
        occurring
        prior to the effective date of such assignment.  Any assignment or
        transfer by a Bank of its rights or obligations under this Agreement that
        does
        not comply with this subsection shall be treated for purposes of this Agreement
        as a sale by such Bank of a participation in such rights and obligations
        in
        accordance with subsection (e) of this Section 9.5.

      

      (iii)           The
        Agent shall maintain at one of its offices in Minneapolis, Minnesota, a copy
        of
        each Assignment and Assumption delivered to it and a register for the
        recordation of the names and addresses of the Banks, and the Commitments
        of, and
        principal amounts of the Loans owing to, each Bank pursuant to the terms
        hereof
        from time to time (the “Register”).  The entries in the
        Register shall be conclusive and the Borrower shall treat each person whose
        name
        is recorded in the Register pursuant to the terms hereof as a Bank hereunder
        for
        all purposes of this Agreement absent any manifest error, notwithstanding
        notice
        to the contrary.  The Register shall be available for inspection by
        the Borrower, the Agent, the Swingline Lender and any Bank, at any reasonable
        time and from time to time upon reasonable notice.

      

      (e)           Participations.  The
        Borrower expressly recognizes and agrees that the Banks may sell, without
        the
        consent of the Borrower, to other financial institutions participations in
        the
        Loans and other credit extensions incurred by the Borrower pursuant hereto;
        provided, however, that no Bank shall sell or otherwise transfer any
        participation interest in any Loans or any other rights or interests under
        any
        of the Credit Documents to any other Person (other than one or more affiliates
        of a Bank or another Bank) without first obtaining the prior written consent
        of
        the Agent (which consent shall not be unreasonably withheld or delayed);
        provided further, (i) no such sale or transfer (even if to an affiliate
        of a Bank or other Bank) shall relieve the selling Bank from any of its
        obligations under this Agreement and the other Credit Documents, and (ii)
        the
        Borrower shall continue to deal solely and directly with the selling Bank
        in
        connection with such Bank’s rights and obligations under this
        Agreement.

      

      (f)           Certain
        Pledges.  Any Bank may at any time pledge or assign a security
        interest in all or any portion of its rights under this Agreement to secure
        obligations of such Bank, including any pledge or assignment to secure
        obligations to a Federal Reserve Bank organized under Section 4 of the Federal
        Reserve Act, 12 U.S.C. Section 341, and this Section 9.5 shall not apply
        to any
        such pledge or grant of a security interest; provided, however, that no
        such pledge or assignment shall release such Bank from any of its obligations
        hereunder or substitute any such pledgee or assignee for such Bank as a party
        hereto.

      

      
        
          First
            Amendment to Credit Agreement – Page 3 

        

        
          
          

          
            

          

        

        
          
          

        

      

      5.           Addition
        of Exhibit E.  The Credit Agreement is modified to add
Exhibit E– Form of Assignment and Assumption, which is attached to
        this
        Amendment as Exhibit E.

      

      6.           New
        Note.  Contemporaneously with the execution and delivery of
        this Amendment, the Borrower, as maker, shall execute and deliver a new
        revolving credit note, in the stated principal amount of $30,000,000, in
        favor
        of U.S. Bank National Association, as payee (the “New Note”), which New
        Note shall amend, restate and replace the Note dated as of April 25, 2007,
        from
        the Borrower, as maker, to U.S. Bank National Association, as payee, in the
        stated principal amount of $15,000,000 (the “Old Note”), and which New
        Note, as the same may be amended, renewed, restated, replaced or consolidated
        from time to time, shall be a “Revolving Credit Note” referred to in the Credit
        Agreement.

      

      7.           Reaffirmation
        of Credit Documents.  The Borrower reaffirms its obligations
        under the Credit Agreement, as amended hereby, and the other Credit Documents
        to
        which it is a party or by which it is bound, and represents, warrants and
        covenants to the Agent and the Banks, as a material inducement to the Agent
        and
        the Banks to enter into this Amendment, that (a) the Borrower has no and
        in any
        event waives any, defense, claim or right of setoff with respect to its
        obligations under, or in any other way relating to, the Credit Agreement,
        as
        amended hereby, or any of the other Credit Documents to which it is a party,
        or
        the Agent’s or any Bank’s actions or inactions in respect of any of the
        foregoing, and (b) all representations and warranties made by or on behalf
        of
        the Borrower in the Credit Agreement and the other Credit Documents are true
        and
        complete on the date hereof as if made on the date hereof.

      

      8.           Conditions
        Precedent to Amendment.  Except to the extent waived in a
        writing signed by the Agent and delivered to the Borrower, the Agent and
        the
        Banks shall have no duties under this Amendment until the Agent shall have
        received fully executed originals of each of the following, each in form
        and
        substance satisfactory to the Agent:

      

      (a)           Amendment.  This
        Amendment;

      

      (b)           New
        Note.  The New Note;

      

      (c)           Form
        U-1.  A Form U-1 for the Borrower whereby, among other
        things, (i) the maximum principal amount of Revolving Credit Loans that may
        be
        outstanding from time to time under the Credit Agreement is noted as being
        $35,000,000, and (ii) the Borrower concurs (and the Borrower does hereby
        concur)
        with the assessment of the market value of the margin stock or other investment
        property described in the attachment to such Form U-1 as of the date provided
        in
        such attachment;

      

      (d)           Secretary’s
        Certificate.  A certificate from the Secretary or
        Assistant Secretary of the Borrower certifying to the Agent that, among other
        things, (i) attached thereto as an exhibit is a true and correct copy of
        the
        resolutions of the board of directors of the Borrower authorizing the Borrower
        to enter into the transactions described in this Amendment and the New Note
        and
        the execution, delivery and performance by the Borrower of such Credit
        Documents, (ii) the articles of incorporation and by-laws of the Borrower
        as
        delivered to the Agent pursuant to the Secretary’s Certificate dated April 25,
        2007 from the Borrower’s secretary remain in full force and effect and have not
        been amended or otherwise modified or revoked, and (iii) attached thereto
        as
        exhibits are certificates of good standing, each of recent date, from the
        Secretary of State of Maryland and the Secretary of State of Kansas, certifying
        the good standing and authority of the Borrower in such states as of such
        dates;
        and

      

      (e)           Other
        Documents.  Such other documents as the Agent may
        reasonably request to further implement the provisions of this Amendment
        or the
        transactions contemplated hereby.

      

      
        
          First
            Amendment to Credit Agreement – Page 4

        

        
          
          

          
            

          

        

        
          
          

        

      

      9.           No
        Other Amendments; No Waiver of Default.  Except as amended
        hereby, the Credit Agreement and the other Credit Documents shall remain
        in full
        force and effect and be binding on the parties in accordance with their
        respective terms.  By entering into this Amendment, neither the Agent
        nor any Bank is waiving any Default or Event of Default which may exist on
        the
        date hereof.

      

      10.           Counterparts;
        Fax Signatures.  This Amendment and any documents
        contemplated hereby may be executed in one or more counterparts and by different
        parties thereto, all of which counterparts, when taken together, shall
        constitute but one agreement.  This Amendment and any documents
        contemplated hereby may be executed and delivered by facsimile or other
        electronic transmission and any such execution or delivery shall be fully
        effective as if executed and delivered in person.

      

      11.           Governing
        Law.  This Amendment shall be governed by the same law that
        governs the Credit Agreement.

      

      [signature
        page to follow]

      
        
                

                    First
              Amendment to Credit Agreement – Page
              5       
    

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      

                      TORTOISE
        CAPITAL
        RESOURCES CORPORATION

      

      

      

                      By:____________________________________

                             Name:

                             Title:

      

      

                      U.S.
        BANK NATIONAL
        ASSOCIATION,

                      as
        Agent and as a
        Bank

      

      

      

                      By:____________________________________

                            Name:
        Colleen
        S. Hayes

                            Title:
        Assistant Vice
        President

      

      

                      BANK
        OF
        OKLAHOMA,

                      a
        Bank

      

      

      

                      By:____________________________________

                            Name:
        W. Mack
        Renner

                            Title:
        Vice
        President

      
        
                

                    First
              Amendment to Credit Agreement – Signature
              Page      
    

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      

      (Banks
        and Commitments)

       

      

       

      

       

      
        	
                 

                Bank

              	
                Revolving
                  Credit Loan Commitment Amount

              	
                 

                Swingline
                  Loan Commitment Amount*

              	
                 

                Bank’s
                  Total Commitment Amount

              	
                 

                Bank’s
                  Pro-Rata Percentage

              
	
                U.S.
                  Bank

                National
                  Association

              	
                $30,000,000

              	
                $3,000,000

              	
                $30,000,000

              	
                0.857142857143

              
	
                Bank
                  of Oklahoma, N.A.

              	
                $5,000,000

              	
                               
                  0

              	
                $5,000,000

              	
                0.142857142857

              
	
                        TOTALS:

              	
                $35,000,000

              	
                $3,000,000

              	
                $35,000,000

              	
                1.000000000000

              

      

      

      
        	
                 

              	
                *

              	
                As
                  more particularly described in the Agreement, the Swingline Loan
                  Commitment is a subcommitment under the Revolving Credit Loan
                  Commitments.  Accordingly, extensions of credit under the
                  Swingline Loan Commitment act to reduce, on a dollar-for-dollar
                  basis, the
                  amount of credit otherwise available under the Revolving Credit
                  Loan
                  Commitments.

              

      

       

      
        
                

                   First
              Amendment to Credit Agreement – Exhibit
              A      
    

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      

       

      [Form
        of
        Assignment and Assumption]

       

      

       

      ASSIGNMENT
        AND ASSUMPTION AGREEMENT

      

      

      This
        Assignment and Assumption
        Agreement is made as of _____________ __, 20__, by and between [NAME OF
        ASSIGNOR] (the “Assignor”) and [NAME OF ASSIGNEE] (the
“Assignee”).  Reference is made to the Credit Agreement, dated
        as of April 25, 2007, among Tortoise Capital Resources Corporation; U.S.
        Bank
        National Association, as Agent, Lead Arranger, Swingline Lender and a Bank;
        Bank
        of Oklahoma, N.A., as a Bank; and the other Banks party thereto, as amended
        or
        otherwise modified from time to time in accordance with its terms (the
“Credit Agreement”).  Capitalized terms used and not defined
        herein have the meanings given to them in the Credit Agreement.

      

      The
        Assignor and Assignee hereby agree as follows:

      

      1.           The
        Assignor hereby sells and assigns to the Assignee without recourse and without
        representation or warranty (other than as expressly provided herein), and
        the
        Assignee hereby purchases and assumes from the Assignor, that interest in
        and to
        all of the Assignor’s rights and obligations under the Credit Agreement as of
        the date hereof which represents the percentage interests specified in Item
        1 of
        Annex I hereto (the “Assigned Share”) of all of the outstanding rights
        and obligations under the Credit Agreement relating to the facilities listed
        in
        Item 1 of Annex I hereto, including, without limitation, all rights and
        obligations with respect to the Assigned Share of the Revolving Credit
        Loans.  After giving effect to such sale and assignment, the amount of
        the Assignee’s Revolving Credit Loan Commitment will be as set forth in Item
        1(a) of Annex I hereto.

      

      2.           The
        Assignor (a) represents and warrants that it is the legal and beneficial
        owner
        of the interest being assigned by it hereunder and that such interest is
        free
        and clear of any lien or adverse claim; (b) makes no representation or warranty
        and assumes no responsibility with respect to any statements, warranties
        or
        representations made in or in connection with the Credit Agreement or the
        other
        Credit Documents or the execution, legality, validity, enforceability,
        genuineness, sufficiency or value of the Credit Agreement or the other Credit
        Documents or any other instrument or document furnished pursuant thereto;
        and
        (c) makes no representation or warranty and assumes no responsibility with
        respect to the financial condition of the Borrower or the performance or
        observance by the Borrower of any of Borrower’s obligations under the Credit
        Agreement or the other Credit Documents to which it is a party or any other
        instrument or document furnished pursuant thereto.

      

      3.           The
        Assignee (a) confirms that it has received a copy of the Credit Agreement
        and
        the other Credit Documents, together with copies of the financial statements
        referred to therein and such other documents and information as it has deemed
        appropriate to make its own credit analysis and decision to enter into this
        Assignment and Assumption Agreement; (b) agrees that it will, independently
        and
        without reliance upon the Agent, the Lead Arranger, the Swingline Lender,
        the
        Assignor or any other Bank, and based on such documents and information as
        it
        shall deem appropriate at the time, continue to make its own credit decisions
        in
        taking or not taking action under the Credit Agreement; (c) appoints and
        authorizes the Agent to take such action as agent on its behalf and to exercise
        such powers under the Credit Agreement and the other Credit Documents as
        are
        delegated to the Agent by the terms thereof, together with such powers as
        are
        reasonably incidental thereto; and (d) agrees that it will perform in accordance
        with the terms all of the obligations which by the terms of the Credit Agreement
        are required to be performed by it as a Bank.

      

      
        
          First
            Amendment to Credit Agreement – Exhibit E

        

        
          
          

          
            

          

        

        
          
          

        

      

      4.           Following
        the execution of this Assignment and Assumption Agreement by the Assignor
        and
        the Assignee, an executed original hereof (together with all attachments)
        will
        be delivered to the Agent.  The effective date of this Assignment and
        Assumption Agreement shall be the date of execution hereof by the Assignor
        and
        the Assignee and receipt by the Agent of the $3,500 assignment fee referred
        to
        in Section 9.5(d) of the Credit Agreement, or such later date, if any, which
        may
        be specified in Item 2 of Annex I hereto (the “Settlement
        Date”).

      

      5.           Upon
        the delivery of a fully executed original hereof to the Agent, as of the
        Settlement Date, (a) the Assignee shall be a party to the Credit Agreement
        and,
        to the extent provided in this Assignment and Assumption Agreement, have
        the
        rights and obligations of a Bank thereunder and under the other Credit
        Documents, including, without limitation, the obligation to make Revolving
        Credit Loans, (b) the Assignor shall, to the extent provided in this Assignment
        and Assumption Agreement, relinquish its rights and be released from its
        obligations under the Credit Agreement and the other Credit Documents, and
        (c)
        the Agent shall maintain at one of the Agent’s offices in Minneapolis, Minnesota
        a copy of each Assignment and Assumption delivered to it and a register for
        the
        recordation of the names and each Bank pursuant to the terms hereof from
        time to
        time (the “Register”), and the entries in the Register shall be
        conclusive absent manifest error, and the Borrower, the Agent and the Banks
        shall treat each Person whose name is recorded on the Register pursuant to
        the
        terms of the Credit Agreement as a Bank under the Credit Agreement.

      

      6.           It
        is agreed that the Assignee shall be entitled to all interest on the Assigned
        Share of the Revolving Credit Loans.  It is further agreed that all
        payments of principal made on the Assigned Share of the Loans which occur
        on and
        after the Settlement Date will be paid directly by the Agent to the
        Assignee.  Upon the Settlement Date, the Assignee shall pay to the
        Assignor an amount specified by the Assignor in writing which represents
        the
        Assigned Share of the principal amount of the Loans made by the Assignor
        pursuant to the Credit Agreement which are outstanding on the Settlement
        Date
        and which are being assigned hereunder.  The Assignor and the Assignee
        shall make all appropriate adjustments, if any, in payments under the Credit
        Agreement for periods prior to the Settlement Date directly between themselves
        on the Settlement Date.

      

      7.           This
        Assignment and Assumption Agreement shall be governed by, and construed in
        accordance with the laws of the same law that governs the Credit
        Agreement.

      

      [signature
        page to follow]

      
        
                

                    First
              Amendment to Credit Agreement – Exhibit
              E      
    

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto
        have caused their duly authorized officers to execute and deliver this
        Assignment and Assumption Agreement, as of the date first above
        written.

      

      

                                  [NAME
        OF
        ASSIGNOR]

                                  as
        Assignor

      

      

      

                                  By:  ______________________________

                                         Name:

                                         Title:

      

                                  [NAME
        OF
        ASSIGNEE]

                                  as
        Assignee

      

      

      

                                  By:  ______________________________

                                         Name:

                                         Title:

      
        
                

                    First
              Amendment to Credit Agreement – Exhibit
              E      
    

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Consent
        to Assignment and Assumption

      

      Pursuant
        to Section 9.5 of the Credit
        Agreement, the undersigned, as the Borrower and the Agent under the Credit
        Agreement, hereby consent to the Assignment and Assumption referred to above
        and
        the other agreements and provisions set forth above (the
“Consent”).  The undersigned further agree to execute and
        deliver such documents and take such other action as Assignor or Assignee
        may
        reasonably request from time to time to further evidence the foregoing
        Assignment and Assumption and other agreements and
        provisions.  Further, as a material inducement to Assignor to
        transfer, and to Assignee to acquire, such right, title and interest in the
        Loans and other extensions of credit, as provided in the above Assignment
        and
        Assumption and as evidenced by the Credit Agreement and the other Credit
        Documents referred to therein (all such documents being collectively referred
        to
        herein as the “Transaction Documents”), the Borrower represents and
        warrants to Assignor and Assignee that there is no Event of Default then
        in
        effect and the Termination Date has not occurred.  Capitalized terms
        used and not defined in this Consent have the meanings given to such terms
        in
        the Assignment and Assumption above or in the Credit Agreement, as the case
        may
        be.  This Consent shall be governed by the same law that governs the
        Credit Agreement.  This Consent may be validly executed and delivered
        by fax or other electronic transmission and in multiple counterparts by
        different parties hereto.

      

                                  TORTOISE
        CAPITAL
        RESOURCES CORPORATION,

                                  the
        Borrower

      

      

      

                                  By:___________________________

                                        Name:

                                        Title:

      

      

                                  [NAME
        OF
        AGENT],

                                  as
        Agent

      

      

      

                                  By:__________________________

                                        Name:

                                        Title:

      
        
                

                    First
              Amendment to Credit Agreement – Exhibit
              E      
    

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Annex
        I to Assignment and Assumption Agreement

      

      

      

      1.           Amounts:

      

      Revolving
        Credit Loan Commitment Amount

      

      (a)           Amount
        of Assigned Share1                                                                           $_____________

      

      (b)           Aggregate
        Amount for all
        Banks                                                                   $_____________

      

      (c)           Assignee’s
        Assigned Share Percentage2                                                     $_____________

      

      

       

      2.           Settlement
        Date:                                                                                       ____________,
        20__

       

      

      
 

      __________________________                                 
        
        
          	
                  1

                	
                  Must
                    be at least
                    $5,000,000.

                

        

      

      
        
          	
                  2

                	
                  Line
                    1(a) divided by line 1(b);
                    round to 12 decimal
                    places

                

        

      

      
        
                

                    First
              Amendment to Credit Agreement – Exhibit
              EUnassociated Document

    Exhibit
      10.1

    
 

    PARENT
      VOTING AGREEMENT

     

    THIS
      VOTING AGREEMENT (this “Agreement”)
      is
      made and entered into as of July 16, 2007, by and among Zealous Holdings, Inc.,
      a Delaware corporation (the “Company”),
      and
      each of the undersigned shareholders (each, a “Shareholder”)
      of
      Atlantic Syndication Network, Inc., a Nevada corporation (the “Parent”).
      

     

    RECITALS 

     

    A.    Concurrently
      with the execution of this Agreement, Parent, ASNI-II., a Delaware corporation
      and a wholly-owned subsidiary of Parent (“Merger
      Sub”),
      and
      the Company have entered into an Agreement and Plan of Merger (the “Merger
      Agreement”),
      which
      provides for the merger (the “Merger”)
      of the
      Company with and into Merger Sub. 

     

    B.    Pursuant
      to
      the Merger, all of the issued and outstanding shares of capital stock of the
      Company will be canceled and converted into the right to receive the
      consideration set forth in the Merger Agreement upon the terms and subject
      to
      the conditions set forth in the Merger Agreement. 

     

    C.    As
      of the
      date hereof, each Shareholder Beneficially Owns (as defined below) the number
      of
      Shares (as defined below) of capital stock of Parent. 

     

    D.    In
      order to
      induce the Company to execute the Merger Agreement, each Shareholder undertakes
      to vote its Shares as provided in this Agreement, and the execution and delivery
      of this Agreement and the Proxy (as defined below) is a material condition
      to
      the Company’s willingness to enter into the Merger Agreement. 

     

    E.    As
      a
      shareholder of Parent, each Shareholder will benefit from the execution and
      delivery of the Merger Agreement and the consummation of the transactions
      contemplated thereby.

     

    NOW,
      THEREFORE, the parties hereto hereby agree as follows: 

     

    1.    Certain
      Definitions.
      Capitalized terms not defined herein shall have the meanings ascribed to them
      in
      the Merger Agreement. For purposes of this Agreement: 

     

    (a)   A
      Person shall be
      deemed to “Beneficially
      Own”
a
      security if such Person has “beneficial ownership” of such securities as
      determined pursuant to Rule 13d-3 under the Securities Exchange Act of
      1934, as amended.

     

    (b)   “Expiration
      Date”
means
      the earlier to occur of (i) such date and time as the Merger shall become
      effective in accordance with the terms and provisions of the Merger Agreement
      and (ii) such date and time as the Merger Agreement shall have been validly
      terminated pursuant to Article VII thereof. 

     

    (c)   “Options”
means:
      (i) all securities Beneficially Owned by a Shareholder as of the date of
      this Agreement that are convertible into, or exercisable or exchangeable for,
      shares of capital stock of Parent, including, without limitation, options,
      warrants and other rights to acquire shares of Parent Ordinary Shares or other
      shares of capital stock of Parent; and (ii) all securities of which such
      Shareholder acquires Beneficial Ownership during the period from the date of
      this Agreement through and including the Expiration Date that are convertible
      into, or exercisable or exchangeable for, shares of capital stock of Parent,
      including, without limitation, options, warrants and other rights to acquire
      shares of Parent Ordinary Shares or other shares of capital stock of
      Parent.

     

    (d)   “Shares”
means:
      (i) all shares of capital stock of Parent Beneficially Owned by a
      Shareholder as of the date of this Agreement; and (ii) all shares of
      capital stock of Parent of which such Shareholder acquires Beneficial Ownership
      during the period from the date of this Agreement through and including the
      Expiration Date, including, without limitation, in each case, shares issued
      upon
      the conversion, exercise or exchange of Options, but does not mean any shares
      of
      capital stock of Parent disposed of by such Shareholder after the date
      hereof.

     

    2.    Agreement
      to Vote Shares.
      

     

    (a)   Until
      the
      Expiration Date, at every meeting of shareholders of Parent, however called,
      at
      every adjournment or postponement thereof, and on every action or approval
      by
      written consent of shareholders of Parent with respect to any of the following,
      each Shareholder shall vote, to the extent not voted by the Person(s) appointed
      under the Proxy (as defined below), all of its Shares or cause its Shares to
      be
      voted: 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (i)    in
      favor of
      (i) amending the Articles of Incorporation of the Parent to change the name
      of
      the Parent to “Zealous Holdings, Inc.,” (ii) amending the Articles of
      Incorporation of the Parent to increase the number of shares of Parent Common
      Stock which the Corporation is authorized to issue from 50,000,000 to
      100,000,000 shares, (iii) amending the Articles of Incorporation of the Parent
      to increase the number of shares of Parent Preferred Stock which the Parent
      is
      authorized to issue from 500,000 to 1,000,000 shares, (iv) amending the Articles
      of Incorporation of the Parent to permit the Board of Directors of the Parent
      to
      issue blank check preferred stock, (vi) amending the Articles of Incorporation
      of the Parent to authorize the Board of Directors to issue convertible preferred
      stock, as set forth in the Certificate of Designations attached hereto as
      Exhibit A, (vii) amending the Articles of Incorporation of the Parent to to
      provide that 12 issued and outstanding shares of Parent Common Stock be combined
      into one share of validly issued, fully paid, and nonassessable share of Common
      Stock, (viii) the appointment of Marcum & Kliegman LLP as the independent
      certified public accountants of Parent for the year ending December 31, 2007
      (ix) changing the State of incorporation of the Corporation to Delaware (x)
      such
      other changes to the Articles of Incorporation and/or By-Laws of the Parent
      that
      the Company and Board of Directors of Parent deem reasonably necessary to
      accomplish the Merger and (xii) any other actions presented to holders of
      shares of capital stock of Parent that would reasonably be expected to
      facilitate the Merger Agreement, the issuance of the Parent Preferred Stock,
      the
      Merger and the other actions and transactions contemplated by the Merger
      Agreement or the Proxy; and

     

    (ii)    against
      approval of any proposal made in opposition to the Merger Agreement or
      consummation of the Merger and the other transactions contemplated by the Merger
      Agreement or the Proxy. 

     

    (b)    Each
      Shareholder shall not enter into any agreement or understanding with any Person
      to vote or give instructions to vote in any manner inconsistent with this
      Section 2.

     

    3.    Irrevocable
      Proxy.
      Concurrently with the execution of this Agreement, each Shareholder agrees
      to
      deliver to the Company an irrevocable proxy in the form attached hereto as
      Exhibit A (the “Proxy”),
      which
      shall be irrevocable to the fullest extent permitted by applicable law, covering
      all of such Shareholder’s Shares. Each Shareholder shall deliver additional
      proxies in the form or Exhibit A covering any additional Shares which such
      Shareholder acquires Beneficial Ownership during the period from the date of
      this Agreement through and including the Expiration Date, including, without
      limitation, in each case, shares issued upon the conversion, exercise or
      exchange of Options. 

     

    4.    Representations,
      Warranties and Covenants of Each Shareholder.
      Each
      Shareholder, severally with respect to itself only, represents, warrants and
      covenants to the Company as follows:

     

    (a)    It
      is the
      Beneficial Owner of the Shares and the Options.

     

    (b)    It
      does not
      Beneficially Own any shares of capital stock of Parent or any securities
      convertible into, or exchangeable or exercisable for, shares of capital stock
      of
      Parent, other than the Shares and Options.

     

    (c)    It
      has the
      full power to dispose, vote or direct the voting of its Shares. 

     

    (d)    Its
      Shares
      are, and at all times up to and including the Expiration Date such Shares will
      be, unless disposed of by such Shareholder, Beneficially Owned by such
      Shareholder, free and clear of any rights of first refusal, co-sale rights,
      security interests, liens, pledges, claims, options, charges, proxies, voting
      trusts or agreements, understandings or arrangements, or any other encumbrances
      of any kind or nature.

     

    (e)    The
      execution
      and delivery of this Agreement and the Proxy by such Shareholder does not,
      and
      such Shareholder’s performance of its obligations under this Agreement will not
      conflict with or violate any order, decree, judgment, statute, law, rule,
      regulation or agreement applicable to such Shareholder and its Shares or
      Options, except where such conflict or violation would not, individually or
      in
      the aggregate, materially impair the ability of such Shareholder to perform
      his
      or her obligations hereunder.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (f)    It
      has all
      requisite power and authority to make, enter into and perform the terms of
      this
      Agreement and the Proxy without limitation, qualification or restriction on
      such
      power and authority.

     

    (g)    Except
      as
      expressly contemplated herein, such Shareholder is not a party to, and its
      Shares are not subject to or bound in any manner by, any contract or agreement
      relating to such Shares, including without limitation, any voting agreement,
      option agreement, purchase agreement, shareholders’ agreement, partnership
      agreement or voting trust. 

     

    5.    Consents
      and Waivers.
      Each
      Shareholder (not in his or her capacity as a director or officer of Parent)
      hereby gives all consents and waivers that may be reasonably required from
      him
      or her for the execution and delivery of this Agreement and the Proxy under
      the
      terms of any agreement or instrument to which such Shareholder is a party, which
      consent or waiver is required solely because of the consummation of the Merger
      in accordance with the terms of the Merger Agreement. 

     

    6.    Termination.
      This
      Agreement and the Proxy shall terminate and shall have no further force or
      effect as of the Expiration Date. 

     

    7.    Shareholder
      Capacity.
      So long
      as a Shareholder or a representative of such Shareholder is an officer or
      director of Parent, nothing in this Agreement shall be construed as preventing
      or otherwise affecting any actions, judgment or decisions taken by such
      Shareholder in his or her capacity as an officer or director of Parent or any
      of
      its Subsidiaries or from fulfilling the obligations and responsibilities of
      such
      office (including the performance of obligations required by the fiduciary
      obligations and responsibilities of such Shareholder acting solely in his or
      her
      capacity as an officer or director), it being agreed and understood that this
      Agreement shall apply to such Shareholder solely in his or its capacity as
      a
      shareholder.

     

    8.    Miscellaneous.
      

     

    (a)    Waiver.
      No
      failure on the part of Parent, Company or any Shareholder to exercise any power,
      right, privilege or remedy under this Agreement, and no delay on the part of
      Parent, Company or such Shareholder in exercising any power, right, privilege
      or
      remedy under this Agreement, shall operate as a waiver of such power, right,
      privilege or remedy; and no single or partial exercise of any such power, right,
      privilege or remedy shall preclude any other or further exercise thereof or
      of
      any other power, right, privilege or remedy. Neither Parent, Company nor any
      Shareholder shall be deemed to have waived any claim arising out of this
      Agreement, or any power, right, privilege or remedy under this Agreement, unless
      the waiver of such claim, power, right, privilege or remedy is expressly set
      forth in a written instrument duly executed and delivered on behalf of Parent,
      Company or such Shareholder, as appropriate; and any such waiver shall not
      be
      applicable or have any effect except in the specific instance in which it is
      given. 

     

    (b)    Notices.
      All
      notices and other communications hereunder shall be in writing and shall be
      deemed duly given (i) on the date of delivery if delivered personally
      and/or by messenger service, or (ii) on the date of confirmation of receipt
      (or, the first Business Day following such receipt if the date is not a Business
      Day) if delivered by a nationally recognized courier service. All notices
      hereunder shall be delivered as set forth below, or pursuant to such other
      instructions as may be designated in writing by the party to receive such
      notice:

     

    (a)    If
      to the
      Parent, to: 

    Atlantic
      Syndication Network, Inc.

    P.O.
      Box
      30010 

    Las
      Vegas, Nevada 89173-0010

    Att:
      Kent
      G. Wyatt, Sr.

     

    with
      a
      copy (which shall not constitute notice to: 

     

    Fennemore
      Craig, P.C.

    300
      South
      Fourth Street

    Suite
      1400

    Las
      Vegas, NV 89101

    Att:
      David G. LeGrand

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (b)   If
      to the Company,
      the Shareholders or the Shareholder Representative, to: 

    Zealous
      Holdings, Inc. 

    1800
      Century Park East, Suite 200

    Los
      Angeles, CA 90067 

    Att:
      Milton C. Ault III

     

    with
      a
      copy (which shall not constitute notice to: 

     

    Jones
      Garneau LLP

    670
      White
      Plains Road

    Scarsdale,
      NY 10583

    Att:
      Robert Newman

    

    if
      to a
      Shareholder: 

    To
      the
      address for notices set forth below such

    Shareholder’s
      name on its signature page to this

    Agreement.
      

     

    (c)    Headings.
      All
      captions and section headings used in this Agreement are for convenience only
      and do not form a part of this Agreement. 

     

    (d)    Counterparts.
      This
      Agreement may be executed in two or more counterparts, and by facsimile, all
      of
      which shall be considered one and the same agreement and shall become effective
      when one or more counterparts have been signed by each of the parties and
      delivered to the other parties, it being understood that all parties need not
      sign the same counterpart.

     

    (e)    Entire
      Agreement; Amendment.
      This
      Agreement and the Proxy constitute the entire agreement among the parties with
      respect to the subject matter hereof and supersede all prior agreements and
      understandings, both written and oral, among the parties with respect to the
      subject matter hereof. This Agreement may not be changed or modified, except
      by
      an agreement in writing specifically referencing this Agreement and executed
      by
      each of the parties hereto.

     

    (f)    Severability.
      In the
      event that any provision of this Agreement or the application thereof, becomes
      or is declared by a court of competent jurisdiction to be illegal, void or
      unenforceable, the remainder of this Agreement will continue in full force
      and
      effect and the application of such provision to other Persons or circumstances
      will be interpreted so as reasonably to effect the intent of the parties hereto.
      The parties further agree to replace such void 

     

    or
      unenforceable provision of this Agreement with a valid and enforceable provision
      that will achieve, to the greatest extent possible, the economic, business
      and
      other purposes of such void or unenforceable provision.

     

    (g)    Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Nevada, regardless of the laws that might otherwise govern under
      applicable principles of conflicts of law thereof.

     

    (h)    Rules
      of Construction.
      The
      parties hereto agree that they have been represented by counsel during the
      negotiation and execution of this Agreement and, therefore, waive the
      application of any law, regulation, holding or rule of construction providing
      that ambiguities in an agreement or other document will be construed against
      the
      party drafting such agreement or document.

     

    (i)    Specific
      Performance.
      The
      parties hereto agree that irreparable damage would occur in the event that
      any
      of the provisions of this Agreement were not performed in accordance with their
      specific terms or were otherwise breached. It is accordingly agreed that the
      parties shall be entitled to seek an injunction or injunctions to prevent
      breaches of this Agreement and to enforce specifically the terms and provisions
      hereof in any court of the United States or any state having jurisdiction,
      this
      being in addition to any other remedy to which they are entitled at law or
      in
      equity. In the event of any such proceedings to enforce this agreement, the
      non-prevailing party will pay all costs and expenses incurred by the prevailing
      party, including all reasonable attorneys’ and experts’ fees.

     

    (j)    Binding
      Effect; No Assignment.
      This
      Agreement and all of the provisions hereof shall be binding upon and inure
      to
      the benefit of the parties hereto and their respective successors and permitted
      assigns, and, except as otherwise specifically provided herein, neither this
      Agreement nor any of the rights, interests or obligations of the parties hereto
      may be assigned by any of the parties without the prior written consent of
      the
      other parties. Any purported assignment in violation of this Section 8(j) shall
      be void. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF,
      the
      undersigned have executed this Agreement on the date first above written.

     

    
      	
               

               

               

            	
              ZEALOUS
                HOLDINGS, INC.

               

              By:
/s/
                Milton C. Ault
                III                                        

              Name:  Milton
                C. Ault III

              Title:  Chairman
&
                CEO

            

    

      

        

        

    
      	
               

               

            

    

    [COMPANY
      SIGNATURE PAGE TO PARENT VOTING AGREEMENT] 

    

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    Shares
      Owned: 16,513,000

    Options
      Owned: ______________ 

    
      	
               

            	
              /s/
                Kent G. Wyatt, Sr. Sr. 

            
	 	
              Name:

            
	 	
              
                Address
                  for
                  Notice:________________________________

              

            
	 	
               

            
	
               

            	 

    

     

    Shares
      Owned: 6,250,000

    Options
      Owned: ______________ 

    
      	
               

            	
              /s/
                Sarah Wyatt 

            
	 	
              Name:

            
	 	
              Address
                for Notice:________________________________

            
	 	
               

            
	
               

            	 

    

    

    
 

    [SHAREHOLDER
      SIGNATURE PAGE TO PARENT VOTING AGREEMENT] 

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

    FORM
      OF IRREVOCABLE PROXY

     

     

    The
      undersigned shareholder (“Shareholder”)
      of
      Atlantic Syndication Network, Inc., a Nevada Corporation (“Parent”),
      hereby irrevocably (to the fullest extent permitted by law) appoints and
      constitutes Milton C. Ault III and ____________, and each of them individually,
      as the sole and exclusive attorneys-in-fact and proxies of the undersigned
      with
      full power of substitution and resubstitution, to vote and exercise all voting
      and related rights with respect to, and to grant a consent or approval in
      respect of (in each case, to the full extent that the undersigned is entitled
      to
      do so), all of the shares of capital stock of Parent that now are or hereafter
      may be Beneficially Owned by the undersigned, and any and all other shares
      or
      securities of Parent issued or issuable in respect thereof on or after the
      date
      hereto (collectively, the “Shares”),
      in
      accordance with the terms of this Proxy. Any and all prior proxies heretofore
      given by the undersigned with respect to any Shares are hereby revoked and
      the
      undersigned hereby covenants and agrees not to grant any subsequent proxies
      with
      respect to any Shares. Capitalized terms used and not defined herein have the
      meanings assigned to them in that certain Parent Voting Agreement, dated of
      even
      date herewith, by and among Parent, Company and Shareholder (the “Voting
      Agreement”).

     

    This
      Proxy is irrevocable (to the fullest extent permitted by law), is coupled with
      an interest and is granted pursuant to the Voting Agreement, and is granted
      in
      consideration of the Company entering into that certain Agreement and Plan
      of
      Merger (the “Merger
      Agreement”),
      dated
      as of July __, 2007, by and among Parent, Merger Sub and the Company. The Merger
      Agreement provides for the merger of Merger Sub with and into the Company in
      accordance with its terms (the “Merger”)
      and
      the receipt by the stockholders of the Company of the consideration set forth
      in
      the Merger Agreement.

     

    The
      attorneys-in-fact and proxies named above are hereby authorized and empowered
      by
      the undersigned to act as the undersigned’s attorney-in-fact and proxy to vote
      the Shares, and to exercise all voting, consent and similar rights of the
      undersigned with respect to the Shares (including, without limitation, the
      power
      to execute and deliver written consents), at every annual, special, adjourned
      or
      postponed meeting of shareholders of Parent and in every written consent in
      lieu
      of such meeting: 

     

    (i) in
      favor of (i) amending the Articles of Incorporation of the Parent to change
      the
      name of the Parent to “Zealous Holdings, Inc.,” (ii) amending the Articles of
      Incorporation of the Parent to increase the number of shares of Parent Common
      Stock which the Corporation is authorized to issue from 50,000,000 to
      100,000,000 shares, (iii) amending the Articles of Incorporation of the Parent
      to increase the number of shares of Parent Preferred Stock which the Parent
      is
      authorized to issue from 500,000 to 1,000,000 shares, (iv) amending the Articles
      of Incorporation of the Parent to permit the Board of Directors of the Parent
      to
      issue blank check preferred stock, (vi) amending the Articles of Incorporation
      of the Parent to authorize the Board of Directors to issue convertible preferred
      stock, as set forth in the Certificate of Designations attached hereto as
      Exhibit A, (vii) amending the Articles of Incorporation of the Parent to to
      provide that 12 issued and outstanding shares of Parent Common Stock be combined
      into one share of validly issued, fully paid, and nonassessable share of Common
      Stock, (viii) the appointment of Marcum & Kliegman LLP as the independent
      certified public accountants of Parent for the year ending December 31, 2007
      (ix) changing the State of incorporation of the Corporation to Delaware (x)
      such
      other changes to the Articles of Incorporation and/or By-Laws of the Parent
      that
      the Company and Board of Directors of Parent deem reasonably necessary to
      accomplish the Merger and (xii) any other actions presented to holders of
      shares of capital stock of Parent that would reasonably be expected to
      facilitate the Merger Agreement, the issuance of the Parent Preferred Stock,
      the
      Merger and the other actions and transactions contemplated by the Merger
      Agreement or the Proxy; and

     

    (ii) against
      approval of any proposal made in opposition to the Merger Agreement or
      consummation of the Merger and the other transactions contemplated by the Merger
      Agreement or the Proxy. The
      attorneys-in-fact and proxies named above may not exercise this Proxy with
      respect to any matter other than the matters described in clauses (i) or
      (ii) above, and Shareholder may vote the Shares on all other matters.

     

    Any
      obligation of the undersigned hereunder shall be binding upon the successors
      and
      assigns of the undersigned. 

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    So
      long
      as Shareholder or Shareholder’s representative is an officer or director of
      Parent, nothing in this Proxy shall be construed as preventing or otherwise
      affecting any actions, judgments or decisions taken by Shareholder in his or
      her
      capacity as an officer or director of Parent or any of its Subsidiaries or
      from
      fulfilling the obligations and responsibilities of such office (including
      without limitation, the performance of obligations required by the fiduciary
      obligations and responsibilities of Shareholder acting solely in his or her
      capacity as an officer or director), it being agreed and understood that this
      Proxy shall apply to the Shareholder solely in his or its capacity as a
      shareholder. 

     

     

    [Signature
      Page Follows]

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    This
      Proxy shall terminate, and be of no further force or effect, on the Expiration
      Date. 

     

     

    [Remainder
      of Page Intentionally Left Blank] 

     

    

    Dated:___________________,
      2007

    

    Signature:
       _______________________________

       

    Print
      Name:______________________________

       

    Address:________________________________

     

    Shares:__________________________________

          

    [SIGNATURE
      PAGE TO PROXY]

     

     

     

    9

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