Document:

exhibit10i3.htm

 

Exhibit 10(i)(3)

 

 

 

EXECUTION COPY

 

AMENDMENT NO. 1

 

Dated as of January 27, 2011

 

to

 

LOAN AGREEMENT

 

Dated as of February 19, 2010

 

THIS AMENDMENT NO. 1 (“Amendment”) is made as of January 27, 2011 by and among Cleco Corporation (the “Borrower”), the financial institutions listed on the signature pages hereof (collectively, the “Lenders”) and JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders (the “Administrative Agent”), under that certain Loan Agreement dated as of February 19, 2010 by and among the Borrower, the Lenders and the Administrative Agent (as may be further amended, supplemented or otherwise modified from time to time, the “Loan Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Loan Agreement.

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent have agreed to make certain amendments to the Loan Agreement;

 

WHEREAS, the parties hereto have agreed to such amendments on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to enter into this Amendment.

 

1. Amendments to Loan Agreement.  Upon the Effective Date (as defined below), the Loan Agreement is hereby amended as follows:

 

(a) The pricing grid appearing in the definition of “Applicable Rate” appearing in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

	
Pricing Level

	
Eurodollar Margin

	
ABR Margin

	
Pricing Level I

	
2.25%

	
1.25%

	
Pricing Level II

	
2.50%

	
1.50%

	
Pricing Level III

	
3.00%

	
2.00%

(b) The definition of “Maturity Date” appearing in Section 1.1 of the Loan Agreement is hereby amended to delete the date “February 19, 2011” appearing therein and to replace such date with the date “August 19, 2011”.

 

2. Conditions of Effectiveness.  This Amendment shall become effective (the “Effective Date”) as of January 27, 2011, upon (a) receipt by the Administrative Agent of (i) counterparts of this Amendment duly executed by the Borrower, the Lenders and the Administrative Agent, (ii) a 

 

 

 

  

  

  

 

 

 

favorable written opinion of Phelps Dunbar, L.L.P., counsel to the Borrower and Cleco Power LLC, in form and substance reasonably satisfactory to the Administrative Agent and (iii) a certificate of the Corporate Secretary of the Borrower (x) attaching the current articles of incorporation and bylaws of the Borrower, (y) certifying that the resolutions of its Board of Directors authorizing the execution, delivery and performance of the Loan Agreement, as modified by this Amendment, have not been amended, rescinded or modified and are in full force and effect, and (z) setting forth, to the extent modified from the incumbency and specimen signatures delivered to the Administrative Agent as of February 19, 2010, the incumbency and specimen signature of each of its officers authorized to sign this Amendment and (b) payment by the Borrower of, to the extent invoiced, all expenses of the Administrative Agent (including attorneys’ fees and expenses) in connection with this Amendment and the other Loan Documents.

 

3. Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants as follows:

 

(a) This Amendment and the Loan Agreement, as amended hereby, constitute legal, valid and binding obligations of the Borrower, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity.

 

(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default shall have occurred and be continuing and (ii) the representations and warranties of the Borrower set forth in the Loan Agreement, as amended hereby, are true and correct, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties are true and correct on and as of such earlier date.

 

4. Reference to and Effect on the Loan Agreement.

 

(a) Upon the effectiveness hereof, each reference to the Loan Agreement in the Loan Agreement or any other Loan Document shall mean and be a reference to the Loan Agreement as amended hereby.

 

(b) Except as specifically amended above, the Loan Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Loan Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

5. Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 

6. Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

 

  

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7. Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person.

 

[Signature Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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

 

	
CLECO CORPORATION, as the Borrower

	  
	  
	
By   /s/  Charles A. Mannix           

	  	
Name:  Charles A. Mannix

	  	
Title:    Vice President – Tax & Treasurer

	  

 

 

 

 

 

 

 

  

Signature Page to Amendment No. 1

Cleco Corporation

Loan Agreement dated as of February 19, 2010

  

 

 

 

	
JPMORGAN CHASE BANK, N.A., individually as a Lender and as Administrative Agent

	  
	  
	
By  /s/  Helen D. Davis                

	  	
Name:  Helen D. Davis

	  	
Title:    Authorized Officer

 

 

 

 

 

  

Signature Page to Amendment No. 1

Cleco Corporation

Loan Agreement dated as of February 19, 2010

  

 

 

 

 

 

	
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

	  
	  
	
By  /s/  Dixon Schultz             

	  	
Name:  Dixon Schultz

	  	
Title:    Director

 

 

 

 

	  
	
By  /s/  Sharada Manne             

	  	
Name:  Sharada Manne

	  	
Title:    Director

 

 

  

Signature Page to Amendment No. 1

Cleco Corporation

Loan Agreement dated as of February 19, 2010

  

 

 

 

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

	  
	  
	
By  /s/  Justin Martin                

	  	
Name:  Justin Martin

	  	
Title:    Vice President

 

 

 

 

  

Signature Page to Amendment No. 1

Cleco Corporation

Loan Agreement dated as of February 19, 2010

  

 

 

	
CAPITAL ONE, N.A., as a Lender

	  
	  
	
By   /s/  Kermit W. Pharris, Jr.    

	  	
Name:  Kermit W. Pharris, Jr.

	  	
Title:    Vice President

 

 

 

Signature Page to Amendment No. 1

Cleco Corporation

Loan Agreement dated as of February 19, 2010exhibt10j.htm

 

EXHIBIT 10(j)

 

 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

ACADIA POWER PARTNERS, LLC

 

This Third Amended and Restated Limited Liability Company Agreement (this “Agreement”) of Acadia Power Partners, LLC, a Delaware limited liability company (the “Company”), is made as of February 23, 2010 (“Restatement Date”), by Cajun Gas Energy, L.L.C., a Delaware limited liability company (“Cajun”), as the sole member (the “Member”) of the Company.

 

WHEREAS, Cajun and Acadia Power Holdings, LLC, a Louisiana limited liability company (“Acadia Holdings”) are parties to the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of May 9, 2003 (the “Amended and Restated Agreement”), as amended by the First Amendment to Second Amended and Restated Limited Liability Company Agreement dated as of August 9, 2005 (the “First Amendment”), the Second Amendment to Second Amended and Restated Limited Liability Company Agreement dated as of April 23, 2007 (the “Second Amendment”) and the Third Amendment to Second Amended and Restated Limited Liability Company Agreement dated as of July 30, 2009 (the “Third Amendment” and together with the First Amendment, the Second Amendment and the Amended and Restated Agreement, the “Existing Agreement”);

 

WHEREAS, prior to the Restatement Date, the Company owned a nominal 1000MW (tested to 1160MW) gas-fired, combined-cycle electric generating facility including all equipment, electrical transformers, pipelines, water handling and electrical interconnection facilities (including water discharge facilities and pond and water injection facilities) and related assets located near Eunice in Acadia Parish, Louisiana (the “Facility”);

 

WHEREAS, on the terms and subject to the conditions set forth in the Master Reorganization and Redemption Agreement, dated as of July 30, 2009, by and among the Company, Cleco Corporation, a Louisiana corporation, and Cleco Power LLC, a Louisiana limited liability company (as amended by the first amendment letter agreement, dated as of August 24, 2009, as further amended by the Second Amendment to the Master Reorganization and Redemption Agreement, dated as of October 26, 2009, and as further amended by the letter agreement, dated as of December 3, 2009) (as amended, the “MRAA”), the parties thereto effected a reorganization in which the Company formed Power Block 1, LLC, a Louisiana limited liability company and a wholly owned subsidiary (“Power Block LLC”) and assigned to Power Block LLC, on the Restatement Date, (i) certain facilities, contracts and other assets and liabilities comprising and relating to Power Block One, one of the Facility’s two 2x1 gas-fired combined-cycle power blocks, and certain real property (and associated real property rights and interests) underlying such facilities, (ii) an undivided 50% ownership interest in certain facilities, contracts and other assets and liabilities commonly relating to the ownership and operation of the Facility, and certain  real property (and associated real property rights and interests) underlying such facilities, and (iii) an undivided 50% ownership interest in certain facilities, contracts and other assets and liabilities and real property rights and interests of Acadia Partners Pipeline, 

 

 

 

  

  

  

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LLC, a Louisiana limited liability company and a wholly owned subsidiary of the Company (collectively, the “Contributions”);

 

WHEREAS, on the terms and subject to the conditions set forth in the MRRA, on the Restatement Date, the Company distributed its ownership interests in Power Block LLC to Acadia Holdings in exchange for the complete redemption by the Company of Acadia Holdings’ then 50% ownership interest in the Company under the Existing Agreement (the “Redemption”);

 

WHEREAS, as a result of the Contributions and Redemption, on the Restatement Date, Cajun owns 100% of the ownership interest in the Company; and

 

WHEREAS, Cajun hereby desires to enter into this Third Amended and Restated Limited Liability Company Agreement as the sole Member of the Company to amend and restate the Existing Agreement in its entirety;

 

NOW, THEREFORE, the sole Member does hereby stipulate as follows:

 

1. Formation.  The Company was formed as a limited liability company under the laws of the State of Delaware on October 13, 1999, by the filing with the Secretary of State of Delaware of the Certificate of Formation under and pursuant to the Delaware Act.

2. Name.  The name of the Company shall be “Acadia Power Partners, LLC”.

 

3. Definitions.  Capitalized terms not otherwise defined herein shall have the meanings set forth therefor in Section 18-101 of the Act.

4. Purpose.  The purpose of the Company shall be, directly or indirectly through subsidiaries or affiliates, to engage in any lawful activity permitted by the Act or the laws of any jurisdiction in which the Company may do business.

5. Member.

(a) The sole Member of the Company is Cajun Gas Energy, L.L.C., which owns all of the membership and equity interest in the Company.

(b) The Member may agree from time to time to admit a Person as an additional Member of the Company.  Except as provided in Section 8, such admission shall be effective upon the written agreement of such Person to be bound by the terms of this Agreement.  Upon such admission, all references herein to “Member” or “Members” shall also be a reference to such Person.  For purposes of this Agreement, a “Person” shall mean any individual, corporation, partnership, joint venture, association, joint stock company, trust, limited liability company, unincorporated organization, governmental authority or any other form of entity.

6. Offices.

 

(a) The principal place of business and office of the Company shall be located at 

 

 

 

 

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2030 Donahue Ferry Road, Pineville, Louisiana, or at such place as the Member may designate.

(b) The address of the registered office of the Company in the State of Delaware shall be c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808.  The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware shall be Corporation Service Company at the same address.

7. Term.  The term of the Company commenced on the date of filing of the certificate of formation of the Company in accordance with the Act and shall continue until the Company is dissolved and its affairs are wound up in accordance with Section 12 of this Agreement and a certificate of cancellation is filed in accordance with the Act.

8. Management of the Company.  In accordance with Section 18-402 of the Act, management of the Company shall be vested in the Member.  The Member shall have all powers and rights necessary, appropriate or advisable to effectuate and carry out the purposes and business of the Company and, in general, all powers permitted to be exercised by a managing member under the laws of the State of Delaware.  The Member may appoint, employ or otherwise contract with any persons or entities for the transaction of the business of the Company or the performance of services for or on behalf of the Company, and the Member may delegate to any such person or entity such authority to act on behalf of the Company as the Member may from time to time deem appropriate.  Any decision or action to be taken by the Company shall require the prior approval of the sole Member.

9. Capital Contributions.  The Member shall make capital contributions to the Company in such amounts and at such times as it determines in its sole and absolute discretion are necessary in furtherance of the Company’s purposes.

10. Resignation.  The Member shall not resign from the Company except upon the transfer of all of its interest in the Company or the concurrent dissolution of the Company.

11. Distributions.  The Member may receive distributions in cash or in kind in such amounts and at such times as it shall determine in its sole and absolute discretion, subject to the requirements of Section 18-607 of the Act and other applicable law.

12. Dissolution.  The Company shall be dissolved and its affairs wound up upon the first to occur of the following:

	
(i)  

	
occurrence of an event with respect to the Member causing a dissolution of the Company under Section 18-801 of the Act;

 

	
(ii)  

	
the resignation of the Member pursuant to Section 10 of this Agreement; or

 

	
(iii)  

	
the entry of a decree of judicial dissolution under Section 18-802 of the 

 

  

  

  

4

 

 

	
 

	
Act.

 

 

13. Membership.  The Member’s ownership/membership interest will be reflected on the books of the Company.  Membership certificates will not be issued.

14. New Members.  The Member may assign in whole or in part its membership interest.  If the Member transfers part of its membership interest, the transferee shall be admitted to the Company as a new member effective upon the effectiveness of the executed agreement by which the transferee accepts the membership interest.

15. Amendments.  This Agreement may be amended only upon the written agreement of the Member and all other persons, if any, who are then members of the Company.

16. Miscellaneous.  The Member shall have no liability for the debts, obligations or liabilities of the Company except to the extent provided by the Act.  This Agreement shall be governed by, and construed under, the laws of the State of Delaware without regard to principles of conflicts of laws thereof.

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned has duly executed this Agreement as of the date first written above.

 

 

	
CAJUN GAS ENERGY, L.L.C., as sole member

 

	  
	  
	
By:         /s/  William K. Johnson        

	
Name:    William K. Johnson

	
Title:       Chairman – Cajun Management Committee

 

 

 

 

[Signature Page to Third Amended and Restated LLC Agreement of APP]

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