Document:

exv10w9

 

Exhibit 10.9

AMENDMENT TO AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF

ENSOURCE ENERGY PARTNERS, LP

     WHEREAS, pursuant to the Amended and Restated Agreement of Limited Partnership
of ENSOURCE ENERGY PARTNERS, LP dated November 15, 2005, (the “Amended
Partnership Agreement”), the General Partner and the Limited Partners entered
into and formed a limited partnership for the purposes set forth in the Agreement;
and

     WHEREAS, pursuant to the Redemption Agreement
by and between the Partnership and Ensource Energy Investors LLC (“EEI”) the Partnership redeemed from EEI the EEI LP Interest
(as defined in such Redemption Agreement) in exchange for the liquidating payment specified in such Redemption Agreement; and

     WHEREAS, the General Partner and the
remaining Limited Partners now desire to amend the
Amended Partnership Agreement to reflect (i) the revised Limited Partner interests
and (ii) other changes to the agreement as set forth below;

     NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Partners hereby amend the Amended Partnership Agreement as follows
effective as of February 10, 2006:

	1.	 	Section 4.4(a)(i) is amended to read as follows:

     (i) Subject to the Securities and Exchange
Commission notifying the Partnership that it has no further comments and the Partnership requesting acceleration of the effectiveness
of the Registration Statement, within 2 Business Days prior to mailing to holders of depositary units the definitive offering
materials relating to the Exchange Offer or thereafter if it appears reasonably likely that
holders of at least 51% of the outstanding depository units of NGT will accept the Exchange Offer, the General Partner may make a call for some or all
of the Capital Contributions set forth in Section 4.2(a), which call for Capital Contributions shall give Partners at least 2 Business
Days advance notice of the date Capital Contributions are due. Following
such call, each Partner agrees to contribute to the Partnership the amount of cash set forth in the call (not to
exceed the amount opposite such Partner’s name on Exhibit A) on or before the date specified in the call. The
Capital Contributions of the Partners shall be made in cash by wire transfer of immediately available funds to an escrow
account established by the General Partner. Subject to Section 4.4(d), no Partner shall be required to contribute more than
the amount set forth opposite such Partner’s name on Exhibit A as part of all capital calls.

	2.	 	Section 4.7 is hereafter deleted in its entirety as this payment has
already been made.
	 
	3.	 	Section 6.1 (e) (i) shall be replaced with the following:

     Except as provided below, the Board of Directors shall at all times consist of
five (5) members, each of whom will be designated annually as hereinafter provided.
One member shall be designated by the General Partner. Four (4) members shall be
designated by a Majority Interest of the Limited Partners, three (3) of which
members shall (i) have relevant industry experience and (ii) not be an affiliate of
any Partner. The Board of Directors member initially designated by the General
Partner is Scott W. Smith. The Board of Directors members initially designated by
the Limited Partners are Mark J. Warner, Jacob Roorda and S.P. Johnson IV and a
fourth member to be designated by the Majority Interest owner of the Limited
Partners. The Board of Directors shall appoint a
chairman from among them (the “Chairman”). Initially, the Chairman shall be
Scott W. Smith. Each member of the Board of Directors will serve until his
successor has been designated or until his earlier death, resignation or removal as
provided below.

	4.	 	Sections 6.1 (e) (ii) and (iii) are hereby deleted in their entirety.
	 
	5.	 	Exhibit A to the Agreement is hereby deleted and replaced with the
Revised Exhibit A attached hereto.

[Remainder of Page Left Blank]

[Signature Pages of the Partners Attached]

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     IN WITNESS WHEREOF, the parties named below have caused this Amendment to the Agreement
to be executed by their duly authorized officers or representatives on the date first above
written.

	 	 	 	 	 
	 	GENERAL PARTNER: 

Ensource Energy Company, LLC

 	 
	 	By:  	/s/ Scott W. Smith	 
	 	 	Scott W. Smith, President 	 
	 	 	 	 
	 
	 	LIMITED PARTNERS:

	 	 	 
	 	 	 
	 	 	 
	 
	 	/s/ Marshall M. Eubank

Marshall M. Eubank

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	/s/ Scott W. Smith

Scott W. Smith

 	 
	 	 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	Ritchie Energy North, L.P.

 	 
	 	By:  Ritchie Energy North, Inc. its General      Partner 
	 	 		 
	 	 	 	 
	 
	 	 	 
	 	By:  	
/s/ Michael Allara 	 
	 	 	Name:  	Michael Allara 	 
	 	 	Title:  	Director 	 

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REVISED EXHIBIT A

LIST OF PARTNERS, INITIAL CAPITAL CONTRIBUTIONS AND SHARING RATIO

	 	 	 	 	 	 	 	 	 
	 	 	INITIAL	 	 	 	 
	 	 	CAPITAL	 	 	SHARING	 
	PARTNERS	 	CONTRIBUTION	 	 	RATIO	 
	General Partner
	 	 	 	 	 	 	 	 
	Ensource Energy Company, LLC
	 	$	20,100.00	 	 	 	0.100	%
	Limited Partners
	 	 	 	 	 	 	 	 
	RTR Energy Partners
	 	$	250,623.44	 	 	 	1.247	%
	George K. Hickox, Jr.
	 	$	501,246.88	 	 	 	2.494	%
	Jon A. Hughes
	 	$	250,623.44	 	 	 	1.247	%
	Loren B. Singletary
	 	$	350,872.82	 	 	 	1.746	%
	J. Thomas Eubank
	 	$	250,623.44	 	 	 	1.247	%
	Marshall M. Eubank
	 	$	401,598.00	 	 	 	1.998	%
	Scott W. Smith
	 	$	602,397.50	 	 	 	2.997	%
	Ritchie Energy North, L.P.
	 	$	17,471,914.48	 	 	 	86.656	%
	 
	 	 	 	 	 	 	 	 
	TOTALS
	 	$	20,100,010.53	 	 	 	100.000	%

4exv10w5

 

Exhibit 10.5

SECOND AMENDMENT TO CREDIT AGREEMENT 

          THIS SECOND AMENDMENT TO CREDIT AGREEMENT (the “Amendment”), dated as of January 26,
2006, is to that certain Credit Agreement dated as of December 6, 2004 (as previously amended and
modified and as further amended, modified, supplemented, restated or amended and restated from time
to time, the “Credit Agreement”), by and among GENCORP INC., an Ohio corporation (the
“Borrower”), the subsidiaries of the Borrower from time to time party thereto (the
“Guarantors”), the lenders from time to time party thereto (the “Lenders”), and
WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (the
“Administrative Agent”). Capitalized terms used herein but not otherwise defined shall
have the meanings ascribed thereto in the Credit Agreement.

W I T N E S S E T H

          WHEREAS, the Lenders have established credit facilities for the benefit of the Borrower
pursuant to the terms of the Credit Agreement;

          WHEREAS, the Borrower has requested certain amendments to the Credit Agreement; and

          WHEREAS, the Required Lenders are willing to amend the Credit Agreement subject to the terms
and conditions hereof.

          NOW, THEREFORE, IN CONSIDERATION of the agreements herein contained, the parties hereby agree
as follows:

SECTION 1

AMENDMENT

          1.1 New Definition. The following definition is hereby added to Section 1.1 of the
Credit Agreement in the appropriate alphabetical order:

          “Second Amendment Effective Date” shall mean January [___], 2006

          1.2 Amendment to Definition of Applicable Percentage. The definition of “Applicable
Percentage” set forth in Section 1.1 of the Credit Agreement is hereby amended by adding the
following paragraph below the pricing grid to read as follows:

          Notwithstanding the foregoing, (a) from and after the Second Amendment Effective Date
until the date the Credit Parties furnish the Administrative Agent and the Lenders the
financial information required pursuant to Sections 5.1(a) and 5.2(b) for the fiscal year
ending November 30, 2006 demonstrating compliance with Section 5.9(a) for such period, the
Applicable Percentage for the Term Loan shall be (A) 3.25% for LIBOR Rate Loans and (B)
2.25% for Alternate Base Rate Loans and (b) if the senior secured debt ratings for the Loans
are B or lower from S&P and B2 or lower from Moody’s, the Applicable Percentage for the Term
Loan shall be (A) 3.75% for LIBOR Rate Loans and (B) 2.75% for Alternate Base Rate Loans.

          1.3 Amendment to Definition of Cash Equivalents. The definition of “Cash Equivalents”
set forth in Section 1.1 of the Credit Agreement is hereby amended by adding a new clause (g) to
read as follows and making the appropriate grammatical and punctuation changes thereto:

          (g) Investments in money market and tax-exempt mutual funds that (i) comply with SEC
Regulation 2a-7 and (ii) invest substantially all their assets in securities of the types
described in clauses (a) through (f) above.

 

 

          1.4 Amendment to Definition of Consolidated EBITDAP. The definition of “Consolidated
EBITDAP” set forth in Section 1.1 of the Credit Agreement is hereby amended by adding a new clause
(ix) to read as follows and by making the appropriate grammatical and punctuation changes thereto:

          (ix) charges related to inventory write-offs associated with the renegotiation of the
contract with Lockheed Martin regarding the Atlas Program in an amount not to exceed
$175,000,000;

          1.5 Amendment to Section 3.17. Section 3.17 is hereby amended and restated in its
entirety to read as follows:

     Section 3.17 Solvency.

          After giving effect to the Transactions, the fair saleable value of each Credit
Party’s assets, measured on a going concern basis, exceeds all probable liabilities,
including those to be incurred pursuant to this Credit Agreement. After giving effect to
the Transactions, none of the Credit Parties has incurred, or believes that it will incur
after giving effect to the Transactions, debts beyond its ability to pay such debts as they
become due. In executing the Credit Documents and consummating the Transactions, none of
the Credit Parties intends to hinder, delay or defraud either present or future creditors or
other Persons to which one or more of the Credit Parties is or will become indebted.

          1.6 Amendment to Section 5.9(a). Section 5.9(a) is hereby amended and restated in its
entirety to read as follows:

          (a) Leverage Ratio. At all times, the Leverage Ratio during the following
periods shall be less than or equal to:

	 	 	 
	Period	 	Maximum Ratio
	Closing Date through May 31, 2005

	 	8.25 to 1.0
	June 1, 2005 through November 30, 2005

	 	7.50 to 1.0
	December 1, 2005 through November 30, 2006

	 	8.00 to 1.0
	December 1, 2006 through November 30, 2007

	 	6.00 to 1.0
	December 1, 2007 and thereafter

	 	5.50 to 1.0

          1.7 Amendment to Section 5.9. Subsection (ii) of the last paragraph of Section 5.9 is
hereby amended to insert the phrase “as well as the sale of GDX consummated on August 31, 2004”
immediately after the phrase “after any asset sale permitted by Section 6.4(a)(iii)-(xi)”.

SECTION 2

CONDITIONS TO EFFECTIVENESS

          2.1 Conditions to Effectiveness. This Amendment shall be and become effective as of
the date first above written upon satisfaction of the following conditions (in form and substance
reasonably acceptable to the Administrative Agent):

          (a) Executed Amendment. Receipt by the Administrative Agent of a copy of this
Amendment duly executed by each of the Credit Parties and the Administrative Agent, on
behalf of the Required Lenders.

          (b) Executed Consents. Receipt by the Administrative Agent of executed
consents from the Required Lenders (each a “Lender Consent”) authorizing the
Administrative Agent to enter into this Amendment on their behalf.

2

 

          (c) Good Standing Certificates; Incumbency. Receipt by the Administrative
Agent of:

          (i) Good Standing. Copies of certificates of good standing, existence
or its equivalent with respect to each Credit Party certified as of a recent date by
the appropriate Governmental Authorities of the state of incorporation and each
other state in which failure of such Credit Party to be qualified to do business
could reasonably be expected to have a Material Adverse Effect.

          (ii) Incumbency. An incumbency certificate of each Credit Party
certified by a secretary or assistant secretary of such Credit Party to be true and
correct as of the date hereof.

          (d) Fees and Expenses. The Administrative Agent shall have received from the
Borrower, on behalf of each Lender that executes and delivers a Lender Consent to the
Administrative Agent by 5:00 p.m. (EST) on January 20, 2006, an amendment fee in an amount
equal to 15 basis points of such Lender’s outstanding Loans and unfunded Commitments. In
addition, the Administrative Agent shall have received from the Borrower such other fees and
expenses that are payable in connection with the consummation of the transactions
contemplated hereby.

          (e) Miscellaneous. All other documents and legal matters in connection with
the transactions contemplated by this Amendment shall be reasonably satisfactory in form and
substance to the Administrative Agent and its counsel.

SECTION 3

MISCELLANEOUS

          3.1 Representations and Warranties. Each of the Credit Parties represents and
warrants as follows as of the date hereof, after giving effect to this Amendment:

          (a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

          (b) This Amendment has been duly executed and delivered by such Person and constitutes
such Person’s valid and legally binding obligations, enforceable in accordance with its
terms, except as such enforceability may be subject to (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally and (ii) general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity).

          (c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any Governmental Authority or third party is required in connection with
the execution, delivery or performance by such Person of this Amendment.

          (d) The representations and warranties set forth in Article III of the Credit Amendment
(as amended by this Amendment) are true and correct as of the date hereof (except for those
which expressly relate to an earlier date).

          (e) After giving effect to this Amendment, no event has occurred and is continuing
which constitutes a Default or an Event of Default.

          (f) The Security Documents continue to create a valid security interest in, and Lien
upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders,
which security interests and Liens are perfected in accordance with the terms of the
Security Documents and prior to all Liens other than Permitted Liens.

          (g) The Credit Party Obligations are not reduced or modified by this Amendment and are
not subject to any offsets, defenses or counterclaims.

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          3.2 Instrument Pursuant to Credit Agreement. This Amendment is a Credit Document
executed pursuant to the Credit Agreement and shall be construed, administered and applied in
accordance with the terms and provisions of the Credit Agreement.

          3.3 Reaffirmation of Credit Party Obligations. Each Credit Party hereby ratifies the
Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit
Agreement applicable to it and (b) that it is responsible for the observance and full performance
of its respective Credit Party Obligations.

          3.4 Survival. Except as expressly modified and amended in this Amendment, all of the
terms and provisions and conditions of each of the Credit Documents shall remain unchanged.

          3.5 Expenses. The Borrower agrees to pay all reasonable costs and expenses of the
Administrative Agent in connection with the preparation, execution and delivery of this Amendment,
including without limitation the reasonable expenses of the Administrative Agent’s legal counsel.

          3.6 Further Assurances. The Credit Parties agree to promptly take such action, upon
the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment.

          3.7 Entirety. This Amendment and the other Credit Documents embody the entire
agreement among the parties hereto and supersede all prior agreements and understandings, oral or
written, if any, relating to the subject matter hereof.

          3.8 Counterparts/Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of executed counterparts of this Amendment
by telecopy shall be effective as an original and shall constitute a representation that an
original shall be delivered.

          3.9 No Actions, Claims, Etc. As of the date hereof, each of the Credit Parties hereby
acknowledges and confirms that it has no knowledge of any actions, causes of action, claims,
demands, damages and liabilities of whatever kind or nature, in law or in equity, against the
Administrative Agent, the Lenders, or the Administrative Agent’s or the Lenders’ respective
officers, employees, representatives, agents, counsel or directors arising from any action by such
Persons, or failure of such Persons to act under this Credit Agreement on or prior to the date
hereof.

          3.10 Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT UNDER AND
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW).

          3.11 Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the Credit Parties, the Administrative Agent, the Lenders and their respective
successors and assigns.

          3.12 General Release. In consideration of the Administrative Agent entering into this
Amendment, each Credit Party hereby releases the Administrative Agent, the Lenders, and the
Administrative Agent’s and the Lenders’ respective officers, employees, representatives, agents,
counsel and directors from any and all actions, causes of action, claims, demands, damages and
liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or
unsuspected to the extent that any of the foregoing arises from any action or failure to act under
the Credit Agreement on or prior to the date hereof, except, with respect to any such person being
released hereby, any actions, causes of action, claims, demands, damages and liabilities arising
out of such person’s gross negligence, bad faith or willful misconduct.

          3.13 Waiver of Jurisdiction; Service of Process; Waiver of Jury Trial. The
jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 9.13 and
9.16 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

[Signature Pages Follow]

4

 

          The parties hereto have duly executed this Amendment as of the date first above written.

	 	 	 	 	 	 	 	 	 
	BORROWER:	 	GENCORP INC.,	 	 
	 	 	 	 	an Ohio corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/S/ YASMIN R. SEYAL	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name:Yasmin R. Seyal	 	 
	 	 	 	 	Title:Senior Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	GUARANTORS:	 	 	 	AEROJET-GENERAL CORPORATION,	 	 
	 	 	 	 	an Ohio corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/S/ YASMIN R. SEYAL	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Yasmin R. Seyal	 	 
	 	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	AEROJET ORDNANCE TENNESSEE, INC.,	 	 
	 	 	 	 	a Tennessee corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/S/ J. SCOTT NEISH	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name:J. Scott Neish	 	 
	 	 	 	 	Title:Chairman	 	 
	 
	 	 	 	 	 	 	 	 
	ADMINISTRATIVE
	 	 	 	 	 	 	 	 
	AGENT:	 	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,	 	 
	 	 	 	 	as Administrative Agent on behalf of the Lenders	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/S/ WILLIAM F. FOX	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: William F. Fox	 	 
	 	 	 	 	Title:Director

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