Document:

exhibit10_1.htm

 EXHIBIT 10.1

 

 

 

LIMITED LIABILITY COMPANY AGREEMENT

OF

COLORADO INTERSTATE GAS COMPANY, L.L.C.

A DELAWARE LIMITED LIABILITY COMPANY

PREAMBLE

The undersigned members, El Paso Noric Investments III, L.L.C., a Delaware limited liability company, and EPPP CIG GP Holdings, L.L.C., a Delaware limited liability company (the “Members”), hereby form Colorado Interstate Gas Company, L.L.C. (the “Company”), a Delaware limited liability company, pursuant to and in accordance with the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101, et seq. (the “Act”), and hereby declare the following to be the Limited Liability Company Agreement of such
limited liability company as of the Effective Date (as defined herein).

ARTICLE I

DEFINITIONS AND TERMS

SECTION 1.01.  Definitions.  Unless the context otherwise requires, the following terms shall have the following meanings for the purposes of this Agreement:

“Act” means the Delaware Limited Liability Company Act, 6 Del C. §§ 18-101, et seq., as amended from time to time (or any corresponding provisions of succeeding law).

“Agreement” means this Limited Liability Company Agreement, as the same may be amended from time to time.

“Capital Contribution” means a capital contribution made by the Members pursuant to Section 3.01 or 3.02.

“Certificate of Formation” means the Certificate of Formation filed with the Secretary of State of the State of Delaware on August 31, 2011, to form the Company pursuant to the Act, as originally executed by Stacy J. James (as an authorized person within the meaning of the Act) and as amended, modified, supplemented or restated from time to time, as the context requires.

“Company” means the limited liability company formed pursuant to this Agreement.

“Distributable Cash” means cash (in U.S. dollars) of the Company that the Members determine is available for distribution.

 

 

 

  

  

  

 

 

“Interest” means the ownership interest in the Company at any time, including the right of the Members to any and all benefits to which the Members may be entitled as provided in this Agreement, together with the obligations of the Members to comply with all the terms and provisions of this Agreement.

“Members” means El Paso Noric Investments III, LLC and EPPP CIG GP Holdings, L.L.C. and any other member or members admitted to the Company in accordance with this Agreement or any amendment or restatement hereof.

“Person” has the meaning set forth in the Act.

SECTION 1.02.  Terms Generally.  The definitions in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  All references herein to Articles, Sections and Exhibits shall be deemed to be references to Articles and Sections of, and Exhibits to, this Agreement unless the context shall otherwise require. The words “include”, “includes” and “includ­ing” shall be deemed to be
followed by the phrase “without limitation.”

 

ARTICLE II

FORMATION

SECTION 2.01.  Name.  The name of the Company shall be as set forth in the Preamble hereof.  All business of the Company shall be conducted under such name and title to all property, real, personal, or mixed, owned by or leased to the Company shall be held in such name.  Notwithstanding the preceding sentence, the Members may change the name of the Company or adopt such trade or fictitious names as it may determine.

SECTION 2.02.  Term.  The term of the Company commenced on the date of filing of the Certificate of Formation of the Company in the Office of the Secretary of State of Delaware (the “Effective Date”).  The term of the Company shall continue until terminated as provided in Article VIII hereof.

SECTION 2.03.  Principal Place of Business.  The principal place of business of the Company shall be located at 1001 Louisiana, Houston, Texas 77002.  The Members may establish other offices at other loca­tions.

SECTION 2.04.  Agent for Service of Process.  The Corporation Trust Company shall be the registered agent of the Company upon whom process against it may be served.  The address of such agent within the State of Delaware is: Corporation Trust Center, 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801.

SECTION 2.05.  Purposes of the Company.  The Company has been organized to engage in any lawful act or activity for which a Delaware limited liability company may be formed.

 

 

  

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ARTICLE III

CAPITAL CONTRIBUTIONS

SECTION 3.01.  Capital Contribution.  The Members may contribute cash or other property to the Company as they shall decide, from time to time.

SECTION 3.02.  Additional Capital Contributions.  If at any time the Members shall determine that additional funds or property are necessary or desirable to meet the obligations or needs of the Company, the Members may make additional Capital Contributions.

SECTION 3.03.  Limitation on Liability.  The liability of the Members shall be limited to its Interest in the Company, and the Members shall not have any personal liability to contribute money to, or in respect of, the liabilities or the obliga­tions of the Company, except as set forth in the Act.

SECTION 3.04.  Withdrawal of Capital; Interest.  The Members may not withdraw capital or receive any distributions, except as specifically provided herein.  No interest shall be paid by the Company on any Capital Contributions.

 

 

ARTICLE IV

DISTRIBUTIONS

SECTION 4.01.  Distributions.  Except as otherwise provided in the Act, all Distributable Cash of the Company shall be distributed to the Members, or distributions in kind may be made to the Members at such times as the Members shall determine.

 

ARTICLE V

BOOKS AND RECORDS

SECTION 5.01.  Books and Records.  The Members shall keep or cause to be kept complete and accurate books of account and records that shall reflect all transactions and other matters and include all documents and other materials with respect to the Company’s business that are usually entered into and maintained by Persons engaged in similar businesses.  All Company financial statements shall be accurate in all material respects, shall fairly present the financial position of the Company and the results of its operations and Distributable Cash and transactions in its
reserve accounts, and shall be prepared in accordance with generally accepted accounting principles, subject, in the case of quarterly statements, to year-end adjustments.  The books of the Company shall at all times be maintained at the principal office of the Company or at such other location as the Members decides.

 

 

  

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ARTICLE VI

MANAGEMENT OF THE COMPANY

SECTION 6.01.  Management.  The management of the Company shall be under the direction of the Members, who may, from time to time, designate one or more persons to be officers of the Company, with such titles as the Members may determine, including those positions set forth in Section 6.02.

SECTION 6.02.  Officers.  Such of the following officers shall be elected as the Members deems necessary or appropriate: a President, one or more Executive Vice Presidents, one or more Senior Vice Presidents, one or more Vice Presidents, a Secretary, a Treasurer, a Controller, one or more Assistant Vice Presidents, Assistant Secretaries, Assistant Treasurers and Assistant Controllers, and such other officers with such titles and powers and/or duties as the Members shall from time to time determine.  Officers may be designated for particular areas of responsibility and simultaneously serve as officers of subsidiaries or
divisions. Any officer so elected may resign at any time upon written notice to the Members.  Such resignation shall take effect at the time specified therein, and unless otherwise specified therein, no acceptance of such resignation shall be necessary to make it effective.  Any officer may be removed, with or without cause, by the Members.  Any such removal shall be without prejudice to the contractual rights of such officer, if any, with the Company, but the election or appointment of any officer shall not of itself create contractual rights.  Any number of offices may be held by the same person.  Any vacancy occurring in any office by death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Members.

(a)  President.  The President shall have general control of the business, affairs, operations and property of the Company, subject to the supervision of the Members.  He may sign or execute, in the name of the Company, all deeds, mortgages, bonds, contracts or other undertakings or instruments, except in cases where the signing or execution thereof shall have been expressly delegated by the Members to some other officer or agent of the Company.  He shall have and may exercise such powers and perform such duties as may be provided by law or as are incident to the office of President of a company (as if the
Company were a Delaware corporation) and such other duties as are assigned from time to time by the Members.

(b)  Vice Presidents.  Each Executive Vice President, Senior Vice President, Vice President and Assistant Vice President shall have such powers and perform such duties as may be provided by law or as may from time to time be assigned to him, either generally or in specific instances, by the Members or the President.  Any Executive Vice President or Senior Vice President may perform any of the duties or exercise any of the powers of the President at the request of, or in the absence or disability of, the President or otherwise as occasion may require in the administration of the business and affairs of the
Company.

Each Executive Vice President, Senior Vice President, Vice President and Assistant Vice President shall have authority to sign or execute all deeds, mortgages, bonds, contracts or other instruments on behalf of the Company, except in cases where the signing or execution thereof shall have been expressly delegated by the Members to some other officer or agent of the Company.

 

 

  

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(c)  Secretary.  The Secretary shall keep the records of the Company, in books provided for the purpose; he shall be custodian of the seal or seals of the Company; he shall see that the seal is affixed to all documents requiring same, the execution of which, on behalf of the Company, under its seal, is duly authorized, and when said seal is so affixed he may attest same; and, in general, he shall perform all duties incident to the office of the secretary of a company (as if the Company were a Delaware corporation), and such other duties as from time to time may be assigned to him by the Members or the President or as may be provided by
law.  Any Assistant Secretary may perform any of the duties or exercise any of the powers of the Secretary at the request of, or in the absence or disability of, the Secretary or otherwise as occasion may require in the administration of the business and affairs of the Company.

(d)  Treasurer.  The Treasurer shall have charge of and be responsible for all funds, securities, receipts and disbursements of the Company, and shall deposit, or cause to be deposited, in the name of the Company, all moneys or other valuable effects in such banks, trust companies or other depositories as shall, from time to time, be selected by or under authority of the Members; if required, he shall give a bond for the faithful discharge of his duties, with such surety or sureties as the Members may determine; he shall keep or cause to be kept full and accurate records of all receipts and disbursements in books of the Company and
shall render to the Members or the President, whenever requested, an account of the financial condition of the Company (as if the Company were a Delaware corporation); and, in general, he shall perform all the duties incident to the office of treasurer of a company, and such other duties as may be assigned to him by the Members or the President or as may be provided by law.

(e)  Controller.  The Controller shall be the chief accounting officer of the Company. He shall keep full and accurate accounts of the assets, liabilities, commitments, receipts, disbursements and other financial transactions of the Company; shall cause regular audits of the books and records of account of the Company and supervise the preparation of the Company’s financial statements; and, in general, he shall perform the duties incident to the office of controller of a company (as if the Company were a Delaware corporation) and such other duties as may be assigned to him by the Members or the President or as may be provided by
law.  If no Controller is elected by the Members, the Treasurer shall perform the duties of the office of controller.

(f)  Tax Officer.  The office of Tax Officer shall have the authority to sign or execute on behalf of this Company any federal, foreign, Indian, state or local tax return or report, claim for refund of taxes, extension of a statute of limitation, administrative tax appeals filings and any other document relating to this Company's tax responsibilities.

 

 

  

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ARTICLE VII

TRANSFERS OF COMPANY INTERESTS

SECTION 7.01.  Transfers.  Any Member may, directly or indirectly, sell, assign, transfer, pledge, hypothecate or otherwise dispose of all or any part of its Interest.  Any Person acquiring the Member's Interest shall be admitted to the Company as a substituted Member with no further action being required on the part of the Members.

 

ARTICLE VIII

DISSOLUTION AND TERMINATION

SECTION 8.01.  Dissolution.  The Company shall be dissolved and its business wound up upon the decision made at any time by the Members to dissolve the Company, or upon the occurrence of any event of dissolution under the Act.

SECTION 8.02.  Liquidation.  Upon dissolution, the Company’s business shall be liquidated in an orderly manner.  The Members shall wind up the affairs of the Company pursuant to this Agreement and in accordance with the Act, including, without limitation, Section 18-804 thereof.

SECTION 8.03.  Distribution of Property.  If in the discretion of the Members it becomes necessary to make a distribution of Comp­any property in kind in connection with the liquidation of the Company, such property shall be transferred and conveyed to the Members subject to Section 18-804 of the Act.

 

 

ARTICLE IX

INDEMNIFICATION

SECTION 9.01.  General.  Except to the extent expressly prohibited by the Act, the Company shall indemnify each Person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that such Person or such Person’s testator or intestate is or was a member or officer of the Company, against judgments, fines (including excise taxes assessed on a Person with respect to an employee benefit plan), penalties, amounts paid in settlement and reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection
with such action or proceeding, or any appeal therefrom; provided that no such indemnification shall be made if a judgment or other final adjudication adverse to such Person establishes that his conduct did not meet the then applicable minimum statutory standards of conduct; and provided, further, that no such indemnification shall be required in connection with any settlement or other non-adjudicated disposition of any threatened or pending action or proceeding unless the Company has given its prior consent to such settlement or such other disposition, which consent shall  not be unreasonably withheld.

 

 

  

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SECTION 9.02.  Reimbursement.  The Company shall advance or promptly reimburse, upon request, any Person entitled to indemnification hereunder for all expenses, including attorneys’ fees, reasonably incurred in defending any action or proceeding in advance of the final disposition thereof upon receipt of an undertaking by or on behalf of such Person (in form and substance satisfactory to the Company) to repay such amount if such Person is ultimately found not to be entitled to indemnification or, where indemnification is granted, to the extent the expenses so advanced or reimbursed
exceed the amount to which such Person is entitled; provided that such Person shall cooperate in good faith with any request by the Company that common counsel be utilized by the parties to an action or proceeding who are similarly situated unless to do so would be inappropriate due to actual or potential conflicts of interest between or among such parties; and provided, further, that the Company shall only advance attorneys’ fees in respect of legal counsel approved by the Company, such approval not to be unreasonably withheld.

SECTION 9.03.  Availability.  The right to indemnification and advancement of expenses under this provision is intended to be retroactive and shall be available with respect to any action or proceeding which relates to events prior to the effective date of this provision.

SECTION 9.04.  Indemnification Agreement.  The Company is authorized to enter into agreements with any of its Members or officers extending rights to indemnification and advancement of expenses to such Person to the fullest extent permitted by applicable law, but the failure to enter into any such agreement shall not affect or limit the rights of such Person pursuant to this provision.

SECTION 9.05.  Enforceability.  In case any provision in this Article IX shall be determined at any time to be unenforceable in any respect, the other provisions shall not in any way be affected or impaired thereby, and the affected provisions shall be given the fullest possible enforcement in the circumstances, it being the intention of the Company to provide indemnification and advancement of expenses to its members and officers, acting in such capacities, to the fullest extent permitted by law.

SECTION 9.06.  No Amendments.  No amendment or repeal of this provision shall apply to or have any effect on the indemnification of, or advancement of expenses to, the Members or any officer of the Company for, or with respect to, acts or omissions of such Members or officer occurring prior to such amendment or repeal.

SECTION 9.07.  Not Exclusive.  The foregoing shall not be exclusive of any other rights to which any Member or any officer may be entitled as a matter of law and shall not affect any rights to indemnification to which Company personnel other than the Members or officers may be entitled by contract or otherwise.

 

 

 

  

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ARTICLE X

MISCELLANEOUS

SECTION 10.01.  Amendments and Consents.  This Agreement may be modified or amended only by the Members.

SECTION 10.02.  Benefits of Agreement.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or the Members.

SECTION 10.03.  Integration.  This Agreement constitutes the entire agreement pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements in connection therewith.  No covenant, representation or condition not expressed in this Agreement shall affect, or be effective to interpret, change or restrict, the express provisions of this Agreement.

SECTION 10.04.  Headings.  The titles of Articles and Sections of this Agreement are for convenience only and shall not be interpreted to limit or amplify the provisions of this Agreement.

SECTION 10.05.  Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument, which may be sufficiently evidenced by one counterpart.

SECTION 10.06.  Severability.  Each provision of this Agreement shall be considered separable and if for any reason any provision or provisions hereof are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Agreement, which are valid.

SECTION 10.07.  Applicable Law.  This Agreement shall be construed in accordance with, and governed by, the laws of the State of Delaware, without regard to its conflict of law principles.

SECTION 10.08.  Security.  For purposes of providing for transfer of, perfection a security interest in, and other relevant matters related to, a membership interest in the Company, each membership interest in the Company shall be deemed to be a ‘security’ subject to the rules set forth in Chapters 8 and 9 of the Texas Uniform Commercial Code and any similar Uniform Commercial Code provision adopted by the States of New York or Delaware or any other relevant jurisdiction.

  

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IN WITNESS WHEREOF, this Limited Liability Company Agreement has been duly executed by the Members, effective as of the 31st day of August, 2011.

	 	
EL PASO NORIC INVESTMENTS III, L.L.C.

	 	  
	 	  
	
 

	
By:

	/s/ Daniel B. Martin
	  	 	
Daniel B. Martin

	  	 	
Senior Vice President

 

	 	

EPPP CIG GP HOLDINGS, L.L.C.

	 	  
	 	  
	
 

	
By:

	/s/ Daniel B. Martin
	  	 	
Daniel B. Martin

	  	 	
Senior Vice President

 

 

  

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	 	Exhibit A 

Percentage Interests

	 
	 	 	 	 	 
	 	 	 	Percentage Interest
	 Member:	 	 	 
	 	
EPPP CIG GP Holdings, L.L.C.

1001 Louisiana Street

Houston, Texas 77002 

  

	 	 	86.00	%
	 	 	 	 	 	 
	
Member:

	 	 	 	 
	 	
El Paso Noric Investments III, L.L.C.

1001 Louisiana Street

Houston, Texas 77002                     

  

	 	 	14.00	%
	 	 	 	 	 	 
	 	Total  	 	 	  100.00	% 

 

 

 

 

 

 

 

10Exhibit 10.1

 

SEVENTH AMENDMENT TO CREDIT AGREEMENT

 

This Seventh Amendment to Credit Agreement (this “Seventh Amendment”) is made as of this 16th day of August, 2011 by and among:

 

THE CHILDREN’S PLACE RETAIL STORES, INC., a Delaware corporation, for itself and as agent (in such capacity, the “Lead Borrower”) for the other Borrowers party hereto;

 

the BORROWERS party hereto;

 

the GUARANTORS party hereto;

 

the LENDERS party hereto; and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent, Collateral Agent, and Swing Line Lender.

 

BACKGROUND:

 

Reference is made to that certain Credit Agreement (as amended, modified, supplemented or restated and in effect from time to time, the “Credit Agreement”) dated as of July 31, 2008 by and among (i) the Borrowers, (ii) the Guarantors, (iii) the Lenders, and (iv) Wells Fargo Bank, National Association (successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent, Collateral Agent, and Swing Line Lender.  The Loan Parties, the Agents, and the Lenders desire to amend certain terms and conditions of the Credit Agreement as set forth herein.  Accordingly, it is hereby agreed as follows:

 

1.                                       Definitions.  All capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Credit Agreement.

 

2.                                       Amendments to Article I.  The provisions of Article I of the Credit Agreement are hereby amended as follows:

 

(a)                                  The following definitions set forth in Article I of the Credit Agreement are deleted in their entirety and replaced with the following:

 

(i)                                    “Applicable Commitment Fee Percentage” means 0.375%.

 

(ii)                                “Applicable Margin” means:

 

From and after the Seventh Amendment Effective Date, the Applicable Margin shall be determined from the following pricing grid based upon the Average Excess Availability as of the Fiscal Quarter ended immediately preceding such Adjustment Date; provided  that, if any of the financial statements delivered pursuant to Section 6.01 of this Agreement or any

 

 

Borrowing Base Certificate is at any time restated or otherwise revised (including as a result of an audit, but excluding revisions resulting from (i) normal year-end audit adjustments and changes in GAAP or its application to the financial statements delivered pursuant to Section 6.01 of this Agreement or (ii) any other cause other than the correction of an error, omission or misrepresentation of the Loan Parties), or if the information set forth in any such financial statements or any such Borrowing Base Certificate, otherwise proves to be false or incorrect when delivered such that the Applicable Margin would have been higher than was otherwise in effect during any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, interest due under this Agreement shall be immediately recalculated at such higher rate for any applicable periods and shall be due and payable on demand.

 

	
Level
    	
 
    	
Average Excess
   Availability
    	
 
    	
LIBOR
   Margin
    	
 
    	
Base Rate
   Margin
    	
 
    	
Commercial
   Letter of
   Credit Fee
    	
 
    	
Standby
   Letter of
   Credit Fee
    	
 
    
	
I
    	
 
    	
Greater   than or equal to 50% multiplied by the Revolving Credit Ceiling
    	
 
    	
1.75
    	
%
    	
0.75
    	
%
    	
0.875
    	
%
    	
1.25
    	
%
    
	
II
    	
 
    	
Less   than 50% multiplied by the Revolving Credit Ceiling
    	
 
    	
2.00
    	
%
    	
1.00
    	
%
    	
1.00
    	
%
    	
1.50
    	
%
    

 

(iii)                            “Borrowing Base” means, at any time of calculation, an amount equal to:

 

(a)           the face amount of Eligible Credit Card Receivables multiplied by ninety percent (90%);

 

plus

 

(b)           the retail value of Eligible Inventory, net of Inventory Reserves, multiplied by ninety percent (90%) of the NRLV of Eligible Inventory;

 

plus

 

(c)           the retail value of Eligible In-Transit Inventory, net of Inventory Reserves, multiplied by ninety percent (90%) of the NRLV of Eligible In-Transit Inventory; provided that in no event shall the amount available to be borrowed pursuant to this clause (c) exceed 10% of the Revolving Credit Ceiling then in effect at such time;

 

plus

 

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(d)           with respect to any Eligible Letter of Credit, the Cost of the Inventory supported by such Eligible Letter of Credit, net of Inventory Reserves, multiplied by the lesser of (i) 85% of the NRLV of the Inventory supported by such Eligible Letter of Credit, and (ii) eighty five percent (85%);

 

plus

 

(e)           the lesser of (i) FMV of Eligible Real Estate, net of Realty Reserves, multiplied by fifty percent (50%) and (ii) $15,000,000.00;

 

minus

 

(f)            the then amount of all Availability Reserves.

 

(iv)                               “Cash Dominion Event” means either (i) the occurrence and continuance of any Specified Event of Default, or (ii) the failure of the Borrowers to maintain Excess Availability of at least 12.5% of the Revolving Credit Ceiling, which failure continues for five (5) consecutive Business Days.  For purposes of this Agreement, the occurrence of a Cash Dominion Event shall be deemed continuing at the Administrative Agent’s option (i) so long as such Specified Event of Default has not been waived, and/or (ii) if the Cash Dominion Event arises as a result of the Borrowers’ failure to achieve Excess Availability as required hereunder, until Excess Availability has exceeded 12.5% of the Revolving Credit Ceiling for forty-five (45) consecutive days, in which case a Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Cash Dominion Event shall be deemed continuing (even if a Specified Event of Default is no longer continuing and/or Excess Availability exceeds the required amount for forty-five (45) consecutive days) at all times after a Cash Dominion Event has occurred and been discontinued on three (3) occasions after the Closing Date.

 

(v)                                   “Letter of Credit Sublimit” means an amount equal to $125,000,000; provided  that after giving effect to any Commitment Increase, the Letter of Credit Sublimit shall be increased to $25,000,000 less than the Revolving Credit Ceiling at such time.  The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.  A permanent reduction of the Aggregate Commitments shall not require a corresponding pro rata reduction in the Letter of Credit Sublimit; provided, however, that if the Aggregate Commitments are reduced to an amount less than the Letter of Credit Sublimit, then the Letter of Credit Sublimit shall be reduced to an amount equal to (or, at Lead Borrower’s option, less than) the Aggregate Commitments.

 

(vi)                               “Maturity Date” means August 16, 2016.

 

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(vii)                           “Revolving Credit Ceiling” means $150,000,000 as of the Seventh Amendment Effective Date, as such amount may be modified in accordance with the terms of this Agreement.

 

(b)                                 Clause (a) of the definition of “Eligible In-Transit Inventory” set forth in Article I of the Credit Agreement is deleted in its entirety and replaced with the following:

 

“(a)         for which full payment has been delivered to the seller of such Inventory and, if requested by the Administrative Agent, evidence of such payment has been received by the Administrative Agent;”

 

(c)                                  The following new definitions are inserted in Article I of the Credit Agreement in appropriate alphabetical order:

 

(i)                                    “Additional Commitment Lender” shall have the meaning provided in Section 2.15(b)(iii).

 

(ii)                                “Committed Increase” shall have the meaning provided in Section 2.15(a).

 

(iii)                            “Commitment Increases” shall have the meaning provided in Section 2.15(b)(i).

 

(iv)                               “Increase Effective Date” shall have the meaning provided in Section 2.15(b)(iv).

 

(v)                                   “Increased Financial Reporting Event” means if at any time Excess Availability is less than 50% of the Revolving Credit Ceiling at such time.

 

(vi)                               “Seventh Amendment Effective Date” means August 16, 2011.

 

(vii)                           “Seventh Amendment Fee Letter” means the Fee Letter, dated as of the Seventh Amendment Effective Date, between the Agent and the Borrowers.

 

(viii)                       “Uncommitted Increases” shall have the meaning provided in Section 2.15(b)(i).

 

3.                                       Amendment to Article II.  The following new Section 2.15 shall be added to the end of Article II:

 

“2.15      Increase in Commitments.

 

(a)           Committed Increase.  Provided that no Default or Event of Default then exists or would arise therefrom, upon notice to the Agent, the Lead Borrower may from time to time, request an increase in the Aggregate Commitments by an amount not exceeding $25,000,000 in the aggregate (the “Committed Increase”); provided that (i) each such Committed Increase shall be in a minimum amount of $5,000,000, (ii) the amount of the Aggregate Commitments, as the same may be increased pursuant to any Committed Increase, shall not exceed $175,000,000 at any

 

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time, and (iii) the Lead Borrower may make a maximum of 3 such requests.  Each such Committed Increase shall be effectuated as soon as reasonably practicable after the request of the Lead Borrower therefor  and the Agent shall provide the Lead Borrower with written confirmation thereof.  Any such Committed Increase shall be provided solely by Wells Fargo (or any permitted assignee of Wells Fargo) (Wells Fargo or any such permitted assignee in such capacity or any Lender increasing its Commitment pursuant to Section 2.15(b) and any Eligible Assignee providing a new Commitment pursuant to Section 2.15(b), an “Increased Lender”) and shall otherwise be on the same terms as the existing facility under this Agreement; provided that the upfront fees payable in connection with any such Committed Increase shall be in an amount equal to the upfront fees payable to Wells Fargo under the Seventh Amendment Fee Letter.  Upon the effective date of any such Committed Increase (i) the Aggregate Commitments under, and for all purposes of, this Agreement shall be increased by the aggregate amount of such Committed Increase, and (ii) Schedule 2.01 shall be deemed modified, without further action, to reflect the revised Commitments and Applicable Percentages of the Lenders.

 

(b)           Uncommitted Increase.

 

(i)            Request for Increase.  Provided that (x) no Default or Event of Default then exists or would arise therefrom, and (y) no additional requests for a Committed Increase are permitted under Section 2.15(a) above, upon notice to the Agent (which shall promptly notify the Lenders), the Lead Borrower may from time to time, request an increase in the Aggregate Commitments by an amount not exceeding $50,000,000 in the aggregate (the “Uncommitted Increase”, and, together with all Committed Increases, collectively, the “Commitment Increases”); provided that (i) any such request for an increase shall be in a minimum amount of $10,000,000, (ii) the Lead Borrower may make a maximum of 3 such requests, and (iii) the amount of the Aggregate Commitments, as the same may be increased pursuant to any Commitment Increases, shall not exceed $225,000,000 at any time.  At the time of sending such notice, the Lead Borrower (in consultation with the Agent) shall specify the time period within which each Lender is requested to respond to the Agent (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders).

 

(ii)           Lender Elections to Increase.  Each Lender shall notify the Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase.  Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment.

 

(iii)         Notification by Agent; Additional Commitment Lenders.  The Agent shall notify the Borrowers and each Lender of the Lenders’ responses to each request made hereunder.  To achieve the full amount of a

 

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requested increase and subject to the approval of the Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld), to the extent that the existing Lenders decline to increase their Commitments, or decline to increase their Commitments to the amount requested by the Lead Borrower, the Agent, in consultation with the Lead Borrower, will use its reasonable efforts to arrange for other Eligible Assignees to become Lenders (each an “Additional Commitment Lender”) hereunder and to issue commitments in an amount equal to the amount of the increase in the Aggregate Commitments requested by the Borrowers and not accepted by the existing Lenders, provided, however, that without the consent of the Agent, at no time shall the Commitment of any Additional Commitment Lender be less than $10,000,000.

 

(iv)          Effective Date and Allocations.  If the Aggregate Commitments are increased in accordance with this Section, the Agent, in consultation with the Lead Borrower, shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase.  The Agent shall promptly notify the Lead Borrower and the Lenders of the final allocation of such increase and the Increase Effective Date and on the Increase Effective Date (i) the Aggregate Commitments under, and for all purposes of, this Agreement shall be increased by the aggregate amount of such Commitment Increases, and (ii) Schedule 2.01 shall be deemed modified, without further action, to reflect the revised Commitments and Applicable Percentages of the Lenders.

 

(c)           Conditions to Effectiveness of Commitment Increase.  As a condition precedent to such Commitment Increase, (i) the Borrowers shall deliver to the Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Commitment Increase, and (B) in the case of the Borrowers, certifying that, before and after giving effect to such Commitment Increase, (1) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 2.15, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01, and (2) no Default or Event of Default exists or would arise therefrom, (ii) the Borrowers, the Agent, and any Additional Commitment Lender shall have executed and delivered a Joinder to the Loan Documents in such form as the Agent shall reasonably require; (iii) the Borrowers shall have paid such fees and other compensation to, in the case of any Committed Increase, Wells Fargo, and in the case of the Uncommitted Increase, the Additional Commitment Lenders as the Borrowers and such Additional Commitment Lenders shall agree; (iv) the Borrowers shall have paid such arrangement fees to the Agent as the Borrowers and the Agent may agree, including, without limitation, the fees set forth in the Seventh

 

6

 

Amendment Fee Letter; (v) the Borrowers and the Additional Commitment Lender shall have delivered such other instruments, documents and agreements as the Agent may reasonably have requested; and (vi) no Default or Event of Default exists.  The Borrowers shall prepay any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Committed Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this Section.

 

(d)           Adjustments Upon Increase.  If Committed Loans shall be outstanding immediately after giving effect to an increase pursuant to Section 2.15(a) or 2.15(b), upon the Agent’s execution and delivery of written confirmation thereof, each Lender shall be deemed to have sold and assigned to the applicable Increased Lender, without recourse, and each applicable Increased Lender shall be deemed to have purchased and assumed from each Lender the amount of such Lender’s outstanding Committed Loans as shall be necessary to result (after giving effect to the assignments of all Lenders) in the Committed Loans made by each Lender and by each Increased Lender being equal to its Applicable Percentage multiplied by the aggregate amount of all Committed Loans outstanding as of such date.  At the direction of the Agent, each Increased Lender shall make all payments to the Agent and the Agent shall make such payments to the Lenders as may be necessary to carry the foregoing into effect.  The Borrowers hereby agree that any amount that an Increased Lender so pays to another Lender pursuant to Section 2.15(a) or 2.15(b) shall be entitled to all rights of a Lender under this Agreement and such payments to the Lenders shall constitute Committed Loans held by each such Increased Lender under this Agreement and that each such Increased Lender may, to the fullest extent permitted by law, exercise all of its right of payment (including the right of set off) with respect to such amounts as fully as if such Increased Lender had initially advanced to the Borrowers the amount of such payments.  In connection with the assignment and acceptance provided in this Section 2.15(d), the assignment of LIBO Rate Loans shall not be treated as a prepayment of such LIBO Rate Loans for purposes of Section 3.05.

 

(e)           Conflicting Provisions.  This Section shall supersede any provisions in Sections 2.13 or 10.01 to the contrary.”

 

4.                                       Amendments to Article VI.  The provisions of Article VI of the Credit Agreement are hereby amended as follows:

 

(a)                                  Section 6.01(b) is hereby deleted in its entirety and replaced with the following:

 

“(b)         as soon as available, but in any event within forty-five (45) days after the end of each Fiscal Quarter of each Fiscal Year of the Lead Borrower (or after the occurrence of an Increased Financial Reporting Event, within thirty (30) days after the end of each Fiscal Month of each Fiscal Year (except with respect to the last Fiscal Month of each Fiscal Quarter, with respect to which the applicable period for delivery shall be forty-five (45) days rather than thirty (30) days), a Consolidated and consolidating balance sheet of the Lead Borrower and its Subsidiaries as at the

 

7

 

end of such Fiscal Quarter (or Fiscal Month, as applicable), the related Consolidated and consolidating statements of income or operations and Shareholders’ Equity and the related Consolidated statement of cash flows (with consolidating reconciliation of cash from the balance sheet to the statement of cash flows that is reasonably acceptable to the Administrative Agent) for such Fiscal Quarter (or Fiscal Month, as applicable), and for the portion of the Fiscal Year then ended, setting forth in each case, but only with respect to the Consolidated statements, in comparative form the figures for (i) such period set forth in the projections delivered pursuant to Section 6.01(c) hereof, (ii) the corresponding Fiscal Quarter (or Fiscal Month, as applicable) of the previous Fiscal Year and (iii) the corresponding portion of the previous Fiscal Year, all in reasonable detail, such Consolidated and (where relevant) consolidating statements to be certified by a Responsible Officer of the Lead Borrower as fairly presenting the financial condition, results of operations and cash flows of the Lead Borrower and its Subsidiaries as of the end of such Fiscal Quarter (or Fiscal Month, as applicable) in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes;”

 

(b)                                 Section 6.02(c) is hereby deleted in its entirety and replaced with the following:

 

“(c)         on the first Wednesday of each Fiscal Month (or, if such day is not a Business Day, on the next succeeding Business Day), a certificate in the form of Exhibit G (a “Borrowing Base Certificate”) showing the Borrowing Base as of the close of business as of the last day of the immediately preceding Fiscal Month, each Borrowing Base Certificate to be certified as complete and correct by a Responsible Officer of the Lead Borrower; provided that (i) if Uncapped Excess Availability at any time is less than 12.5% of the Revolving Credit Ceiling or (ii) an Event of Default has occurred and is continuing, such Borrowing Base Certificate shall be delivered on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday;”

 

(c)                                  Section 6.10(b) is hereby deleted in its entirety and replaced with the following:

 

“(b)         Upon the request of the Administrative Agent after reasonable prior notice, permit the Administrative Agent or professionals (including investment bankers, consultants, accountants, lawyers and appraisers) retained by the Administrative Agent to conduct appraisals, commercial finance examinations and other evaluations, including, without limitation, of (i) the Lead Borrower’s practices in the computation of the Borrowing Base and (ii) the assets included in the Borrowing Base and related financial information such as, but not limited to, sales, gross margins, payables, accruals and reserves.  Subject to the following sentences, the Loan Parties shall pay the fees and expenses of the Administrative Agent or such professionals with respect to such evaluations and appraisals as provided below.  Without limiting the foregoing, the Loan Parties acknowledge that the Administrative Agent may, in its discretion, undertake one (1) real estate appraisal

 

8

 

and one (1) inventory appraisal and one (1) commercial finance examination each Fiscal Year at the Loan Parties’ expense; provided  that, in the event that Excess Availability is at any time less than 50% of the Borrowing Base, the Administrative Agent may, in its discretion, undertake an additional inventory appraisal (that is, up to two (2) inventory appraisals in total) and an additional commercial finance examination (that is, up to two (2) commercial finance examinations in total) each Fiscal Year at the Loan Parties’ expense; provided  further  that, in the event that Excess Availability is at any time less than 20% of the Borrowing Base, the Administrative Agent may, in its discretion, undertake up to three (3) inventory appraisals in total and up to three (3) commercial finance examinations in total each Fiscal Year at the Loan Parties’ expense.  Notwithstanding anything to the contrary contained herein, the Administrative Agent may cause additional inventory appraisals and commercial finance examinations to be undertaken (i) as it in its reasonable discretion deems necessary or appropriate, at its own expense, or (ii) if a Default or Event of Default shall have occurred and be continuing or if required by applicable Law, at the expense of the Loan Parties.”

 

5.                                       Amendment to Article VII.  Section 7.17 of the Credit Agreement, “Capital Expenditure”, is hereby deleted in its entirety and replaced with the following:

 

“7.17      Excess Availability.  Permit Excess Availability at any time to be less than 10% of the Borrowing Base.”

 

6.                                       Amendment to Schedules.  Schedule 2.01 attached to the Credit Agreement, “Commitments and Applicable Percentages”, is hereby deleted in its entirety and replaced with the Schedule 2.01 attached as Exhibit A hereto.

 

7.                                       Ratification of Loan Documents; Waiver of Claims.

 

(a)                                  Except as otherwise expressly provided herein, all terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect.  The Loan Parties hereby ratify, confirm, and reaffirm that all representations and warranties of the Loan Parties contained in the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date.

 

(b)                                 Each of the Loan Parties hereby acknowledges and agrees that there is no basis or set of facts on the basis of which any amount (or any portion thereof) owed by the Loan Parties under the Loan Documents could be reduced, offset, waived, or forgiven, by rescission or otherwise; nor is there any claim, counterclaim, offset, or defense (or other right, remedy, or basis having a similar effect) available to the Loan Parties with regard thereto; nor is there any basis on which the terms and conditions of any of the Obligations could be claimed to be other than as stated on the written instruments which evidence such Obligations.

 

9

 

(c)                                  Each of the Loan Parties hereby acknowledges and agrees that it has no offsets, defenses, claims, or counterclaims against the Agents or any Lender, or any of their respective affiliates, predecessors, successors, or assigns, or any of their respective officers, directors, employees, attorneys, or representatives, with respect to the Obligations, or otherwise, and that if any Loan Party now has, or ever did have, any offsets, defenses, claims, or counterclaims against the Agents or any Lender, or their respective affiliates, predecessors, successors, or assigns, or their respective officers, directors, employees, attorneys, or representatives, whether known or unknown, at law or in equity, from the beginning of the world through this date and through the time of execution of this Seventh Amendment, all of them are hereby expressly WAIVED, and the each of the Loan Parties hereby RELEASES the Agents and each Lender and their respective officers, directors, employees, attorneys, representatives, affiliates, predecessors, successors, and assigns from any liability therefor.

 

8.                                       Conditions to Effectiveness.  This Seventh Amendment shall not be effective until each of the following conditions precedent has been fulfilled to the reasonable satisfaction of the Administrative Agent:

 

(a)                                  The Administrative Agent shall have received counterparts of this Seventh Amendment duly executed and delivered by each of the parties hereto.

 

(b)                                 All corporate and shareholder action on the part of the Loan Parties and all consents and approvals necessary for the valid execution, delivery and performance by the Loan Parties of this Seventh Amendment shall have been duly and effectively taken and evidence thereof reasonably satisfactory to the Agent shall have been provided to the Agent.

 

(c)                                  The Agent shall have received (a) a satisfactory opinion of counsel to the Borrowers and the Guarantors (which shall cover substantially the same opinion covered under the opinion provided in connection with the execution of the Credit Agreement), (b) a certificate of a Responsible Officer of the Lead Borrower evidencing (A) the authority of each Loan Party to enter into this Seventh Amendment, (B) that there has been no event or circumstance since the date of delivery of the most recent Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, (C) either that (1) no consents, licenses or approvals are required in connection with the execution, delivery and performance of this Seventh Amendment, or (2) that all such consents, licenses and approvals have been obtained and are in full force and effect and (D) to the Solvency of the Loan Parties on a Consolidated basis as of the Seventh Amendment Effective Date and (c) a Borrowing Base Certificate dated as of the Seventh Amendment Effective Date after giving effect to the Seventh Amendment, in form and substance acceptable to the Agent and attached hereto as Exhibit B.

 

10

 

(d)                                 The Agent shall have received and be satisfied with detailed financial projections and business assumptions for the Borrower and the Loan Parties for the 2012 Fiscal Year, including a balance sheet, consolidated income statement, statement of cash flow, and borrowing base availability analysis.

 

(e)                                  After giving effect to this Seventh Amendment, no Default or Event of Default shall have occurred and be continuing.

 

(f)                                    There shall be no material misstatements in the materials furnished by the Loan Parties to the Agent or the Lenders prior to closing of this Seventh Amendment, or in representations or warranties of the Loan Parties made in the Credit Agreement.  The Agent shall be satisfied that any financial statements delivered to it fairly present the business and financial condition of the Borrowers and their Subsidiaries, taken as a whole, and that there has been no material adverse change in the assets, business, financial condition or income of the Borrowers and their subsidiaries, taken as a whole, since the date of the most recent Financial Statements delivered to the Agent.  The Agent shall be satisfied that any projections delivered to it represent the Borrowers’ good faith estimate of their future financial performance and were prepared on the basis of assumptions believed by the Borrowers to be fair and reasonable in light of current business conditions at the time such projections were prepared.

 

(g)                                 All fees payable to the Agent and the Lenders on or before the Seventh Amendment Effective Date, including, without limitation, those fees payable pursuant to the Seventh Amendment Fee Letter shall have been paid.

 

(h)                                 The Agent shall have been reimbursed by the Loan Parties for all reasonable costs and expenses of the Agents (including, without limitation, reasonable attorneys’ fees) in connection with the preparation, negotiation, execution, and delivery of this Seventh Amendment and related documents.  The Loan Parties hereby acknowledge and agree that the Administrative Agent may charge the Loan Account to pay such costs and expenses.

 

9.                                       Miscellaneous.

 

(a)                                  This Seventh Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page to this Seventh Amendment by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Seventh Amendment.

 

(b)                                 This Seventh Amendment expresses the entire understanding of the parties with respect to the transactions contemplated hereby.  No prior negotiations or discussions shall limit, modify, or otherwise affect the provisions hereof.

 

11

 

(c)                                  Any determination that any provision of this Seventh Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality, or enforceability of any other provisions of this Seventh Amendment.

 

(d)                                 The Loan Parties represent and warrant that they have consulted with independent legal counsel of their selection in connection with this Seventh Amendment and are not relying on any representations or warranties of the Agents or the Lenders or their counsel in entering into this Seventh Amendment.

 

(e)                                  THIS SEVENTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

 

[Signature Pages Follow]

 

12

 

IN WITNESS WHEREOF, the parties have hereunto caused this Seventh Amendment to be executed and their seals to be hereto affixed as of the date first above written.

 

	
 
    	
THE   CHILDREN’S PLACE RETAIL STORES, INC., as Lead Borrower and as   a Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John E. Taylor
    
	
 
    	
Name:
    	
John   E. Taylor
    
	
 
    	
Title:
    	
Interim   Principal Financial Officer, Vice President, Finance and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
THE   CHILDREN’S PLACE SERVICES COMPANY, LLC, as a Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John E. Taylor
    
	
 
    	
Name:
    	
John   E. Taylor
    
	
 
    	
Title:
    	
Vice   President, Finance and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE   CHILDRENSPLACE.COM, INC., as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John E. Taylor
    
	
 
    	
Name:
    	
John   E. Taylor
    
	
 
    	
Title:
    	
Vice   President, Finance and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE   CHILDREN’S PLACE (VIRGINIA), LLC, as a Guarantor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John E. Taylor
    
	
 
    	
Name:
    	
John   E. Taylor
    
	
 
    	
Title:
    	
Vice   President, Finance and Treasurer
    

 

[Signature Page to Seventh Amendment]

 

 

	
 
    	
THE   CHILDREN’S PLACE CANADA HOLDINGS, INC., as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John E. Taylor
    
	
 
    	
Name:
    	
John   E. Taylor
    
	
 
    	
Title:
    	
Vice   President, Finance and Treasurer
    

 

[Signature Page to Seventh Amendment]

 

 

	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION (successor by merger to   Wells Fargo Retail Finance, LLC), as Administrative Agent, Collateral Agent,   Swing Line Lender and as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Seventh Amendment]

 

 

	
 
    	
BANK   OF AMERICA, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Seventh Amendment]

 

 

	
 
    	
HSBC   BANK (USA), N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Seventh Amendment]

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Seventh Amendment]

 

 

EXHIBIT A

 

SCHEDULE 2.01

 

Commitments and Applicable Percentages

 

	
Lender
    	
 
    	
Commitment
    	
 
    	
Applicable Percentage
    	
 
    
	
Wells Fargo Bank, National Association
    	
 
    	
$
    	
53,750,000.00
    	
 
    	
35.833333333
    	
%
    
	
Bank of America, N.A.
    	
 
    	
$
    	
52,500,000.00
    	
 
    	
35.000000000
    	
%
    
	
HSBC Bank (USA), N.A.
    	
 
    	
$
    	
21,875,000.00
    	
 
    	
14.583333333
    	
%
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
$
    	
21,875,000.00
    	
 
    	
14.583333333
    	
%
    
	
TOTAL
    	
 
    	
$
    	
150,000,000.00
    	
 
    	
100.000000000
    	
%
    

 

 

EXHIBIT B

 

Seventh Amendment Effective Date Borrowing Base Certificate

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