Document:

Exhibit 10.1

 

FOURTH AMENDMENT

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of the 29th day of April, 2015 (the “Fourth Amendment Effective Date”), by and among MAIN STREET CAPITAL CORPORATION, a Maryland corporation (the “Borrower”), the GUARANTORS party to the Credit Agreement (as defined below) (the “Guarantors”), BRANCH BANKING AND TRUST COMPANY (the “Administrative Agent”), and the lenders party hereto (the “Lenders”).

 

R E C I T A L S:

 

The Borrower, the Guarantors, the Administrative Agent and the lenders party thereto have entered into that certain Second Amended and Restated Credit Agreement dated as of September 27, 2013 (as amended pursuant to that certain First Amendment to Second Amended and Restated Credit Agreement dated as of June 27, 2014, that certain Second Amendment to Second Amended and Restated Credit Agreement dated as of September 25, 2014 and that certain Third Amendment to Second Amended and Restated Credit Agreement dated as of October 22, 2014, the “Credit Agreement”).  Capitalized terms used in this Amendment that are not otherwise defined in this Amendment shall have the respective meanings assigned to them in the Credit Agreement.

 

The Borrower and Guarantors have requested that the Administrative Agent and the Lenders amend the Credit Agreement.

 

The Lenders, the Administrative Agent, the Guarantors and the Borrower desire to amend the Credit Agreement upon the terms and conditions hereinafter set forth to (a) increase the Revolver Commitments by $25,000,000, resulting in total Revolver Commitments, after giving effect to such increase, of $597,500,000 (the “Commitment Increase”), (b) permit additional increases to the Revolver Commitments up to a maximum of $750,000,000 in aggregate Revolver Commitments and (c) make other changes as described herein.

 

NOW, THEREFORE, in consideration of the Recitals and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Guarantors, the Administrative Agent and the Lenders, intending to be legally bound hereby, agree as follows:

 

SECTION 1.  Recitals.  The Recitals are incorporated herein by reference and shall be deemed to be a part of this Amendment.

 

SECTION 2.  Amendments to Credit Agreement.  The Credit Agreement is hereby amended as set forth in this Section 2.

 

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SECTION 2.01.  Amendment to Section 2.14.  Clause (ii) of Section 2.14(a) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

 

(ii) immediately after giving effect to any Commitment Increase, (y) the aggregate Revolver Commitments shall not exceed $750,000,000 and (z) the aggregate of all Commitment Increases effected shall not exceed $152,500,000 (plus any additional Commitment Increases available under clause (v)(A) of the proviso to the first sentence of Section 9.04(c) due to the removal of a Lender and a reduction in Revolver Commitments pursuant to Section 9.04(c)),

 

SECTION 2.02.  Amendment to Section 5.14.  The word “and” immediately before clause (m) in Section 5.14 of the Credit Agreement is hereby deleted, the period at the end of clause (m) of Section 5.14 is hereby deleted and replaced with “; and” and the following clause (n) is hereby added to Section 5.14 to read as follows:

 

(n)                                 Liens securing Debt permitted under Section 5.31(h).

 

SECTION 2.03.  Amendment to Section 5.29.  Section 5.29 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

SECTION 5.29.  No Restrictive Agreements.  No Loan Party will, nor will any Loan Party permit any of its Subsidiaries to, enter into, after the date of this Agreement, any indenture, agreement, instrument or other arrangement that, directly or indirectly, prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse conditions upon, any of the following by the Loan Party or any such Subsidiary:  (i) the incurrence or payment of Debt, (ii) the granting of Liens (other than normal and customary restrictions on the granting of Liens on Capital Securities issued by a Person other than a Subsidiary in respect of any Portfolio Investment made in the ordinary course of business) or (iii) the making of loans, advances or Investments or the sale, assignment, transfer or other disposition of property, real, personal or mixed, or tangible; except in each case for prohibitions and restraints (i) on SBIC Entities and MSC arising in the ordinary course of business as a result of Applicable Law and (ii) imposed pursuant to Debt incurred pursuant to Section 5.31(e), Section 5.31(g) or Section 5.31(h) of this Agreement; provided that in no event shall Debt incurred pursuant to Section 5.31(e), Section 5.31(g) or Section 5.31(h) of this Agreement directly or indirectly, prohibit or restrain, or have the effect of prohibiting or restraining, or impose materially adverse conditions upon:  (i) the payment of the Obligations, (ii) other than prohibitions, restraints and conditions set forth in the Investment Company Act (whether or not the Investment Company Act applies to such Debt), the incurrence of Debt, the making of loans, advances or Investments or the sale, assignment, transfer or other disposition of property, real, personal or mixed or tangible, the proceeds from which shall be used in whole or in part to repay Obligations, or (iii) the granting of liens to secure the Obligations and any extensions, renewals and refinancings thereof.  No Loan Party will, nor will any Loan Party permit any of its Subsidiaries to, enter into, after the date of this 

 

2

 

Agreement, any indenture, agreement, instrument or other arrangement that, directly or indirectly, prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse conditions upon, the ability of the Loan Party or any of its Subsidiaries to declare or pay Restricted Payments or other distributions in respect of Capital Securities of the Loan Party or any Subsidiary, except for prohibitions and restraints imposed pursuant to Debt incurred pursuant to Section 5.31(e), Section 5.31(g) or Section 5.31(h) of this Agreement provided that in no event shall Debt incurred pursuant to Section 5.31(e), Section 5.31(g) or Section 5.31(h) of this Agreement directly or indirectly, prohibit or restrain, or have the effect of prohibiting or restraining or impose materially adverse conditions (other than prohibitions, restraints and conditions imposed by the Investment Company Act) upon the ability of any Loan Party (other than Borrower) or any of their respective Subsidiaries to declare or pay Restricted Payments or other distributions in respect of Capital Securities of the Loan Party (other than Borrower) or any Subsidiary to any other Loan Party or Subsidiary, the proceeds of which shall be used in whole or in part to repay the Obligations.

 

SECTION 2.04.  Amendment to Section 5.31.  The word “and” immediately before clause (g) in the first sentence of Section 5.31 of the Credit Agreement is hereby deleted and replaced with “,”, the period at the end of the first sentence of Section 5.31 is hereby deleted and replaced with “and” and the following clause (h) is hereby added to the end of the first sentence of Section 5.31 to read as follows:

 

(h) other Debt of the Borrower or any of its Subsidiaries in an aggregate principal amount not to exceed $25,000,000 at any time outstanding.

 

SECTION 2.05.  Amendment to Section 9.04.  Clause (v) of Section 9.04(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

(v)                                 in the case of the removal of a Lender and the reduction of the Revolver Commitments, (A) the amount of such reduction of the Revolver Commitments shall constitute availability for a future Commitment Increase under and subject to Section 2.14 (for the avoidance of doubt, in no event shall the aggregate Revolver Commitments exceed $750,000,000); (B) no such reduction shall be in an amount greater than the Total Unused Revolver Commitments on the date of such termination or reduction; and (C) no such reduction pursuant to this Section 9.04(c) shall result in the aggregate Revolver Commitments of all of the Lenders being reduced to an amount less than $30,000,000, unless the Revolver Commitments are terminated in their entirety pursuant to Section 2.08, in which case all accrued fees (as provided under Section 2.07) shall be payable on the effective date of such termination.

 

SECTION 2.06.  Amendment of Schedule 2.01.  Schedule 2.01 to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Schedule 2.01 attached to this Amendment.

 

3

 

SECTION 3.   Revolver Commitments.  The Borrowers, the Guarantors, the Administrative Agent and the Lenders acknowledge and agree, as of the effective date of this Amendment, that the aggregate amount of the Revolver Commitments shall be increased by an amount equal to $25,000,000, for a total aggregate amount of Revolver Commitments of all of the Lenders equal to $597,500,000, which increase results from an increase to the Revolver Commitment of an existing Lender (the “Increasing Lender”).  The amount of each Lender’s total Revolver Commitment, as amended in the case of the Increasing Lender, is the amount set forth opposite the name of such Lender on Schedule 2.01.  The Administrative Agent shall deliver to the Increasing Lender a replacement Revolver Note (in the amount of the Increasing Lender’s Revolver Commitment) (such replacement Revolver Note is hereinafter referred to as the “Replacement Note”), executed by the Borrower, in exchange for the Revolver Note of the Increasing Lender currently outstanding, as the Increasing Lender may require.  All references contained in the Credit Agreement and the other Loan Documents to the “Revolver Notes” shall include the Replacement Note as supplemented, modified, amended, renewed or extended from time to time.  To the extent applicable, the Administrative Agent and the Lenders agree that the requirements of Section 2.14 of the Credit Agreement have been satisfied for the Commitment Increase.

 

SECTION 4.  Conditions to Effectiveness.  The effectiveness of this Amendment and the obligations of the Lenders hereunder are subject to the following conditions, unless the Required Lenders waive such conditions:

 

(a)                                 The Borrower shall have delivered to the Administrative Agent the following in form and substance satisfactory to the Administrative Agent:

 

(i)                                     duly executed counterparts of this Amendment signed by the Borrower, the Guarantors, the Administrative Agent, the Increasing Lender and the Required Lenders;

 

(ii)                                  a duly executed Replacement Note, as the Increasing Lender may require;

 

(iii)                               a certificate of the Secretary or Assistant Secretary of the Borrower and each Guarantor, certifying to and attaching the resolutions adopted by the board of directors (or similar governing body) of such party approving or consenting to this Amendment and the Commitment Increase;

 

(iv)                              a certificate of the Chief Financial Officer or other Responsible Officer of the Borrower, certifying that (x) as of the date of this Amendment, all representations and warranties of the Borrower and the Guarantors contained in this Amendment, the Credit Agreement and the other Loan Documents are true and correct (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty is true and correct as of such date), (y) immediately after giving effect to this Amendment and the Commitment Increase (including any Borrowings in 

 

4

 

connection therewith and the application of the proceeds thereof), the Borrower is in compliance with the covenants contained in Article V of the Credit Agreement, and (z) no Default or Event of Default has occurred and is continuing, both immediately before and after giving effect to this Amendment and the Commitment Increase (including any Borrowings in connection therewith and the application of the proceeds thereof); and

 

(v)                                 such other documents or items that the Administrative Agent, the Lenders or their counsel may reasonably request.

 

(b)                                 The Borrower shall have paid (i) to the Administrative Agent, for the account of the Increasing Lender, an upfront fee in an amount separately agreed between the Borrower, the Administrative Agent and the Increasing Lender and (ii) to the Administrative Agent an arrangement fee in an amount previously agreed between the Borrower and the Administrative Agent.

 

(c)                                  The Borrower shall have paid to the Administrative Agent, upon application with appropriate documentation, all reasonable costs and expenses of the Administrative Agent, including reasonable fees, charges and disbursements of counsel for the Administrative Agent, incurred in connection with this Amendment and the transactions contemplated herein.

 

SECTION 5.  No Other Amendment.  Except for the amendments set forth above, the text of the Credit Agreement shall remain unchanged and in full force and effect.  On and after the Fourth Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  This Amendment is not intended to effect, nor shall it be construed as, a novation.  The Credit Agreement and this Amendment shall be construed together as a single agreement.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.  Nothing herein contained shall waive, annul, vary or affect any provision, condition, covenant or agreement contained in the Credit Agreement, except as herein amended, nor affect or impair any rights, powers or remedies under the Credit Agreement as hereby amended.  The Lenders and the Administrative Agent do hereby reserve all of their rights and remedies against all parties who may be or may hereafter become secondarily liable for the repayment of the Obligations.  The Borrower and Guarantors promise and agree to perform all of the requirements, conditions, agreements and obligations under the terms of the Credit Agreement, as heretofore and hereby amended, the Credit Agreement, as amended, and the other Loan Documents being hereby ratified and affirmed.  The Borrower and Guarantors hereby expressly agree that the Credit Agreement, as amended, and the other Loan Documents are in full force and effect.

 

SECTION 6.  Representations and Warranties.  The Borrower and Guarantors hereby represent and warrant to each of the Lenders as follows:

 

5

 

(a)                                 No Default or Event of Default under the Credit Agreement or any other Loan Document has occurred and is continuing unwaived by the Lenders on the date hereof, or shall result from this Amendment.

 

(b)                                 The Borrower and the Guarantors have the power and authority to enter into this Amendment, issue the Replacement Note and to do all such acts and things as are required or contemplated hereunder or thereunder to be done, observed and performed by them.

 

(c)                                  Each of this Amendment and the Replacement Note has been duly authorized, validly executed and delivered by one or more authorized officers of the Borrower and the Guarantors and constitutes the legal, valid and binding obligations of the Borrower and the Guarantors enforceable against them in accordance with their respective terms.

 

(d)                                 The execution and delivery of each of this Amendment and the Replacement Note and the performance by the Borrower and the Guarantors hereunder and thereunder do not and will not require the consent or approval of any regulatory authority or governmental authority or agency having jurisdiction over the Borrower, or any Guarantor, nor be in contravention of or in conflict with the articles of incorporation, bylaws or other organizational documents of the Borrower, or any Guarantor that is a corporation, the articles of organization or operating agreement of any Guarantor that is a limited liability company, or the provision of any statute, or any judgment, order or indenture, instrument, agreement or undertaking, to which the Borrower, or any Guarantor is party or by which the assets or properties of the Borrower and the Guarantors are or may become bound.

 

SECTION 7.  Effect of Agreement.  On the Fourth Amendment Effective Date, this Amendment shall have the effects set forth in Section 2.14(e) of the Credit Agreement and the Increasing Lender and the Administrative Agent shall make such payments and adjustments among the Lenders as are contemplated thereby such that each Lender’s Advances remain consistent with its pro rata percentage of the Revolver Commitments after giving effect to the Commitment Increase.  The Revolver Commitment of each of the Lenders shall be as set forth on Schedule 2.01 to this Amendment.

 

SECTION 8.    Counterparts; Governing Law.  This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement.  This Amendment may be delivered by facsimile transmission or by electronic mail with a .pdf copy or other replicating image attached, and any printed or copied version of any copy so delivered shall have the same force and effect as an originally signed counterpart.  This Amendment shall be construed in accordance with and governed by the law of the State of North Carolina.

 

SECTION 9.  Amendment.  This Amendment may not be amended or modified without the written consent of the Required Lenders.

 

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SECTION 10.  Further Assurances.  The Loan 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.

 

SECTION 11.  Consent by Guarantors.  The Guarantors consent to the foregoing amendments.  The Guarantors promise and agree to perform all of the requirements, conditions, agreements and obligations under the terms of the Credit Agreement as hereby amended and the other Loan Documents to which they are party, said Credit Agreement, as hereby amended, and such other Loan Documents being hereby ratified and affirmed.  In furtherance and not in limitation of the foregoing, the Guarantors acknowledge and agree that the “Guaranteed Obligations” (as defined in the Credit Agreement) include, without limitation, the indebtedness, liabilities and obligations evidenced by the Replacement Note and the Advances made under the Credit Agreement as hereby amended.  The Guarantors hereby expressly agree that the Credit Agreement, as hereby amended, and the other Loan Documents are in full force and effect.

 

SECTION 12.  Severability.  Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 

SECTION 13.  Notices.  All notices, requests and other communications to any party to the Loan Documents, as amended hereby, shall be given in accordance with the terms of Section 9.01 of the Credit Agreement.

 

[Remainder of this page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have executed and delivered, or have caused their respective duly authorized officers and representatives to execute and deliver, this Amendment as of the day and year first above written.

 

 

	
 
    	
BORROWER:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MAIN STREET CAPITAL CORPORATION
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brent D. Smith
    	
(SEAL)
    
	
 
    	
Name:   
    	
Brent   D. Smith
    	
 
    
	
 
    	
Title:
    	
Chief   Financial Officer
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GUARANTORS:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MAIN   STREET CAPITAL PARTNERS, LLC
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brent D. Smith
    	
(SEAL)
    
	
 
    	
Name:   
    	
Brent   D. Smith
    	
 
    
	
 
    	
Title:
    	
Chief   Financial Officer
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MAIN   STREET EQUITY INTERESTS, INC.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brent D. Smith
    	
(SEAL)
    
	
 
    	
Name:   
    	
Brent   D. Smith
    	
 
    
	
 
    	
Title:
    	
Chief   Financial Officer
    	
 
    

 

[Signatures Continue on Next Page]

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
BRANCH   BANKING AND TRUST COMPANY,
    
	
 
    	
as   Administrative Agent, Swingline Lender and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/w/   William B. Keene
    	
(SEAL)
    
	
 
    	
Name:
    	
William   B. Keene
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
REGIONS   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael T. Hood
    	
(SEAL)
    
	
 
    	
Name:
    	
Michael   T. Hood
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
FROST   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jake Fitzpatrick
    	
(SEAL)
    
	
 
    	
Name:
    	
Jake   Fitzpatrick
    
	
 
    	
Title:
    	
Assistant   Vice President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
ROYAL   BANK OF CANADA, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Tim Stephens
    	
(SEAL)
    
	
 
    	
Name:
    	
Tim   Stephens
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
WHITNEY   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Nathaniel Ellis 
    	
(SEAL)
    
	
 
    	
Name:
    	
Nathaniel   Ellis
    
	
 
    	
Title:
    	
Assistant   Vice President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
AMEGY   BANK N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eva Wolod 
    	
(SEAL)
    
	
 
    	
Name:
    	
Eva   Wolod
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
CAPITAL   ONE, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bobby Hamilton 
    	
(SEAL)
    
	
 
    	
Name:
    	
Bobby   Hamilton
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
TEXAS   CAPITAL BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Luttrell 
    	
(SEAL)
    
	
 
    	
Name:
    	
Eric   Luttrell
    
	
 
    	
Title:
    	
Senior   Vice President — Corporate Banking
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
CADENCE   BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   H. Gale Smith, Jr. 
    	
(SEAL)
    
	
 
    	
Name:
    	
H.   Gale Smith, Jr.
    
	
 
    	
Title:
    	
Executive   Vice President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
GOLDMAN   SACHS BANK USA, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jamie Minieri 
    	
(SEAL)
    
	
 
    	
Name:
    	
Jamie   Minieri
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
PATRIOT   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bill Holbert 
    	
(SEAL)
    
	
 
    	
Name:
    	
Bill   Holbert
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
TRUSTMARK   NATIONAL BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeff Deutsch 
    	
(SEAL)
    
	
 
    	
Name:
    	
Jeff   Deutsch
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
COMERICA BANK,   as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Vishakha S. Deora
    
	
 
    	
Name:   
    	
Vishakha   S. Deora
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

	
 
    	
RAYMOND   JAMES BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph A. Ciccolini 
    	
(SEAL)
    
	
 
    	
Name:
    	
Joseph   A. Ciccolini
    
	
 
    	
Title:
    	
Vice   President — Senior Corporate Banker
    

 

[Signature Page to Fourth Amendment To Second Amended And Restated Credit Agreement]

 

 

Schedule 2.01

Revolver Commitments

 

	
Lender
    	
 
    	
Revolver Commitment
    	
 
    
	
Branch Banking and Trust Company
    	
 
    	
$
    	
90,000,000
    	
 
    
	
Regions Bank
    	
 
    	
$
    	
75,000,000
    	
 
    
	
Royal Bank of Canada
    	
 
    	
$
    	
55,000,000
    	
 
    
	
Frost Bank
    	
 
    	
$
    	
50,000,000
    	
 
    
	
Whitney Bank
    	
 
    	
$
    	
50,000,000
    	
 
    
	
Amegy Bank N.A.
    	
 
    	
$
    	
40,000,000
    	
 
    
	
Capital One, N.A.
    	
 
    	
$
    	
37,500,000
    	
 
    
	
Texas Capital Bank, N.A.
    	
 
    	
$
    	
35,000,000
    	
 
    
	
Cadence Bank, N.A.
    	
 
    	
$
    	
35,000,000
    	
 
    
	
Goldman Sachs Bank USA
    	
 
    	
$
    	
30,000,000
    	
 
    
	
Patriot Bank
    	
 
    	
$
    	
25,000,000
    	
 
    
	
Trustmark National Bank
    	
 
    	
$
    	
25,000,000
    	
 
    
	
Comerica Bank
    	
 
    	
$
    	
25,000,000
    	
 
    
	
Raymond James Bank, N.A.
    	
 
    	
$
    	
15,000,000
    	
 
    
	
First Financial Bank, N.A.
    	
 
    	
$
    	
10,000,000
    	
 
    
	
Total
    	
 
    	
$
    	
597,500,000WPZ_215.03.31_EX10.5

Exhibit 10.5
CONTRACTOR AGREEMENT
     This Contractor Agreement ("Agreement") is entered into this First day of March, 2015, by and between WPZ GP LLC f/k/a Access Midstream Partners GP L.L.C. (“WPZ” and together with its affiliates, the “Company”), and J. Michael Stice (“Contractor”);
1.Contractor Services.    
(a)      Contractor shall provide services to the Company as shall be reasonably requested from time to time by the Company (the “Services”).  
(b)    Contractor is an independent contractor of the Company and shall not, by virtue of this Agreement or the Services provided, be considered to be an officer or employee of Company. Contractor shall not have and shall not hold himself out as having the power or authority to contract in the name of or bind Company.  Contractor shall not make any agreements or representations on behalf of the Company without the Company’s prior written consent.  
(c)    Contractor will not be eligible under this Agreement to participate in any benefit plans offered by the Company, including, but not limited to the following: paid time off, qualified retirement plans, group health, dental and vision plans, equity plans, or any other fringe benefit plans.  Notwithstanding the foregoing, Contractor remains eligible for any benefits to which he would otherwise be entitled based upon his prior service as an employee of the Company under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended, qualified retirement plans, equity plans, and its retiree medical plan, as applicable.  Contractor shall at all times be treated as an independent contractor and shall be responsible for, and indemnify the Company against, the payment of all taxes and contributions, including penalties and interest, with respect to all amounts paid to him hereunder.  
(d)    Contractor’s Services, including his services as a director of WPZ, are not anticipated to exceed 20% of the average level of services rendered by Contractor to the Company during the 36-month period immediately preceding Contractor’s separation date with the Company. 
2.    Termination.  The Company or Contractor may terminate this Agreement at any time by giving thirty (30) days’ notice to the other party in accordance with Paragraph 13.  The terms and conditions of this Paragraph 2 and Subparagraph 1(b), Paragraphs 4-10, and Paragraphs 12-13 shall survive the expiration or termination of this Agreement.

1

3.    Company Payments.  
WPZ shall pay Contractor $250 per hour for Services rendered pursuant to this Agreement (“Company Payments”), provided that if the Agreement is terminated by Company or Contractor in accordance with Paragraph 2, Contractor will not be entitled to any Company Payments for Services rendered after the termination of the Agreement.   In addition, WPZ will reimburse Contractor for reasonable and necessary travel expenses that are approved in advance by Company, including costs for transportation, meals, and lodging that Contractor may incur in connection with his performance of Services under this Agreement.  Contractor shall maintain such records as reasonably necessary to properly and adequately document the accuracy and nature of all time spent performing the Services and associated expenses.  Contractor must submit invoices to WPZ on a monthly basis within thirty (30) days of the end of the calendar month and, in no event, may Contractor include on an invoice any fees for Services Contractor performed or associated expenses that are more than sixty (60) days old.  Invoices that include time or expenses that are greater than sixty (60) days old will not be paid.  Each invoice must list the number of hours billed in fifteen (15) minute increments.
The Company Payments shall be full compensation for Contractor’s performing the Services and in exchange for Contractor’s covenants and promises contained in this Agreement.  Each of the Company Payments described above shall be considered a separate payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance promulgated thereunder.  If a Company Payment could be made in either of two calendar years, it will be made in the latter year.  
4.    Confidentiality.   
(a)    Contractor shall keep confidential the existence of this Agreement, its terms, contents, conditions, and negotiations.  Contractor will make no statements or representations relating to the Agreement, except to his attorney or tax advisor, his spouse, or as may otherwise be allowed or required by law. 
(b)    Contractor shall not make use of or disclose, directly or indirectly, any (i) trade secret or other confidential or secret information of the Company or (ii) other technical, business, proprietary or financial information of the Company not available to the public generally or to the competitors of the Company ("Confidential Information"), except to the extent that such Confidential Information (a) becomes a matter of public record or is published in a newspaper, magazine or other periodical available to the general public, other than as a result of any act or omission of Contractor, (b) is required to be disclosed by any law, regulation or order of any court or regulatory commission, department or agency, provided that Contractor gives prompt notice of such requirement to WPZ to enable the Company to seek an appropriate protective order, or (c) is necessary to properly perform Contractor's duties under this Agreement.  Contractor shall notify the Company immediately in the event Contractor becomes aware of any loss or disclosure of any Confidential Information.

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(c)    Promptly following the earlier of the expiration of the Contract Period or the termination of this Agreement by Company or Contractor, Contractor shall surrender to WPZ all records, memoranda, notes, plans, reports, computer tapes and software and other documents and data which constitute Confidential Information which he may then possess or have under his control (together with all copies) and shall permanently erase all of the Confidential Information from Contractor’s computer systems  Contractor will certify in writing to the Company that Contractor has complied with the requirements of this Subparagraph 4(c).
(d)    Contractor acknowledges that this Paragraph 4 is a separate agreement, and the Company is granted the right of specific performance to enforce the provisions of this Paragraph 4.  Contractor also acknowledges that this Paragraph 4 is a material term of this Agreement and that its breach could result in damage to the Company that may be difficult to ascertain and that upon any such breach or in reasonable anticipation of any such breach, the Company will be entitled to an order of any court of competent jurisdiction to enjoin such breach.    
5.    Binding Effect.  By signing this Agreement, the parties agree and acknowledge that they have carefully read and fully understand the contents of this Agreement, and that this Agreement has been freely signed by the party executing this Agreement.  
6.    Entire Agreement.  This Agreement constitutes the entire agreement between the parties pertaining to the facts and matters stated in the Agreement and supersedes any and all prior understandings, agreements or representations or understandings, whether written or oral, prior to the date of this Agreement.  This Agreement may be executed in multiple counterparts and by facsimile signature, each of which shall be deemed an original and all of which together shall constitute one instrument. 
7.    Governing Law and Venue.  This Agreement and the rights and obligations shall be construed in all respects in accordance with the internal laws of the State of Oklahoma without reference to the conflict of laws provisions. Any litigation concerning this Agreement or the facts or matters described shall be brought only in a court of competent jurisdiction in Tulsa County, Tulsa, Oklahoma, and the parties hereby waive personal jurisdiction and any objections to venue.
8.    Amendment of Agreement.  This Agreement may not be modified or amended except by an instrument in writing signed by both Contractor and a duly authorized representative of WPZ.
9.    Headings.  The headings of paragraphs or subparagraphs are included solely for convenience or reference and will not control the meaning or interpretation of any of the provisions of this Agreement.

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10.    Severability.  In the event the covenants or agreements are determined by any court of competent jurisdiction to be invalid or unenforceable by reason of their extending over too great a geographical area, by reason of their being too extensive in any other respect, or for any other reason, such covenants shall be interpreted to extend only over the maximum geographical area as to which they may be enforceable and/or to the maximum extent in all other respects as to which they may be enforceable, all as determined by such court. If any such covenant or agreement is held to be invalid or unenforceable, the other covenants and agreements will remain in full force and effect.
11.    Notices.  Any and all notices required to be sent pursuant to the terms of this Agreement will be sent by registered or certified mail or be personally delivered to the parties hereto at the following addresses or such other addresses as they may designate:
From Contractor to WPZ GP LLC:
WPZ GP LLC f/k/a Access Midstream Partners GP, L.L.C. 
One Williams Center
Tulsa OK 74172
Attention: General Counsel

From WPZ GP LLC to Contractor:
J. Michael Stice
11608 Old Mill Road
Oklahoma City, OK 73131

12.     Execution of Counterparts. This Agreement may be executed by the Parties in separate counterparts (or upon separate signature pages bound together into one or more counterparts), each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of an executed signature page to this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

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

	 
	 

	 
	WPZ GP LLC f/k/a Access Midstream   Partners GP, L.L.C

	 
	By: /s/ Robert S. Purgason         

	 
	Name: Robert S. Purgason         

	 
	Title: Sr. Vice President - Access      

	 
	 

	 
	J. Michael Stice

	 
	 

	 
	By: /s/ J.Mike Stice                 

	 
	Name: J.Mike Stice                 

	 
	Title: Director__________________________

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