Document:

exhibit102.htm

    
       

        
          

        

      

       

      Exhibit 10.2

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      EXCHANGE
AGREEMENT

      

      by
and between

      

      TC
PipeLines, LP

      

      and

      

      TC
PipeLines GP, Inc.

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      Dated
as of July 1, 2009

      
        
          
          

           

        

        
           

          
            

          

        

        
           

        

      

      EXCHANGE
AGREEMENT

      

      THIS EXCHANGE AGREEMENT (this “Agreement”) dated as
of July 1, 2009 (the “Closing Date”), is
entered into by and between TC PipeLines, LP, a Delaware limited partnership
(the “Partnership”), and TC
PipeLines GP, Inc., a Delaware corporation (the “General
Partner”).

      

      RECITALS

      

      A.    The General Partner
is the general partner of the Partnership and holds (i) a 1% General Partner
Interest in the Partnership, as defined in the Current Partnership Agreement (as
defined below), and (ii) limited partnership interests in the Partnership
defined in the Current Partnership Agreement as “Common Units”.

      

      B.    The General Partner
is also the holder of certain limited partnership interests in the Partnership
defined in the Current Partnership Agreement as “Incentive Distribution Rights”
(“IDRs”).  The
IDRs as defined in the Current Partnership Agreement immediately prior to the
effectiveness of the Revised Partnership Agreement (as defined below) are
referred to herein as the “Old
IDRs”.

      

      C.    The General Partner
has agreed to transfer and assign all of the Old IDRs held by it to the
Partnership for cancellation in exchange for the issuance by the Partnership to
the General Partner of (i) all of the new IDRs to be issued by the Partnership
under the Revised Partnership Agreement, having the rights, preferences,
privileges and restrictions set forth therein (the “New IDRs”) and (ii)
3,762,000 Common Units (the “Additional Units”),
and the Partnership has agreed to issue the New IDRs and Additional Units to the
General Partner as consideration for the transfer of the Old IDRs to the
Partnership.

      

      D.    The parties hereto
have agreed to amend and restate the Amended and Restated Agreement of Limited
Partnership of TC PipeLines, LP in effect as of the date hereof (the “Current Partnership
Agreement”) so as effectively to eliminate the Old IDRs and replace them
with the New IDRs and to make certain other changes to the Current Partnership
Agreement (such amended and restated agreement being referred to as the “Revised Partnership
Agreement”).

      

      E.    The execution and
adoption of the Revised Partnership Agreement, the transfer and assignment by
the General Partner to the Partnership of the Old IDRs, and the issuance by the
Partnership of the New IDRs and Additional Units, as described above,
(collectively, the “Transactions”) are
conditioned on each other.

      

      F.    The Transactions are
part of, and coincident with the completion of, another transaction that
includes the sale by Gas Transmission Northwest Corporation, a California
corporation and an affiliate of the General Partner, to TC Pipelines
Intermediate Limited Partnership, a Delaware limited partnership and an
affiliate of the Partnership, of a 100% membership interest in North Baja
Pipeline, LLC, a Delaware limited liability company.

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      NOW, THEREFORE, in consideration of
their mutual undertakings and agreements hereunder, the parties undertake and
agree as follows:

       

      ARTICLE
I

      DEFINITIONS

      
 

      “Additional Units” has the
meaning given such term in the Recitals.

       

      “Agreement” has the meaning
given such term in the Preamble.

       

      “Closing Date” has the meaning
given such term in the Preamble.

       

      “Current Partnership
Agreement” has the meaning given such term in the Recitals.

       

      “General
Partner”  has the meaning given such term in the
Preamble.

       

      “IDRs” has the meaning given
such term in the Recitals.

       

      “New IDRs” has the meaning
given such term in the Recitals.

       

      “Old IDRs” has the meaning
given such term in the Recitals.

       

      “Partnership” has the meaning
given such term in the Preamble.

       

      “Revised Partnership
Agreement” has the meaning given such term in the
Recitals.  The Revised Partnership Agreement shall be in the form
attached hereto as Exhibit
1.

       

      “Securities Act” has the
meaning given such term in Section
3.2(c).

       

      “Transactions” has the meaning
given such term in the Recitals.

       

      “Units” means limited
partnership interests in the Partnership defined in the Current Partnership
Agreement and the Revised Partnership Agreement as “Common Units.”

       

      ARTICLE
II

      THE
TRANSACTIONS

      

      2.1    Transfer and Assignment of
Old IDRs.  On the Closing Date and immediately upon the
execution of the Revised Partnership Agreement, the General Partner shall, by
its execution of the Revised Partnership Agreement, transfer and assign to the
Partnership all of its right, title and interest in the Old IDRs held by it on
the Closing Date, and the Old IDRs shall thereupon be cancelled and shall cease
to exist.

       

      2.2    Consideration.  As
consideration for the transfer and assignment of the Old IDRs to the
Partnership, the Partnership shall issue to the General Partner, on the Closing
Date, the New IDRs and Additional Units.  Such issuance shall be
deemed to have occurred immediately upon execution of the Revised Partnership
Agreement.

       

       

      
        
          
          

        

        
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      2.3    Partnership
Agreement.  On the Closing Date, the General Partner shall, in
order to evidence the exchange of the Old IDRs for the New IDRs, execute and
adopt the Revised Partnership Agreement on its own behalf in its
capacity as general partner of the Partnership and by power of attorney on
behalf of the limited partners of the Partnership.

       

      2.4.    Certificates for Additional
Units. On the Closing Date, the Partnership shall issue to the General
Partner a certificate or certificates representing the Additional
Units.  The certificate(s) evidencing the Additional Units shall bear
a legend substantially in the form set forth below and containing such other
information as the Partnership may deem necessary or appropriate:

       

      

      THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND NEITHER
THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT AND SUCH LAWS OR PURSUANT TO AN EXEMPTION THEREFROM
WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND OPINION ARE
REASONABLY SATISFACTORY TO COUNSEL FOR THIS LIMITED PARTNERSHIP, IS
AVAILABLE.

      

      No
fractional Units or scrip shall be issued as a result of the transactions
contemplated by this Agreement.

       

      2.5.    Listing of Units. The
Partnership shall apply to have the Additional Units listed on the Nasdaq Global
Select Market prior to or on the Closing Date.

       

      2.6.    Further Assurances.
The Partnership and the General Partner agree to execute and deliver, or cause
to be executed and delivered, such further instruments or documents or take such
other action as may be reasonably necessary or convenient to carry out the
transactions contemplated hereby.

       

      ARTICLE
III

      REPRESENTATIONS
AND WARRANTIES

      

      3.1.    Partnership.  The
Partnership represents and warrants to the General Partner as
follows:

       

      (a)    the Partnership is a
limited partnership duly formed and in good standing under the laws of the State
of Delaware and has the partnership power and authority to execute and deliver
this Agreement and, subject to the terms and conditions hereof, to carry out its
terms;

       

      (b)    the Partnership has
taken all action as may be necessary to authorize the execution and delivery of
this Agreement and the consummation of the transactions contemplated by this
Agreement and the performance of its obligations hereunder.  This
Agreement constitutes a legal, valid and binding obligation of the Partnership,
enforceable against the Partnership in accordance with its terms, subject to
bankruptcy, receivership, insolvency, reorganization, moratorium and other laws
relating to or affecting creditors’ or secured parties’ rights generally from
time to time in effect and to general principles of equity (including concepts
of materiality, reasonableness, good faith and fair dealing), regardless of
whether considered in a proceeding in equity or at law;

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (c)    neither the
execution and delivery hereof nor the performance of the Partnership’s
obligations hereunder will violate or contravene any applicable law, the Current
Partnership Agreement or any of the Partnership’s material
agreements;

       

      (d)    on the Closing Date,
the Additional Units, the New IDRs and the limited partner interests represented
thereby will have been duly and validly authorized and, when issued and
delivered in accordance with the terms and provisions of this Agreement, will be
duly and validly issued and fully paid (to the extent required under the Revised
Partnership Agreement) and non-assessable (except as such nonassessability may
be affected by matters described in the Partnership’s filings with the
Securities and Exchange Commission); and

       

      (e)    on the Closing Date
and prior to the issuance of the New IDRs and issuance and sale of the
Additional Units, the issued and outstanding limited partner interests of the
Partnership consist of the Old IDRs and 34,856,086 Common
Units.  Except for the Share Unit Plan for Non-Employee Directors
(2007) filed as Exhibit 10.25 to the Partnership’s Form 10-K for the fiscal year
ended December 31, 2008, the Partnership has no equity compensation plans that
contemplate the issuance of Common Units (or securities convertible into or
exchangeable for Common Units).  The Partnership has no outstanding
indebtedness having the right to vote (or convertible into or exchangeable for
the right to vote) on any matters on which the Unitholders of the Partnership
(as defined in the Revised Partnership Agreement) may vote.  Except as
contemplated by this Agreement or as are contained in the Revised Partnership
Agreement, there are no outstanding or authorized (i) options, warrants,
preemptive rights, subscriptions, calls or other rights, convertible securities,
agreements, claims or commitments of any character obligating the Partnership or
any of its subsidiaries to issue, transfer or sell any equity interests in the
Partnership or any of its subsidiaries or securities convertible into or
exchangeable for such equity interests, (ii) obligations of the Partnership or
any of its subsidiaries to repurchase, redeem or otherwise acquire any equity
interests in the Partnership or any of its subsidiaries or any such securities
or agreements listed in clause (i) of this
sentence, or (iii) voting trusts or similar agreements to which the Partnership
or any of its subsidiaries is a party with respect to the voting of the equity
interests of the Partnership or its subsidiaries.

       

      3.2.    General Partner. The
General Partner represents and warrants to the Partnership as
follows:

       

      (a)    the General Partner
is a company duly formed and in good standing under the laws of the State of
Delaware and has the corporate power and authority to execute and deliver this
Agreement and, subject to the terms and conditions hereof, to carry out its
terms;

       

      (b)    this Agreement
constitutes a legal, valid and binding obligation of the General Partner,
enforceable against the General Partner in accordance with its terms, subject to
bankruptcy, receivership, insolvency, reorganization, moratorium and other laws
relating to or affecting creditors’ or secured parties’ rights generally from
time to time in effect and to general principles of equity (including concepts
of materiality, reasonableness, good faith and fair dealing), regardless of
whether considered in a proceeding in equity or at law;

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (c)    the General Partner
is an “Accredited Investor” as defined in Rule 501(a) promulgated under the
United States Securities Act of 1933, as amended (the “Securities Act”), and
is acquiring the Additional Units for its own account, and not with a view to
any distribution, resale, subdivision, or fractionalization thereof in violation
of the Securities Act or any other applicable domestic or foreign securities
law, and the General Partner has no present plans to enter into any contract,
undertaking, agreement or arrangement for any such distribution, resale,
subdivision, or fractionalization of the Additional Units; and

       

      (d)    the General Partner
is the beneficial and record holder of the Old IDRs and the Old IDRs are owned
by the General Partner free and clear of all liens; there is no subscription,
option, warrant, call, right, agreement or commitment relating to the issuance,
sale, delivery, repurchase or transfer by the General Partner of such Old IDRs,
except as set forth in the Current Partnership Agreement.

       

      ARTICLE
IV

      CONDITIONS

      

      4.1.    Conditions to Obligations of
Each Party.  Notwithstanding any other provision of this
Agreement, the respective obligations of each party to effect the transactions
contemplated by this Agreement shall be subject to the fulfillment of the
following conditions:

       

      (a)    no order shall have
been entered and remained in effect in any action or proceeding before any
federal, foreign, state or provincial court or governmental agency or other
federal, foreign, state or provincial regulatory or administrative agency or
commission that would prevent or make illegal the consummation of the
transactions contemplated herein; and

       

      (b)    the representations
and warranties of the other party shall remain true and correct on the Closing
Date.

       

      4.2.    Conditions to Obligations of
the Partnership. Notwithstanding any other provision of this Agreement,
the obligations of the Partnership to effect the transactions contemplated by
this Agreement shall be subject to the fulfillment of the condition that the
agreements and covenants of the General Partner to be complied with or performed
pursuant to the terms hereof shall have been duly complied with or
performed.

       

      4.3.    Conditions to Obligations of
the General Partner. Notwithstanding any other provision of this
Agreement, the obligations of the General Partner to effect the transactions
contemplated by this Agreement shall be subject to the fulfillment of the
condition that the agreements and covenants of the Partnership to be complied
with or performed pursuant to the terms hereof shall have been duly complied
with or performed.

       

       

      
        
          
          

        

        
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      ARTICLE
V

      MISCELLANEOUS

      

      5.1.    Governing
Law.  The laws of the State of Delaware shall govern the
construction, interpretation and effect of this Agreement without giving effect
to any conflicts of law principles.

       

      5.2.    Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall
constitute an original, and all of which when taken together shall constitute
one and the same original document.

       

      5.3.    Amendments.  All
waivers, modifications, amendments or alterations of this Agreement shall
require the written approval of each of the parties to this
Agreement.

       

      5.4.    Termination.  This
Agreement and all rights and obligations hereunder may be terminated by any
party hereto if a final unappealable order to restrain, enjoin or otherwise
prevent, or awarding substantial damages in connection with, consummation of
this Agreement or the transactions contemplated in connection herewith shall
have been entered.

       

      5.5.    Assignment.  This
Agreement shall be binding upon and inure to the benefit of the parties and the
respective successors and assigns.  This Agreement shall not be
assignable until after the Closing Date by the parties hereto, except with the
prior written consent of the other party.

       

      5.6.    Benefits of Agreement
Restricted to Parties.  This Agreement is made solely for the
benefit of the parties to this Agreement, and no other person (including
employees) shall have any right, claim or cause of action under or by virtue of
this Agreement.

       

      5.7.    Severability. In the
event that any provision of this Agreement shall finally be determined to be
unlawful, such provision shall, so long as the economic and legal substance of
the transactions contemplated hereby is not affected in any materially adverse
manner as to any of the parties to this Agreement, be deemed severed from this
Agreement and every other provision of this Agreement shall remain in full force
and effect.

       

      5.8.    Titles.  The
article, section and paragraph titles in this Agreement are only for purposes of
convenience and do not form a part of this Agreement and will not be taken to
qualify, explain, or affect any provision thereof.

       

      5.9.    Notices.  All
notices, requests, claims, demands and other communications hereunder shall be
in writing and shall be deemed to have been duly given when delivered if
delivered in person, by cable, telegram, telex, or telecopy and shall be deemed
to have been duly given three business days after deposit with a United States
post office if delivered by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties as follows:

       

      if to the
Partnership, at

      

      TC
PipeLines, LP

      450 –
1st
Street S.W.

      Calgary,
Alberta, Canada T2P 5H1

      Attn:  Mark
Zimmerman

      Facsimile:
(403) 920-2363

       

       

      
        
          
          

        

        
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      if to the
General Partner, at

      

      TC
PipeLines GP, Inc.

      450 –
1st
Street S.W.

      Calgary,
Alberta, Canada T2P 5H1

      Attn:  Secretary

      Facsimile:
(403) 920-2460

      

      

      [SIGNATURE PAGE
FOLLOWS]

      
        
           

        

        
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      IN
WITNESS WHEREOF, this Agreement has been executed on behalf of each of the
parties hereto effective as of the day and year first above
written.

      

      

      TC
PIPELINES, LP

      

      By:   TC PipeLines GP,
Inc.

          its
general partner

                                     

                                       By:  /s/ Mark Zimmerman          

      Name: Mark Zimmerman

      Title:  
President

      

      By:  /s/ Donald J. DeGrandis         

      Name: Donald J. DeGrandis

      Title:  
Secretary

      

      

      TC
PIPELINES GP, INC.

      

      By: /s/ Mark Zimmerman           

      Name: Mark Zimmerman

      Title:  
President

       

                                      By: /s/ Donald J. DeGrandis         

      Name: Donald J. DeGrandis

      Title:  
Secretary

      

       

       

      Exhibit
- 1ex10-1.htm

    Exhibit 10.1

    
      
        

      

    THIRD
AMENDMENT

     

    TO

     

    MASTER
CRUDE OIL PURCHASE AND SALE CONTRACT

     

    Effective
as of March 31, 2009

     

    among

     

    

    UTEXAM
LIMITED,

    AS
SELLER,

     

    

     

    AND

     

    

     

    FRONTIER
OIL AND REFINING COMPANY,

    AS
PURCHASER,

     

    

     

    FRONTIER
OIL CORPORATION,

    AS
GUARANTOR

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIRD
AMENDMENT TO MASTER CRUDE OIL PURCHASE AND SALE CONTRACT

     

    THIS THIRD
AMENDMENT TO MASTER CRUDE OIL PURCHASE AND SALE CONTRACT (this “Third Amendment”)
dated as of July 1, 2009, to be effective as of March 31, 2009, is among Utexam
Limited, a company incorporated under the laws of the Republic of Ireland (the
“Seller”),
Frontier Oil and Refining Company, a Delaware corporation (the “Purchaser”), and
Frontier Oil Corporation, a Wyoming corporation (the “Guarantor”).

     

    R E C I T A L
S

     

    A.           The
Seller, the Purchaser and the Guarantor are parties to that certain Master Crude
Oil Purchase and Sale Contract dated as of March 10, 2006, as amended by the
First Amendment to Master Crude Oil Purchase and Sale Contract, dated April 1,
2006 and by the Second Amendment to Master Crude Oil Purchase and Sale Contract,
dated March 12, 2008 (as amended, the “Agreement”), pursuant
to which the Seller has agreed to sell and the Purchaser has agreed to buy, in
each case, subject to the terms and conditions set forth therein, certain
quantities of Crude Oil.

     

    B.           The
Seller, the Purchaser and the Guarantor have agreed to amend certain provisions
of the Agreement.

     

    C.           NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

     

    Section
1. Defined
Terms.  Each capitalized term used herein but not otherwise
defined herein has the meaning given such term in the
Agreement.  Unless otherwise indicated, all section references in this
Third Amendment refer to sections of the Agreement.

     

    Section
2. Amendments to
Agreement.

     

    2.1 Section
1.01.  The following definition is hereby amended in its
entirety:

     

    “Factor” shall mean
with respect to the calculation of the amount of each Acquisition Cost and each
Swap Settlement, as the case may be, the product of (a) the sum of 2.75% plus
LIBOR for the period corresponding to any Days Outstanding calculation, times
(b) the number of Days Outstanding divided by 360.

     

    Section
3. Miscellaneous.

     

    3.1 Confirmation.  The
provisions of the Agreement, as amended by this Third Amendment, shall remain in
full force and effect following the effectiveness of this Third
Amendment.

     

    3.2 Ratification and
Affirmation; Representations and Warranties.  Each party hereby
(a) acknowledges the terms of this Third Amendment; and (b) ratifies and affirms
its obligations under, and acknowledges, renews and extends its continued
liability under, each Transaction Document to which it is a party and agrees
that each Transaction Document to which it is a party remains in full force and
effect, except as expressly amended hereby, notwithstanding the amendments
contained herein.

     

    3.3 Transaction
Document.  This Third Amendment is a “Transaction Document” as
defined and described in the Agreement and all of the terms and provisions of
the Agreement relating to Transaction Documents shall apply hereto.

     

    3.4 Counterparts.  This
Third Amendment may be executed by one or more of the parties hereto in any
number of separate counterparts, and all of such counterparts taken together
shall be deemed to constitute one and the same instrument.  Delivery
of this Third Amendment by facsimile transmission shall be effective as delivery
of a manually executed counterpart hereof.

     

    3.5 No Oral
Agreement.  This Third Amendment, the Agreement and the other
Transaction Documents executed in connection herewith and therewith represent
the final agreement between the parties and may not be contradicted by evidence
of prior, contemporaneous, or unwritten oral agreements of the
parties.  There are no subsequent oral agreements between the
parties.

     

    3.6 GOVERNING
LAW.  THIS THIRD AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND APPLICABLE FEDERAL LAWS
OF THE UNITED STATES OF AMERICA.

     

    3.7           Credit
Facility.  Pursuant to Section 4.02 of the Agreement, Purchaser
hereby consents to the amendment of the Credit Facility in the form of amendment
attached hereto as Exhibit A.

    

    [Signature Pages
Follow]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly
executed as the date first written above, to be effective as of March 31,
2009.

     

    UTEXAM
LIMITED

     

    By:  /s/  Clive
W. Christie

          Clive
W. Christie

          Director

    

    

    By:  /s/
Paul Owens

          Paul
Owens

          Director

    

    

    FRONTIER
OIL AND REFINING COMPANY,

    as
Purchaser

     

    By:   /s/  Doug
S. Aron    

    Doug S.
Aron

    Executive
Vice President – Chief Financial

    Officer

    

    

    

    FRONTIER
OIL CORPORATION, as Guarantor

     

    By:  /s/  Doug
S.
Aron                                                             

    
      	
               
      

            	
              Doug
      S. Aron

            

    

    Executive
Vice President – Chief Financial

    Officer

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    

     

    SEVENTH
AMENDMENT

     

    TO

     

    REVOLVING
CREDIT AGREEMENT (UNCOMMITTED)

     

    DATED
AS OF

     

    MARCH
31, 2009

     

    AMONG

    

    UTEXAM
LIMITED,

    AS
BORROWER,

    

    BNP
PARIBAS,

    AS
ADMINISTRATIVE AGENT,

    

    AND

     

    THE
LENDERS PARTY HERETO

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SEVENTH
AMENDMENT TO REVOLVING CREDIT AGREEMENT (UNCOMMITTED)

    

    THIS SEVENTH
AMENDMENT TO REVOLVING CREDIT AGREEMENT (UNCOMMITTED) (this “Seventh Amendment”)
dated as of March 31, 2009, is among UTEXAM LIMITED, a company
incorporated under the laws of Ireland (the “Borrower”); BNP
PARIBAS, as administrative agent (in such capacity, together with its
successors in such capacity, the “Administrative
Agent”) for the lenders party to the Credit Agreement referred to below
(collectively, the “Lenders”); and the
undersigned Lenders.

     

    R E C I T A L
S

     

    A.           The
Borrower, the Administrative Agent and the Lenders are parties to that certain
Revolving Credit Agreement (Uncommitted) dated as of March 10, 2006, as amended
by the First Amendment to Revolving Credit Agreement (Uncommitted), dated
October 24, 2006, the Second Amendment to Revolving Credit Agreement
(Uncommitted), dated as of March 8, 2007, the Third Amendment to Revolving
Credit Agreement (Uncommitted), dated as of May 16, 2007, the Fourth Amendment
to Revolving Credit Agreement (Uncommitted), dated as of February 20, 2008, the
Fifth Amendment to Revolving Credit Agreement (Uncommitted), dated as of March
12, 2008 and the Sixth Amendment to Revolving Credit Agreement (Uncommitted),
dated as of January 20, 2009 (as amended, the “Credit Agreement”),
pursuant to which the Lenders have made certain extensions of credit available
to the Borrower.

     

    B.           The
Borrowers and the Lenders have agreed to amend certain provisions of the Credit
Agreement.

     

    C.           NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

     

    Section
4. Defined
Terms.  Each capitalized term used herein, but not otherwise
defined herein has the meaning given such term in the Credit Agreement. Unless
otherwise indicated, all references to Sections in this Seventh Amendment refer
to Sections of the Credit Agreement.

     

    Section
5. Amendment to Credit
Agreement.

     

    5.1 Section
1.02.  The definition of “Applicable Margin” in Section 1.02 is
hereby amended by replacing “2.00%” with “2.75%.”

     

    5.2 Section 1.02. The
definition of “Maturity Date” in Section 1.02 is hereby amended by replacing
“March 31, 2009” with “March 31, 2010.”

     

    2.3           Annex
I.  Annex I is hereby amended and restated in its entirety as
follows:

    

    

    

    

    ANNEX
I

     

    LIST
OF COMMITMENTS

     

    Aggregate
Commitments

     

    
      	
              Name
      of Lender

            	
              Percentage
      Share

            	
              Commitment

            
	
              BNP
      Paribas

            	
              45.454545455%

            	
              $50,000,000.00

            
	
              Allied
      Irish Banks, p.l.c.

            	
              31.818181818%

            	
              $35,000,000.00

            
	
              Union
      Bank of California, N.A.

            	
              22.727272727%

            	
              $25,000,000.00

            
	
              TOTAL

            	
              100.00%

            	
              $110,000,000.00

            

    

    

    

    Section
6. Conditions
Precedent.  The effectiveness of this Seventh Amendment is
subject to the receipt by the Administrative Agent of the following documents
and satisfaction of the other conditions provided in this Section 3, each of
which shall be reasonably satisfactory to the Administrative Agent in form and
substance:

     

    6.1 The
Administrative Agent and the Lenders shall have received all fees and other
amounts due and payable, if any, in connection with this Seventh Amendment on or
prior to the Effective Date.

     

    6.2 The
Administrative Agent shall have received from all of the Lenders and the
Borrower, counterparts (in such number as may be requested by the Administrative
Agent) of this Seventh Amendment signed on behalf of such Persons.

     

    6.3 The
Administrative Agent shall have received evidence that the Borrower has obtained
a consent from the Purchaser to amend the Agreement pursuant to Section 4.02(b)
of the PSC.

     

    6.4 The
Administrative Agent shall have received such other documents as the
Administrative Agent or special counsel to the Administrative Agent may
reasonably request.

     

    6.5 No
Default shall have occurred and be continuing, after giving effect to the terms
of this Seventh Amendment.

     

    Section
7. Miscellaneous.

     

    7.1 Confirmation.  The
provisions of the Credit Agreement, as amended by this Seventh Amendment, shall
remain in full force and effect following the effectiveness of this Seventh
Amendment.

     

    7.2 Ratification and
Affirmation; Representations and Warranties.  The Borrower
hereby (a)
acknowledges the terms of this Seventh Amendment; (b) ratifies and
affirms its obligations under, and acknowledges, renews and extends its
continued liability under, each Loan Document to which it is a party and agrees
that each Loan Document to which it is a party remains in full force and effect,
except as expressly amended hereby, notwithstanding the amendments contained
herein and (c)
represents and warrants to the Lenders that as of the date hereof, after giving
effect to the terms of this Seventh Amendment:  (i) all of the
representations and warranties contained in each Loan Document to which it is a
party are true and correct, unless such representations and warranties are
stated to relate to a specific earlier date, in which case, such representations
and warranties shall continue to be true and correct as of such earlier date and
(ii) no Default has occurred and is continuing.

     

    7.3 Termination of Commitments
Unless Extended.  Pursuant to the terms of the Credit
Agreement, the Commitments of the Lenders shall terminate on the date hereof,
except for the Commitments of those Lenders who have extended the maturity of
their Commitments hereunder.  Bayerishe Hypo-Und Vereinsbank AG, New
York Branch has not extended the maturity of its Commitment hereunder, thus its
Commitment hereby terminates on the date hereof and such Lender shall no longer
be a party to the Credit Agreement.

     

    7.4 Loan Document and
Assignment.  This Seventh Amendment is a “Loan Document” as
defined and described in the Credit Agreement and all of the terms and
provisions of the Credit Agreement relating to Loan Documents and Assignments
shall apply hereto.

     

    7.5 Counterparts.  This
Seventh Amendment may be executed by one or more of the parties hereto in any
number of separate counterparts, and all of such counterparts taken together
shall be deemed to constitute one and the same instrument.  Delivery
of this Seventh Amendment by facsimile transmission shall be effective as
delivery of a manually executed counterpart hereof.

     

    7.6 NO ORAL
AGREEMENT.  THIS SEVENTH AMENDMENT, THE CREDIT AGREEMENT AND
THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT
THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES.

     

    7.7 GOVERNING
LAW.  THIS SEVENTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO,
THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     

    

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    IN
WITNESS WHEREOF, the parties hereto have caused this Seventh Amendment to be
duly executed as of the date first written above.

    

    BORROWER:                                                                UTEXAM
LIMITED

    

    

    

    By:                                                                           

    Name:

    Title:

    

    

    By:                                                                           

    Name:

    Title:

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              ADMINISTRATIVE
      AGENT:

            	
              BNP
    PARIBAS

            

    

    

    

    By:                                                                           

    Name:

    Title:

    

    

    By:                                                                           

    Name:

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    LENDERS:                                                                BNP PARIBAS

    

    

    By:                                                                           

    Name:

    Title:

    

    

    By:                                                                           

    Name:

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              LENDERS:

            	
              UNION BANK OF CALIFORNIA,
      N.A., as Syndication Agent and a
Lender

            

    

     

    

    

    By:           

    Name:

    Title:

     

    

    
      	
               
      

            	
              ALLIED IRISH BANKS,
      p.l.c., as
      a Lender

            

    

     

    

    By:                                                                           

    Name:

    Title:

    

    

    By:                                                                           

    Name:

    Title:

    

    

    

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    AGREED
AND ACCEPTED TO

    AS OF THE
DATE FIRST WRITTEN ABOVE:

    

    

    BAYERISCHE
HYPO- UND VEREINSBANK

    AG,
NEW YORK BRANCH

    

    

    By:                                                                

    Name:

    Title:

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