Document:

Exhibit 10.1

 

Execution Version

 

SIXTH AMENDMENT TO AMENDED AND
 RESTATED CREDIT AGREEMENT

 

THIS SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of August 30, 2012 by and among each of the persons listed on the signature pages hereto as lenders (the “Lenders”), Crosstex Energy, L.P., a Delaware limited partnership (the “Borrower”), and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and L/C Issuer.

 

ARTICLE I

 

BACKGROUND

 

A.                                    The Lenders, the Administrative Agent, the L/C Issuer and the Borrower are parties to that certain Amended and Restated Credit Agreement dated as of February 10, 2010 (as amended, supplemented or restated, the “Credit Agreement”).  Terms defined in the Credit Agreement and not otherwise defined herein have the same meanings when used herein.

 

B.                                    The Borrower has requested, and the Lenders have agreed to amend the Credit Agreement as provided for herein and on the terms and conditions set forth herein.

 

ARTICLE II

 

AGREEMENT

 

NOW THEREFORE, in consideration of the covenants, conditions and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the parties hereto covenant and agree as follows:

 

Section 1.                                           Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as follows:

 

(a)                                 Section 1.01 of the Credit Agreement is amended to add the following definition in alphabetical order:

 

“Material Project EBITDA Adjustments” means, with respect to (a) the Borrower’s “Riverside Phase II” project and (b) the construction or expansion of any other capital project of the Borrower or any of its Subsidiaries, the aggregate capital cost of which (inclusive of capital costs expended prior to the acquisition thereof) is reasonably expected by Borrower to exceed, or exceeds, $20,000,000 (each a “Material Project”):

 

(A)                               on any date prior to the date on which a Material Project has achieved commercial operation (the “Commercial Operation Date”) (but including the fiscal quarter in which such Commercial Operation Date occurs), a percentage (based on the then-current completion percentage of

 

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such Material Project) of an amount to be approved by Administrative Agent as the projected Consolidated EBITDA attributable to such Material Project for the first 12-month period following the scheduled Commercial Operation Date of such Material Project, such amount to be determined based on (i) contracts related to such Material Project, less expenses related thereto, and (ii) other factors reasonably deemed appropriate by Administrative Agent, which amount may, at Borrower’s option, be added to actual Consolidated EBITDA for the fiscal quarter in which construction or expansion of such Material Project commences and for each fiscal quarter thereafter until the Commercial Operation Date of such Material Project (including the fiscal quarter in which such Commercial Operation Date occurs, but net of any actual Consolidated EBITDA attributable to such Material Project following such Commercial Operation Date); provided that if the actual Commercial Operation Date does not occur by the scheduled Commercial Operation Date, then the foregoing amount of Material Project EBITDA Adjustments shall be reduced, for quarters ending after the scheduled Commercial Operation Date to (but excluding) the first full quarter after its Commercial Operation Date, by the following percentage amounts depending on the period of delay (based on the period of actual delay or then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer than 90 days, but not more than 180 days, 25%, (iii) longer than 180 days but not more than 270 days, 50%, (iv) longer than 270 days but not more than 365 days, 75%, and (v) longer than 365 days, 100%; and

 

(B)                               beginning with the first full fiscal quarter following the Commercial Operation Date of a Material Project and for the two immediately succeeding fiscal quarters, an amount equal to the projected Consolidated EBITDA attributable to such Material Project (determined in the same manner as set forth in clause (A) above) for the balance of the four full fiscal quarter period following such Commercial Operation Date, which may, at Borrower’s option, be added to actual Consolidated EBITDA for such fiscal quarters (but net of any actual Consolidated EBITDA of the Borrower attributable to such Material Project following such Commercial Operation Date);

 

Provided however, that notwithstanding the foregoing, (I) no such additions shall be allowed with respect to any Material Project unless: (y) not later than 30 days (or such shorter period approved by the Administrative Agent in its sole discretion) prior to the delivery of any Compliance Certificate required by the terms and provisions of Section 6.02(a),  to the extent Material Project EBITDA Adjustments will be made to Consolidated EBITDA in determining compliance with Section 7.11, the Borrower shall have delivered to the Administrative Agent written pro forma projections of Consolidated EBITDA of the Borrower attributable to such Material Project, and (z) prior to the date such Compliance Certificate is required to be delivered, the Administrative Agent shall have

 

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approved (such approval not to be unreasonably withheld, conditioned or delayed) such projections and shall have received current estimates as to Material Project completion percentage, the expected Commercial Operation Date, any known material delays with respect thereto, and such other information and documentation as the Administrative Agent may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent; and (II) the aggregate amount of all Material Project EBITDA Adjustments during any period shall be limited to 15% of the total actual Consolidated EBITDA for such period (which total actual Consolidated EBITDA shall be determined without including any Material Project EBITDA Adjustments).

 

(b)                                 Section 7.11(a) is amended to insert the following language immediately before the period at the end of such paragraph:

 

; provided that for purposes of this Section 7.11(a), Consolidated EBITDA may include, at Borrower’s option, any Material Project EBITDA Adjustments

 

(c)                                  Section 7.11(b) is amended to insert the following language immediately before the period at the end of such paragraph:

 

; provided that for purposes of this Section 7.11(b), Consolidated EBITDA may include, at Borrower’s option, any Material Project EBITDA Adjustments

 

(d)                                 Section 7.11(c) is amended to insert the following language immediately before the period at the end of such paragraph:

 

; provided that for purposes of this Section 7.11(c), Consolidated EBITDA may include, at Borrower’s option, any Material Project EBITDA Adjustments

 

Section 2.                                           Conditions Precedent.  This Amendment shall become effective as of the date first set forth above upon the satisfaction of the following conditions precedent:

 

(a)                                 The Administrative Agent shall have received each of the following:

 

(1)                                 this Amendment, duly executed by the Borrower, the Required Lenders, and the Administrative Agent;

 

(2)                                 the acknowledgment attached to this Amendment, duly executed by each Guarantor;

 

(3)                                 payment or evidence of payment of all reasonable fees and expenses owed by the Borrower to the Administrative Agent including, without limitation, the reasonable fees and expenses of Bracewell & Giuliani LLP, counsel to the Administrative Agent; and

 

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(4)                                 such other documents, instruments and certificates as reasonably requested by the Administrative Agent and the Lenders.

 

(b)                                 The representations and warranties set forth in Section 3 of this Amendment shall be true and correct on and as of the date hereof.

 

Section 3.                                           Representations and Warranties.

 

(a)                                 The Borrower represents and warrants to the Lenders and the Administrative Agent as set forth below:

 

(1)                                 The Borrower (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, and (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to execute, deliver and perform its obligations under this Amendment.

 

(2)                                 The execution, delivery and performance by the Borrower of this Amendment have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of the Borrower’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than Liens created under the Loan Documents), or require any payment to be made (other than payments required under any Loan Document) under (i) any Contractual Obligation to which the Borrower is a party or affecting the Borrower or its properties or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject; or (c) violate any Law; except in each case referred to in clause (b), to the extent that such conflict, breach, contravention or violation could not reasonably be expected to have a Material Adverse Effect.

 

(3)                                 No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Borrower of this Amendment, except for such approvals, consents, exemptions, authorizations, other actions, notices and filings as have been obtained, taken, given or made and are in full force and effect and with which the Borrower and its Subsidiaries are in compliance in all material respects or which the failure to have would not result in a Material Adverse Effect.

 

(4)                                 This Amendment has been duly executed and delivered by the Borrower and acknowledged by each Guarantor.  This Amendment constitutes the legal, valid and binding obligation of the Borrower, enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally or by general principles of equity (regardless

 

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of whether such enforceability is considered in any proceeding in law or in equity).

 

(5)                                 The execution, delivery and performance of this Amendment do not adversely affect the enforceability of any Lien of the Collateral Documents.

 

(6)                                 Except as disclosed in Schedule 5.06 to the Credit Agreement, there is no pending or, to the knowledge of the Borrower, threatened action or proceeding affecting the Borrower or any Subsidiary before any Governmental Authority, referee or arbitrator that could reasonably be expected to have a Material Adverse Effect.

 

(7)                                 The representations and warranties made by the Borrower and the Guarantors contained in Article V of the Credit Agreement and in each of the other Loan Documents are true and correct in all material respects on and as of the date hereof, as though made on and as of such date, other than any such representations or warranties that, by the their terms, refer to a specific date, in which case such representation or warranties are true and correct in all material respects as of such earlier specific date.

 

(8)                                 No event has occurred and is continuing, or would result from the effectiveness of this Amendment, which constitutes a Default.

 

(9)                                 As of June 30, 2012, the Borrower has no (a) Material Subsidiaries other than those listed on Schedule 3(a) and (b) non-Material Subsidiaries other than those listed on Schedule 3(b).

 

Section 4.                                           Reference to and Effect on the Credit Agreement.

 

(a)                                 On and after the effective date of this Amendment each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended by this Amendment, and each reference in the other Loan Documents to “the Credit Agreement,” “thereunder,” “thereof,” “therein” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended by this Amendment.

 

(b)                                 Except as specifically amended above, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.  Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all obligations stated to be secured thereby under the Loan Documents.

 

(c)                                  Except as expressly set forth herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under any of the Loan Documents or constitute a waiver of any provision of any of the Loan Documents.

 

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Section 5.                                           Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic imaging means shall be effective as delivery of an originally executed counterpart of this Amendment.

 

Section 6.                                           Governing Law; Binding Effect.  This Amendment shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, and shall be binding upon the Borrower, the Administrative Agent, the L/C Issuer, each Lender and their respective successors and assigns.

 

Section 7.                                           Costs and Expenses.  The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities hereunder and thereunder.

 

THIS WRITTEN AMENDMENT AND THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[Remainder of this page blank; signature pages follow]

 

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Executed as of the date first set forth above.

 

	
 
    	
CROSSTEX   ENERGY, L.P.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Crosstex   Energy GP, LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 

	
 
    	
 
    	
By:   
    	
/s/   Michael J. Garberding
    
	
 
    	
 
    	
 
    	
Name:
    	
Michael   J. Garberding
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior   Vice President and Chief
    
	
 
    	
 
    	
 
    	
 
    	
Financial   Officer
    
							

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

Each of the undersigned, as guarantors under the Amended and Restated Guaranty dated as of February 10, 2010 (as supplemented to date, the “Guaranty”), and as debtors, mortgagors, and/or grantors under the Collateral Documents, hereby (a) consents to this Amendment, and (b) confirms and agrees that the Guaranty and each of the Collateral Documents to which it is a party is and shall continue to be in full force and effect and is ratified and confirmed in all respects, except that, on and after the effective date of the Amendment each reference in the Guaranty and the other Collateral Documents to “the Credit Agreement,” “thereunder,” “thereof,” “therein” or any other expression of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as modified by this Amendment.

 

	
ADDRESS   FOR ALL 
    	
CROSSTEX   ENERGY SERVICES, L.P.
    	
 
    
	
UNDERSIGNED:
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Crosstex   Operating GP, LLC,
    
	
2501   Cedar Springs
    	
 
    	
its   general partner
    
	
Suite 100
    	
 
    	
 
    
	
Dallas,   Texas  75201
    	
 
    	
 
    
	
Attention:  General Counsel
    	
By:   
    	
/s/   Michael J. Garberding
    
	
 
    	
 
    	
Name:
    	
Michael   J. Garberding
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President and
    
	
 
    	
 
    	
 
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
CROSSTEX   OPERATING GP, LLC
    
	
 
    	
CROSSTEX   ORV HOLDINGS, INC.
    
	
 
    	
CROSSTEX   ENERGY SERVICES GP, LLC
    
	
 
    	
CROSSTEX   LIG, LLC
    
	
 
    	
CROSSTEX   TUSCALOOSA, LLC
    
	
 
    	
CROSSTEX   LIG LIQUIDS, LLC
    
	
 
    	
CROSSTEX   PROCESSING SERVICES, LLC
    
	
 
    	
CROSSTEX   PELICAN, LLC
    
	
 
    	
CROSSTEX   PERMIAN, LLC
    
	
 
    	
CROSSTEX   PERMIAN II, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Michael J. Garberding
    
	
 
    	
 
    	
Name:
    	
Michael   J. Garberding
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President and
    
	
 
    	
 
    	
 
    	
Chief   Financial Officer
    
					

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
CROSSTEX   GULF COAST MARKETING LTD.
    
	
 
    	
CROSSTEX   CCNG PROCESSING LTD.
    
	
 
    	
CROSSTEX   NORTH TEXAS PIPELINE, L.P.
    
	
 
    	
CROSSTEX   NORTH TEXAS GATHERING, L.P.
    
	
 
    	
CROSSTEX   NGL MARKETING, L.P.
    
	
 
    	
CROSSTEX   NGL PIPELINE, L.P.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Crosstex   Energy Services GP, LLC,
    
	
 
    	
 
    	
general   partner of each above limited
    
	
 
    	
 
    	
partnership
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Michael J. Garberding
    
	
 
    	
 
    	
Name:
    	
Michael   J. Garberding
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President and
    
	
 
    	
 
    	
 
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SABINE   PASS PLANT FACILITY JOINT 
   VENTURE
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Crosstex   Processing Services, LLC,
    
	
 
    	
 
    	
as   general partner, and
    
	
 
    	
By:
    	
Crosstex   Pelican, LLC,
    
	
 
    	
 
    	
as   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Michael J. Garberding
    
	
 
    	
 
    	
Name:
    	
Michael   J. Garberding
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President and
    
	
 
    	
 
    	
 
    	
Chief   Financial Officer
    
					

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
as   Administrative Agent,
    
	
 
    	
a   Lender and L/C Issuer
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Jeffrey H. Rathkamp
    
	
 
    	
 
    	
Name:
    	
Jeffrey   H. Rathkamp
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
					

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
COMERICA   BANK
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David P. Cagle
    
	
 
    	
 
    	
Name:
    	
David   P. Cagle
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
COMPASS   BANK
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Umar Hassan
    
	
 
    	
 
    	
Name:
    	
Umar   Hassan
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
ROYAL   BANK OF CANADA
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jason S. York
    
	
 
    	
 
    	
Name:
    	
Jason   S. York
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
SUMITOMO   MITSUI BANKING  CORP., NEW YORK
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shuji Yabe
    
	
 
    	
 
    	
Name:
    	
Shuji   Yabe
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
U.S.   BANK NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
WELLS   FARGO BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Andrew Ostrov
    
	
 
    	
 
    	
Name:
    	
Andrew   Ostrov
    
	
 
    	
 
    	
Title:
    	
Director
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
BANK   OF MONTREAL
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Gumaro Tijerina
    
	
 
    	
 
    	
Name:
    	
Gumaro   Tijerina
    
	
 
    	
 
    	
Title:
    	
Director
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
CAPITAL   ONE, NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert James
    
	
 
    	
 
    	
Name:
    	
Robert   James
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
GOLDMAN   SACHS BANK USA
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michelle Latzoni
    
	
 
    	
 
    	
Name:
    	
Michelle   Latzoni
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
MORGAN   STANLEY BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   William Jones
    
	
 
    	
 
    	
Name:
    	
William   Jones
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
CITIBANK,   N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Mason McGurrin
    
	
 
    	
 
    	
Name:   
    	
Mason   McGurrin
    
	
 
    	
 
    	
Title:   
    	
Vice   President
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
ABN   AMRO CAPITAL USA LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Darrell Holley
    
	
 
    	
 
    	
Name:   
    	
Darrell   Holley
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Casey Lowary
    
	
 
    	
 
    	
Name:   
    	
Casey   Lowary
    
	
 
    	
 
    	
Title:
    	
Director
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
REGIONS   BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   David Valentine
    
	
 
    	
 
    	
Name:   
    	
David   Valentine
    
	
 
    	
 
    	
Title:   
    	
Vice   President
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
AMEGY   BANK NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Jill McSorley
    
	
 
    	
 
    	
Name:   
    	
Jill   McSorley
    
	
 
    	
 
    	
Title:   
    	
Senior   Vice President
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
ONEWEST   BANK, FSB
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Sean M. Murphy
    
	
 
    	
 
    	
Name:   
    	
Sean   M. Murphy
    
	
 
    	
 
    	
Title:   
    	
Senior   Vice President
    

 

Signature Page to Sixth Amendment to Amended and Restated Credit Agreement

 

 

SCHEDULE 3(a)

 

MATERIAL SUBSIDIARIES

 

Crosstex Energy Services, L.P. (DE)

Crosstex Operating GP, LLC (DE)*

Crosstex Energy Services GP, LLC (DE)*

Crosstex LIG, LLC (LA)

Crosstex Tuscaloosa, LLC (LA)*

Crosstex LIG Liquids, LLC (LA)

Crosstex Gulf Coast Marketing Ltd. (TX)*

Crosstex CCNG Processing Ltd. (TX)

Crosstex North Texas Pipeline, L.P. (TX)

Crosstex North Texas Gathering, L.P. (TX)

Crosstex NGL Pipeline, L.P. (TX)*

Crosstex NGL Marketing, L.P. (TX)*

Crosstex Processing Services, LLC (DE)

Crosstex Pelican, LLC (DE)

Sabine Pass Plant Facility Joint Venture (TX)*

Crosstex Permian, LLC (TX)*

Crosstex Permian II, LLC (TX)*

Crosstex Louisiana Gathering, LLC (Louisiana)*

Crosstex ORV Holdings, Inc. (DE)*

 

*Indicates entity has previously been treated as a Material Subsidiary (e.g., it pledged assets and is a Guarantor) but does not technically meet the definition of a “Material Subsidiary” as of June 30, 2012.

 

Schedule 3(a) to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

SCHEDULE 3(b)

 

NON-MATERIAL SUBSIDIARIES

 

Crosstex Louisiana Energy, L.P. (Delaware)

Crosstex DC Gathering Company, J.V. (Texas)

Crosstex Energy Finance Corporation (Delaware)

 

Schedule 3(b) to

Sixth Amendment to Amended and Restated Credit Agreementexhibit10-1.htm

Exhibit 10.1

Fiscal 2013 Annual Incentive Plan

(September 1, 2012 through August 31, 2013 Performance Period)

The Fiscal 2013 Annual Incentive Plan (the “Fiscal 2013 AIP”) provides eligible employees the opportunity to earn cash awards for Company and individual performance during the Performance Period.

Performance Period: September 1, 2012 through August 31, 2013, the Company’s fiscal year 2013 (the “Performance Period”).

Eligibility:  All regular employees of Monsanto Company and its subsidiaries (the “Company”) who do not participate in a sales or business-specific annual incentive plan.

Performance Goals:

	
·  

	
The People and Compensation Committee of the Board of Directors (the “Committee”) establishes Threshold, Target and Outstanding level goals for the Performance Period relating to the following financial goals (each, a “Financial Goal” and collectively, the “Financial Goals”):

	
Ø  

	
Net Sales (weighted 10%);

	
Ø  

	
Diluted Earnings Per Share (weighted 50%); and

	
Ø  

	
Free Cash Flow (“Cash Flow”) (weighted 40%).

	
·  

	
Each employee participating in the Fiscal 2013 AIP (a “Participant”) also has individual performance goals relating to business and/or people initiatives.

General Provisions:

	
·  

	
Each Participant is provided a “Target Incentive Opportunity” for the Performance Period, expressed as a percentage of base pay in effect as of the last day of the Performance Period (i.e., August 31, 2013).

	
·  

	
The Plan’s “Target Award Pool” is the sum of the dollar amount of all Participants’ Target Incentive Opportunities.

Plan Funding:

	
·  

	
After the end of the Performance Period, the Committee determines in its sole discretion its calculation of the “Funding Factor,” which represents the percentage attainment (on a weighted average basis) of the three Financial Goals (Net Sales, EPS and Cash Flow) based 

 

  

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on the Company’s performance against each of the Financial Goals for the Performance Period, as follows:

 

	
 

Performance Level

	
Potential Award Pool Funding

(As a Percent of Target Award Pool)

	
Threshold

	
35%

	
Target

	
100%

	
Outstanding

	
200%

	
·  

	
The Funding Factor is multiplied by the Plan’s Target Award Pool to determine the amount of the Fiscal 2013 AIP Award Pool.

	
·  

	
Special considerations for the Committee to follow when determining funding of the Award Pool in its sole discretion:

	
Ø  

	
The Committee may, in its sole discretion, consider subjective factors in determining whether or not any Financial Goal has been attained and the amount of Award Pool funding with respect to each Financial Goal, if any.

	
Ø  

	
The Award Pool will fund at 20% of Target-level funding in the event the Company pays dividends with respect to each of its fiscal quarters ending during the Performance Period. However, if the Company fails to attain at least the Threshold-level of performance with respect to the EPS Financial Goal for the Performance Period, the Award Pool may not be funded at a level greater than 20% of Target-level funding.

	
Ø  

	
One or more of the Financial Goals may be funded at above Outstanding-level funding if the Committee determines in its sole discretion that Company performance with respect to such Financial Goal warrants such funding; provided, however, the overall funding of the Award Pool is capped at 200% of Target-level funding unless the Committee determines in its sole discretion to fund above 200%.

	
  

	
Allocation of the Award Pool:

	
·  

	
The Award Pool is allocated among Participants based upon:

	
Ø  

	
each Participant’s Target Annual Incentive Opportunity for the Performance Period;

	
Ø  

	
performance of the Participant’s business or function measured against business or function goals; and

	
Ø  

	
 each Participant’s individual performance during the Performance Period.

	
o  

	
People managers: 50% of the amount earned by the Participant under the terms of the Fiscal 2013 AIP (the “Award”) is based on development of people, team and personal development (including diversity); the remaining 50% is based on business results.

  

2

 

  

	
o  

	
Non-managers: 75% of the Award is based on business results; the remaining 25% is based on personal development.

	
Ø  

	
A Participant’s Award may be greater than 200% of his or her Target Incentive Opportunity.

Events Affecting Payout of Individual Awards:

	
·  

	
If a Participant commences employment with the Company during the Performance Period, the Participant is eligible for a pro-rated Award reflecting the actual number of months worked by the Participant during the Performance Period (rounded to the nearest whole month).

	
·  

	
If a Participant’s Target Incentive Opportunity changes during the Performance Period (by reason of a promotion or demotion or otherwise), the Participant is eligible for an Award reflecting the Target Incentive Opportunity in effect for the Participant on the last day of the Performance Period.

	
·  

	
If a Participant’s base pay changes during the Performance Period, the Participant’s Award is based on the Participant’s base pay in effect on the last day of the Performance Period.

	
·  

	
If a Participant transfers employment within the Company or to a subsidiary of the Company, the Participant’s Award will come from the unit, division or subsidiary in which the Participant is working as of the last day of the Performance Period. In such an event, the Participant’s performance for the entire Performance Period will be considered in determining the amount of the Participant’s Award.

	
·  

	
A Participant who:

 

	
Ø  

	
voluntarily resigns other than on account of “Retirement” forfeits all rights to the Participant’s Award unless the resignation occurs after the end of the Performance Period. “Retirement” is defined as a voluntary termination of employment on or after the attainment of age 55 and five years of employment with the Company and its affiliates.

 

	
Ø  

	
involuntarily separates without cause (including by reason of poor performance), retires, dies, or becomes permanently disabled (under the terms of any disability income plan applicable to such Participant), is eligible to receive a prorated payment in respect of the Participant’s Award based on the Participant’s employment during the Performance Period (rounded to the nearest whole month), provided that the Participant worked at least three whole months during the Performance Period.

 

  

3

 

  

	
Ø  

	
incurs a termination of employment for “cause” (as defined below), forfeits all rights to the Participant’s Award.  A termination of employment for “cause” is defined as an  involuntary termination of the Participant’s employment on account of the Participant engaging in (i) any willful or intentional neglect in performing the Participant’s duties, including, but not limited to, fraud, misappropriation or embezzlement involving property of the Company or an affiliate, or (ii) any other intentional wrongful act that may impair the goodwill or business of the Company or an affiliate, or that may cause damage to any of their businesses.

	
·  

	
Continued eligibility for employees employed in the United States who become represented by a collective bargaining unit during the Performance Period will be determined by good faith bargaining.

	
·  

	
Each Award granted to a Participant (to the extent earned) will be paid on or before November 15, 2013 (other payment dates may apply to Participants working outside the United States).

	
·  

	
The Fiscal 2013 AIP, and any actions taken hereunder, shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the application of the conflicts of law provisions thereof or any other state.

  

4

 

  

Proposed Definition of Performance Metrics –

Fiscal 2013 Annual Incentive Plan

 

Sales

	
·  

	
Defined in accordance with the Monsanto Company Statement of Consolidated Operations

Diluted Earnings Per Share (EPS)

	
·  

	
Defined in accordance with the Monsanto Company Statement of Consolidated Operations

	
·  

	
Items, either positive or negative, that are deemed to be extraordinary by the People and Compensation Committee of the Board of Directors are excluded for purposes of Earnings Per Share (but not Cash Flow) calculations

 

	
Ø  

	
Restructuring charges and reversals

	
Ø  

	
Impact of lawsuit outcomes

	
Ø  

	
Impact of Solutia-related liabilities, expenses, settlements or agreements associated with Solutia’s reorganization plan

	
Ø  

	
Impact of unbudgeted business sales/divestitures

	
Ø  

	
Impact of changes in accounting rules

 

Cash Flow from Operating and Investing Activities

	
·  

	
Defined in accordance with the Monsanto Company Statement of Consolidated Cash Flows

 

	
·  

	
Items, either positive or negative, that are deemed to be extraordinary by the People and Compensation Committee of the Board of Directors are excluded for purposes of Cash Flow calculations

 

	
Ø  

	
Impact of unbudgeted acquisitions

	
Ø  

	
Impact of agreements associated with Solutia’s emergence from bankruptcy

 

 

5

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