Document:

ex10-2.htm

 

Exhibit 10.2

 

 

DIRECTOR DESIGNATION AGREEMENT

 

 

This DIRECTOR DESIGNATION AGREEMENT, dated as of July 21, 2010 (this “Agreement”), is entered into by and between COPANO ENERGY, L.L.C., a Delaware limited liability company (“Copano”), and TPG Copenhagen, L.P., a Delaware limited partnership (the “Purchaser”).

 

Recitals

 

WHEREAS, pursuant to the Purchase Agreement, Copano is agreeing to issue and sell Series A Preferred Units to the Purchaser;

 

WHEREAS, the Purchaser is the “Purchaser” under the Purchase Agreement;

 

WHEREAS, to induce the Purchaser to enter into the Purchase Agreement and the transactions contemplated thereby, Copano is required to deliver this Agreement, duly executed by Copano, to the Purchaser contemporaneously with the Closing of the transaction contemplated by the Purchase Agreement;

 

WHEREAS, the Purchaser’s investment in Copano pursuant to the Purchase Agreement is reasonably expected to benefit Copano; and

 

WHEREAS, Copano believes it to be in the best interests of Copano, and the Purchaser believes it to be in the best interests of the Purchaser, to have certain agreements in respect of the Purchaser’s right to designate a member of the board of directors of Copano (the “Board”) pursuant to the terms of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows:

 

Agreement

 

Section 1.                      Definitions.

 

Capitalized terms used in this Agreement and not defined herein shall have the meanings ascribed to such terms in the Purchase Agreement.  As used in this Agreement, the following terms have the meanings indicated:

 

“Agreement” shall have the meaning specified in the introductory paragraph of this Agreement.

 

“Board” shall have the meaning specified in the Recitals to this Agreement.

 

“Copano” shall have the meaning specified in the introductory paragraph of this Agreement.

 

  

  

  

  

“Designated Director” shall have the meaning specified in Section 2(a) of this Agreement.

 

“Purchase Agreement” means the Series A Convertible Preferred Unit Purchase Agreement, dated as of July 21, 2010, by and between Copano and the Purchaser.

 

“Purchaser” shall have the meaning specified in the introductory paragraph of this Agreement.

 

 “Resignation Event” means (i) that the Designated Director, as determined by the Board in good faith following compliance with the procedures set forth below in this definition when applicable, (A) ceases to be an employee of the Purchaser or any of its Affiliates; (B) is prohibited or disqualified from serving as a director of Copano under any rule or regulation of the Commission, NASDAQ or by applicable Law; (C) has engaged in acts or omissions constituting a breach of the Designated Director’s duty of loyalty to Copano or its members; (D) has engaged in acts or omissions which involve intentional misconduct or an intentional violation of Law; (E) has engaged in any transaction involving Copano from which the Designated Director derived an improper personal benefit or (ii) a Termination Event.  Prior to making a determination that any Resignation Event described in clause (i)(B) through (E) above has occurred, the Board shall provide the Designated Director with proper notice of a meeting of the Board to discuss and, if applicable, to dispute the proposed determination.  At such duly called and held Board meeting, the Board shall provide the Designated Director with a reasonable opportunity to be heard and to present information relevant to the Board’s proposed determination.  The Board may make a determination that a Resignation Event has occurred only following its consideration in good faith of such information presented by the Designated Director.

 

“Termination Event” means the earliest to occur of (i) the Purchaser and its Affiliates holding, in the aggregate, a number of Series A Preferred Units, together with any Common Units and Class B Units issued upon conversion of Series A Preferred Units, totaling less than fifty percent (50%) of the number of Purchased Units; and (ii) such time after the third anniversary of the date hereof as the sum of (A) the number of Common Units collectively held by the Purchaser and its Affiliates and (B) the number of Common Units issuable upon conversion of the Series A Preferred Units and Class B Units that are then collectively held by the Purchaser and its Affiliates represents less than five percent (5%) of the Common Units then outstanding.

 

Section 2.                      Director Designation Rights.

 

(a)      On or prior to the date hereof, the Board shall adopt resolutions that (i) increase the number of natural persons that constitute the whole Board by one (1) person and (ii) fill the vacancy created by virtue of such increase in the size of the Board with an individual designated by the Purchaser (the “Designated Director”), pursuant to Section 7.1(d) of the Copano LLC Agreement; provided, however, that the Designated Director shall, in the reasonable judgment of Copano, (A) have the requisite skill and experience to serve as a director of a publicly traded company, (B) not be prohibited or disqualified from serving as a director of Copano pursuant to any rule or regulation of the Commission, NASDAQ or by applicable Law

 

  

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and (C) otherwise be reasonably acceptable to Copano.  The Purchaser and the Designated Director agree to timely provide Copano with accurate and complete information relating to the Purchaser and the Designated Director that may be required to be disclosed by Copano under the Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.  In addition, at Copano’s request, the Purchaser shall cause the Designated Director to complete and execute Copano’s Standard Director and Officer Questionnaire prior to being admitted to the Board or standing for reelection at an annual meeting of Unitholders or at such other time as may be requested by Copano.

 

(b)      Until a Termination Event, and subject to the conditions of Section 2(a) of this Agreement, Copano shall nominate the Designated Director for re-election to the Board at each annual meeting of Unitholders.  The Designated Director will hold office until his or her term expires and such Designated Director’s successor has been duly elected and qualified or until such Designated Director’s earlier death, resignation or removal.

 

(c)      Prior to a Termination Event:

 

(i)      in connection with each annual meeting of Unitholders, and subject to the conditions of Section 2(a) of this Agreement, Copano will take all actions necessary or advisable to cause the Board to unanimously recommend that Unitholders vote “FOR” the election of the Designated Director;

 

(ii)      any Designated Director may be removed pursuant to Section 7.1(d) of the Copano LLC Agreement, and any vacancy created by such removal shall be filled by the Board with an individual designated by the Purchaser who, subject to the conditions of Section 2(a) of this Agreement, shall become the Designated Director; and

 

(iii)                 upon written notice from Copano to the Purchaser that a Resignation Event has occurred, which notice shall set forth in reasonable detail the facts and circumstances constituting the Resignation Event, the Purchaser will cause the Designated Director then serving as a member of the Board to resign as a member of the Board within two (2) Business Days of such written notice, and any vacancy created by such resignation shall be filled by the Board with an individual designated by the Purchaser who, subject to the conditions of Section 2(a) of this Agreement, shall become the Designated Director.

 

(d)      Any action by the Purchaser to designate or replace the Designated Director shall be evidenced in writing furnished to Copano and shall be signed by or on behalf of the Purchaser.

 

(e)      Prior to designating a Designated Director, the Purchaser shall enter into a written agreement with the Designated Director whereby such Designated Director agrees to resign as a member of the Board upon a Resignation Event.  The Purchaser acknowledges and agrees that such an agreement is in the best interest of Copano and the Purchaser, and that Copano shall be a third party beneficiary of the terms and conditions of such an agreement, and Copano shall have the right to enforce such an agreement to the same extent as the parties thereto.

 

  

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(f)      Copano shall not take any action that would lessen, restrict, prevent or otherwise have an adverse effect upon the foregoing rights of the Purchaser to Board representation; provided, however, that Copano shall not be prohibited from taking such action that the Board determines (i) may be necessary to (A) comply with any rule or regulation of the Commission or NASDAQ or (B) comply with applicable Law or (ii) is required to achieve compliance with the provisions of the Copano LLC Agreement.

 

Section 3.                      Termination of Director Designation Rights.  Upon the occurrence of a Termination Event, the Purchaser’s right to designate, and Copano’s obligation to nominate, the Designated Director shall automatically terminate, and the Purchaser shall cause the Designated Director then serving as a member of the Board, promptly upon (and in any event within two (2) Business Days following) receipt of a written request from Copano, to resign as a member of the Board.

 

Section 4.                      Director Indemnification.  At all times while the Designated Director is serving as a member of the Board, and following any such Designated Director’s death, resignation, removal or other cessation as a director in such former Designated Director’s capacity as a former director, each Designated Director shall be entitled to all rights to indemnification and exculpation as are then made available to any other member of the Board.  All such rights of indemnification shall specify that, as between Copano, on the one hand, and the Purchaser and its Affiliates (other than Copano), on the other hand, Copano shall, in all events, be the full indemnitor of first resort and shall not be entitled to any contribution, indemnification or other payment by or from any of the Purchaser or its Affiliates (other than Copano).

 

Section 5.                      Miscellaneous.

 

(a)      Unit Measurements.  Notwithstanding anything herein to the contrary, all measurements and references in this Agreement related to Common Unit, Series A Preferred Unit or Conversion Common Unit amounts shall be, in each instance, appropriately adjusted for unit splits, unit combinations, unit distributions and the like.

 

(b)      Entire Agreement.  This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.  There are no restrictions, promises, warranties or undertakings other than those set forth or referred to herein with respect to the rights granted by Copano or any of its Affiliates or the Purchaser or any of its Affiliates set forth herein.  This Agreement supersedes all prior agreements and understandings between the parties with respect to the subject matter hereof.

 

(c)      Notices.  All notices and demands provided for in this Agreement shall be in writing and shall be given as provided in Section 9.07 of the Purchase Agreement.

 

(d)      Interpretation.  Section references in this Agreement are references to the corresponding Section to this Agreement, unless otherwise specified.  All references to instruments, documents, Contracts and agreements are references to such instruments, documents, Contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified.  The word “including” shall mean

 

  

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“including but not limited to” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it.  Any reference in this Agreement to $ shall mean U.S. dollars.  Whenever any determination, consent or approval is to be made or given by a party, such action shall be in such party’s sole discretion, unless otherwise specified in this Agreement.  If any provision in this Agreement is held to be illegal, invalid, not binding or unenforceable, (i) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions shall remain in full force and effect and (ii) the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.  When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded.  If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day.  Any words imparting the singular number only shall include the plural and vice versa.  The words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.  The division of this Agreement into Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement.

 

(e)      Governing Law; Submission to Jurisdiction.  This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the Laws of the State of Delaware without regard to principles of conflicts of Laws.  Any action against any party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any federal or state court located within the State of Delaware over any such action.  Each of the parties hereby irrevocably waives, to the fullest extent permitted by applicable Law, any objection that it may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute.  Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.

 

(f)      Waiver of Jury Trial.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i) ARISING UNDER THIS AGREEMENT OR (ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.  EACH OF THE PARTIES TO THIS

 

  

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AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

(g)      No Waiver; Modifications in Writing.

 

(i)      Delay.  No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise.

 

(ii)      Specific Waiver.  Except as otherwise provided herein, no amendment, waiver, consent, modification or termination of any provision of this Agreement shall be effective unless signed by each of the parties hereto affected by such amendment, waiver, consent, modification or termination.  Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement and any consent to any departure by a party from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which made or given.  Except where notice is specifically required by this Agreement, no notice to or demand on a party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.  Any investigation by or on behalf of any party shall not be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein.

 

(h)      Execution in Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement.

 

(i)      Binding Effect; Assignment.  This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, but will not be assignable or delegable by any party hereto without the prior written consent of each of the other parties; provided, however, that any of the rights and obligations of the Purchaser hereunder may be transferred or assigned in whole or in part by the Purchaser to any Affiliate of the Purchaser; provided, further, that such rights and obligations shall terminate and cease to be so transferred or assigned upon any Affiliate to which such rights and obligations are transferred or assigned no longer being an Affiliate of the Purchaser.

 

(j)      Independent Counsel.  Each of the parties acknowledges that it has been represented by independent counsel of its choice throughout all negotiations that have preceded the execution of this Agreement and that it has executed the same with consent and upon the advice of said independent counsel. Each party and its counsel cooperated in the drafting and

 

  

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preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto will be deemed the work product of the parties and may not be construed against any party by reason of its preparation. Accordingly, any rule of Law or any legal decision that would require interpretation of any ambiguities in this Agreement against the party that drafted it is of no application and is hereby expressly waived.

 

(k)      Specific Enforcement.  Each of the parties acknowledges and agrees that monetary damages would not adequately compensate an injured party for the breach of this Agreement by any party, that this Agreement shall be specifically enforceable and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order without a requirement of posting bond.  Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach.

 

(l)      Further Assurances.  Each of the parties hereto shall, from time to time and without further consideration, execute such further instruments and take such other actions as any other party hereto shall reasonably request in order to fulfill its obligations under this Agreement to effectuate the purposes of this Agreement.

 

 

[Signature Page Follows]

 

  

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IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written.

 

	
COPANO ENERGY, L.L.C.,

	  	  
	
By:

	

/s/Carl A. Luna

	
Name:

	
Carl A. Luna               

	
Title:

	
Senior Vice President and

	  	
Chief Financial Officer

	
TPG COPENHAGEN, L.P.

	  	  
	
By:

	
TPG Advisors VI, Inc., its General Partner

	
By:

	

/s/ Ronald Cami               

	
Name:

	
Ronald Cami

	
Title:

	
Vice President

	  	  

 

 

Signature Page to Director Designation Agreementex10-3.htm

 

 

Exhibit 10.3

 

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of the 21st day of July, 2010, by and among COPANO ENERGY, L.L.C. (“Borrower”), BANK OF AMERICA, N.A., as Administrative Agent, LC Issuer and Swing Line Lender, and the Lenders party hereto.

 

W I T N E S S E T H:

 

WHEREAS, Borrower, Administrative Agent and the lenders named therein entered into that certain Amended and Restated Credit Agreement dated as of January 12, 2007, as amended by First Amendment to Amended and Restated Credit Agreement dated as of October 19, 2007 (as heretofore amended, the “Original Agreement”) for the purposes and consideration therein expressed; and

 

WHEREAS, Borrower, Administrative Agent and Lenders desire to amend the Original Agreement for the purposes described herein;

 

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

 

ARTICLE I. — Definitions and References

 

§ 1.1.           Terms Defined in the Original Agreement.  Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall have the same meanings whenever used in this Amendment.

 

§ 1.2.           Other Defined Terms.  Unless the context otherwise requires, the following terms when used in this Amendment shall have the meanings assigned to them in this § 1.2.

 

“Amendment” means this Second Amendment to Credit Agreement.

 

“Credit Agreement” means the Original Agreement as amended hereby.

 

ARTICLE II. — Amendments

 

§ 2.1.           Definitions.

 

(a)           The definition of “Consolidated Funded Indebtedness” set forth in Section 1.01 of the Original Agreement is hereby amended by adding the following sentence at the end thereof:

 

For the avoidance of doubt, the 2010 Preferred Units shall not constitute Consolidated Funded Indebtedness.

 

(b)           The definition of “Indebtedness” set forth in Section 1.01 of the Original Agreement is hereby amended by adding the following sentence at the end thereof:

 

  

  

  

  

For the avoidance of doubt, the 2010 Preferred Units shall not constitute Indebtedness.

 

(c)           The definition of “Restricted Payment” set forth in Section 1.01 of the Original Agreement is hereby amended by adding the following sentence at the end thereof:

 

For the avoidance of doubt, the issuance of Equity Interests by the Borrower or any Restricted Subsidiary in connection with the conversion of one class, series or type of Equity Interests into another class, series of type of Equity Interests shall not constitute a Restricted Payment.

 

(d)           The definition of “2010 Preferred Units” is hereby added to Section 1.01 of the Original Agreement in appropriate alphabetical order, to read as follows:

 

“2010 Preferred Units” means those certain Convertible Preferred Units issued by the Borrower pursuant to that certain Series A Convertible Preferred Unit Purchase Agreement to be dated on or about July 19, 2010 for an aggregate purchase price not to exceed $300,000,000, such units to be substantially in accordance with the terms set forth in that certain [Convertible Preferred Term Sheet dated June 25, 2010].

 

§ 2.2.           Investments.  The reference to “$35,000,000” set forth in Section 7.02(f)(i) of the Original Agreement is hereby amended to refer instead to “$80,000,000”.

 

§ 2.3.           Equity Issuances.  The parenthetical set forth in clause (ii) of the first sentence of the last paragraph of Section 7.04 of the Original Agreement is hereby amended to read as follows:

 

(other than dividends or distributions of additional Equity Interests of such type permitted under Section 7.06(b) or distributions of Available Cash permitted under Section 7.06(d))

 

§ 2.4.           Commitment Schedule.  Attached hereto as Schedule 2.01 is a list of Lenders, their Commitments and their Commitment Percentages as of the date hereof, which updates and replaces Schedule 2.01 attached to the Original Agreement.

 

ARTICLE III. — Conditions of Effectiveness

 

§ 3.1.           Effective Date.  This Amendment shall become effective as of the date first written above, subject to the satisfaction of the following

 

(a)           Administrative Agent shall have received, at Administrative Agent's office a counterpart of this Amendment executed and delivered by Borrower and Required Lenders;

 

(b)           Borrower shall have paid to Administrative Agent, for the ratable benefit of each Lender a party hereto, the amendment fees set forth in that certain Fee Letter of even date herewith between Borrower and Administrative Agent.

 

(c)           Contemporaneously with the effectiveness hereof, Borrower shall issue the 2010 Preferred Units.

 

  

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(d)           Administrative Agent shall have additionally received all of the following documents, each document (unless otherwise indicated) being dated the date of receipt thereof by Administrative Agent, duly authorized, executed and delivered, and in form and substance satisfactory to Administrative Agent:

 

(i)           Supporting Documents.  Such supporting documents as Administrative Agent may reasonably request.

 

ARTICLE IV. — Representations and Warranties

 

§ 4.1.           Representations and Warranties of Borrower.  In order to induce Administrative Agent and Lenders to enter into this Amendment, Borrower represents and warrants to Administrative Agent and each Lender that:

 

(a)           The representations and warranties of the Borrower and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 4.1(a), the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement are deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement.

 

(b)           No Default exists or will result herefrom.

 

(c)           No Material Adverse Effect has occurred, and no event or circumstance has occurred that could reasonably be expected to cause a Material Adverse Effect, relating to the consolidated financial condition or business of the Loan Parties since the date of the date of the most recent financial statements delivered pursuant to Section 4.01(a)(viii) or Section 6.01 of the Credit Agreement, as applicable.

 

(d)           Each Loan Party is Solvent.

 

(e)           The execution, delivery and performance by each Loan Party of this Amendment has been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any material Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Restricted Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law.

 

(f)           Except as obtained prior to the date hereof, 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, any Loan Party of this Amendment.

 

(g)           This Amendment has been duly executed and delivered by each Loan Party that is party hereto.  This Amendment constitutes a legal, valid and binding obligation of such Loan

 

  

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Party, enforceable against each Loan Party that is party hereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at Law.

 

ARTICLE V. — Miscellaneous

 

§ 5.1.           Ratification of Agreements.  The Original Agreement, as hereby amended, is hereby ratified and confirmed in all respects.  The Loan Documents, as they may be amended or affected by this Amendment, are hereby ratified and confirmed in all respects by Borrower and each Loan Party that is party hereto.  Any reference to the Credit Agreement in any Loan Document shall be deemed to refer to this Amendment also.   The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under the Credit Agreement or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document.

 

§ 5.2.           Ratification of Security Documents.  Each Loan Party, Administrative Agent, and Lenders each acknowledge and agree that any and all indebtedness, liabilities or obligations, arising under or in connection with the Loans, Letters of Credit or the Notes, are Obligations and are secured indebtedness under, are guarantied by, and are secured by, each and every Security Document.  Each Loan Party hereby re-pledges, re-grants and re-assigns a security interest in and lien on every asset of such Loan Party described as Collateral in any Security Document.

 

§ 5.3.           Survival of Agreements.  All representations, warranties, covenants and agreements of Loan Parties shall survive the execution and delivery of this Amendment and the performance hereof, including without limitation the making or granting of each Loan, and shall further survive until all of the Obligations under the Credit Agreement are paid in full.  All statements and agreements contained in any certificate or instrument delivered by any Loan Party hereunder or under the Credit Agreement to Administrative Agent or any Lender shall be deemed to constitute representations and warranties by, or agreements and covenants of, Borrower under this Amendment and under the Credit Agreement.

 

§ 5.4.           Loan Documents.  This Amendment is a Loan Document, and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto.

 

§ 5.5.           GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

§ 5.6.           Counterparts.  This Amendment may be separately executed in counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Amendment.  Delivery of an executed signature page by facsimile transmission shall be effective as delivery of a manual executed counterpart.

 

[Remainder of Page Intentionally Left Blank, Signature Pages Follow]

  

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IN WITNESS WHEREOF, this Amendment is executed as of the date first above written.

	  	
COPANO ENERGY, L.L.C.,

	  	
as Borrower

	
By:

	

/s/Carl A. Luna

	
Name:

	
Carl A. Luna

	
Title:

	
Senior Vice President and

	  	
Chief Financial Officer

 

 

 

  

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BANK OF AMERICA, N.A.,

	  	  	
as Administrative Agent

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
BANK OF AMERICA, N.A.,

	  	  	
as a Lender, L/C Issuer and Swing Line Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
JPMORGAN CHASE BANK, N.A.,

	  	  	
as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
WELLS FARGO BANK, NATIONAL ASSOCIATION,

	  	  	
as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
BNP PARIBAS., successor-by-merger to Fortis Capital Corp., as a Lender

	  	  	
as a Lender

	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
COMPASS BANK, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  

 

  

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U.S. BANK NATIONAL ASSOCIATION,

	  	  	
as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
SUNTRUST BANK, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
COMERICA BANK, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
ROYAL BANK OF CANADA, as a Lender

	  	  	  
	  	
By

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
BANK OF SCOTLAND, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
NATIXIS, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
UNION BANK, N.A., f/k/a Union Bank of California, N.A., as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  

 

  

S-3

  

  

	  	  	
BANK OF TEXAS, N.A., as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
STERLING BANK, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
MORGAN STANLEY BANK, N.A., as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
KEYBANK, NATIONAL ASSOCIATION,

	  	  	
as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
AMEGY BANK NATIONAL ASSOCIATION, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	
BAYERISCHES HYPO-UND VEREINSBANK AG, NEW YORK BRANCH,

	  	  	
as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  

 

  

S-4

  

  

	  	  	
CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
TRUSTMARK NATIONAL BANK, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
THE BANK OF NOVA SCOTIA, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, f/k/a Calyon New York Branch, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
REGIONS BANK, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  

 

  

S-5

  

  

	  	  	
MIZUHO CORPORATE BANK, LTD.,

	  	  	
as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
BARCLAYS BANK PLC, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
GOLDMAN SACHS CREDIT PARTNERS L.P.,

	  	  	
as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  
	  	  	  
	  	  	
COMPASS BANK, successor-in-interest to Guaranty Bank, as a Lender

	  	  	  
	  	
By:

	

 /s/ Authorized Signatory

	  	
Name:

	  
	  	
Title:

	  

 

  

S-6

  

  

SCHEDULE 2.01

 

COMMITMENTS AND APPLICABLE PERCENTAGES

 

	
Lender

	
Commitment

	
Applicable Percentage*

	
Bank of America, N.A.

	
$60,000,000

	
10.909091%

	
JPMorgan Chase Bank, N.A.

	
$30,000,000

	
5.454545%

	
BNP Paribas, successor-by-merger to Fortis Capital Corp.

	
$30,000,000

	
5.454545%

	
Compass Bank and Compass Bank, successor-in-interest to Guaranty Bank

	
$44,000,000

	
8.000000%

	
U.S. Bank National Association

	
$25,000,000

	
4.545455%

	
Wells Fargo Bank, N.A.

	
$55,000,000

	
10.000000%

	
SunTrust Bank

	
$25,000,000

	
4.545455%

	
Comerica Bank

	
$25,000,000

	
4.545455%

	
Royal Bank of Canada

	
$25,000,000

	
4.545455%

	
Bank of Scotland

	
$25,000,000

	
4.545455%

	
Natixis

	
$15,000,000

	
2.727273%

	
Union Bank, N.A., f/k/a Union Bank of California, N.A.

	
$15,000,000

	
2.727273%

	
Bank of Texas, N.A.

	
$15,000,000

	
2.727273%

	
Sterling Bank

	
$15,000,000

	
2.727273%

	
Morgan Stanley Bank, N.A.

	
$5,000,000

	
0.909091%

	
Deutsche Bank Trust Company Americas

	
$15,000,000

	
2.727273%

	
Keybank, National Association

	
$15,000,000

	
2.727273%

	
Amegy Bank National Association

	
$15,000,000

	
2.727273%

	
Bayerische Hypo-Und Vereinsbank AG, New York Branch

	
$10,000,000

	
1.818182%

	
Credit Suisse

	
$20,000,000

	
3.636364%

	
Trustmark National Bank

	
$10,000,000

	
1.818182%

	
The Bank of Nova Scotia

	
$10,000,000

	
1.818182%

	
Credit Agricole Corporate and Investment Bank, f/k/a Calyon New York Branch

	
$10,000,000

	
1.818182%

	
Regions Bank

	
$10,000,000

	
1.818182%

	
Sumitomo Mitsui Banking Corporation

	
$10,000,000

	
1.818182%

	
Mizuho Corporate Bank, Ltd.

	
$10,000,000

	
1.818182%

	
Barclays Bank PLC

	
$5,000,000

	
0.909091%

	
Goldman Sachs Credit Partners L.P.

	
$1,000,000

	
0.181818%

	
____________________________

Total

	
___________

$550,000,000

	
___________

100.000000%

	
*Rounded to six decimal places

  

  

  

  

CONSENT OF GUARANTORS

 

Each of the undersigned Guarantors hereby consents to the provisions of this Amendment and the transactions contemplated herein and therein and hereby (i) ratifies, confirms and approves the Credit Agreement, the Amendment, the Guaranty and the other Loan Documents and, in particular, any provisions thereof which relate to such Guarantor, (ii) acknowledges and agrees that any and all indebtedness, liabilities or obligations arising under or in connection with the Credit Agreement and the Notes are Obligations and are guarantied indebtedness under the Guaranty and are secured indebtedness under, and are secured by each and every Security Document, (iii) ratifies and confirms the Guaranty and each Security Document to which it is a party, (iv) expressly acknowledges and agrees that such Guarantor guarantees all Obligations arising under or in connection with the Credit Agreement and the Notes pursuant to the terms of the Guaranty, and hereby re-pledges, re-grants and re-assigns a security interest in and lien on every asset of such Guarantor described as Collateral in any Security Document to secure all such Obligations, and (v) agrees that its obligations and covenants under the Guaranty and each Security Document to which it is a party are unimpaired hereby and shall remain in full force and effect.

	  	  	  	
ScissorTail Energy, LLC

Copano Energy/Mid-Continent, L.L.C. (f/k/a Copano Energy/Rocky Mountains and Mid-Continent, L.L.C.)

Copano Processing GP, L.L.C.

Copano NGL Services GP, L.L.C.

Copano Field Services GP, L.L.C.

Copano Pipelines GP, L.L.C.

Copano Pipelines, (Texas) GP, L.L.C.

Copano Energy Services GP, L.L.C.

Copano Energy Services (Texas) GP, L.L.C.

Copano Field Services/Central Gulf Coast GP, L.L.C.

Copano/Webb-Duval Pipeline GP, L.L.C.

CPNO Services GP, L.L.C.

Copano Energy Finance Corporation

	  	  	
By:

	

/s/Carl A. Luna

	  	  	
Name:

	
Carl A. Luna

	  	  	
Title:

	
Senior Vice President and

	  	  	  	
Chief Financial Officer

	  	  	  	  

 

	  	  	  	
Copano Processing, L.P.

Copano Processing GP, L.L.C., General Partner

	  	  	
By:

	

/s/Carl A. Luna

	  	  	
Name:

	

Carl A. Luna

	  	  	
Title:

	
Senior Vice President and

	  	  	  	
Chief Financial Officer

	  	  	  	  

	  	  	  	
Copano NGL Services, L.P.

Copano NGL Services GP, L.L.C., General Partner

	  	  	
By:

	

/s/Carl A. Luna

	  	  	
Name:

	

Carl A. Luna

	  	  	
Title:

	
Senior Vice President and

	  	  	  	
Chief Financial Officer

	  	  	  	  

 

  

2

  

  

 

	  	  	  	
Copano Houston Central, L.L.C.

CHC LP Holdings, L.L.C.

Copano Pipelines Group, L.L.C.

Copano General Partners, Inc.

CPG LP Holdings, L.L.C.

CWDPL LP Holdings, L.L.C.

CPNO Services LP Holdings, L.L.C.

	  	  	
By:

	

/s/ Kristina M. Francis

	  	  	
Name:

	

Kristina M. Francis

	  	  	
Title:

	
Vice President and

	  	  	  	
Assistant Secretary

	  	  	  	  

 

	  	  	
By:

	
Copano Field Services/Agua Dulce, L.P.

Copano Field Services/Copano Bay, L.P.

Copano Field Services/Karnes, L.P.

Copano Field Services/Live Oak, L.P.

Copano Field Services/South Texas, L.P.

Copano Field Services/Upper Gulf Coast, L.P.

Copano Field Services GP L.L.C., General Partner

	  	  	
By:

	

/s/Carl A. Luna

	  	  	
Name:

	

Carl A. Luna

	  	  	
Title:

	
Senior Vice President and

	  	  	  	
Chief Financial Officer

	  	  	  	  

	  	  	
By:

	
Copano Pipelines/Hebbronville, L.P.

Copano Pipelines/South Texas, L.P.

Copano Pipelines/Upper Gulf Coast, L.P.

Copano Pipelines GP, L.L.C., General Partner

	  	  	
By:

	

/s/Carl A. Luna

	  	  	
Name:

	

Carl A. Luna

	  	  	
Title:

	
Senior Vice President and

	  	  	  	
Chief Financial Officer

	  	  	  	  

	  	  	
By:

	
Copano Pipelines/TGC, L.P.

(f/k/a Copano Pipelines/Texas Gulf Coast, L.P.)

Copano Pipelines, (Texas) GP, L.L.C., General Partner

	  	  	
By:

	

/s/Carl A. Luna

	  	  	
Name:

	

Carl A. Luna

	  	  	
Title:

	
Senior Vice President and

	  	  	  	
Chief Financial Officer

	  	  	  	  

 

  

3

  

  

 

	  	  	
Copano Field Services/Central Gulf Coast, L.P.

	  	
By:

	
Copano Field Services/Central Gulf Coast GP, L.L.C.,

General Partner

	  	
By:

	

/s/Carl A. Luna

	  	  	

Carl A. Luna

	  	  	
Senior Vice President and

	  	  	
Chief Financial Officer

	  	  	  
	  	  	
Copano Energy Services/Upper Gulf Coast, L.P.

	  
	  	
By:

	
Copano Energy Services GP, L.L.C., General Partner

	  
	  	  	  	  
	  	
By:

	

/s/Carl A. Luna

	  
	  	  	
Carl A. Luna

	  
	  	  	
Senior Vice President and Chief Financial Officer

	  
	  	  	  	  
	  	  	
Copano Energy Services/Texas Gulf Coast, L.P.

	  
	  	
By:

	
Copano Energy Services (Texas) GP, L.L.C.,

	  
	  	  	
General Partner

	  
	  	  	  	  
	  	
By:

	

/s/Carl A. Luna

	  
	  	  	
Carl A. Luna

	  
	  	  	
Senior Vice President and Chief Financial Officer

	  
	  	  	  	  
	  	  	  	  
	  	  	
Copano/Webb Duval Pipeline, L.P.

	  
	  	
By:

	
Copano/Webb-Duval Pipeline GP, L.L.C., General Partner

	  
	  	
By:

	

/s/Carl A. Luna

	  
	  	  	
Carl A. Luna

	  
	  	  	
Senior Vice President and Chief Financial Officer

	  
	  	  	  	  
	  	  	  	  
	  	  	
CPNO Services, L.P.

	  
	  	  	
Copano Risk Management, L.P.

	  
	  	
By:

	
CPNO Services GP, L.L.C., General Partner

	  
	  	
By:

	

/s/Carl A. Luna

	  
	  	  	
Carl A. Luna

	  
	  	  	
Senior Vice President and Chief Financial Officer

	  
	  	  	  	  

  

4

  

  

	  	  	
Cimmarron Gathering, LP

	  	
By:

	
Copano/Red River Gathering GP, L.L.C.,

	  	  	
its general partner

	  	  	  
	  	
By:

	

/s/Carl A. Luna

	  	  	
Carl A. Luna

	  	  	
Senior Vice President and Chief Financial Officer

	  	  	  
	  	  	  
	  	  	
Copano/Red River Gathering GP, L.L.C.

	  	
By:

	

/s/Carl A. Luna

	  	  	
Carl A. Luna

	  	  	
Senior Vice President and Chief Financial Officer

	  	  	  
	  	  	  
	  	  	
Copano/Red River Gathering LP Holdings, L.L.C.

	  	
By:

	

/s/ Kristina M. Francis

	  	  	
Kristina M. Francis

	  	  	
Vice President and Assistant Secretary

	 	 	 
	 	 	 

	  	  	
CMW Energy Services, L.L.C.

Greenwood Gathering, L.L.C.

Copano Energy/Rocky Mountains, L.L.C.

Copano Natural Gas/Rocky Mountains, LLC (f/k/a Cantera Natural Gas, LLC)

Copano Pipelines/Rocky Mountains, LLC (f/k/a Cantera Gas Holdings LLC)

Cantera Gas Company LLC

Copano Processing/Louisiana, LLC (f/k/a Cantera Field Services Holdings LLC)

	  	  	  
	  	  	  
	  	  	  
	  	
By:

	

/s/Carl A. Luna

	  	  	
Carl A. Luna

	  	  	
Senior Vice President and Chief Financial Officer

	  	  	  
	  	  	  
	  	  	
Copano Pipelines/North Texas, L.L.C.

Copano NGL Services (Markham), L.L.C.

Copano Eagle Ford LLC

	  	
By:

	

/s/Carl A. Luna

	  	
Name:

	
Carl A. Luna

	  	
Title:

	
Senior Vice President and

	  	  	
Chief Financial Officer

	  	  	  

 

  

5

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