Document:

Unassociated Document

    Exhibit
      10.1

     

    EXECUTION
      VERSION

     

    FIRST
      AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

    

    THIS
      FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
      “Amendment”),
      dated
      as of April 4, 2006, is by and among PUGET
      SOUND ENERGY, INC.,
      a
      Washington corporation (the “Borrower”),
      the
      financial institutions party hereto as lenders (the “Lenders”)
      and
WACHOVIA
      BANK, NATIONAL ASSOCIATION,
      as
      administrative agent under the Credit Agreement (defined below) (in such
      capacity, the “Administrative
      Agent”).

     

    W
      I T N E S S E T H

    

    WHEREAS,
      the
      Borrower, the Lenders and the Administrative Agent are parties to that certain
      Amended and Restated Credit Agreement dated as of March 24, 2005 (as previously
      amended, modified or supplemented and as further amended, modified,
      supplemented, restated or amended and restated from time to time, the
“Credit
      Agreement”;
      capitalized terms used herein shall have the meanings ascribed thereto in the
      Credit Agreement as amended hereby); and

    

    WHEREAS,
      the
      Borrower and the Lenders have agreed to amend the Credit Agreement on the terms
      and conditions set forth herein;

    

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

     

    ARTICLE
      I

    AMENDMENTS
      TO CREDIT AGREEMENT

    

    1.1 Amendments
      to Section 1.1.
      

    

    (a) The
      definition of “Facility Termination Date” in Section 1.1 of the Credit Agreement
      is hereby deleted in its entirety and replaced with the following:

    
 

    “Facility
      Termination Date”
      means April 4, 2011, any later date as may be specified as the Facility
      Termination Date in accordance with Section 2.17 or any earlier date on
      which the Aggregate Commitment is reduced to zero or otherwise terminated
      pursuant to the terms hereof.

    

    (b) The
      definition of “Trust Preferred Securities” in Section 1.1 of the Credit
      Agreement is hereby deleted in its entirety and replaced with the
      following:

     

    “Trust
      Preferred Securities”
      means (a) the outstanding principal amount of 8.4% subordinated debentures
      due June 30, 2041 issued by the Borrower on May 24, 2001 and purchased
      with the proceeds of trust preferred securities, (b) the outstanding
      principal amount of 8.231% subordinated debentures due June 1, 2027 issued
      by the Borrower on June 6, 1997 and purchased with the proceeds of trust
      preferred securities, (c) the outstanding principal amount of other
      subordinated debentures issued by the Borrower and purchased with the proceeds
      of trust preferred securities that are similar in structure to those described
      in clauses (a) and (b), and (d) the outstanding principal amount of
      other subordinated debentures of the Borrower and purchased with the proceeds
      of
      trust preferred securities that are (i) subordinated to the Obligations to
      a degree not less favorable to the Lenders than the subordinated debentures
      described in clauses (a) and (b) and (ii) deemed by one or more nationally
      recognized credit rating agencies to contain equity-like
      characteristics.

    

    1.2 Amendment
      to Pricing Schedule.

    

    Schedule
      1 to the Credit Agreement is hereby deleted in its entirety and replaced by
      Schedule 1 attached to this Amendment.

     

    1.3 Amendment
      to Commitment Schedule.

     

    Schedule
      2 to the Credit Agreement is hereby deleted
      in its entirety and replaced by Schedule 2 attached to this
      Amendment.

     

    

    ARTICLE
      II

    CONDITIONS
      TO EFFECTIVENESS

    

    2.1 Closing
      Conditions.

    

    This
      Amendment shall become effective as of the date hereof (the “First
      Amendment Effective Date”)
      upon
      satisfaction of the following conditions (in form and substance reasonably
      acceptable to the Administrative Agent):

    

    (a) Executed
      Amendment.
      The
      Administrative Agent shall have received a copy of this Amendment duly executed
      by each of the Borrower, the Lenders and the Administrative Agent.

    

    (b) Fees.
      The
      Administrative Agent shall have received the fees set forth in the Fee Letter,
      dated April 4, 2006, addressed to the Borrower from the Administrative Agent
      and
      Wachovia Capital Markets, LLC.

    

    (c) Authority
      Documents.
      The
      Administrative Agent shall have received:

    

    (i) Resolutions.
      Copies
      of resolutions of the Board of Directors of the Borrower approving and adopting
      this Amendment, the transactions contemplated herein and authorizing execution
      and delivery thereof, certified by an officer to be true and correct and in
      force and effect as of the First Amendment Effective Date.

    

    (ii) Good
      Standing.
      Copies
      of certificates of good standing, existence or its equivalent with respect
      to
      the Borrower certified as of a recent date by the appropriate governmental
      authorities of the state of incorporation and each other jurisdiction in which
      the failure to so qualify and be in good standing could reasonably be expected
      to have a Material Adverse Effect.

    

    (iii) Incumbency.
      An
      incumbency certificate of the Borrower certified by the secretary of the
      Borrower to be true and correct as of the First Amendment Effective Date.

    

    (d) Legal
      Opinion.
      The
      Administrative Agent shall have received an opinion
      satisfactory to the Administrative
      Agent,
      addressed to the Administrative
      Agent
      and
      the Lenders, from legal counsel to the Borrower.

    

    (e) No
      Change.
      Since
      the Closing Date, there shall not have occurred any change in the business,
      Property, condition (financial or otherwise), operations or prospects of the
      Borrower and its Subsidiaries, taken as a whole, that could reasonably be
      expected to have a Material Adverse Effect.

     

    (f) Expenses.
      The
      Administrative Agent shall have received all fees
      and
      expenses of the Administrative Agent in connection with the preparation,
      execution and delivery of this Amendment for which an invoice has been presented
      to the Borrower prior to the First Amendment Effective Date.

    

    (g) Other.
      The
      Administrative Agent shall have received such other documents, agreements or
      information which it may reasonably request relating
      to the Borrower and the transactions contemplated
      by this
      Amendment and any other matters relevant hereto or thereto, all in form and
      substance satisfactory to the Administrative Agent in its sole good faith
      discretion. 

    

    

    ARTICLE
      III

    MISCELLANEOUS

    

    3.1 Amended
      Terms.
      All
      references to the Credit Agreement in each of the Loan Documents shall hereafter
      mean the Credit Agreement as amended by this Amendment. Except as specifically
      amended hereby or otherwise agreed, the Credit Agreement is hereby ratified
      and
      confirmed and shall remain in full force and effect according to its
      terms.

    

    3.2 Representations
      and Warranties of the Borrower.
       The
      Borrower represents and warrants as follows as of the date hereof:

     

    (a) It
      has
      taken all necessary action to authorize the execution, delivery and performance
      of this Amendment.

    

    (b) This
      Amendment has been duly executed and delivered by the Borrower and constitutes
      the Borrower’s valid and legally binding obligations, enforceable in accordance
      with its terms, except as such enforceability may be subject to
      (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
      transfer, moratorium or similar laws affecting creditors’ rights generally and
      (ii) general principles of equity (regardless of whether such
      enforceability is considered in a proceeding at law or in equity).

    

    (c) No
      consent, approval, authorization or order of, or filing, registration or
      qualification with, any governmental authority or third party is required in
      connection with the execution, delivery or performance by the Borrower of this
      Amendment.

    

    (d) The
      representations
      and warranties set forth in Article 5 of the Credit Agreement are true and
      correct in all material respects as of the date hereof (except for those which
      expressly relate to an earlier date).

    

    (e) Immediately
      after giving effect to this Amendment and all the transactions contemplated
      hereby to occur on the First Amendment Effective Date, (1) no Default or
      Unmatured Default exists; and (2) the Borrower is in compliance with the
      financial covenant set forth in Section 6.11 of the Credit
      Agreement.

     

    (f) There
      have been no changes to the articles of incorporation or bylaws of the Borrower
      since the Closing Date.

    

    3.3 Loan
      Document.
      This
      Amendment shall constitute a Loan Document under the terms of the Credit
      Agreement.

    

    3.4 Entirety.
      This
      Amendment and the other Loan Documents embody the entire agreement between
      the
      parties hereto and supersede all prior agreements and understandings, oral
      or
      written, if any, relating to the subject matter hereof.

    

    3.5 Counterparts;
      Telecopy.
      This
      Amendment may be executed in any number of counterparts, each of which when
      so
      executed and delivered shall be an original, but all of which shall constitute
      one and the same instrument. Delivery of an executed counterpart to this
      Amendment by telecopy shall be effective as an original and shall constitute
      a
      representation that an original will be delivered.

    

    3.6 GOVERNING
      LAW.
      THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
      AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH, THE LAW OF THE STATE OF NEW YORK. 

    

    3.8 Consent
      to Jurisdiction; Waiver of Jury Trial.
      The
      jurisdiction and waiver of jury trial provisions set forth in Sections 14.2
      and
      14.3 of the Credit Agreement are hereby incorporated by reference, mutatis
      mutandis.

    

    3.9 Fees.
      The
      Borrower agrees to pay all fees
      and
      expenses of the Administrative Agent in connection with the preparation,
      execution and delivery of this Amendment, including, without limitation, the
      fees and expenses of Moore & Van Allen PLLC.

    

    [remainder
      of page intentionally left blank]

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
PUGET
      SOUND ENERGY, INC.

    FIRST
      AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

    IN
      WITNESS WHEREOF the Borrower, the Lenders, and the Administrative Agent have
      caused this Amendment to be duly executed on the date first above
      written.

     

       

    
      	 BORROWER:	 PUGET
              SOUND ENERGY, INC.,
              a
              Washington corporation
	 	 	 
	 	
              By:
                /s/
                Donald E. Gaines

            	 
	 	
              Name:
                Donald E. Gaines

            	 
	 	
              Title:
                Vice President Finance & Treasurer

            	 

    

     

    
      	 ADMINISTRATIVE
              AGENT 	 	 
	 AND
              LENDERS:	 WACHOVIA
              BANK, 	 
	 	 NATIONAL
              ASSOCIATION,	 
	 	 as Administrative
              Agent and as a Lender	 
	 	 	 
	 	
              By:
                /s/
                Frederick W. Price

            	 
	 	
              Name:
                Frederick W. Price

            	 
	 	
              Title:
                Managing Director

            	 

    

     

    
      	 	 CITIBANK,
              N.A.,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/
                Dhaya Ranganathan

            	 
	 	
              Name:
                Dhaya Ranganathan

            	 
	 	
              Title:
                Director

            	 

    

     

    
      	 	 JPMORGAN
              CHASE BANK,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/ Michael J. DeForge

            	 
	 	
              Name:
                Michael J. DeForge

            	 
	 	
              Title:
                Vice President

            	 

    

     

     

    
      	 	 UNION
              BANK OF CALIFORNIA, N.A.,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/ Kristin Isleib

            	 
	 	
              Name:
                Kristin Isleib

            	 
	 	
              Title:
                Assistant Vice President

            	 

    

     

    
      	 	 KEYBANK
              NATIONAL ASSOCIATION,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/ Keven D. Smith

            	 
	 	
              Name:
                Keven D. Smith

            	 
	 	
              Title:
                Senior Vice President

            	 

    

     

     

    
      	 	 THE
              BANK
              OF NEW YORK,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/ Jesus Williams

            	 
	 	
              Name:
                Jesus Williams

            	 
	 	
              Title:
                Vice President

            	 

    

    

    

    
      	 	 LEHMAN
              BROTHERS BANK, FSB,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/ Janine M. Shugan

            	 
	 	
              Name:
                Janine M. Shugan

            	 
	 	
              Title:
                Authorized Signatory

            	 

    

     

    
      	 	 MORGAN
              STANLEY BANK,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/ Daniel Twenge

            	 
	 	
              Name:
                Daniel Twenge

            	 
	 	
              Title:
                Vice President

            	 

    

     

    
      	 	 THE
              BANK
              OF NOVA SCOTIA,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/
                Thane Rattew

            	 
	 	
              Name:
                Thane Rattew

            	 
	 	
              Title:
                Managing Director

            	 

    

     

    
      	 	 UBS
              LOAN
              FINANCE LLC,	 
	 	 as
              a Lender	 
	 	 	 
	 	
              By:
                /s/
                Richard L. Tavrow

            	 
	 	
              Name:
                Richard L. Tavrow

            	 
	 	
              Title:
                Director

            	 

    

     

    
      	 	 	 
	 	
              By:
                /s/
                Irja R. Otsa

            	 
	 	
              Name:
                Irja R. Otsa

            	 
	 	
              Title:
                Associate Director

            	 

    

     

    
      	 	 U.S.
              BANK
              NATIONAL ASSOCIATION,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/
                Wilfred Jack

            	 
	 	
              Name:
                Wilfred Jack

            	 
	 	
              Title:
                Vice President

            	 

    

     

    
      	 	 WELLS
              FARGO BANK, N.A.,	 
	 	 as a
              Lender	 
	 	 	 
	 	
              By:
                /s/
                Deborah S. Watson

            	 
	 	
              Name:
                Deborah S. Watson

            	 
	 	
              Title:
                Vice PresidentEXHIBIT
10.53A

 

FIRST AMENDMENT
AND WAIVER

 

MANUFACTURE AND
SUPPLY AGREEMENT

 

EFFECTIVE FEBRUARY
13, 2006

 

This first amendment and
waiver (the “Amendment and Waiver”)
to the Manufacture and Supply Agreement dated December 22, 2003 (the “Original Agreement”), by and between VIVUS, Inc.,
having a principal place of business at 1172 Castro Street, Mountain View,
California 94040, United States of America (“VIVUS”),
and NeraPharm spol., s.r.o., having a place of business at Ulice Prace 657, 277
11 Neratovice, Czech Republic (“NeraPharm”)
(each, a “Party” and collectively, the “Parties”).

 

WHEREAS, Article 2
of the Original Agreement obligates NeraPharm to supply VIVUS specific amounts
of the Product and VIVUS to purchase from NeraPharm minimum quantities of the
Product;

 

WHEREAS FURTHER, given
the failure by VIVUS to order minimum quantities of the Product during calendar
year 2005 and the current market conditions for VIVUS’ product, the Parties
wish to amend the Original Agreement to provide that (i) VIVUS shall order
the minimum quantity of the Product for calendar year 2005 (i.e., [***]) for
delivery by NeraPharm on or before April 30, 2006 and (ii) the
minimum quantity of the Product to be ordered by VIVUS in 2006 (i.e., [***])
shall be postponed until 2008, with such order and delivery occurring on or
before December 31, 2008;

 

WHEREAS FURTHER,
NeraPharm desires to waive any and all alleged past breaches of the Original
Agreement by VIVUS (e.g., the minimum quantity purchase requirements and the
forecasting requirements of Article 2 of the Original Agreement);

 

NOW, THEREFORE, the
Parties agree as follows:

 

1.               Section 2.3 of the Original Agreement shall
be amended and restated in its entirety to read as follows:

 

Obligation to Supply.  Subject to the terms of this Article 2,
NeraPharm shall accept and fill all orders placed by VIVUS for the Product
quantities set forth in binding six (6) month forecasts as provided for
herein.  Per Section 2.1 of this
Agreement, the yield of the manufactured lot size that NeraPharm will validate
for Product supply to VIVUS under this Agreement is expected to be [***] to [***].  Forecasts provided by VIVUS to NeraPharm for
Product supply will be in whole lot quantities with a target yield of [***] per
lot.  Beginning in 2006, VIVUS shall
provide to NeraPharm a binding six (6) month forecast and a non-binding
twelve (12) month forecast

 

*** Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission.

 

1

 

starting from the end of the binding six (6) month period.  The non-binding twelve (12) month forecast will
assist NeraPharm in planning and capacity allocation and the binding six (6) month
forecast will set forth quantities, if any, that VIVUS will be obligated to
order and that NeraPharm will be obligated to deliver; provided that due to
manufacturing batch yield variances, NeraPharm shall supply quantities in
amounts that are plus or minus [***] of the VIVUS ordered quantity in [***];
provided further that VIVUS may order an additional [***] per quarter above the
binding forecast amount and up to [***] per four (4) quarter period not to
exceed [***] per quarter.  Such binding
and non-binding forecasts shall be updated by VIVUS on February 28, May 30,
August 30 and November 30 for eighteen (18) month periods starting
from the first day of the first subsequent calendar quarter.  The total of the quantities indicated for the
first three (3) months of such updated binding forecasts including the
firm orders already placed, but not including back orders, if any, shall be not
less than [***] per quarter less the quantities indicated for the same calendar
period in the binding forecast issued three (3) months before.  As VIVUS, from time to time, may need to
purchase quantities in excess of [***] per quarter above the binding forecast
or more than [***] per four (4) quarter period, NeraPharm agrees to use its
best efforts to supply VIVUS’ requirements. 
Notwithstanding anything to the contrary herein, the Parties agree that
if VIVUS fails to provide NeraPharm with the forecast(s) on the due dates as
set forth above, the forecast(s) shall be deemed to be provided by VIVUS with
the quantities set at [***].

 

2.               Section 2.5 of the Original Agreement shall
be amended and restated in its entirety to read as follows:

 

Minimum Quantities.  VIVUS agrees to order at least [***] batches
[***] of Product for delivery during the calendar years 2004, 2005 and 2008;
provided that the Parties agree that (i) VIVUS’ order and delivery for
calendar year 2005 will occur on or before April 30, 2006, and (ii) VIVUS’
order and delivery for calendar year 2008 will occur on or before December 31,
2008.

 

3.               Section 2.7.1 of the Original Agreement shall
be amended and restated in its entirety to read as follows:

 

The price of the Product delivered for the first [***] during the calendar
years 2004, 2005 and 2008 (as set forth in Section 2.5 of this Agreement)
shall be [***] per [***].

 

4.               By executing this Amendment and Waiver, NeraPharm
hereby waives any and all alleged past breaches by VIVUS of the minimum order
and forecasting obligations under Article 2 of the Original Agreement.

 

5.               This Amendment and Waiver may be executed in one
or more counterparts, each of which shall for all purposes be deemed to be an
original and all of which shall constitute the same

 

*** Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission.

 

2

 

instrument.  This
Amendment and Waiver may be executed by facsimile signature, which shall be
deemed to be effective.

 

6.               Upon the execution of this Amendment and Waiver by
VIVUS and NeraPharm this Amendment and Waiver shall be binding upon all Parties
to the Original Agreement, effective February 13, 2006.

 

7.               Sections 11.2 and 11.3 of the Original Agreement
shall govern the choice of law applicable to this Amendment and Waiver and the
resolution of any disputes or claims associated with this Amendment and Waiver.

 

8.               Except as set forth in this Amendment and Waiver,
the remainder of Original Agreement shall remain in full force and effect and
shall be binding on the Parties.  All
terms not otherwise defined herein shall have the meanings prescribed to them
in the Original Agreement.

 

IN
WITNESS WHEREOF, the Parties have duly executed this Amendment and Waiver as of
the day and year first set forth above.

 

	
  VIVUS, INC.

  	
   

  	
  NERAPHARM, SPOL., S.R.O.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/
  Timothy E. Morris

  	
   

  	
   

  	
  /s/
  M. Spacek

  	
   

  
	
  (Signature)

  	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Timothy E. Morris

  	
   

  	
   

  	
  Miroslav Spacek

  	
   

  
	
  (Print
  Name)

  	
   

  	
  (Print
  Name)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Vice
  President Finance, CFO

  	
   

  	
   

  	
  Managing
  Director

  	
   

  
	
  (Print
  Title)

  	
   

  	
  (Print
  Title)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NERAPHARM, SPOL., S.R.O.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Vratislav Hlubucek

  	
   

  
	
   

  	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Vratislav Hlubucek

  	
   

  
	
   

  	
   

  	
  (Print
  Name)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BOD
  Member

  	
   

  
	
   

  	
   

  	
  (Print
  Title)

  	
   

  

 

*** Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission.

 

3

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