Document:

Exhibit 10.1 - First Amendment

    Exhibit 10.1

    FIRST
      AMENDMENT

    TO

    SECOND
      AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

    

    

    

    This
      Amendment, dated as of February 3, 2006, is entered into by (1) FRONTIER OIL
      AND
      REFINING COMPANY, a Delaware corporation (the “Borrower”),
      (2)
      FRONTIER OIL CORPORATION, a Wyoming corporation (“FOC”),
      (3)
      each of the financial institutions party to the Credit Agreement referred to
      below (the “Lenders”)
      and
      (4) UNION BANK OF CALIFORNIA, N.A., a national banking association, as
      administrative agent (the “Administrative
      Agent”)
      for
      the Lenders.

    

    

    Recitals

    

    A. The
      Borrower, FOC, the Lenders, the Administrative Agent and BNP Paribas, a French
      banking corporation, as syndication agent, are party to a Second Amended and
      Restated Revolving Credit Agreement dated as of November 22, 2004 (the
“Credit
      Agreement”).
      Terms
      defined in the Credit Agreement and not otherwise defined herein have the same
      respective meanings when used herein, and the rules of interpretation set forth
      in Section 1.3 of the Credit Agreement are incorporated herein by
      reference.

    

    B. The
      Borrower, FOC and the Lenders wish to amend the Credit Agreement to, among
      other
      things, (1) revise the definition of “Cash Equivalents” and (2) permit the
      Borrower and FOC to enter into certain transactions for the purpose of financing
      the purchase of crude oil by the Borrower. Accordingly, for good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      Borrower, FOC, the Lenders and the Administrative Agent hereby agree as set
      forth below.

    

    

    SECTION
      1.  Amendments
      to Credit Agreement

    .
      Effective as of the date hereof but subject to satisfaction of the conditions
      precedent set forth in Section 2 of this Amendment, the Borrower, FOC and the
      Lenders hereby agree as set forth below.

    

    (a)  The
      definition of “Cash Equivalents” in Section 1.1 of the Credit Agreement is
      amended in full to read as follows:

    

    “‘Cash
      Equivalents’
means:
      (a) United States dollars or up to $2,000,000 of Canadian dollars; (b)
      securities issued or directly and fully guaranteed or insured by the United
      States government or any agency or instrumentality thereof and having maturities
      of not more than six months from the date of acquisition; (c) certificates
      of
      deposit and Eurodollar time deposits with maturities of one year or less from
      the date of acquisition, bankers’ acceptances with maturities not exceeding one
      year and overnight bank deposits, in each case with any commercial bank
      organized under the laws of any country that is a member of the Organization
      for
      Economic Cooperation and Development and having capital and surplus in excess
      of
      $500,000,000; (d) repurchase obligations with a term of not more than seven
      days
      for underlying securities of the types described in clauses (b) and (c) above
      that are entered into with any financial institution meeting the qualifications
      specified in clause (c) above; (e) commercial paper having the highest rating
      obtainable from Moody’s or S&P and in each case maturing within 180 days
      after the date of acquisition; (f) commercial paper, maturing not more than
      180
      days after the date of acquisition, issued by a corporation organized and
      existing under the laws of the United States of America or any foreign country
      recognized by the United States of America, with a rating at the time as of
      which any investment therein is made of P-1 (or higher) according to Moody’s or
      A-1 (or higher) according to S&P; (g) deposits available for withdrawal on
      demand with any commercial bank not meeting the qualifications specified in
      clause (c) above, provided that all such deposits do not exceed $2,000,000
      in
      the aggregate at any one time; and (h) money market mutual funds substantially
      all of the assets of which are of the types described in the preceding clauses
      (a) through (f).”

    

    (b)  Section
      1.1 of the Credit Agreement is amended by adding the following new defined
      term
      in appropriate alphabetical order:

    

    “‘Utexam
      Transactions’
means
      the crude oil purchases and related transactions contemplated by the Master
      Crude Oil Purchase and Sale Contract dated February 3, 2006 by and among Utexam
      Ltd., a corporation organized under the laws of the Republic of Ireland, as
      seller, the Borrower, as purchaser, and FOC, as guarantor.”

    

    (c)  Section
      7.4 of the Credit Agreement is amended by deleting the word “and” at the end of
      clause (i), deleting the period at the end of clause (j) and substituting “;
      and” and adding the following new clause (k) after clause (j):

    

    “(k) the
      obligations of the Borrower, as purchaser, and FOC, as guarantor, in respect
      of
      the Utexam Transactions, provided that such obligations do not exceed, at any
      time outstanding, the sum of $150,000,000 plus the amount of any related
      transportation costs and expenses.”

    

    (d)  Schedule
      5 to the Credit Agreement is amended by deleting the reference to FGI, LLC,
      its
      owner and the related ownership percentage.

    

    SECTION
      2.  Conditions
      Precedent

    .
      This
      Amendment shall become effective as of the date first set forth above when
      and
      if the Administrative Agent receives all of the following, each dated the date
      hereof, in form and substance satisfactory to the Administrative Agent and
      in
      the number of originals requested thereby:

    

    (a)  this
      Amendment, duly executed by the Borrower, FOC and the Majority Lenders;
      and

    

    (b)  a
      consent
      to this Amendment, duly executed by the Guarantors.

    

    SECTION
      3.  Representations
      and Warranties

    .
      Each of
      the Borrower and FOC represents and warrants to the Lenders and the
      Administrative Agent as set forth below.

    

    (a)  The
      execution, delivery and performance by each of the Borrower and FOC of this
      Amendment and the Credit Agreement, as amended hereby, and the consummation
      of
      the transactions contemplated hereby and thereby, are within such Credit Party’s
      legal powers, have been duly authorized by all necessary legal action and do
      not
      (i) contravene such Credit Party’s charter or bylaws, (ii) violate any
      Governmental Rule, (iii) conflict with or result in the breach of, or constitute
      a default under, any Material Contract, loan agreement, indenture, mortgage,
      deed of trust or lease, or any other contract or instrument, binding on or
      affecting such Credit Party, any of its Subsidiaries or any of their respective
      properties, the conflict, breach or default of which could reasonably be
      expected to have a Material Adverse Effect, or (iv) result in or require the
      creation or imposition of any Lien upon or with respect to any of the properties
      of such Credit Party or any of its Subsidiaries, except for Liens created under
      the Credit Documents. Neither such Credit Party nor any of its Subsidiaries
      is
      in violation of any Governmental Rule or in breach of any such contract, loan
      agreement, indenture, mortgage, deed of trust, lease or other contract or
      instrument, the violation or breach of which could reasonably be expected to
      have a Material Adverse Effect.

    

    (b)  No
      Governmental Action, and no authorization, approval or other action by, or
      notice to, any third party, is required for the due execution, delivery or
      performance by the Borrower or FOC of this Amendment or the Credit Agreement,
      as
      amended hereby, or for the consummation of the transactions contemplated hereby
      or thereby, except for (i) authorizations, approvals and other actions by,
      and
      notices to, third parties, the failure to obtain which could not reasonably
      be
      expected to have a Material Adverse Effect, and (ii) Governmental Action that
      has been duly obtained, taken, given or made and is in full force and
      effect.

    

    (c)  This
      Amendment and the Credit Agreement, as amended hereby, have been duly executed
      and delivered by the Borrower and FOC. This Amendment and the Credit Agreement,
      as amended hereby, are the legal, valid and binding obligations of the Borrower
      and FOC, enforceable against each such Credit Party in accordance with their
      respective terms, except as the enforceability hereof or thereof may be limited
      by bankruptcy, insolvency, moratorium, reorganization or other similar laws
      affecting creditors’ rights generally or by equitable principles relating to
      enforceability.

    

    (d)  Each
      of
      the Security Agreement and the Stock Pledge Agreement constitutes a valid and
      perfected first-priority Lien on the Collateral purported to be encumbered
      thereby, enforceable against all third parties in all jurisdictions, and secures
      the payment of all obligations of the Borrower or FRMI, as applicable, under
      the
      Credit Documents, as amended hereby, to which the Borrower or FRMI, as
      applicable, is a party, and the execution, delivery and performance of this
      Amendment do not adversely affect the Lien of the Security Agreement or the
      Stock Pledge Agreement.

    

    (e)  There
      has
      been no amendment to the charter documents or bylaws of the Borrower on or
      after
      November 5, 2004 or of FOC on or after November 8, 2004. The representations
      and
      warranties contained in each Credit Document, as amended hereby, to which the
      Borrower and/or FOC is a party are correct in all material respects on and
      as of
      the date hereof, before and after giving effect to this Amendment, as though
      made on and as of the date hereof. No event has occurred and is continuing,
      or
      would result from the effectiveness of this Amendment, that constitutes a
      Default.

    

    SECTION
      4.  Reference
      to and Effect on Credit Documents

    .
      

    

    (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 referring to the Credit Agreement, and each reference in the other Credit
      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 Credit Documents
      shall remain in full force and effect and are hereby ratified and confirmed.
      Without limiting the generality of the foregoing, the Security Agreement and
      the
      Stock Pledge Agreement 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 Credit Documents, as amended hereby.

    

    (c) 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 Credit Documents or constitute a waiver of any provision of
      any
      of the Credit Documents.

    

    SECTION
      5.  Costs
      and Expenses

    .
      The
      Borrower agrees to pay on demand all 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.

    

    SECTION
      6.  Execution
      in Counterparts

    .
      This
      Amendment may be executed in any number of counterparts and by the parties
      hereto in separate counterparts, each of which when so executed and delivered
      shall be deemed to be an original and all of which taken together shall
      constitute one and the same agreement. Delivery of an executed counterpart
      of a
      signature page to this Amendment by telecopier shall be effective as delivery
      of
      a originally executed counterpart of this Amendment.

     

    SECTION
      7.  Governing
      Law

    .
      THIS
      AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
      THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND PERFORMED
      IN THE STATE OF CALIFORNIA.

     

    
 

    The
      parties hereto have caused this Amendment to be executed by their respective
      duly authorized representatives as of the date first written above.

    

    

    FRONTIER
      OIL AND REFINING COMPANY

    

    

    By:
       /s/
      Leo J. Hoonakker   

    Leo
      J.
      Hoonakker

    Vice
      President and Treasurer

    

    

    

    FRONTIER
      OIL CORPORATION

    

    

    By:
       /s/
      Doug Aron   

    Name:
       
      Doug
      Aron   

    Title:
       
      VP—Corporate Finance 

    

    

    

    UNION
      BANK OF CALIFORNIA, N.A.,

    as
      Administrative Agent and a Lender

    

    

    By:
       /s/
      Sean Murphy  

    Name:
       
      Sean
      Murphy   

    Title:
       Vice
      President   

    

    

    

    BNP
      PARIBAS

    

    

    By:
       /s/
      Douglas R. Liftman 

    Name:
       
      Douglas R. Liftman  

    Title:
       Managing
      Director  

    

    

    By:
       /s/
      Polly Schott  

    Name:
       
      Polly
      Schott   

    Title:
       Vice
      President   

    

    

    

    TORONTO
      DOMINION (TEXAS), INC.

    

    

    By:
       /s/
      Jackie Barrett  

    Name:
       
      Jackie Barrett  

    Title:
       Authorized
      Signatory  

    

    

    

    WELLS
      FARGO BANK, N.A.

    

    

    By:
       /s/
      Art Krasny   

    Name:
       
      Art
      Krasny   

    Title:
       Relationship
      Manager  

    

    

    

    BANK
      OF
      SCOTLAND

    

    

    By:
       /s/
      Karen Weich  

    Name:
       
      Karen
      Weich   

    Title:
       Assistant
      Vice President 

    

    

    

    U.S.
      BANK
      NATIONAL ASSOCIATION

    

    

    By:
       /s/
      Mark E. Thompson  

    Name:
       
      Mark
      E. Thompson  

    Title:
       Vice
      President   

    

    

    

    THE
      FROST
      NATIONAL BANK

    

    

    By:
       /s/
      Thomas H. Dungan 

    Name:
       
      Thomas H. Dungan  

    Title:
       Sr.
      Vice President  

    

    

    

    HIBERNIA
      NATIONAL BANK

    

    

    By:
       /s/
      Corwin Dupree  

    Name:
       
      Corwin Dupree  

    Title:
       Vice-PresidentExhibit 10.2 - Second Amendment

    Exhibit 10.2

    
SECOND
      AMENDMENT

    TO

    SECOND
      AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

    

    

    

    This
      Amendment, dated as of March 10, 2006, is entered into by (1) FRONTIER OIL
      AND
      REFINING COMPANY, a Delaware corporation (the “Borrower”),
      (2)
      FRONTIER OIL CORPORATION, a Wyoming corporation (“FOC”),
      (3)
      each of the financial institutions party to the Credit Agreement referred to
      below (the “Lenders”)
      and
      (4) UNION BANK OF CALIFORNIA, N.A., a national banking association, as
      administrative agent (the “Administrative
      Agent”)
      for
      the Lenders.

    

    

    Recitals

    

    A. The
      Borrower, FOC, the Lenders, the Administrative Agent and BNP Paribas, a French
      banking corporation, as syndication agent, are party to a Second Amended and
      Restated Revolving Credit Agreement dated as of November 22, 2004, as amended
      by
      a First Amendment to Second Amended and Restated Revolving Credit Agreement
      dated as of February 3, 2006 (said Agreement, as so amended, herein called
      the
“Credit
      Agreement”).
      Terms
      defined in the Credit Agreement and not otherwise defined herein have the same
      respective meanings when used herein, and the rules of interpretation set forth
      in Section 1.3 of the Credit Agreement are incorporated herein by
      reference.

    

    B. The
      Borrower, FOC and the Lenders wish to amend the Credit Agreement to revise
      the
      definition of “Utexam Transactions.” Accordingly, for good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      Borrower, FOC, the Lenders and the Administrative Agent hereby agree as set
      forth below.

    

    

    SECTION
      1.  Amendment
      to Credit Agreement

    .
      Effective as of the date hereof but subject to satisfaction of the conditions
      precedent set forth in Section 2 of this Amendment, the Borrower, FOC and the
      Lenders hereby agree that the definition of “Utexam Transactions” in Section 1.1
      of the Credit Agreement is amended in full to read as follows:

    

    “‘Utexam
      Transactions’
means
      the crude oil purchases and related transactions contemplated by the Master
      Crude Oil Purchase and Sale Contract dated March 10, 2006 by and among Utexam
      Ltd., a corporation organized under the laws of the Republic of Ireland, as
      seller, the Borrower, as purchaser, and FOC, as guarantor.”

    

    SECTION
      2.  Conditions
      Precedent

    .
      This
      Amendment shall become effective as of the date first set forth above when
      and
      if the Administrative Agent receives all of the following, each dated the date
      hereof, in form and substance satisfactory to the Administrative Agent and
      in
      the number of originals requested thereby:

    

    (a)  this
      Amendment, duly executed by the Borrower, FOC and the Majority Lenders;
      and

    

    (b)  a
      consent
      to this Amendment, duly executed by the Guarantors.

    

    SECTION
      3.  Representations
      and Warranties

    .
      Each of
      the Borrower and FOC represents and warrants to the Lenders and the
      Administrative Agent as set forth below.

    

    (a)  The
      execution, delivery and performance by each of the Borrower and FOC of this
      Amendment and the Credit Agreement, as amended hereby, and the consummation
      of
      the transactions contemplated hereby and thereby, are within such Credit Party’s
      legal powers, have been duly authorized by all necessary legal action and do
      not
      (i) contravene such Credit Party’s charter or bylaws, (ii) violate any
      Governmental Rule, (iii) conflict with or result in the breach of, or constitute
      a default under, any Material Contract, loan agreement, indenture, mortgage,
      deed of trust or lease, or any other contract or instrument, binding on or
      affecting such Credit Party, any of its Subsidiaries or any of their respective
      properties, the conflict, breach or default of which could reasonably be
      expected to have a Material Adverse Effect, or (iv) result in or require the
      creation or imposition of any Lien upon or with respect to any of the properties
      of such Credit Party or any of its Subsidiaries, except for Liens created under
      the Credit Documents. Neither such Credit Party nor any of its Subsidiaries
      is
      in violation of any Governmental Rule or in breach of any such contract, loan
      agreement, indenture, mortgage, deed of trust, lease or other contract or
      instrument, the violation or breach of which could reasonably be expected to
      have a Material Adverse Effect.

    

    (b)  No
      Governmental Action, and no authorization, approval or other action by, or
      notice to, any third party, is required for the due execution, delivery or
      performance by the Borrower or FOC of this Amendment or the Credit Agreement,
      as
      amended hereby, or for the consummation of the transactions contemplated hereby
      or thereby, except for (i) authorizations, approvals and other actions by,
      and
      notices to, third parties, the failure to obtain which could not reasonably
      be
      expected to have a Material Adverse Effect, and (ii) Governmental Action that
      has been duly obtained, taken, given or made and is in full force and
      effect.

    

    (c)  This
      Amendment and the Credit Agreement, as amended hereby, have been duly executed
      and delivered by the Borrower and FOC. This Amendment and the Credit Agreement,
      as amended hereby, are the legal, valid and binding obligations of the Borrower
      and FOC, enforceable against each such Credit Party in accordance with their
      respective terms, except as the enforceability hereof or thereof may be limited
      by bankruptcy, insolvency, moratorium, reorganization or other similar laws
      affecting creditors’ rights generally or by equitable principles relating to
      enforceability.

    

    (d)  Each
      of
      the Security Agreement and the Stock Pledge Agreement constitutes a valid and
      perfected first-priority Lien on the Collateral purported to be encumbered
      thereby, enforceable against all third parties in all jurisdictions, and secures
      the payment of all obligations of the Borrower or FRMI, as applicable, under
      the
      Credit Documents, as amended hereby, to which the Borrower or FRMI, as
      applicable, is a party, and the execution, delivery and performance of this
      Amendment do not adversely affect the Lien of the Security Agreement or the
      Stock Pledge Agreement.

    

    (e)  There
      has
      been no amendment to the charter documents or bylaws of the Borrower on or
      after
      November 5, 2004 or of FOC on or after November 8, 2004. The representations
      and
      warranties contained in each Credit Document, as amended hereby, to which the
      Borrower and/or FOC is a party are correct in all material respects on and
      as of
      the date hereof, before and after giving effect to this Amendment, as though
      made on and as of the date hereof. No event has occurred and is continuing,
      or
      would result from the effectiveness of this Amendment, that constitutes a
      Default.

    

    SECTION
      4.  Reference
      to and Effect on Credit Documents

    .
      

    

    (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 referring to the Credit Agreement, and each reference in the other Credit
      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 Credit Documents
      shall remain in full force and effect and are hereby ratified and confirmed.
      Without limiting the generality of the foregoing, the Security Agreement and
      the
      Stock Pledge Agreement 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 Credit Documents, as amended hereby.

    

    (c) 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 Credit Documents or constitute a waiver of any provision of
      any
      of the Credit Documents.

    

    SECTION
      5.  Costs
      and Expenses

    .
      The
      Borrower agrees to pay on demand all 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.

    

    SECTION
      6.  Execution
      in Counterparts

    .
      This
      Amendment may be executed in any number of counterparts and by the parties
      hereto in separate counterparts, each of which when so executed and delivered
      shall be deemed to be an original and all of which taken together shall
      constitute one and the same agreement. Delivery of an executed counterpart
      of a
      signature page to this Amendment by telecopier shall be effective as delivery
      of
      a originally executed counterpart of this Amendment.

    
 

    SECTION
      7.  Governing
      Law

    .
      THIS
      AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
      THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND PERFORMED
      IN THE STATE OF CALIFORNIA.

     

    
 

    The
      parties hereto have caused this Amendment to be executed by their respective
      duly authorized representatives as of the date first written above.

    

    

    FRONTIER
      OIL AND REFINING COMPANY

    

    

    By:
       /s/
      Leo J. Hoonakker  

    Leo
      J.
      Hoonakker

    Vice
      President and Treasurer

    

    

    

    FRONTIER
      OIL CORPORATION

    

    

    By:
       /s/
      Doug Aron    

    Name:
       
      Doug
      Aron    

    Title:
       Vice
      President—Corporate Finance 

    

    

    

    UNION
      BANK OF CALIFORNIA, N.A.,

    as
      Administrative Agent and a Lender

    

    

    By:
       /s/
      Randall L. Osterberg   

    Name:
       
      Randall L. Osterberg    

    Title:
       Sr.
      Vice President - US Marketing Manager 

    

    

    

    BNP
      PARIBAS

    

    

    By:
       /s/
      Douglas R. Liftman 

    Name:
       
      Douglas R. Liftman  

    Title:
       Managing
      Director  

    

    

    By:
       /s/
      Russell Ottis  

    Name:
       
      Russell Ottis   

    Title:
       Vice
      President   

    

    

    

    TORONTO
      DOMINION (TEXAS), INC.

    

    

    By:
           

    Name:
           

    Title:
           

    

    

    

    WELLS
      FARGO BANK, N.A.

    

    

    By:
       /s/
      Tim Green   

    Name:
      Tim
      Green

    Title:
      Assistant Vice President

    

    

    

    BANK
      OF
      SCOTLAND

    

    

    By:
           

    Name:
           

    Title:
           

    

    

    

    U.S.
      BANK
      NATIONAL ASSOCIATION

    

    

    By:
       /s/
      Mark E. Thompson  

    Name:
       
      Mark
      E. Thompson  

    Title:
       Vice
      President   

    

    

    

    THE
      FROST
      NATIONAL BANK

    

    

    By:
       /s/
      Thomas H. Dungan 

    Name:
       
      Thomas H. Dungan  

    Title:
       Sr.
      Vice President  

    

    

    

    HIBERNIA
      NATIONAL BANK

    

    

    By:
       /s/
      Corwin Dupree  

    Name:
       
      Corwin Dupree  

    Title:
       Vice-President

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