Document:

EXHIBIT 4.4

 

(Face of Note)

 

ALBEMARLE CORPORATION

 

Guaranteed by

 

ALBEMARLE HOLDINGS CORPORATION

ALBEMARLE HOLDINGS II CORPORATION

5.450% Senior Notes Due 2044

 

 

CUSIP:  012725 AD9

ISIN:  US012725AD95

 

	
No. 001

	
$350,000,000

ALBEMARLE CORPORATION

 

ALBEMARLE CORPORATION, a Virginia corporation (the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED FIFTY MILLION DOLLARS ($350,000,000) on December 1, 2044.

 

Interest Payment Dates: December 1 and June 1

Record Dates: November 15 and May 15

 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

[Signatures on the following pages]

 

 

 

 

 

  

  

  

 

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.

 

Dated:  November 24, 2014

 

	 	
ALBEMARLE CORPORATION

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

 

 

 

 

 

 

Attest: ________________________

 

 

 

 

[Signature Page to 2044 Global Note]

  

  

  

 

Albemarle Holdings Corporation, a Delaware corporation, and Albemarle Holdings II Corporation, a Delaware corporation (the “Guarantors”), which term includes any successor Person under the Indenture dated as of January 20, 2005 (the “Base Indenture”), between Albemarle Corporation, as issuer (the “Company”), and U.S. Bank National Association, as successor to the Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York), as trustee (the “Trustee”), as supplemented by a third supplemental indenture, dated as of November 24, 2014 (the “Supplemental Indenture”, the Base Indenture, as so supplemented, the “Indenture”), among the Company, the Guarantors and the Trustee, unconditionally guarantee, to the extent set forth in the Indenture and subject to the provisions of the Indenture, the due and punctual payment of the principal of, any premium and interest on the Notes, when and as the same shall become due and payable, whether at maturity, redemption, repayment or otherwise, all in accordance with the terms set forth in Article 3 of the Supplemental Indenture.

 

The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to these Guarantees and in the Indenture are expressly set forth in the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantees and all of the other provisions of the Indenture to which these Guarantees relate.

 

 

 

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, each of the Guarantors has caused this Note to be duly executed.

 

Dated:  November 24, 2014

 

 

	 	
ALBEMARLE HOLDINGS CORPORATION

ALBEMARLE HOLDINGS II CORPORATION

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

Attest: ___________________________

 

 

 

 

 

  

  

  

 

TRUSTEE’S CERTIFICATE OF AUTHORIZATION

 

Dated:  November 24, 2014

 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	 	
U.S. Bank National Association,

as Trustee

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	
Authorized Officer

	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

(BACK OF NOTE)

 

5.450% Senior Notes Due 2044

 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAYBE REQUIRED PURSUANT TO SECTION 3.05 OF THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

Capitalized terms used herein shall have the meanings assigned to them in the Base Indenture or Supplemental Indenture, as applicable, referred to below unless otherwise indicated.  The securities represented by this Note and any additional Securities of the same series issued under the Indenture are collectively referred to as “the Notes.”

 

1.           Interest.  Albemarle Corporation, a Virginia corporation (the “Company”), promises to pay interest on the principal amount of this Note at 5.450% per annum from the date hereof until maturity.  The Company shall pay interest in arrears semiannually on June 1 and December 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”).  Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid, from the date of issuance through but excluding the date on which interest is paid.  The first Interest Payment Date shall be June 1, 2015.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

 

2.           Method of Payment.  The Company shall pay interest on the Notes (except Defaulted Interest) to the Persons who are registered Holders of Notes at the close of business on May 15 or November 15 (each a “Regular Record Date”) immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 3.07 of the Base Indenture with respect to Defaulted Interest. The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose in the borough of Manhattan, the City of New York, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the Security Register, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent at least five Business Days prior to the Interest Payment Date to the extent that the principal amount of the Notes held by such Holders is $1,000,000 or more. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 

  

  

  

 

3.           Paying Agent and Registrar.  Initially, U.S. Bank National Association, the Trustee under the Indenture (as defined below), shall act as Paying Agent and Registrar.  The Company may change any Paying Agent or Registrar without notice to any Holder.  The Company or any of its Subsidiaries may act in any such capacity.

 

4.           Indenture.  The Company issued the Notes under an Indenture dated as of January 20, 2005 (the “Base Indenture”), between the Company and the Trustee, as supplemented by a third supplemental indenture, dated as of November 24, 2014 (the “Supplemental Indenture”, the Base Indenture as so supplemented, the “Indenture”), among the Company, the Guarantors and the Trustee.  The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb).  This Note is subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms.  This Note is an obligation of the Company, which series is initially limited to $350,000,000 in aggregate principal amount. The Indenture pursuant to which this Note is issued provides that an unlimited amount of additional Notes may be issued thereunder.

 

5.           Optional Redemption.  At any time prior to June 1, 2044 (six months prior to the maturity date, the “Par Call Date”), the Company may redeem the Notes in whole or in part, at its option, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) from the Redemption Date through the Par Call Date (assuming the Notes matured on the Par Call Date), in each case discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points.

 

At any time on or after the Par Call Date, the Notes shall be redeemable as a whole or in part, at the option of the Company, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to the Redemption Date.

 

The Company will pay accrued and unpaid interest on the principal amount being redeemed to the Redemption Date.

 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes (assuming the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

  

  

  

 

“Primary Treasury Dealer” means a primary U.S. Government securities dealer in the United States and such dealer’s affiliates.

 

“Reference Treasury Dealer” means each of (1) Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC or their respective affiliates which are Primary Treasury Dealers, and their respective successors and (2) two other Primary Treasury Dealers appointed by the Company; provided, however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption Date.

 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

Notice of redemption shall be sent at least 30 but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed at its registered address.  If less than all of the Notes are to be redeemed at any time, the Trustee shall select Notes to be redeemed on a pro rata basis, by lot, or by any other method the Trustee deems fair and appropriate. The notice of redemption for the Notes shall state, among other things, the amount of the Notes to be redeemed, the Redemption Date, the manner in which the Redemption Price shall be calculated and the place or places that payment shall be made upon presentation and surrender of the Notes to be redeemed.

 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or portions thereof called for redemption.

 

The Company shall pay interest to a person other than the Holder on the Regular Record Date if the Company elects to redeem the Notes on a date that is after the Regular Record Date but on or prior to the corresponding Interest Payment Date. In this instance, the Company shall pay accrued interest on the Notes being redeemed to, but not including, the Redemption Date to the same person to whom the Company shall pay the principal of those Notes.

 

  

  

  

 

6.           Special Mandatory Redemption

 

In the event that the agreement and plan of merger, dated as of July 15, 2014 (the “Merger Agreement”) by and among the Company, Albemarle Holdings Corporation and Rockwood Holdings, Inc. is terminated at any time prior to August 15, 2015 or the Company does not consummate the merger contemplated by the Merger Agreement (the “Merger”) on or prior thereto, then the Company shall be required to redeem the Notes on the Special Mandatory Redemption Date (as defined below) at a Redemption Price equal to 101% of the principal amount of such Notes, plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or duly provided for, whichever is later, to but excluding the Special Mandatory Redemption Date.  The “Special Mandatory Redemption Date” means the earlier to occur of (1) September 15, 2015, if the Merger has not been completed on or prior to August 15, 2015, or (2) the 30th day (or if such day is not a Business Day, the first Business Day thereafter) following the termination of the Merger Agreement for any reason.

 

The Company shall cause the notice of special mandatory redemption to be delivered electronically or mailed, with a copy to the Trustee, within five Business Days after the occurrence of the event triggering the redemption to each Holder of the Notes at its registered address.  If funds sufficient to pay the special mandatory redemption price of all Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying Agent, on or before such Special Mandatory Redemption Date, as of such Special Mandatory Redemption Date, interest shall cease to accrue on the Notes.

 

7.           Change of Control.  Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its right to redeem the Notes in accordance with Section 5 above by giving irrevocable notice to the Trustee in accordance with the Indenture, each Holder of Notes shall have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, up to but not including the date of purchase (the “Change of Control Payment”).

 

Unless the Company has exercised its right to redeem the Notes, within 30 days following the date upon which the Change of Control Triggering Event occurs or, at the option of the Company, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall send, by first class mail, a notice to each Holder of Notes to their addresses as set forth in the Security Register, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date.

 

On the Change of Control Payment Date, the Company shall, to the extent lawful: (i) accept or cause a third party to accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; (ii) deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased.

 

  

  

  

 

The Change of Control Offer Notice shall state that Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date.  Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note which was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased.

 

The Change of Control Offer Notice shall state that the Paying Agent shall promptly pay to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided, however, that each such new Note shall be in a principal amount of $2,000 or any greater amount in multiples of $1,000.

 

The Company shall comply in all material respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a Change of Control Triggering Event.  To the extent that the provisions of any such securities laws or regulations conflict with the terms of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the terms of the Notes by virtue of any such conflict.

 

The Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a Default in the payment of the Change of Control Payment on the Change of Control Payment Date.

 

“Change of Control” means the occurrence of any of the following after the date of issuance of the Notes:

 

(a)  the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and the assets of its Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its Subsidiaries;

 

  

  

  

 

(b)  the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than the Company or one of its Subsidiaries) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of the Voting Stock of the Company representing a majority of the voting power of the outstanding Voting Stock of the Company;

 

(c)  the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of the Company outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing a majority of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such transaction; or

 

(d)  the adoption by the stockholders of the Company of a plan relating to its liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction (or series of related transactions) shall not be deemed to involve a Change of Control under clause (b) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Voting Stock of the Company immediately prior to that transaction or (B) immediately following that transaction no person (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company.

 

“Change of Control Triggering Event” means (i) the rating of the Notes is lowered by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing on the earlier of (a) the occurrence of a Change of Control and (b) the first public announcement by the Company of any Change of Control (or pending Change of Control), and ending 60 days following consummation of such Change of Control (which Trigger Period shall be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (ii) the Notes are rated below Investment Grade by each of the Rating Agencies on any day during the Trigger Period; provided that a Change of Control Trigger Event shall not be deemed to have occurred in respect of a particular Change of Control if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee at the Company’s or its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control.

 

Notwithstanding the foregoing, no Change of Control Triggering Event shall be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

 

  

  

  

 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement rating agency and in the manner for selecting a replacement rating agency, in each case as set forth in the definition of “Rating Agency.”

 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Person” means any individual, corporation, partnership, limited liability company, business trust, association, joint-stock company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof.

 

“Rating Agency” means each of Moody’s and S&P; provided, that if either Moody’s or S&P ceases to provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act as a replacement for such Rating Agency; provided that the Company shall give notice of such appointment to the Trustee.

 

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc., and its successors.

 

“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person.

 

8.           No Sinking Fund.  The Company shall not be required to make sinking fund payments with respect to the Notes.

 

9.           Denominations, Transfer, Exchange.  The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.  No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.  The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes selected for redemption and ending at the close of business on the day of such mailing.

 

10.           Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

  

  

  

 

11.           Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification or waiver of the rights and obligations of the Company and the rights of the Holders of the Notes and each other series of Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of more than 50% in aggregate principal amount of the Notes and other Securities at the time Outstanding. The Indenture also contains provisions permitting the Holders of more than 50% in aggregate principal amount of the Notes and each other series of Securities at the time Outstanding, on behalf of the Holders of all outstanding Notes and each other series of Securities at the time Outstanding, to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults (other than with respect to nonpayment or in respect of a provision that cannot be waived without the written consent of each Holder affected) under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

12.           No Recourse Against Others.  No director, officer, employee, incorporator or shareholder of the Company or the Guarantors, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy.

 

13.           Authentication.  This Note shall not be valid until authenticated by the manual signature of the Trustee.

 

14.           Abbreviations.  Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

15.           CUSIP Numbers.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

16.           Guarantees.  The Company’s obligations under the Notes are fully and unconditionally guaranteed by the Guarantors as set forth in the Indenture.

 

17.           Ranking.  The Notes and the Guarantees of the Guarantors shall be unsecured and unsubordinated obligations of the Company and the Guarantors, respectively, and shall rank equal in right of payment to all of the existing and future unsecured and unsubordinated indebtedness of the Company and the Guarantors, respectively.

 

  

  

  

 

18.           Defeasance and Covenant Defeasance.  The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness with respect to the Notes and (b) certain restrictive covenants (and related Events of Default) with respect to the Notes, in each case upon compliance by the Company with certain conditions set forth in the Indenture.

 

19.           Satisfaction and Discharge.  The Indenture contains provisions for satisfaction and discharge of the Notes at any time upon compliance by the Company with certain conditions set forth in the Indenture.

 

20.           Governing Law.  The Notes are governed by, and construed in accordance with, the laws of the State of New York.

 

The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture.  Requests may be made to:

 

Albemarle Corporation

451 Florida Street

Baton Rouge, LA 70801

Facsimile:  225 388-7716

Attention:  General Counsel

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to

 

	  
	
(Insert assignee’s soc. sec. or tax I.D. no.)

	  
	  
	  
	  
	
(Print or type assignee’s name, address and zip code)

	
and irrevocably appoint ___________________________________________________

to transfer this Note on the books of the Company.  The agent may substitute another to act for him.

 

 

	Date: ______________________	 
	 	
Your Signature:  ______________________

	 	
(Sign exactly as your name appears on the face of this Note)

Signature Guarantee.

 

  

  

  

 

SCHEDULE OF INCREASES OR DECREASES IN PRINCIPAL AMOUNT

 

The initial principal amount of this Note is $350,000,000.  The following increases or decreases in this Note have been made:

 

	
Date of Redemption or Repurchase

	
Amount of decrease in Principal Amount of this Note

	
Amount of increase in Principal Amount of this Note

	
Principal amount of this Note following such decrease or increase

	
Notation Made by or on Behalf of TrusteeExhibit 10.1

 

Execution Version

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of November 19, 2014, by and among Eureka Hunter Pipeline, LLC, a Delaware limited liability company (“Borrower”), ABN AMRO Capital USA LLC, as Administrative Agent and as LC Issuer, and the Lenders party hereto.

 

W I T N E S S E T H:

 

WHEREAS, Borrower, Administrative Agent and Lenders entered into that certain Credit Agreement dated as of March 28, 2014 (as amended, supplemented, or otherwise modified to the date hereof, the “Original Agreement”), for the purpose and consideration therein expressed, whereby Lenders became obligated to make loans to Borrower as therein provided; and

 

WHEREAS, Borrower, Administrative Agent and Lenders desire to amend the Original Agreement as set forth herein;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Original Agreement, in consideration of the loans which may hereafter be made by Lenders to Borrower, 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

 

Section 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.

 

Section 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 Section 1.2:

 

“Amendment” means this First Amendment to Credit Agreement.

 

“Amendment Documents” means this Amendment, the Consent and Agreement attached hereto and all other Loan Documents executed and delivered in connection herewith, including the supplements and amendments to the Security Documents listed on Exhibit A.

 

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

 

 

ARTICLE II.

 

AMENDMENTS

 

Section 2.1.                                 Defined Terms.  The following defined terms in Section 1.1 of the Original Agreement are hereby amended and restated in their entirety to read as follows:

 

“Applicable Margin” means, for any day, with respect to any Base Rate Loan or Eurodollar Loan, or with respect to the Commitment Fee Rate, as the case may be, (i) from the First Amendment Effective Date to the date on which Administrative Agent receives a Compliance Certificate pursuant to Section 6.2(b) for the Fiscal Quarter ending September 30, 2014, Pricing Level III shall apply, and (ii) thereafter, the applicable rate per annum set forth in the grid below determined by reference to the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by Administrative Agent pursuant to Section 6.2(b):

 

	
Applicable   Margin
    

 

	
Pricing
   Level
    	
 
    	
Consolidated
   Leverage Ratio
    	
 
    	
Eurodollar Loans
   Letter of Credit
   Fee
    	
 
    	
Base Rate Loans
    	
 
    	
Commitment
   Fee Rate
    	
 
    
	
I
    	
 
    	
>   4.5:1
    	
 
    	
3.00
    	
%
    	
2.00
    	
%
    	
0.500
    	
%
    
	
II
    	
 
    	
>4.0:1   but <4.5:1
    	
 
    	
2.75
    	
%
    	
1.75
    	
%
    	
0.500
    	
%
    
	
III
    	
 
    	
>3.5:1   but <4.0:1
    	
 
    	
2.50
    	
%
    	
1.50
    	
%
    	
0.500
    	
%
    
	
IV
    	
 
    	
>3.0:1   but <3.5:1
    	
 
    	
2.25
    	
%
    	
1.25
    	
%
    	
0.375
    	
%
    
	
V
    	
 
    	
>2.5:1   but <3.0:1
    	
 
    	
2.00
    	
%
    	
1.00
    	
%
    	
0.375
    	
%
    
	
VI
    	
 
    	
< 2.5:1
    	
 
    	
1.75
    	
%
    	
0.75
    	
%
    	
0.375
    	
%
    

 

Any increase or decrease in the Applicable Margin resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day of the calendar month immediately following the date on which a Compliance Certificate is delivered pursuant to Section 6.2(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level I shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is delivered.

 

2

 

“Change of Control” means:

 

(a)                                 at any time prior to a Qualifying IPO, (i) Magnum Hunter and Morgan Stanley shall collectively cease to own, directly or indirectly, more than fifty percent (50%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Borrower or (ii) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the Effective Date) of Equity Interests representing more than thirty percent (30%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Magnum Hunter or (iii) Magnum Hunter shall cease to own, directly or indirectly, thirty percent (30%) or more of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Borrower.

 

(b)                                 at any time from and after a Qualifying IPO, (i) during any period of twelve (12) consecutive months, a majority of the seats (other than vacant seats) on the Board of Directors of Borrower cease to be occupied by individuals (1) who were members of the board of equivalent governing body on the first day of such period, (2) whose election or nomination to that board or equivalent governing body was approved by the individuals referred to in clause (1) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body, (3) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clauses (1) and (2) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body, or (4) who were appointed by Magnum Hunter or Morgan Stanley, or (ii) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the Effective Date) of Equity Interests representing more than thirty percent (30%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Borrower (other than Magnum Hunter or Morgan Stanley).

 

“Embargoed Person” means any party with whom dealings are restricted or prohibited under Sanctions, including any party that (a) is publicly identified on the most current list of “Specially Designated Nationals and Blocked Persons” published by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or resides, is organized or chartered, or has a place of business in, or is a Governmental Authority or governmental instrumentality of, a Sanctioned Country (a “SDN”), (b) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or any other Requirement of Law, or (c) is Controlled or 25% or more directly or indirectly owned by a SDN.

 

“Eureka Operating Agreement” means that certain Second Amended and Restated Limited Liability Company Agreement of Parent, dated as of October 3, 2014, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

3

 

“Eurodollar Rate” means:

 

(a)                                 for any Interest Period with respect to a Eurodollar Loan, the rate per annum equal to (i) the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (the “LIBO Screen Rate”), at approximately 11:00 a.m., London time, 2 Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or (ii) if such rate is not available at such time for any reason, the rate per annum determined by Administrative Agent to be the offered rate on such other page or other service that displays such rate for deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Loan being made, continued or converted and with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) 2 Business Days prior to the commencement of such Interest Period, provided that if the Eurodollar Rate shall be less than zero under this clause (a) or clause (b), such rate shall be deemed to be zero for purposes of this Agreement; and

 

(b)                                 for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) the LIBO Screen Rate, at approximately 11:00 a.m., London time determined 2 Business Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of 1 month commencing that day or (ii) if such rate is not available at such time for any reason, the rate per annum determined by Administrative Agent to be the offered rate on such other page or other service that displays such rate for deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with a term equal to 1 month, at the date and time of determination.

 

Section 2.2.                                 Additional Defined Term.  Section 1.1 of the Original Agreement is hereby amended to add the following definitions:

 

“First Amendment Effective Date”  means November 19, 2014.

 

“Morgan Stanley” means MSIP II Buffalo Holdings LLC, a Delaware limited liability company, and its Affiliates.

 

“Sanctioned Country” means, at any time, a country or territory which is, or whose government is, the subject or target of any Sanctions broadly restricting or prohibiting dealings with such country, territory or government (currently, Cuba, Iran, Burma, North Korea, Sudan, and Syria).

 

“Sanctions” means economic or financial sanctions or trade embargoes or restrictive measures enacted, imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or the U.S.

 

4

 

Department of Commerce; (b) the United Nations Security Council; (c) the European Union or any of its member states; (d) Her Majesty’s Treasury of the United Kingdom; or (e) any other relevant authority.

 

“Specified Acquisition” means an acquisition of capital assets by any Restricted Person for a purchase price of not less than $50,000,000.

 

“Specified Acquisition Period” means a period elected by Borrower in respect of a Specified Acquisition that commences on and including last day of the Fiscal Quarter in which such Specified Acquisition occurred and ends on the day prior to (and not including) the earlier of (a) the last day of the second Fiscal Quarter following the Fiscal Quarter in which such Specified Acquisition occurred or (b) the last day of the Fiscal Quarter following the Fiscal Quarter in which such Specified Acquisition occurred on which the Consolidated Leverage Ratio does not exceed 4.75 to 1.00; provided, that (i) Borrower shall make such election by notice to Administrative Agent not later than the date on which the Compliance Certificate is due under Section 6.2(b) in respect of the Fiscal Quarter in which such Specified Acquisition occurred, (ii) only one Specified Acquisition Period may be elected with respect to any particular Specified Acquisition, and (iii) following the election of a Specified Acquisition Period, Borrower may not elect a subsequent Specified Acquisition Period unless, at the time of such subsequent election, the Consolidated Leverage Ratio does not exceed 4.75 to 1.00.

 

“USA PATRIOT Act” has the meaning given in the definition of “Anti-Terrorism Laws”.

 

Section 2.3.                                 ArcLight. The definition of “ArcLight” in Section 1.1 of the Original Agreement is hereby deleted.

 

Section 2.4.                                 Patriot Act.  The definition of “Patriot Act” in Section 1.1 of the Original Agreement is hereby deleted.

 

Section 2.5.                                 Use of Proceeds.  The last sentence in Section 2.4 of the Original Agreement is hereby deleted in its entirety and replaced with the following:

 

No part of the proceeds of any Loan or Letter of Credit, directly or indirectly, will be used, and none of the Borrower, nor any of its Subsidiaries or their respective directors, officers, employees, Affiliates or agents shall lend, contribute or otherwise make available such proceeds to any Person, (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Terrorism Laws or the FCPA, (B) for the purpose of funding, financing or facilitating the activities, business or transaction of or with (i) any Person currently subject to any U.S. sanctions administered by OFAC, (ii) any Embargoed Person, or (iii) in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions by any Person (including any Person participating in the transactions contemplated hereunder, whether as underwriter, advisor lender, investor or otherwise).

 

5

 

Section 2.6.                                 Increase to Aggregate Commitments.  Section 2.18 of the Original Agreement is hereby deleted in its entirety.

 

Section 2.7.                                 Capital Requirements.  The reference to “capital requirements” in Section 3.2(b) of the Original Agreement is hereby amended to read “capital or liquidity requirements”.

 

Section 2.8.                                 Additional Conditions Precedent.  The following proviso in Section 4.2 of the Original Agreement which reads as follows:

 

“No Lender has any obligation to make any Loan (including its first), and LC Issuer has no obligation to issue any Letter of Credit (including its first), unless the following conditions precedent have been satisfied:”

 

is hereby amended to read as follows:

 

“No Lender has any obligation to make any Loan (including its first), and LC Issuer has no obligation to issue any Letter of Credit (including its first) or issue amendments or extensions to any Letter of Credit, unless the following conditions precedent have been satisfied:”

 

Section 2.9.                                 Anti-Terrorism Laws.  Section 5.24 of the Original Agreement is hereby amended in its entirety to read as follows:

 

None of Borrower, any of its Subsidiaries, or, to the knowledge of Borrower, any of their respective directors, officers, employees or Affiliates (i) has violated or is in violation of Anti-Terrorism Laws or Sanctions, (ii) has engaged or engages in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds from any category of offenses designated in the “Forty Recommendations” and “Nine Special Recommendations” published by the Organisation for Economic Co-operation and Development’s Financial Action Task Force on Money Laundering, (iii) is an Embargoed Person, (iv) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (v) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Anti-Terrorism Law or (vi) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

 

Section 2.10.                          Foreign Corrupt Practices.  Section 5.25 of the Original Agreement is hereby amended in its entirety to read as follows:

 

Neither Borrower nor any of its Subsidiaries or Affiliates is aware of or has taken any action, directly or indirectly, that would result in a material violation by such Persons of the FCPA, including without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official

 

6

 

thereof or any candidate for foreign political office, in contravention of the FCPA; and, Borrower, its Subsidiaries, and, to the knowledge of Borrower, their respective directors, officers, employees and Affiliates, have conducted their business in material compliance with the FCPA.

 

Section 2.11.                          Limitation on Dispositions.  Clause (k) of Section 7.5 of the Original Agreement is hereby amended in its entirety to read as follows:

 

(k)                                 any other properties that are Disposed of not in the aggregate in excess of $10,000,000 during any Fiscal Year.

 

Section 2.12.                          Distributions to Parent. Clause (c) of Section 7.6 of the Original Agreement is hereby amended in its entirety to read as follows:

 

(c)                                  at any time prior to a Qualifying IPO, Distributions to Parent to enable Parent to make the payments required under Section 6.1(b) of the Eureka Operating Agreement as in effect on November 19, 2014;

 

Section 2.13.                          Dividends and Distributions. Clause (e) of Section 7.6 of the Original Agreement is hereby amended in its entirety to read as follows:

 

(e)                                  [Reserved]; or

 

Section 2.14.                          Maximum Leverage Ratio.  Section 7.14(a) of the Original Agreement is hereby amended in its entirety to read as follows:

 

(a)                                 As of the end of each Fiscal Quarter, the ratio of Consolidated Funded Debt as of the end of such Fiscal Quarter to Annualized Consolidated EBITDA will not be greater than (i) if a Specified Acquisition Period is not then in effect, 4.75 to 1.00, and (ii) if a Specified Acquisition Period is then in effect, 5.25 to 1.00.

 

Section 2.15.                          Events of Default.  The reference to “(h)(i), (h)(ii) or (h)(iii)” in Section 8.1 of the Original Agreement is hereby amended to read “(i)(i), (i)(ii) or (i)(iii)”.

 

Section 2.16.                          USA PATRIOT Act Notice.  Section 10.13 of the Original Agreement is hereby amended in its entirety to read as follows:

 

Each Lender that is subject to the USA PATRIOT Act and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower and each other Restricted Person that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies Borrower and each other Restricted Person, which information includes the name and address of Borrower and each other Restricted Person and other information that will allow such Lender or Administrative Agent, as applicable, to identify Borrower and each other Restricted Person in accordance with the USA PATRIOT Act.

 

Section 2.17.                          Lenders Schedule.  Schedule 1 to the Original Agreement is hereby amended in its entirety to read as set forth in Schedule 1 attached hereto.

 

7

 

ARTICLE III.

 

CONDITIONS OF EFFECTIVENESS

 

Section 3.1.                                 Effective Date. This Amendment shall become effective as of the date first above written when and only when:

 

(a)                                 Amendment Documents. Administrative Agent shall have received duly executed and delivered counterparts of each Amendment Document (i) in form, substance and date satisfactory to Administrative Agent, and (ii) in such numbers as Administrative Agent or its counsel may reasonably request.

 

(b)                                 Officer’s Certificate. Administrative Agent shall have received a certificate of the secretary, assistant secretary or other Responsible Officer of Borrower certifying as of the date of this Amendment (i) that there have been no changes to the Organizational Documents of Borrower since the Closing Date, (ii) the resolutions of Borrower approving this Amendment, the other Amendment Documents and the related transactions (which certification may, if applicable, be by reference to previously adopted resolutions), and (iii) the signature and incumbency certificates of the officers of Borrower (which certification may, if applicable, be by reference to previously delivered incumbency certificates).

 

(c)                                  Existence and Good Standing Certificates. Administrative Agent shall have received an existence and good standing certificate from the applicable Governmental Authority of Borrower’s jurisdiction of incorporation, organization or formation, dated a recent date prior to the effectiveness of this Amendment.

 

(d)                                 Opinions of Counsel. Administrative Agent shall have received written opinions of counsel to Restricted Persons opining as to such matters as Administrative Agent may reasonably request, dated as of the effectiveness of this Amendment and in form and substance reasonably satisfactory to Administrative Agent (and each Restricted Person hereby instructs such counsel to deliver such opinions to Administrative Agent and Lenders).

 

(e)                                  Fees. Borrower shall have paid, in connection with such Loan Documents, all fees and reimbursements to be paid to Administrative Agent pursuant to any Loan Documents, or otherwise due Administrative Agent and including fees and disbursements of Administrative Agent’s attorneys.

 

(f)                                   Other Documentation. Administrative Agent shall have received all documents and instruments that Administrative Agent has then reasonably requested, in addition to those described in this Section 3.1. All such additional documents and instruments shall be reasonably satisfactory to Administrative Agent in form, substance and date.

 

(g)                                  No Default. Immediately prior to and after giving effect to the effectiveness of this Amendment, no Default has occurred or is continuing or shall result from the effectiveness of this Amendment.

 

8

 

(h)                                 Representations and Warranties.  All representations and warranties made by any Restricted Person in any Loan Document shall be true and correct in all material respects (except where qualified by materiality, in which case, true and correct in all respects) on and as of the time of the effectiveness hereof as if such representations and warranties had been made as of the time of the effectiveness hereof except to the extent that such representation or warranty was made as of a specific date, in which case such representation or warranty shall be true and correct in all material respects (except where qualified by materiality, in which case, true and correct in all respects) as of such specific date and except that the representations and warranties contained in subsections (a) of Section 5.6 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.2.

 

(i)                                     Closing Certificate. Administrative Agent shall have received a closing certificate of a Responsible Officer of Borrower in the form of Exhibit B.

 

ARTICLE IV.

 

REPRESENTATIONS AND WARRANTIES

 

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

 

(a)                                 All representations and warranties made by any Restricted Person in any Loan Document are true and correct in all material respects (except where qualified by materiality, in which case, true and correct in all respects) on and as of time of the effectiveness hereof as if such representations and warranties had been made as of the time of the effectiveness hereof (except to the extent that such representation or warranty was made as of a specific date, in which case such representation or warranty shall be true and correct in all material respects (except where qualified by materiality, in which case, true and correct in all respects) as of such specific date and except that the representations and warranties contained in subsections (a) of Section 5.6 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.2).

 

(b)                                 Each Restricted Person has duly taken all action necessary to authorize the execution and delivery by it of the Amendment Documents to which it is a party and to authorize the consummation of the transactions contemplated thereby and the performance of its obligations thereunder.

 

(c)                                  The execution and delivery by the various Restricted Persons of the Amendment Documents to which each is a party, the performance by each of its obligations under such Amendment Documents, and the consummation of the transactions contemplated by the various Amendment Documents, do not and will not (a) conflict with, violate or result in a breach of any provision of (i) any Law, (ii) the Organizational Documents of any Restricted Person, or (iii) the judgment, license, order or permit applicable to or binding upon any Restricted Person, (b) result in the acceleration of any Indebtedness owed by any Restricted Person, or (c) result in or

 

9

 

require the creation of any Lien upon any assets or properties of any Restricted Person except as expressly contemplated or permitted in the Loan Documents. Except (i) as expressly contemplated in the Loan Documents and (ii) such as have been obtained or made and are in full force and effect, no permit, consent, approval, authorization or order of, and no notice to or filing with, any Governmental Authority or third party is required on the part of or in respect of a Restricted Person in connection with the execution, delivery or performance by any Restricted Person of any Amendment Document to which it is a party or to consummate any transactions contemplated thereby.

 

(d)                                 This Amendment is, and the other Amendment Documents when duly executed and delivered will be, legal, valid and binding obligations of each Restricted Person that is a party hereto or thereto, enforceable against such Restricted Person in accordance with their terms except as such enforcement may be limited by bankruptcy, insolvency or similar Laws of general application relating to the enforcement of creditors’ rights and by general principles of equity.

 

ARTICLE V.

 

MISCELLANEOUS

 

Section 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 the various Amendment Documents, are hereby ratified and confirmed in all respects. Any reference to the Credit Agreement in any Loan Document will be deemed to be a reference to the Original Agreement as hereby amended. The execution, delivery and effectiveness of this Amendment and the other Amendment Documents shall not, except as expressly provided herein or therein, operate as a waiver of any right, power or remedy of Lenders under the Credit Agreement, the Notes, or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement, the Notes or any other Loan Document.

 

Section 5.2.                                 Survival of Agreements. All of each Restricted Person’s various representations, warranties, covenants and agreements in the Amendment Documents shall survive the execution and delivery thereof and the performance thereof, including the making or granting of the Loans and the delivery of the Amendment Documents, and shall further survive until all of the Obligations are paid in full to each Lender Party and all of Lender Parties’ obligations to Borrower are terminated. All statements and agreements contained in any certificate or instrument delivered by any Restricted Person hereunder or under the Credit Agreement to any Lender shall be deemed to constitute representations and warranties by, and/or agreements and covenants of, Borrower under this Amendment and under the Credit Agreement.

 

Section 5.3.                                 New Lenders Commitments.  Each financial institution listed on Schedule 1 attached hereto who was not a Lender under the Original Agreement hereby becomes a party to the Credit Agreement as a Lender (each a “New Lender”).  By its execution and delivery of this Amendment, each New Lender hereby assumes all of the rights and obligations of a Lender under the Original Agreement in respect of its Commitment set forth on Schedule 1 attached hereto.  Administrative Agent, the LC Issuer, and Borrower hereby consent to and approve each New Lender and the Commitment of each New Lender.

 

10

 

Section 5.4.                                 New Lender Representations and Agreements.  Each New Lender hereby represents and warrants to Administrative Agent and the LC Issuer as follows:  (a) it is not Borrower, an Affiliate of Borrower, a Subsidiary of Borrower, a natural person, a Defaulting Lender, a Subsidiary of a Defaulting Lender, or a Person who, upon becoming a Lender, would constitute a Defaulting Lender or a Subsidiary of a Defaulting Lender, (b) from and after the Effective Date, it shall be bound by the provisions of the Original Agreement (as amended hereby) as a Lender thereunder and, to the extent of its Commitment, shall have the obligations of a Lender thereunder, (c) it is sophisticated with respect to decisions to acquire assets of the type represented by such Commitment and either it, or the Person exercising discretion in making its decision to acquire such Commitment, is experienced in acquiring assets of such type, (d) it has received a copy of the Original Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant thereto and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and become a Lender under the Credit Agreement on the basis of which it has made such analysis and decision independently and without reliance on Administrative Agent, the LC Issuer or any other Lender, and (e) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Original Agreement, duly completed and executed by it; and agrees that (1) it will, independently and without reliance on Administrative Agent, LC Issuer or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (2) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

Section 5.5.                                 Reallocation.  The Lenders have authorized Administrative Agent and Borrower to make non-ratable borrowings and prepayments of the Loans, and if any such prepayment requires the payment of Eurodollar Rate Loans other than on the last day of the applicable Interest Period, Borrower shall pay any required amounts pursuant to Section 2.11, in order to keep the outstanding Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this Amendment and from the Commitments of the New Lenders.

 

Section 5.6.                                 Loan Documents.  The Amendment Documents are each a Loan Document, and all provisions in the Credit Agreement pertaining to Loan Documents apply thereto.

 

Section 5.7.                                 Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 5.8.                                 Interpretive Provisions.  Section 1.3 of the Credit Agreement is incorporated herein by reference herein as if fully set forth.

 

Section 5.9.                                 Counterparts; Fax.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e.,

 

11

 

“pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.

 

THIS AMENDMENT AND THE OTHER AMENDMENT DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES HERETO.

 

[The remainder of this page has been intentionally left blank.]

 

12

 

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

 

	
 
    	
EUREKA   HUNTER PIPELINE, LLC,
    
	
 
    	
Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph C. Daches
    
	
 
    	
 
    	
Name:
    	
Joseph   C. Daches
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President and Treasurer
    

 

 

	
 
    	
ABN   AMRO CAPITAL USA LLC,
    
	
 
    	
Administrative   Agent, LC Issuer, and a Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Darrell Holley
    
	
 
    	
 
    	
Name:
    	
Darrell   Holley
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
/s/   Casey Lowary
    
	
 
    	
Casey   Lowary
    
	
 
    	
Executive   Director
    

 

 

	
 
    	
CIT   BANK,
    
	
 
    	
a   Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph Gyurindak
    
	
 
    	
 
    	
Name:
    	
Joseph   Gyurindak
    
	
 
    	
 
    	
Title:
    	
Director
    

 

 

	
 
    	
ROYAL   BANK OF CANADA,
    
	
 
    	
a   Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kristan Spivey
    
	
 
    	
 
    	
Name:
    	
Kristan   Spivey
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

 

	
 
    	
BNP   PARIBAS,
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matt Worstell
    
	
 
    	
 
    	
Name:
    	
Matt   Worstell
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Keith Cox
    
	
 
    	
 
    	
Name:
    	
Keith   Cox
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

 

	
 
    	
ONEWEST   BANK, N.A.,
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sean Murphy
    
	
 
    	
 
    	
Name:
    	
Sean   Murphy
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President
    

 

 

	
 
    	
BRANCH   BANKING AND TRUST COMPANY (A.K.A. BB&T),
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James Giordano
    
	
 
    	
 
    	
Name:
    	
James   Giordano
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
THE   HUNTINGTON NATIONAL BANK,
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher Renyi
    
	
 
    	
 
    	
Name:
    	
Christopher   Renyi
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
SANTANDER   BANK, N.A.,
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Aidan Lanigan
    
	
 
    	
 
    	
Name:
    	
Aidan   Lanigan
    
	
 
    	
 
    	
Title:
    	
SVP
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kel Christensen
    
	
 
    	
 
    	
Name:
    	
Kel   Christensen
    
	
 
    	
 
    	
Title:
    	
VP
    

 

 

	
 
    	
U.S.   BANK NATIONAL ASSOCIATION,
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John Lozano
    
	
 
    	
 
    	
Name:
    	
John   Lozano
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
AMEGY   BANK NATIONAL ASSOCIATION,
    
	
 
    	
a   Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark A. Serice
    
	
 
    	
 
    	
Name:
    	
Mark   A. Serice
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

 

	
 
    	
CITIBANK   N.A.,
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeff Ard
    
	
 
    	
 
    	
Name:
    	
Jeff   Ard
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
CREDIT   SUISSE AG, CAYMAN ISLANDS BRANCH,
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher Day
    
	
 
    	
 
    	
Name:
    	
Christopher   Day
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   D. Andrew Maletta
    
	
 
    	
 
    	
Name:
    	
D.   Andrew Maletta
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

 

	
 
    	
DEUTSCHE   BANK AG NEW YORK BRANCH,
    
	
 
    	
a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kirk L. Tashjian
    
	
 
    	
 
    	
Name:
    	
Kirk   L. Tashjian
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Peter Cucchiara
    
	
 
    	
 
    	
Name:
    	
Peter   Cucchiara
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

CONSENT AND AGREEMENT

 

This Consent and Agreement is made as of November 19, 2014 by each of the undersigned Guarantors and is being executed in connection with that certain First Amendment to Credit Agreement dated as of even date herewith (the “First Amendment”) among Eureka Hunter Pipeline, LLC, a Delaware limited liability company (“Borrower”), ABN AMRO Capital USA LLC, as Administrative Agent (in such capacity, “Administrative Agent”) and as LC Issuer, and the Lenders party thereto, which amends that certain Credit Agreement, dated as of March 28, 2014 (as amended, supplemented or otherwise modified to the date hereof, the “Credit Agreement”), among Borrower, Administrative Agent, LC Issuer and Lenders.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Amendment.

 

Each of the undersigned Guarantors hereby (i) consents to the provisions of the Amendment Documents (as defined in the First Amendment) and the transactions contemplated therein, (ii) ratifies and confirms the Guaranty dated as of March 28, 2014 (as amended, supplemented or otherwise modified to the date hereof, the “Guaranty”) made by it and the other Guarantors party thereto in favor of Administrative Agent for the benefit of the Guaranteed Parties (as such term is defined therein) and the other Loan Documents to which it is a party, (iii) agrees that all of its respective obligations and covenants thereunder shall remain unimpaired by the execution and delivery of the First Amendment and the other Amendment Documents, (iv) represents and warrants to the Lender Parties that each representation and warranty made with respect to it in any Amendment Document is true and correct in all respects on and as of time of the effectiveness of the First Amendment as if such representations and warranties had been made as of the time of the effectiveness of the First Amendment (except to the extent that such representation or warranty was made as of a specific date, in which case such representation or warranty is true and correct in all respects as of such specific date), and (v) agrees that the Guaranty and such other Loan Documents remain in full force and effect.

 

Each of the undersigned Guarantors hereby ratifies and confirms the pledge of and/or grant of a security interest in its assets which are Collateral to secure the Obligations, all as provided in the Security Documents as originally executed, and acknowledges and agrees that such guarantee, pledge and/or grant shall continue in full force and effect in respect of, and to secure, such Obligations under the Credit Agreement and the other Loan Documents.

 

[The remainder of this page has been intentionally left blank.]

 

 

IN WITNESS WHEREOF, this Consent and Agreement is made and delivered as of the date first referenced above.

 

	
 
    	
Eureka   Hunter Land, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph C. Daches
    
	
 
    	
Name:
    	
Joseph   C. Daches
    
	
 
    	
Title:
    	
Senior   Vice President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TransTex Hunter, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph C. Daches
    
	
 
    	
Name:
    	
Joseph   C. Daches
    
	
 
    	
Title:
    	
Senior   Vice President and Treasurer
    
				

 

 

EXHIBIT A

 

SECURITY DOCUMENTS

 

·                  First Supplement and Amendment to Open-End Mortgage, Assignment, Security Agreement, Fixture Filing and Financing Statement

 

·                  First Supplement to Deed of Trust, Credit Line Deed of Trust, Mortgage, Assignment, Security Agreement, Fixture Filing and Financing Statement

 

 

EXHIBIT B

 

CLOSING CERTIFICATE

 

November 19, 2014

 

Reference is made to that certain Credit Agreement dated as of March 28, 214 (as amended or supplemented, the “Agreement”), by and among Eureka Hunter Pipeline, LLC, a Delaware limited liability company (“Borrower”), ABN AMRO Capital USA LLC, as Administrative Agent (in such capacity “Agent”) and as LC Issuer, and the Lenders party thereto.  Terms which are defined in the Credit Agreement are used herein with the meanings given them in the Credit Agreement.  The undersigned, Joseph C. Daches, solely in his capacity as Senior Vice President and Treasurer of Borrower, does hereby certify that he has made a thorough inquiry into all matters certified herein and, based upon such inquiry, experience, and the advice of counsel, does hereby further certify that:

 

He is the duly elected, qualified, and acting Senior Vice President and Treasurer of Borrower.

 

All representations and warranties made by any Restricted Person in any Loan Document shall be true and correct in all material respects (except where qualified by materiality, in which case, true and correct in all respects) on and as of the date hereof as if such representations and warranties had been made as of the date hereof except to the extent that such representation or warranty was made as of a specific date, in which case such representation or warranty shall be true and correct in all material respects (except where qualified by materiality, in which case, true and correct in all respects) as of such specific date and except that the representations and warranties contained in subsections (a) of Section 5.6 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.2.

 

Immediately prior to and after giving effect to the effectiveness of that certain First Amendment, dated as of the date hereof (the “Amendment”), by and among Borrower, Agent and the Lenders party thereto, no Default has occurred or is continuing or shall result from the effectiveness of the Amendment.

 

[Remainder of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the foregoing certifications are made and delivered as of the date first referenced above.

 

 

	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Joseph   C. Daches
    
	
 
    	
Title:
    	
Senior   Vice President and Treasurer
    
				

 

[SIGNATURE PAGE TO CLOSING CERTIFICATE]

 

 

SCHEDULE 1

 

LENDERS SCHEDULE

 

	
Name of Lender
    	
 
    	
Commitment
   Amount
    	
 
    	
Applicable
   Percentage
    	
 
    
	
ABN AMRO Capital   USA LLC
    	
 
    	
$
    	
45,000,000
    	
 
    	
20.00000000000
    	
%
    
	
CIT Bank
    	
 
    	
$
    	
24,000,000
    	
 
    	
10.66666666667
    	
%
    
	
Royal Bank of Canada
    	
 
    	
$
    	
20,000,000
    	
 
    	
8.88888888889
    	
%
    
	
BNP Paribas
    	
 
    	
$
    	
18,000,000
    	
 
    	
8.00000000000
    	
%
    
	
OneWest Bank N.A.
    	
 
    	
$
    	
18,000,000
    	
 
    	
8.00000000000
    	
%
    
	
Branch Banking and   Trust Company (A.K.A. BB&T)
    	
 
    	
$
    	
15,000,000
    	
 
    	
6.66666666667
    	
%
    
	
The Huntington National Bank
    	
 
    	
$
    	
15,000,000
    	
 
    	
6.66666666667
    	
%
    
	
Santander Bank, N.A.
    	
 
    	
$
    	
15,000,000
    	
 
    	
6.66666666667
    	
%
    
	
U.S. Bank National Association
    	
 
    	
$
    	
15,000,000
    	
 
    	
6.66666666667
    	
%
    
	
Amegy Bank National Association
    	
 
    	
$
    	
10,000,000
    	
 
    	
4.44444444444
    	
%
    
	
Citibank N.A.
    	
 
    	
$
    	
10,000,000
    	
 
    	
4.44444444444
    	
%
    
	
Credit Suisse AG, Cayman Islands Branch
    	
 
    	
$
    	
10,000,000
    	
 
    	
4.44444444444
    	
%
    
	
Deutsche Bank AG New York Branch
    	
 
    	
$
    	
10,000,000
    	
 
    	
4.44444444444
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
TOTAL
    	
 
    	
$
    	
225,000,000.00
    	
 
    	
100.000000000
    	
%
    

 

 

Lenders’ Addresses:

 

ABN AMRO Capital USA LLC

5800 Granite Pkwy, Suite 265

Plano, TX 75024

Attn: Casey Lowary

Telephone: 972-543-6401

Email: casey.lowary@abnamro.com

 

CIT Bank

11 West 42nd Street, 12th Floor

New York, NY 10036

Attn: John Feeley

Telephone: 212-461-5736

Facsimile: 212-771-6023

Email: john.feeley@cit.com

 

Royal Bank of Canada

Williams Tower, Suite 3900

2800 Post Oak Blvd.

Houston, TX 77056

Attn: Kristan Spivey

Telephone: 713-403-5669

Facsimile: 713-403-5624

Email: kristan.spivey@rbccm.com

 

BNP Paribas

100 Crescent Court, Suite 500

Dallas, TX 75201

Attn: Matt Worstell

Telephone: 214-468-2626

Facsimile: 214-969-9332

Email: Matt.worstell@us.bnpparibas.com

 

OneWest Bank N.A.

3232 McKinney Ave, Suite 820

Dallas, TX 75204

Attn: Michael Dombroski

Telephone: 214-220-3004

Facsimile: 214-855-1430

Email: Michael.dombroski@owb.com

 

Branch Banking and Trust Company (A.K.A. BB&T)

333 Clay, Suite 3800

Houston, TX 77002

Attn: Ryan Michael

 

 

Telephone: 713-797-2145

Facsimile: 713-932-6285

Email: rmichael@bbandt.com

 

The Huntington National Bank

2 Oliver Street

Boston, MA 02110

Attn: Christopher Renyi

Telephone: 617-316-8911

Facsimile: 877-274-8593

Email: Christopher.renyi@huntington.com

 

Santander Bank, N.A.

1201 Louisiana St., Suite 2720

Houston, TX 77002

Attn: Brian Curran

Telephone: 713-353-8962

Email: Bcurran1@santander.us

 

U.S. Bank National Association

950 17th Street

8th Floor-DN-CO-T8E

Denver, CO 80202

Attn: John C. Lozano

Telephone: 303-585-4355

Facsimile: 303-585-4362

Email: John.lozano@usbank.com

 

Amegy Bank National Association

4400 Post Oak Parkway

Houston, TX 77027

Attn: Mark A. Serice

Telephone: 713-232-1110

Facsimile: 713-561-0345

Email: mark.serice@amegybank.com

 

Citibank N.A.

811 Main Street, Suite 4000

Houston, TX 77006

Attn: Jeff Ard

Telephone: 713-821-4727

Email: Jeff.ard@citi.com

 

Credit Suisse AG, Cayman Islands Branch

Eleven Madison Avenue

New York, NY 10010

 

 

Attn: Nupur Kumar

Telephone: 212-538-4044

Facsimile: 212-322-0419

Email: nupur.kumar@credit-suisse.com

 

Deutsche Bank AG New York Branch

5022 Gate Parkway, Suite 200

Jacksonville, FL 32256

Attn: Yawar Habib

Telephone: 904-271-2531

Email: chris.park@db.com

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