as Borrower
as Administrative Agent
as Joint Lead Arrangers and Joint Bookrunners
as Syndication Agent
Page | ||||
ARTICLE I DEFINITIONS | 1 | |||
SECTION 1.01.Defined Terms | 1 | |||
SECTION 1.02.Classification of Loans and Borrowings | 18 | |||
SECTION 1.03.Terms Generally | 18 | |||
SECTION 1.04.Accounting Terms; GAAP | 18 | |||
ARTICLE II THE CREDITS | 18 | |||
SECTION 2.01.Commitments | 18 | |||
SECTION 2.02.Loans and Borrowings | 19 | |||
SECTION 2.03.Requests for Revolving Borrowings | 19 | |||
SECTION 2.04.Intentionally Deleted | 20 | |||
SECTION 2.05.Intentionally Deleted | 20 | |||
SECTION 2.06.Letters of Credit | 20 | |||
SECTION 2.07.Funding of Borrowings | 24 | |||
SECTION 2.08.Interest Elections | 25 | |||
SECTION 2.09.Termination and Reduction of Commitments | 26 | |||
SECTION 2.10.Repayment of Loans; Evidence of Debt | 28 | |||
SECTION 2.11.Prepayment of Loans | 29 | |||
SECTION 2.12.Fees | 29 | |||
SECTION 2.13.Interest | 30 | |||
SECTION 2.14.Alternate Rate of Interest | 31 | |||
SECTION 2.15.Increased Costs | 31 | |||
SECTION 2.16.Break Funding Payments | 32 | |||
SECTION 2.17.Taxes | 33 | |||
SECTION 2.18.Payments Generally; Pro Rata Treatment; Sharing of Set-offs | 34 | |||
SECTION 2.19.Mitigation Obligations; Replacement of Lenders | 36 | |||
SECTION 2.20.Increase of Commitments | 36 | |||
SECTION 2.21.Swingline Loans | 38 | |||
ARTICLE III REPRESENTATIONS AND WARRANTIES | 39 | |||
SECTION 3.01.Organization; Powers | 39 | |||
SECTION 3.02.Authorization; Enforceability | 39 | |||
SECTION 3.03.No Undisclosed Liabilities | 39 | |||
SECTION 3.04.Governmental Approvals; No Conflicts | 39 | |||
SECTION 3.05.Financial Condition; No Material Adverse Change | 39 | |||
SECTION 3.06.Properties | 40 | |||
SECTION 3.07.Litigation and Environmental Matters | 40 | |||
SECTION 3.08.Compliance with Laws and Agreements | 40 | |||
SECTION 3.09.Investment Company Status | 40 | |||
SECTION 3.10.Taxes | 40 | |||
SECTION 3.11.ERISA | 40 | |||
SECTION 3.12.Disclosure | 41 | |||
SECTION 3.13.Labor Matters | 41 | |||
SECTION 3.14.Subsidiaries | 41 | |||
SECTION 3.15.Margin Stock | 41 | |||
SECTION 3.16.Licenses and Permits | 41 |
i
Page | ||||
SECTION 3.17.Reportable Transaction | 42 | |||
SECTION 3.18.Intentionally Deleted | 42 | |||
SECTION 3.19.Senior Debt Status | 42 | |||
SECTION 3.20.Leases | 42 | |||
SECTION 3.21.Solvency | 42 | |||
SECTION 3.22.Foreign Assets Control Regulation | 42 | |||
SECTION 3.23.Representations Regarding the Parent | 42 | |||
ARTICLE IV CONDITIONS | 43 | |||
SECTION 4.01.Effective Date | 43 | |||
SECTION 4.02.Each Credit Event | 44 | |||
ARTICLE V AFFIRMATIVE COVENANTS | 44 | |||
SECTION 5.01.Financial Statements; Ratings Change and Other Information | 44 | |||
SECTION 5.02.Notices of Material Events | 45 | |||
SECTION 5.03.Existence; Conduct of Business | 46 | |||
SECTION 5.04.Payment of Obligations | 46 | |||
SECTION 5.05.Maintenance of Properties; Insurance | 46 | |||
SECTION 5.06.Books and Records; Inspection Rights | 46 | |||
SECTION 5.07.Compliance with Laws | 46 | |||
SECTION 5.08.Use of Proceeds and Letters of Credit | 46 | |||
SECTION 5.09.Compliance with ERISA | 47 | |||
SECTION 5.10.Intentionally Deleted | 47 | |||
SECTION 5.11.Compliance with Environmental Laws; Environmental Reports | 47 | |||
SECTION 5.12.Further Assurances | 47 | |||
SECTION 5.13.Tax Shelter Regulations | 47 | |||
SECTION 5.14.Leases; Material Contracts | 48 | |||
SECTION 5.15.Clean-Down Period | 48 | |||
SECTION 5.16.Guaranties | 48 | |||
ARTICLE VI NEGATIVE COVENANTS | 48 | |||
SECTION 6.01.Indebtedness | 48 | |||
SECTION 6.02.Liens | 49 | |||
SECTION 6.03.Fundamental Changes | 50 | |||
SECTION 6.04.Investments, Loans, Advances and Guarantees | 51 | |||
SECTION 6.05.Swap Agreements | 51 | |||
SECTION 6.06.Restricted Payments | 52 | |||
SECTION 6.07.Transactions with Affiliates | 52 | |||
SECTION 6.08.Sales of Assets | 52 | |||
SECTION 6.09.Constituent Documents | 52 | |||
SECTION 6.10.Regulation T, U and X Compliance | 53 | |||
SECTION 6.11.Sales and Leasebacks | 53 | |||
SECTION 6.12.Changes in Fiscal Year | 53 | |||
SECTION 6.13.Change in the Nature of Business | 53 | |||
SECTION 6.14.Limitation on Restrictions on Subsidiary Distributions | 53 | |||
SECTION 6.15.Changes to the Omnibus Agreement | 53 | |||
SECTION 6.16.Changes to the Note Purchase Agreements | 53 | |||
SECTION 6.17.Minimum Interest Coverage Ratio | 54 | |||
SECTION 6.18.Maximum Leverage Ratio | 54 | |||
SECTION 6.19.Permitted Acquisitions | 54 |
ii
Page | ||||
ARTICLE VII EVENTS OF DEFAULT | 54 | |||
ARTICLE VIII THE ADMINISTRATIVE AGENT | 57 | |||
ARTICLE IX MISCELLANEOUS | 58 | |||
SECTION 9.01.Notices | 58 | |||
SECTION 9.02.Waivers; Amendments | 60 | |||
SECTION 9.03.Expenses; Indemnity; Damage Waiver | 61 | |||
SECTION 9.04.Successors and Assigns | 62 | |||
SECTION 9.05.Survival | 65 | |||
SECTION 9.06.Counterparts; Integration; Effectiveness | 65 | |||
SECTION 9.07.Severability | 65 | |||
SECTION 9.08.Right of Setoff | 65 | |||
SECTION 9.09.Governing Law; Jurisdiction; Consent to Service of Process | 65 | |||
SECTION 9.10.WAIVER OF JURY TRIAL | 66 | |||
SECTION 9.11.Headings | 66 | |||
SECTION 9.12.Confidentiality | 66 | |||
SECTION 9.13.Interest Rate Limitation | 67 | |||
SECTION 9.14.USA PATRIOT Act | 67 | |||
SECTION 9.15.Separateness | 67 | |||
SECTION 9.16.No Personal Liability of Directors, Officers, Employees and Unitholders | 67 | |||
SECTION 9.17.Release of Guaranty Agreements | 67 | |||
SECTION 9.18.Renewal and Extension | 68 |
Schedule 2.01 — Commitments
Schedule 3.03 — Disclosed Matters
Schedule 3.14 — Subsidiaries
Schedule 6.01 — Existing Indebtedness
Schedule 6.02 — Existing Liens
Schedule 6.08 — Permitted Asset Sales
Schedule 6.14 — Existing Restrictions
Exhibit A — Form of Assignment and Assumption
Exhibit B — Form of Commitment Increase Notice
Exhibit C — Form of New Lender Agreement
Exhibit D — Form of Guaranty Agreement (Subsidiary)
Exhibit E — Form of Borrowing Request
Exhibit F — Form of Compliance Certificate
Exhibit G — Form of Extension Request
iii
Commitment | ||||||||||||
Eurodollar | ABR | Fee | ||||||||||
Leverage Ratio: | Spread | Spread | Rate | |||||||||
Less than 1:0:1.0 | 0.4500 | % | 0.00 | % | 0.100 | % | ||||||
Greater than or equal to 1.0:1.0 but less than 1.5:1.0 | 0.6000 | % | 0.00 | % | 0.125 | % | ||||||
Greater than or equal to 1.5:1.0 but less than 2.0:1.0 | 0.7000 | % | 0.00 | % | 0.150 | % | ||||||
Greater than or equal to 2.0:1.0 but less than 2.5:1.0 | 0.8750 | % | 0.00 | % | 0.175 | % | ||||||
Greater than or equal to 2.5:1.0 but less than 3.75:1.0 | 1.125 | % | 0.125 | % | 0.225 | % | ||||||
Greater than 3.75:1.0 | 1.50 | % | 0.50 | % | 0.300 | % |
Eurodollar | ABR | Commitment | ||||||||||
Debt Rating | Spread | Spread | Fee Rate | |||||||||
BBB+/Baa1 | 0.4000 | % | 0.00 | % | 0.080 | % | ||||||
BBB/Baa2 | 0.5000 | % | 0.00 | % | 0.100 | % | ||||||
BBB-/Baa3 | 0.6250 | % | 0.00 | % | 0.125 | % | ||||||
BB+/Ba1 | 0.8750 | % | 0.00 | % | 0.175 | % | ||||||
BB/Ba2 | 1.125 | % | 0.125 | % | 0.225 | % | ||||||
Less than BB/Ba2 | 1.50 | % | 0.50 | % | 0.300 | % |
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BORROWER: | ||||
NRP (OPERATING) LLC, | ||||
a Delaware limited liability company | ||||
By: | /s/ Dwight L. Dunlap | |||
Dwight L. Dunlap, | ||||
Chief Financial Officer |
CITIBANK, N.A., | ||||
a national banking association | ||||
By: | /s/ Mason A. McGurrin | |||
Name: | Mason A. McGurrin | |||
Title: | Vice President |
WACHOVIA BANK, NATIONAL ASSOCIATION | ||||
By: | /s/ Jonathan R. Richardson | |||
Name: | Jonathan R. Richardson | |||
Title: | Vice President |
BANK OF MONTREAL | ||||
By: | /s/ John MacLeen Cook | |||
Name: | John MacLeen Cook | |||
Title: | Director |
BNP PARIBAS | ||||
By: | /s/ Mark A. Cox | |||
Name: | Mark A. Cox | |||
Title: | Managing Director | |||
By: | /s/ Greg Smothers | |||
Name: | Greg Smothers | |||
Title: | Vice President |
BRANCH BANKING AND TRUST COMPANY | ||||
By: | /s/ Timothy A. Paxton | |||
Name: | Timothy A. Paxton | |||
Title: | Senior Vice President |
THE HUNTINGTON NATIONAL BANK | ||||
By: | /s/ L. Blair DeVan | |||
Name: | L. Blair DeVan | |||
Title: | Vice President |
COMERICA BANK | ||||
By: | /s/ Josh Strong | |||
Name: | Josh Strong | |||
Title: | Corporate Banking Officer |
COMPASS BANK | ||||
By: | /s/ Dorothy Marchand | |||
Name: | Dorothy Marchand | |||
Title: | Senior Vice President |
ROYAL BANK OF CANADA | ||||
By: | /s/ Don J. McKinnerney | |||
Name: | Don J. McKinnerney | |||
Title: | Authorized Signatory |
AMEGY BANK NATIONAL ASSOCIATION | ||||
By: | /s/ W. Bryan Chapman | |||
Name: | W. Bryan Chapman | |||
Title: | Senior Vice President |
1
Credit Support Parties: | ||||||
WBRD LLC, | ||||||
a Delaware limited liability company; | ||||||
WPP LLC, a Delaware limited liability company; | ||||||
ACIN LLC, | ||||||
a Delaware limited liability company; | ||||||
HOD LLC, | ||||||
a Delaware limited liability company; | ||||||
GATLING MINERAL, LLC, | ||||||
a Delaware limited liability company; | ||||||
INDEPENDENCE LAND COMPANY LLC, | ||||||
a Delaware limited liability company; | ||||||
SHEPARD BOONE COAL COMPANY LLC, | ||||||
a Delaware limited liability company | ||||||
By: | NRP (Operating) LLC, as sole Member of each | |||||
of the above named entities | ||||||
By: | /s/ Dwight L. Dunlap | |||||
Dwight L. Dunlap, | ||||||
Chief Financial Officer |
2
1. | Assignor: | |||
2. | Assignee: | |||
[and is an Affiliate/Approved Fund of [identify Lender]1] | ||||
3. | Borrower(s): | |||
4. | Administrative Agent: | , as the administrative agent under the | ||
Credit Agreement | ||||
5. | Credit Agreement: | [The [amount] Amended and Restated Credit Agreement dated as of | ||
among [name of Borrower(s)], the Lenders parties thereto, | ||||
[name of Administrative Agent], as Administrative Agent, and the | ||||
other agents parties thereto] |
1 | Select as applicable. |
Exhibit A - Page 1
Aggregate Amount of | Amount of | Percentage Assigned of | ||||||
Commitment/Loans | Commitment/Loans | Commitment/Loans2 | ||||||
for all Lenders | Assigned | |||||||
$ | $ | % | ||||||
$ | $ | % | ||||||
$ | $ | % |
ASSIGNOR | ||||
[NAME OF ASSIGNOR] | ||||
By: | ||||
Title: | ||||
ASSIGNEE | ||||
[NAME OF ASSIGNEE] | ||||
By: | ||||
Title: |
2 | Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. |
Exhibit A - Page 2
[Consented to and]3 Accepted: | ||||
[NAME OF ADMINISTRATIVE AGENT], as | ||||
Administrative Agent | ||||
By | ||||
Title: | ||||
[Consented to:]4 | ||||
[NAME OF RELEVANT PARTY] | ||||
By | ||||
Title: |
3 | To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. | |
4 | To be added only if the consent of the Borrower and/or other parties (e.g. Issuing Bank) is required by the terms of the Credit Agreement. |
Exhibit A - Page 3
5 | Describe Credit Agreement at option of Administrative Agent. |
Exhibit A - Page 4
Exhibit A - Page 5
Exhibit B - Page 1
(a) | The execution, delivery and performance by the Borrower of this Agreement are within the Borrower’s corporate powers, have been duly authorized by all necessary corporation action and do not contravene (i) the Borrower’s certificate of incorporation or by-laws or (ii) any indenture, loan agreement or other similar agreement or instrument binding on the Borrower. | ||
(b) | No authorization, consent or approval any governmental body or agency is required for the valid execution, delivery and performance by the Borrower of this Agreement. | ||
(c) | This Agreement constitutes a valid and binding agreement of the Borrower enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and equitable principles of general applicability. | ||
(d) | The aggregate amount of the Commitments under the Credit Agreement, including any increases pursuant to Section 2.20 thereof, does not exceed $450,000,000. | ||
(e) | No Default or Event of Default has occurred and is continuing. |
Exhibit B - Page 2
BORROWER: | ||||||
NRP (OPERATING) LLC, | ||||||
a Delaware limited liability company | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
ADMINISTRATIVE AGENT: | ||||||
CITIBANK, N.A., | ||||||
a national banking association | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
INCREASING LENDER: | ||||||
[NAME OF INCREASING LENDER] | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Exhibit B - Page 3
1 | Must be at least $5,000,000. | |
2 | Must be at least $5,000,000. |
Exhibit C - Page 1
Exhibit C - Page 2
Exhibit C - Page 3
BORROWER: | ||||||
NRP (OPERATING) LLC, | ||||||
a Delaware limited liability company | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
ADMINISTRATIVE AGENT: | ||||||
CITIBANK, N.A., | ||||||
a national banking association | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
INCREASING LENDER: | ||||||
[NAME OF INCREASING LENDER] | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Exhibit C - Page 4
(Subsidiary)
Exhibit D - Page 1
DEFINITIONS AND OTHER CONVENTIONS
Exhibit D - Page 2
Exhibit D - Page 3
Exhibit D - Page 4
Exhibit D - Page 5
Exhibit D - Page 6
Exhibit D - Page 7
Exhibit D - Page 8
Exhibit D - Page 9
Exhibit D - Page 10
Exhibit D - Page 11
Exhibit D - Page 12
601 Jefferson St., Suite 3600
Houston, Texas 77002
Attention: Dwight L. Dunlap, Chief Financial Officer
Telephone: (713) 751-7514
Telecopier: (713) 751-7515
2300 First Tower City
1001 Fannin
Houston, TX 77002-6760
Attention: Dan A. Fleckman
Telephone: (713) 758-2222
Telecopier: (713) 615-5859
Exhibit D - Page 13
Exhibit D - Page 14
[SIGNATURE BLOCKS OF GUARANTORS TO | ||
BE DETERMINED] |
CITIBANK, N.A., in its capacity as Administrative Agent | ||||
By: | ||||
Name: | ||||
Title: | ||||
Exhibit D - Page 15
Exhibit E - Page 1
Sincerely, | ||||
NRP (OPERATING) LLC | ||||
By: | ||||
Name: | ||||
Title: | ||||
Exhibit E - Page 2
1. | The representations and warranties contained in Article III of the Credit Agreement are true and correct as of the date hereof, except to the extent any such representation or warranty is stated to relate to an earlier date in which case such representation and warranty is true and correct on and as of such earlier date. | ||
2. | No Default or Event of Default has occurred and is continuing as of the date hereof or after giving effect to the Loans to be made on the date hereof. |
Exhibit F - Page 1
NRP (OPERATING) LLC | ||||
By: | ||||
Name: | Dwight L. Dunlap | |||
Title: | Chief Financial Officer |
Exhibit F - Page 2
2 Penns Way, 1st Floor
New Castle, Delaware 19702
Attention: Vincent Fratta
Sincerely, | ||||
NRP (OPERATING) LLC, | ||||
a Delaware limited liability company | ||||
By: | ||||
Name: | ||||
Title: | ||||
Exhibit G - Page 1
Investor | Title | Allocation | Percentage | |||||||
Citibank, N.A. | Administrative Agent | $ | 50,000,000.00 | 16.67 | % | |||||
Wachovia Bank, National Association | Syndication Agent | $ | 50,000,000.00 | 16.67 | % | |||||
Bank of Montreal | Lender | $ | 35,000,000.00 | 11.67 | % | |||||
BNP Paribas | Lender | $ | 35,000,000.00 | 11.67 | % | |||||
Branch Banking and Trust Company | Lender | $ | 35,000,000.00 | 11.67 | % | |||||
The Huntington National Bank | Lender | $ | 25,000,000.00 | 8.33 | % | |||||
Comerica Bank | Lender | $ | 17,500,000.00 | 5.83 | % | |||||
Compass Bank | Lender | $ | 17,500,000.00 | 5.83 | % | |||||
Royal Bank of Canada | Lender | $ | 17,500,000.00 | 5.83 | % | |||||
Amegy Bank National Association | Lender | $ | 17,500,000.00 | 5.83 | % | |||||
$ | 300,000,000.00 | 100.00 | % |
Schedule 2.01 - - Page 1
Schedule 3.03 - - Page 1
percentage of | ||||||||||||||||
total | ||||||||||||||||
name of | jurisdiction of | class of llc | membership | |||||||||||||
subsidiary | organization | name of owner | interest | interests | ||||||||||||
WPP LLC | Delaware | NRP (Operating) LLC | Sole member | 100 | % | |||||||||||
WBRD LLC | Delaware | NRP (Operating) LLC | Sole member | 100 | % | |||||||||||
ACIN LLC | Delaware | NRP (Operating) LLC | Sole member | 100 | % | |||||||||||
HOD LLC | Delaware | NRP (Operating) LLC | Sole member | 100 | % | |||||||||||
SHEPARD BOONE COAL COMPANY LLC | Delaware | NRP (Operating) LLC | Sole member | 100 | % | |||||||||||
GATLING MINERAL, LLC | Delaware | NRP (Operating) LLC | Sole member | 100 | % | |||||||||||
INDEPENDENCE LAND COMPANY, LLC | Delaware | NRP (Operating) LLC | Sole member | 100 | % |
Schedule 3.14 - - Page 1
1. | The Series A, B, C, D and E notes issued pursuant to the Note Purchase Agreements. | |
2. | A 5.31% utility local improvement obligation (maturing in March 2021) on real property owned by WPP LLC in the State of Washington. |
Schedule 6.01 - - Page 1
1. | A 5.31% utility local improvement obligation (maturing in March 2021) on real property owned by WPP LLC in the State of Washington. |
Schedule 6.02 - - Page 1
1. | The timber properties located in the state of Virginia acquired from El Paso Corporation in December 2002. | |
2. | The timber properties located in the State of West Virginia acquired from the Mellon Foundation in December 2006 and from Dingess-Rum Properties in January 2007. |
Schedule 6.08 - - Page 1
1. | Note Purchase Agreements |
Schedule 6.14 - - Page 1