CREDIT AGREEMENT
July 26, 2005 and November 30, 2005,
and
February 3, 2006
as Borrower,
and
THE OTHER GUARANTORS PARTY HERETO,
as Guarantors,
as Arranger and Bookmanager,
as Syndication Agent,
NATEXIS BANQUES POPULAIRES,
as Co-Documentation Agents
as Swingline Lender
80 Pine Street
New York, NY 10005
Section | Page | |||
ARTICLE I | ||||
DEFINITIONS | ||||
SECTION 1.01 Defined Terms | 2 | |||
SECTION 1.02 Classification of Loans and Borrowings | 35 | |||
SECTION 1.03 Terms Generally | 35 | |||
SECTION 1.04 Accounting Terms; GAAP | 35 | |||
SECTION 1.05 Resolution of Drafting Ambiguities | 36 | |||
ARTICLE II | ||||
THE CREDITS | ||||
SECTION 2.01 Commitments | 36 | |||
SECTION 2.02 Loans | 36 | |||
SECTION 2.03 Borrowing Procedure | 38 | |||
SECTION 2.04 Evidence of Debt; Repayment of Loans | 38 | |||
SECTION 2.05 Fees | 39 | |||
SECTION 2.06 Interest on Loans | 40 | |||
SECTION 2.07 Termination and Reduction of Commitments | 41 | |||
SECTION 2.08 Interest Elections | 42 | |||
SECTION 2.09 [Intentionally Omitted] | 43 | |||
SECTION 2.10 Optional and Mandatory Prepayments of Loans | 43 | |||
SECTION 2.11 Alternate Rate of Interest | 46 | |||
SECTION 2.12 Yield Protection | 47 | |||
SECTION 2.13 Breakage Payments | 48 | |||
SECTION 2.14 Payments Generally; Pro Rata Treatment; Sharing of Setoffs | 49 | |||
SECTION 2.15 Taxes | 51 | |||
SECTION 2.16 Mitigation Obligations; Replacement of Lenders | 53 | |||
SECTION 2.17 Swingline Loans | 54 | |||
SECTION 2.18 Letters of Credit | 55 | |||
SECTION 2.19 Increase in Commitments | 62 | |||
SECTION 2.20 Modification of Revolving Loan | 64 | |||
ARTICLE III | ||||
REPRESENTATIONS AND WARRANTIES | ||||
SECTION 3.01 Organization; Powers | 65 | |||
SECTION 3.02 Authorization; Enforceability | 66 | |||
SECTION 3.03 No Conflicts | 66 | |||
SECTION 3.04 Financial Statements; Projections | 66 | |||
SECTION 3.05 Properties | 67 | |||
SECTION 3.06 Intellectual Property | 67 | |||
SECTION 3.07 Equity Interests and Subsidiaries | 68 |
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SECTION 3.08 Litigation; Compliance with Laws | 69 | |||
SECTION 3.09 Agreements | 69 | |||
SECTION 3.10 Federal Reserve Regulations | 69 | |||
SECTION 3.11 Investment Company Act; Public Utility Holding Company Act | 70 | |||
SECTION 3.12 Use of Proceeds | 70 | |||
SECTION 3.13 Taxes | 70 | |||
SECTION 3.14 No Material Misstatements | 70 | |||
SECTION 3.15 Labor Matters | 71 | |||
SECTION 3.16 Solvency | 71 | |||
SECTION 3.17 Employee Benefit Plans | 71 | |||
SECTION 3.18 Environmental Matters | 72 | |||
SECTION 3.19 Insurance | 73 | |||
SECTION 3.20 Security Documents | 73 | |||
SECTION 3.21 [Intentionally Omitted] | 74 | |||
SECTION 3.22 Anti-Terrorism Law | 74 | |||
ARTICLE IV | ||||
CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS | ||||
SECTION 4.01 Conditions to Effectiveness | 75 | |||
SECTION 4.02 Conditions to All Credit Extensions | 75 | |||
ARTICLE V | ||||
AFFIRMATIVE COVENANTS | ||||
SECTION 5.01 Financial Statements, Reports, etc. | 76 | |||
SECTION 5.02 Litigation and Other Notices | 78 | |||
SECTION 5.03 Existence; Businesses and Properties | 79 | |||
SECTION 5.04 Insurance | 79 | |||
SECTION 5.05 Obligations and Taxes | 80 | |||
SECTION 5.06 Employee Benefits | 80 | |||
SECTION 5.07 Maintaining Records; Access to Properties and Inspections | 81 | |||
SECTION 5.08 Use of Proceeds | 81 | |||
SECTION 5.09 Compliance with Environmental Laws; Environmental Reports | 81 | |||
SECTION 5.10 Interest Rate Protection | 82 | |||
SECTION 5.11 Additional Collateral; Additional Guarantors | 82 | |||
SECTION 5.12 Security Interests; Further Assurances | 84 | |||
SECTION 5.13 Information Regarding Collateral | 85 | |||
ARTICLE VI | ||||
NEGATIVE COVENANTS | ||||
SECTION 6.01 Indebtedness | 86 | |||
SECTION 6.02 Liens | 88 | |||
SECTION 6.03 Sale and Leaseback Transactions | 92 | |||
SECTION 6.04 Investment, Loan and Advances | 92 | |||
SECTION 6.05 Mergers and Consolidations; Dissolution | 93 | |||
SECTION 6.06 Asset Sales | 94 |
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Section | Page | |||
SECTION 6.07 Acquisitions | 95 | |||
SECTION 6.08 Dividends | 95 | |||
SECTION 6.09 Transactions with Affiliates | 96 | |||
SECTION 6.10 Financial Covenants | 97 | |||
SECTION 6.11 Prepayments of Other Indebtedness; Modifications of Organizational Documents and Other Documents, etc. | 97 | |||
SECTION 6.12 Limitation on Certain Restrictions on Subsidiaries | 97 | |||
SECTION 6.13 Limitation on Issuance of Capital Stock | 98 | |||
SECTION 6.14 Limitation on Creation of Subsidiaries | 99 | |||
SECTION 6.15 Business | 99 | |||
SECTION 6.16 [Intentionally Omitted] | 99 | |||
SECTION 6.17 Fiscal Year | 99 | |||
SECTION 6.18 No Further Negative Pledge | 99 | |||
SECTION 6.19 Anti-Terrorism Law; Anti-Money Laundering | 99 | |||
SECTION 6.20 Embargoed Person | 100 | |||
ARTICLE VII | ||||
GUARANTEE | ||||
SECTION 7.01 The Guarantee | 100 | |||
SECTION 7.02 Obligations Unconditional | 101 | |||
SECTION 7.03 Reinstatement | 102 | |||
SECTION 7.04 Subrogation; Subordination | 102 | |||
SECTION 7.05 Remedies | 102 | |||
SECTION 7.06 Instrument for the Payment of Money | 103 | |||
SECTION 7.07 Continuing Guarantee | 103 | |||
SECTION 7.08 General Limitation on Guarantee Obligations | 103 | |||
SECTION 7.09 Release of Guarantors | 103 | |||
ARTICLE VIII | ||||
EVENTS OF DEFAULT | ||||
SECTION 8.01 Events of Default | 103 | |||
SECTION 8.02 Rescission | 106 | |||
SECTION 8.03 Application of Proceeds | 106 | |||
SECTION 8.04 Right to Cure | 107 | |||
ARTICLE IX | ||||
THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT | ||||
SECTION 9.01 Appointment and Authority | 108 | |||
SECTION 9.02 Rights as a Lender | 108 | |||
SECTION 9.03 Exculpatory Provisions | 108 | |||
SECTION 9.04 Reliance by Agent | 109 | |||
SECTION 9.05 Delegation of Duties | 110 | |||
SECTION 9.06 Resignation of Agent | 110 | |||
SECTION 9.07 Non-Reliance on Agent and Other Lenders | 111 | |||
SECTION 9.08 No Other Duties, etc.; Appointment | 111 |
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Section | Page | |||
ARTICLE X | ||||
MISCELLANEOUS | ||||
SECTION 10.01 Notices | 111 | |||
SECTION 10.02 Waivers; Amendment | 114 | |||
SECTION 10.03 Expenses; Indemnity; Damage Waiver | 117 | |||
SECTION 10.04 Successors and Assigns | 119 | |||
SECTION 10.05 Survival of Agreement | 122 | |||
SECTION 10.06 Counterparts; Integration; Effectiveness; Electronic Execution | 122 | |||
SECTION 10.07 Severability | 123 | |||
SECTION 10.08 Right of Setoff | 123 | |||
SECTION 10.09 Governing Law; Jurisdiction; Consent to Service of Process | 124 | |||
SECTION 10.10 Waiver of Jury Trial | 125 | |||
SECTION 10.11 Headings | 125 | |||
SECTION 10.12 Treatment of Certain Information; Confidentiality | 125 | |||
SECTION 10.13 USA PATRIOT Act Notice | 126 | |||
SECTION 10.14 Interest Rate Limitation | 126 | |||
SECTION 10.15 Lender Addendum | 126 | |||
SECTION 10.16 Obligations Absolute | 126 |
Schedule 1.01(b) | Subsidiary Guarantors | |
Schedule 3.03 | Governmental Approvals; Compliance with Laws | |
Schedule 3.06(c) | Violations or Proceedings | |
Schedule 3.18 | Environmental Matters | |
Schedule 3.19 | Insurance | |
Schedule 6.01(b) | Existing Indebtedness | |
Schedule 6.02(c) | Existing Liens | |
Schedule 6.04(b) | Existing Investments |
Exhibit A | Form of Administrative Questionnaire | |
Exhibit B | Form of Amended and Restated Assignment and Assumption | |
Exhibit C | Form of Borrowing Request | |
Exhibit D | Form of Compliance Certificate | |
Exhibit E | Form of Interest Election Request | |
Exhibit F | Form of Joinder Agreement | |
Exhibit G | Form of Landlord Access Agreement | |
Exhibit H | Form of LC Request | |
Exhibit I | Form of Lender Addendum | |
Exhibit J | Form of Mortgage | |
Exhibit K-1 | Form of Term Note | |
Exhibit K-2 | Form of Revolving Note | |
Exhibit K-3 | Form of Swingline Note |
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Exhibit L-1 | Form of Perfection Certificate | |
Exhibit L-2 | Form of Perfection Certificate Supplement | |
Exhibit M | Form of Intercompany Note | |
Exhibit N | Form of Non-Bank Certificate |
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DEFINITIONS
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THE CREDITS
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REPRESENTATIONS AND WARRANTIES
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CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS
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AFFIRMATIVE COVENANTS
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NEGATIVE COVENANTS
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EVENTS OF DEFAULT
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THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT
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MISCELLANEOUS
(i) | if to any Loan Party, to Borrower at: |
1700 Pacific Avenue, Suite 2900
Dallas, Texas 75201
Attention: James W. Hunt
Telecopier No.: (214) 750-1749
Email: jim.hunt@regencygas.com
with a copy to: |
200 Crescent Court, Suite 1600
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Attention: Jason Downie
Telecopier No.: (214) 720-7888
Email: jdownie@hmtf.com
1700 Pacific Avenue
Suite 2900
Dallas, Texas 75201
Attention: Bill Joor
Telecopier No.: (214) 750-1749
Email: bill.joor@regencygas.com
677 Washington Boulevard
Stamford, Connecticut 06901
Attention: Christopher Aitkin
Telecopier No.: (203) 719-4176
Email: Christopher.aitkin@ubs.com
677 Washington Boulevard
Stamford, Connecticut 06901
Attention: Christopher Aitkin
Telecopier No.: (203) 719-4176
Email: Christopher.aitkin@ubs.com
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REGENCY GAS SERVICES LP | ||||||
By: Regency OLP GP, LLC, its General Partner | ||||||
By: | /s/ Stephen L. Arata | |||||
Stephen L. Arata | ||||||
Vice President | ||||||
REGENCY ENERGY PARTNERS LP | ||||||
By: Regency GP LP, its General Partner | ||||||
By: Regency GP LLC, its General Partner | ||||||
By: | /s/ Stephen L. Arata | |||||
Stephen L. Arata | ||||||
Executive Vice President and | ||||||
Chief Financial Officer |
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REGENCY WAHA LP, LLC | ||||||
REGENCY NGL GP, LLC | ||||||
REGENCY GAS MARKETING GP, LLC | ||||||
REGENCY WAHA GP, LLC | ||||||
REGENCY INTRASTATE GAS LLC | ||||||
REGENCY MIDCON GAS LLC | ||||||
REGENCY LIQUIDS PIPELINE LLC | ||||||
REGENCY | GAS GATHERING AND PROCESSING LLC | |||||
GULF STATES TRANSMISSION CORPORATION | ||||||
REGENCY NGL MARKETING LP | ||||||
By: Regency NGL GP, LLC, its General Partner | ||||||
REGENCY GAS MARKETING LP | ||||||
By: Regency Gas Marketing GP, LLC, its General Partner | ||||||
REGENCY GAS SERVICES WAHA, LP | ||||||
By: Regency Waha GP, LLC, its General Partner | ||||||
By: | /s/ Stephen L. Arata | |||||
Stephen L. Arata | ||||||
Vice President |
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UBS SECURITIES LLC, as Arranger | ||||||||
By: | /s/ John C. Crockett | |||||||
Name: | John C. Crockett | |||||||
Title: | Executive Director | |||||||
By: | /s/ Warren Jervey | |||||||
Name: | Warren Jervey | |||||||
Title: | Director and Counsel Region Americas Legal | |||||||
UBS AG, STAMFORD BRANCH, as Issuing Bank, Administrative Agent and Collateral Agent | ||||||||
By: | /s/ Anthony N. Joseph | |||||||
Name: | Anthony N. Joseph | |||||||
Title: | Director Banking Products Services, US | |||||||
By: | /s/ Joselin Fernandes | |||||||
Name: | Joselin Fernandes | |||||||
Title: | Associate Director Banking Products Services, US | |||||||
UBS LOAN FINANCE LLC, as Swingline Lender | ||||||||
By: | /s/ Anthony N. Joseph | |||||||
Name: | Anthony N. Joseph | |||||||
Title: | Director Banking Products Services, US | |||||||
By: | /s/ Joselin Fernandes | |||||||
Name: | Joselin Fernandes | |||||||
Title: | Associate Director Banking Products Services, US |
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BANK OF AMERICA, N.A., as Syndication Agent | ||||||
By: | /s/ Gregory B. Hanson | |||||
Name: Gregory B. Hanson | ||||||
Title: Vice President |
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FORTIS CAPITAL CORP., as Co-Documentation Agent | ||||||
By: | /s/ ILLEGIBLE | |||||
Name: Illegible | ||||||
Title: Illegible | ||||||
By: | /s/ ILLEGIBLE | |||||
Name: Illegible | ||||||
Title: Illegible |
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NATEXIS BANQUES POPULAIRES, as Co- Documentation Agent | ||||||
By: | /s/ Timothy L. Polvado | |||||
Name: Timothy L. Polvado | ||||||
Title: Vice President and Group Manager | ||||||
By: | /s/ Louis P. Laville, III | |||||
Name: Louis P. Laville, III | ||||||
Title: Vice President and Group Manager |
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