THIRD AMENDED AND RESTATED CREDIT AGREEMENT
as US Borrower,
as Canadian Borrower,
as US Administrative Agent, US Issuing Lender and US Swingline Lender,
as Canadian Administrative Agent, Canadian Issuing Lender and Canadian Swingline Lender,
as Lenders
as Lead Arranger and Sole Bookrunner
and JPMORGAN CHASE BANK, N.A.
as Co-Documentation Agents
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ARTICLE I DEFINITIONS AND ACCOUNTING TERMS | 2 | |||
Section 1.1 Certain Defined Terms | 2 | |||
Section 1.2 Computation of Time Periods | 31 | |||
Section 1.3 Accounting Terms; Changes in GAAP | 31 | |||
Section 1.4 Classes and Types of Advances | 32 | |||
Section 1.5 Other Interpretive Provisions | 32 | |||
Section 1.6 Exchange Rates; Currency Equivalents | 33 | |||
Section 1.7 Agreed Currencies | 33 | |||
Section 1.8 Change of Currency | 34 | |||
Section 1.9 Several Obligations of Borrowers | 35 | |||
ARTICLE II CREDIT FACILITIES | 35 | |||
Section 2.1 Commitments | 35 | |||
Section 2.2 Evidence of Indebtedness | 38 | |||
Section 2.3 Letters of Credit | 38 | |||
Section 2.4 Swingline Advances | 46 | |||
Section 2.5 Bankers’ Acceptances | 50 | |||
Section 2.6 Borrowings; Procedures and Limitations | 52 | |||
Section 2.7 Prepayments; Defeasance | 58 | |||
Section 2.8 Repayment | 60 | |||
Section 2.9 Fees | 60 | |||
Section 2.10 Interest | 62 | |||
Section 2.11 Illegality | 64 | |||
Section 2.12 Breakage Costs | 64 | |||
Section 2.13 Increased Costs | 65 | |||
Section 2.14 Payments and Computations | 66 | |||
Section 2.15 Taxes | 69 | |||
Section 2.16 Replacement of Lenders | 71 | |||
Section 2.17 Designation of a Canadian Borrower | 73 | |||
Section 2.18 Defaulting Lender Provisions | 74 | |||
ARTICLE III CONDITIONS PRECEDENT | 77 | |||
Section 3.1 Conditions Precedent to Effectiveness | 77 | |||
Section 3.2 Conditions Precedent to Each Credit Extension | 79 | |||
Section 3.3 Determinations Under Sections 3.1 and 3.2 | 79 | |||
ARTICLE IV REPRESENTATIONS AND WARRANTIES | 79 | |||
Section 4.1 Organization | 80 | |||
Section 4.2 Authorization | 80 | |||
Section 4.3 Enforceability | 80 | |||
Section 4.4 Financial Condition | 80 | |||
Section 4.5 Ownership and Liens; Real Property | 80 | |||
Section 4.6 True and Complete Disclosure | 81 | |||
Section 4.7 Litigation | 81 | |||
Section 4.8 Compliance with Agreements | 81 | |||
Section 4.9 Pension Plans | 81 | |||
Section 4.10 Environmental Condition | 82 | |||
Section 4.11 Subsidiaries | 82 | |||
Section 4.12 Investment Company Act | 83 | |||
Section 4.13 Reserved | 83 |
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Section 4.14 Taxes | 83 | |||
Section 4.15 Permits, Licenses, etc | 83 | |||
Section 4.16 Use of Proceeds | 83 | |||
Section 4.17 Condition of Property; Casualties | 83 | |||
Section 4.18 Insurance | 83 | |||
Section 4.19 Labor Agreements | 84 | |||
Section 4.20 Security Interest | 84 | |||
Section 4.21 OFAC; Anti-Terrorism | 84 | |||
Section 4.22 Solvency | 84 | |||
ARTICLE V AFFIRMATIVE COVENANTS | 84 | |||
Section 5.1 Organization | 84 | |||
Section 5.2 Reporting | 84 | |||
Section 5.3 Insurance | 87 | |||
Section 5.4 Compliance with Laws | 87 | |||
Section 5.5 Taxes | 88 | |||
Section 5.6 Additional Guarantors | 88 | |||
Section 5.7 Security | 88 | |||
Section 5.8 Records; Inspection | 88 | |||
Section 5.9 Maintenance of Property | 89 | |||
Section 5.10 Landlord Agreements | 89 | |||
Section 5.11 Designations with Respect to Subsidiaries | 89 | |||
ARTICLE VI NEGATIVE COVENANTS | 90 | |||
Section 6.1 Debt | 90 | |||
Section 6.2 Liens | 91 | |||
Section 6.3 Investments | 92 | |||
Section 6.4 Acquisitions | 93 | |||
Section 6.5 Agreements Restricting Liens; Negative Pledge | 93 | |||
Section 6.6 Use of Proceeds; Use of Letters of Credit | 94 | |||
Section 6.7 Corporate Actions; Accounting Changes | 94 | |||
Section 6.8 Sale of Assets | 94 | |||
Section 6.9 Restricted Payments | 95 | |||
Section 6.10 Affiliate Transactions | 95 | |||
Section 6.11 Line of Business | 95 | |||
Section 6.12 Hazardous Materials | 95 | |||
Section 6.13 Compliance with ERISA | 96 | |||
Section 6.14 Sale and Leaseback Transactions | 96 | |||
Section 6.15 Non-Obligors/Unrestricted Entities | 96 | |||
Section 6.16 Limitation on Hedging | 97 | |||
Section 6.17 Capital Expenditures | 97 | |||
Section 6.18 Landlord Agreements | 97 | |||
Section 6.19 Amendment of Debt Terms | 97 | |||
Section 6.20 Prepayment of Certain Debt | 98 | |||
Section 6.21 Total Debt Leverage Ratio | 98 | |||
Section 6.22 Senior Debt Leverage Ratio | 98 | |||
Section 6.23 Consolidated Interest Coverage Ratio | 98 | |||
ARTICLE VII DEFAULT AND REMEDIES | 98 | |||
Section 7.1 Events of Default | 98 |
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Section 7.2 Optional Acceleration of Maturity | 100 | |||
Section 7.3 Automatic Acceleration of Maturity | 101 | |||
Section 7.4 Set-off | 101 | |||
Section 7.5 Remedies Cumulative, No Waiver | 102 | |||
Section 7.6 Application of Payments | 102 | |||
Section 7.7 Currency Conversion After Maturity | 104 | |||
ARTICLE VIII THE ADMINISTRATIVE AGENTS AND ISSUING LENDERS | 104 | |||
Section 8.1 Appointment and Authority | 104 | |||
Section 8.2 Rights as a Lender | 104 | |||
Section 8.3 Exculpatory Provisions | 105 | |||
Section 8.4 Reliance by Administrative Agent and Issuing Lenders | 106 | |||
Section 8.5 Delegation of Duties | 106 | |||
Section 8.6 Resignation of Administrative Agent or Issuing Lender | 106 | |||
Section 8.7 Non-Reliance on Administrative Agent and Other Lenders | 107 | |||
Section 8.8 No Other Duties, etc | 108 | |||
Section 8.9 Collateral Matters | 108 | |||
Section 8.10 Marshaling Rights of Lender Parties; Allocation of Losses | 109 | |||
ARTICLE IX MISCELLANEOUS | 109 | |||
Section 9.1 Expenses; Indemnity; Damage Waiver | 109 | |||
Section 9.2 Waivers and Amendments | 111 | |||
Section 9.3 Severability | 112 | |||
Section 9.4 Survival of Representations and Obligations | 112 | |||
Section 9.5 Successors and Assigns Generally | 112 | |||
Section 9.6 Lender Assignments and Participations | 113 | |||
Section 9.7 Notices, Etc | 115 | |||
Section 9.8 Confidentiality | 117 | |||
Section 9.9 US Administrative Agent May File Proofs of Claim | 117 | |||
Section 9.10 Usury Not Intended | 118 | |||
Section 9.11 Usury Recapture | 119 | |||
Section 9.12 Judgment Currency | 119 | |||
Section 9.13 Payments Set Aside | 119 | |||
Section 9.14 Governing Law; Submission to Jurisdiction | 120 | |||
Section 9.15 Execution and Effectiveness | 120 | |||
Section 9.16 Waiver of Jury | 121 | |||
Section 9.17 USA PATRIOT ACT Notice | 121 | |||
Section 9.18 Termination for Departing Lenders | 121 | |||
Section 9.19 Integration | 122 |
Exhibit A | — | Assignment and Assumption | ||
Exhibit B | — | Compliance Certificate | ||
Exhibit C | — | Notice of Borrowing (US Facility) | ||
Exhibit D | — | Notice of Conversion or Continuance (US Facility) | ||
Exhibit E | — | US Pledge Agreement | ||
Exhibit F | — | US Security Agreement | ||
Exhibit G | — | US Guaranty |
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Schedule I | — | Pricing Schedule | ||
Schedule II | — | Commitments | ||
Schedule III | — | Notice Information | ||
Schedule IV | — | Existing US Letters of Credit | ||
Schedule 4.1 | — | Organizational Information | ||
Schedule 4.10 | — | Environmental | ||
Schedule 4.11 | — | Subsidiaries | ||
Schedule 4.19 | — | Labor Agreements | ||
Schedule 5.11 | Requirements for New Restricted Subsidiaries | |||
Schedule 6.1 | — | Existing Debt | ||
Schedule 6.2 | — | Permitted Liens | ||
Schedule 6.3 | — | Permitted Investments |
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DEFINITIONS AND ACCOUNTING TERMS
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Eurocurrency Rate | = | Eurocurrency Base Rate | ||||
“Eurocurrency Reserve Percentage” means, as of any day, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to liabilities or assets consisting of or including Eurocurrency Liabilities. The Eurocurrency Rate for each outstanding Advance shall be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Percentage. |
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CREDIT FACILITIES
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CONDITIONS PRECEDENT
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REPRESENTATIONS AND WARRANTIES
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AFFIRMATIVE COVENANTS
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NEGATIVE COVENANTS
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DEFAULT AND REMEDIES
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THE ADMINISTRATIVE AGENTS AND ISSUING LENDERS
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MISCELLANEOUS
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COMPANY: | COMPLETE PRODUCTION SERVICES, INC. | |||
By: | /s/ Jose Bayardo | |||
Jose Bayardo | ||||
Vice President and Chief Financial Officer |
(Complete Production Services, Inc.)
LENDER PARTIES: | WELLS FARGO BANK, NATIONAL ASSOCIATION as US Administrative Agent, US Swingline Lender, US Issuing Lender, a US Lender | |||
By: | /s/ Robert Corder | |||
Robert Corder | ||||
Director |
(Complete Production Services, Inc.)
BANK OF AMERICA, N.A. as US Lender | ||||
By: | /s/ Gary L. Mingle | |||
Name: Gary L. Mingle | ||||
Title: Senior Vice President |
(Complete Production Services, Inc.)
COMERICA BANK as US Lender | ||||
By: | /s/ David Balderach | |||
Name: David Balderach | ||||
Title: Senior Vice President |
(Complete Production Services, Inc.)
JPMORGAN CHASE BANK, N.A. as US Lender | ||||
By: | /s/ Preeti Bhatnagar | |||
Name: Preeti Bhatnagar | ||||
Title: Authorized Officer |
(Complete Production Services, Inc.)
AMEGY BANK NATIONAL ASSOCIATION as US Lender | ||||
By: | /s/ Kenyatta B. Gibbs | |||
Name: Kenyatta B. Gibbs | ||||
Title: Vice President |
(Complete Production Services, Inc.)
CAPITAL ONE NATIONAL ASSOCIATION as US Lender | ||||
By: | /s/ Bobby Hamilton | |||
Name: Bobby Hamilton | ||||
Title: Vice President |
(Complete Production Services, Inc.)
CITIBANK, N.A. as US Lender | ||||
By: | /s/ Daniel A. Davis | |||
Name: Daniel A. Davis | ||||
Title: SVP |
(Complete Production Services, Inc.)
DEUTSCHE BANK TRUST COMPANY AMERICAS as US Lender | ||||
By: | /s/ Marguerite Sutton | |||
Name: Marguerite Sutton | ||||
Title: Director | ||||
By: | /s/ Carin Keegan | |||
Name: Carin Keegan | ||||
Title: Director |
(Complete Production Services, Inc.)
HSBC BANK USA, N.A. as US Lender | ||||
By: | /s/ Koby West | |||
Name: Koby West | ||||
Title: Assistant Vice President |
By: | /s/ Bruce Robinson | |||
Name: Bruce Robinson | ||||
Title: Vice President |
(Complete Production Services, Inc.)
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH as US Lender | ||||
By: | /s/ Christopher Reo Day | |||
Name: Christopher Reo Day | ||||
Title: Vice President | ||||
By: | /s/ Vipul Dhadda | |||
Name: Vipul Dhadda | ||||
Title: Associate |
(Complete Production Services, Inc.)
Pricing Schedule
Eurocurrency | ||||||||||||||
Advances/BA | Base Rate | |||||||||||||
Applicable Margin | Total Debt Leverage Ratio | Advances | Advances | Commitment Fee | ||||||||||
Level I | Is less than 1.50 | 2.25 | % | 1.25 | % | 0.375 | % | |||||||
Level II | Is equal to or greater than 1.50 but less than 2.50 | 2.50 | % | 1.50 | % | 0.500 | % | |||||||
Level III | Is equal to or greater than 2.50 but less than 3.50 | 2.75 | % | 1.75 | % | 0.500 | % | |||||||
Level IV | Is equal to or greater than 3.50 | 3.00 | % | 2.00 | % | 0.500 | % |
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