EXHIBIT 10.60
AMENDMENT NO. 1 TO CREDIT AGREEMENT
AMENDMENT dated as of December 31, 1998 among ULTRAMAR DIAMOND SHAMROCK
CORPORATION (the "Borrower"), the BANKS listed on the signature pages hereof
(the "Banks") and MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as Agent (the
"Agent").
W I T N E S S E T H:
WHEREAS, the parties hereto have heretofore entered into a Credit Agreement
dated as of July 28, 1997 (the "Agreement"); and
WHEREAS, the parties hereto desire to amend certain provision of the
Agreement in the manner set forth below:
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1. Definitions, References. Unless otherwise specifically
-----------------------
defined herein, each term used herein which is defined in the Agreement shall
have the meaning assigned to such term in the Agreement. Each reference to
"hereof", "hereunder", "herein" and "hereby" and each other similar reference
and each reference to "this Agreement" and each other similar reference
contained in this Agreement shall from and after the date hereof refer to the
Agreement as amended hereby.
SECTION 2. Amendment of Section 1.1 of the Agreement. The definition of
-----------------------------------------
"Consolidated Net Income" in Section 1.1 is amended to read in its entirety as
follows:
"Consolidated Net Income" means, for any period, the net income (or loss) of
the Borrower and its Consolidated Subsidiaries for such period; provided that
there shall be excluded from such calculation (i) any after-tax gains or losses
attributable to asset sales (other than sales in the ordinary course of
business) or returned surplus assets of any Plan, (ii) up to $127,800,000 of
non-recurring charges in connection with or as a result of (A) the Merger or (B)
certain changes to conform the accounting practices of Ultramar Corporation and
Diamond Shamrock, Inc., (iii) $131,600,000 in non-recurring restructuring
charges in connection with certain corporate restructuring activities initiated
in 1998, as reflected by the Borrower's Report on Form 10-Q/A for the Quarterly
Period ended June 30, 1998, (iv) up to $135,000,000 of non-recurring non-cash
charges against income taken in connection with the adjustment of inventory
value for the Fiscal Year ended December 31, 1998, and
(v) to the extent not included in clauses (i), (ii), (iii), or
(iv) any net extraordinary gains or net extraordinary losses.
SECTION 3. Governing Law. This Amendment shall be governed by and construed
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in accordance with the laws of the State of New York.
SECTION 4. Counterparts; Effectiveness. This Amendment may be signed in any
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number of counterparts, each of which shall be an original, with the same effect
as if the signature thereto and hereto were upon the same instrument. This
Amendment shall become effective as of the date hereof when the Agent shall have
received duly executed counterparts hereof signed by the Borrower and the
Required Banks (or, in the case of any party as to which an executed counterpart
shall not have been received, the Agent shall have received telegraphic, telex
or other written confirmation from such party of execution of a counterpart
hereof by such party).
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.
ULTRAMAR DIAMOND SHAMROCK CORPORATION
BY: /s/ STEVE BLANK
---------------------------------------
Title: VP, Treasurer
MORGAN GUARANTY TRUST COMPANY OF NEW YORK
BY: _______________________________________
Title:
BARCLAYS BANK PLC
BY: _______________________________________
Title:
THE CHASE MANHATTAN BANK
BY: _______________________________________
Title:
-3-
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.
ULTRAMAR DIAMOND SHAMROCK CORPORATION
By: ______________________________________
Title:
MORGAN GUARANTY TRUST COMPANY OF NEW YORK
/s/ Stacey Haines
By: --------------------------------------
Title: Vice President
BARCLAYS BANK PLC
By:
______________________________________
Title:
THE CHASE MANHATTAN BANK
By: ______________________________________
Title:
-3-
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.
ULTRAMAR DIAMOND SHAMROCK CORPORATION
By: _____________________________________
Title:
MORGAN GUARANTY TRUST COMPANY OF NEW YORK
By: _____________________________________
Title:
BARCLAYS BANK PLC
By: /s/ [SIGNATURE ILLEGIBLE]^^
-------------------------------------
Title: ASSOC. DIRECTOR
THE CHASE MANHATTAN BANK
By: _____________________________________
Title:
-3-
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.
ULTRAMAR DIAMOND SHAMROCK CORPORATION
By: ______________________________________
Title:
MORGAN GUARANTY TROST COMPANY OF NEW YORK
By: ______________________________________
Title:
BARCLAYS BANK PLC
By: ______________________________________
Title:
THE CHASE MANHATTAN BANK
By: /s/ Peter M. Ling
--------------------------------------
Title: Peter M. Ling
Vice President
-3-
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
By: /s/ Daryl G. Patterson
--------------------------------------------------
Title: DARYL G. PATTERSON
Vice President
CIBC INC.
By: __________________________________________________
Title:
ROYAL BANK OF CANADA
By: __________________________________________________
Title:
THE INDUSTRIAL BANK OF JAPAN, LIMITED
By: __________________________________________________
Title:
BANK OF TOKYO-MITSUBISHI, LTD.
By: __________________________________________________
Title:
-4-
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
By: __________________________________________________
Title:
CIBC INC.
By: /s/ Michael A.G. Corbam
--------------------------------------------------
Michael A.G. Corbam
Title:
ROYAL BANK OF CANADA
By: __________________________________________________
Title:
THE INDUSTRIAL BANK OF JAPAN, LIMITED
By: __________________________________________________
Title:
BANK OF TOKYO-MITSUBISHI LTD.
By: __________________________________________________
Title:
-4-
BANK OF AMERICA NATIONAL
TRUST AND SAVINGS ASSOCIATION
By:____________________________
Title:
CIBC INC.
By:____________________________
Title:
ROYAL BANK OF CANADA
By:/s/ Linda M. Stephens
----------------------------
Title: Linda M. Stephens
Senior Manager
THE INDUSTRIAL BANK OF JAPAN,
LIMITED,
By:____________________________
Title
BANK OF TOKYO-MITSUBISHI, LTD.
By:____________________________
Title:
-4-
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
By:____________________________
Title:
CIBC INC.
By:____________________________
Title:
ROYAL BANK OF CANADA
By:____________________________
Title:
THE INDUSTRIAL BANK OF JAPAN,
LIMITED, NEW YORK BRANCH
/s/ Kazutoshi Kuwahara
By:----------------------------
Title: KAZUTOSHI KUWAHARA
Executive Vice
President,
HOUSTON OFFICE
BANK OF TOKYO-MITSUBISHI, LTD.
By:____________________________
Title:
-4-
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
By:_____________________________
Title:
CIBC INC.
By:_____________________________
Title:
ROYAL BANK OF CANADA
By:_____________________________
Title:
THE INDUSTRIAL BANK OF JAPAN,
LIMITED
By:_____________________________
Title:
BANK OF TOKYO-MITSUBISHI, LTD.
By: /s/ Michael G. Meiss
-----------------------------
Title: Vice President
-4-
THE FUJI BANK, LIMITED HOUSTON
AGENCY
By: /s/ Raymond Ventura
-----------------------------
Title: RAYMOND VENTURA
Vice President & Manager
NATIONSBANK OF TEXAS, N,A.
By:_____________________________
Title:
BANK ONE, TEXAS N.A.
By:_____________________________
Title:
-5-
THE FUJI BANK, LIMITED HOUSTON
AGENCY
By:_____________________________
Title:
NATIONSBANK OF TEXAS N.A.
By: /s/ Daryl G. Patterson
-----------------------------
Title: DARYL G. PATTERSON
Vice President
THE BANK OF NOVIA SCOTIA
By:_____________________________
Title:
BANK ONE, TEXAS N.A.
By:_____________________________
Title:
-5-
THE FUJI BANK, LIMITED HOUSTON
AGENCY
By:_____________________________
Title:
NATIONSBANK OF TEXAS, N.A.
By:_____________________________
Title:
THE BANK OF NOVIA SCOTIA
By: /s/ [Signature Illegible]^^
-----------------------------
Title: Sr. Manager Loan
Operations
BANK ONE, TEXAS N.A.
By:_____________________________
Title:
-5-
THE FUJI BANK, LIMITED HOUSTON
AGENCY
By:_____________________________
Title:
NATIONSBANK OF TEXAS, N.A.
By:_____________________________
Title:
THE BANK OF NOVA SCOTIA
By:_____________________________
Title:
BANK ONE, TEXAS N.A.
By: /s/ [Signature Illegible]^^
-----------------------------
Title: Sr. Vice President
-5-
THE FROST NATIONAL BANK
By: /s/ [Signature Illegible]^^
----------------------------
Title: S.V.P.
THE SANWA BANK LIMITED,
DALLAS AGENCY
By:_____________________________
Title:
THE SUMITOMO BANK, LIMITED
By:______________________________
Title:
UNION RANK OF SWITZERLAND
By:______________________________
Title:
BANK OF SCOTLAND
By:______________________________
Title:
-6-
THE FROST NATIONAL BANK
By: ____________________________
Title:
THE SANWA BANK LIMITED
By: /s/ C. Lawrence Murphy
----------------------------
Title: C. Lawrence Murphy
Senior Vice President
THE SUMITOMO BANK, LIMITED
By: ____________________________
Title:
UNION BANK OF SWITZERLAND
By: ____________________________
Title:
BANK OF SCOTLAND
By: ____________________________
Title:
-6-
THE FROST NATIONAL BANK
By: ____________________________
Title:
THE SANWA BANK LIMITED,
DALLAS AGENCY
By: ____________________________
Title:
THE SUMITOMO BANK, LIMITED
By: /s/ William R. McKown, III
----------------------------
Title: William R. McKown, III
Vice President & Manager
UNION BANK OF SWTTZERLAND
By: ____________________________
Title:
-6-
THE FROST NATIONAL BANK
By: ____________________________
Title:
THE SANWA BANK LIMITED,
DALLAS AGENCY
By: ____________________________
Title:
THE SUMITOMO BANK, LIMITED
By: ____________________________
Title:
UBS,AG, Stamford Branch
By: [SIGNATURE ILLEGIBLE]
----------------------------
Title: Executive Director
Eric C. Hanson
Assoc. Dir.
BANK OF SCOTLAND
By: ____________________________
Title:
-6-
THE FROST NATIONAL BANK
By: ____________________________
Title:
THE SANWA BANK LIMITED,
DALLAS AGENCY
By: ____________________________
Title:
THE SUMITOMO BANK, LIMITED
By: ____________________________
Title:
UNION BANK OF SWITZERLAND
By: ____________________________
Title:
BANK OF SCOTLAND
By: /s/ Annie Chin Tat
----------------------------
Title: ANNIE CHIN TAT
SENIOR VICE PRESIDENT
-6-
BANQUE NATIONALE DE PARIS,
HOUSTON AGENCY
By: /s/ David C. Schad
----------------------------
Title: David C. Schad
Executive Vice President
CREDIT LYONNAIS NEW YORK
BRANCH
By: ____________________________
Title:
DEN NORSKE BANK ASA
By: ____________________________
Title:
CREDIT AGRICOLE INDOSUEZ
By: ____________________________
Title:
COMERICA BANK
By: ____________________________
Title:
BANCA NATIONALE DEL LAVORO SPA
By: ____________________________
Title:
-7-
BANQUE NATIONALE DE PARIS,
HOUSTON AGENCY
By: ____________________________
Title:
CREDIT LYONNAIS NEW YORK
BRANCH
By: /s/ Philippe Soustra
----------------------------
Title: Philippe Soustra
Senior Vice President
DEN NORSKE BANK ASA
By: ____________________________
Title:
CREDIT AGRICOLE INDOSUEZ
By: ____________________________
Title:
COMERICA BANK
By: ____________________________
Title:
BANCA NATIONALE DEL LAVORO SPA
By: ____________________________
Title:
-7-
BANQUE NATIONALE DE PARIS,
HOUSTON AGENCY
By: ____________________________
Title:
CREDIT LYONNAIS NEW YORK
BRANCH
By: ____________________________
Title:
DEN NORSKE BANK ASA
By: /s/ Byron L. Cooley
----------------------------
Title: BYRON L. COOLEY
SENIOR VICE PRESIDENT
CREDIT AGRICOLE INDOSUEZ
By: ____________________________
Title:
COMERICA BANK
By: ____________________________
Title:
BANCA NATIONALE DEL LAVORO SPA
By: ____________________________
Title:
-7-
BANQUE NATIONALE DE PARIS,
HOUSTON AGENCY
By: ____________________________
Title:
CREDIT LYONNAIS NEW YORK
BRANCH
By: ____________________________
Title:
DEN NORSKE BANK ASA
By: ____________________________
Title:
CREDIT AGRICOLE INDOSUEZ
By: /s/ David Bouhl By: /s/ Katherine L. Abbott
---------------------------- ----------------------------
Title: DAVID BOUHL, FVP. Title: Katherine L. Abbott
HEAD OF CORPORATE BANKING First Vice President
CHICAGO
COMERICA BANK
By: ____________________________
Title:
BANCA NATIONALE DEL LAVORO SPA
By: ____________________________
Title:
-7-
BANQUE NATIONALE DE PARIS,
HOUSTON AGENCY
By: ____________________________
Title:
CREDIT LYONNAIS NEW YORK
BRANCH
By: ____________________________
Title:
DEN NORSKE BANK ASA
By: ____________________________
Title:
CREDIT AGRICOLE INDOSUEZ
By: ____________________________
Title:
COMERICA BANK
By: [SIGNATURE ILLEGIBLE]^^
----------------------------
Title: Vice President
BANCA NATIONALE DEL LAVORO SPA
By: ____________________________
Title:
-7-