EXHIBIT 10.62
AMENDMENT NO. 3 TO CREDIT AGREEMENT.
AMENDMENT dated as of December 31, 1998 among ULTRAMAR DIAMOND
SHAMROCK CORPORATION, CANADIAN ULTRAMAR COMPANY (the "Borrower"), the
LENDERS listed on the signature pages hereof (the "Lenders") and CANADIAN
IMPERIAL BANK OF COMMERCE, as Agent (the "Agent").
PREAMBLE:
1. The parties hereto entered into a Credit Agreement dated December 19,
1996 (the "Agreement"), as amended in February, 1997 and on November
7,1997; and
2. The parties hereto desire to amend certain provisions of the Agreement
in the manner set forth below.
AGREEMENT:
For good an valuable consideration, the parties hereto agree as follows:
1.1 Definition. References. Unless otherwise specifically defined herein, each
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term used herein which is defined in the Agreement shall have the meaning
given 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 the
Agreement shall from and after the date hereof refer to the Agreement as
amended hereby.
2.1 Amendment to Section 1.1 of the Agreement. The definition of "Consolidated
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Net Income" in Section 1.1 of the Agreement is replaced with the
following:
"Consolidated Net Income" means, for any period, the net income (or
loss) of the Borrower or UDSC, as the case may be, 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) in the case
of UDSC only, up to U.S. $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) (A) U.S. $131,600,000 in non-
recurring restructuring charges in connection with certain corporate
restructuring activities initiated in 1998, as reflected by UDSC's
report on Form 10-Q/A for the quarterly period ended June 30, 1998,
and (B) up to U.S. $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
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December 31, 1998, and (iv) to the extent not included in clauses (i),
(ii) or (iii), any net extraordinary gains or net extraordinary
losses.
3.1 Governing Law. This Amendment shall be governed by and construed in
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accordance with the laws of the Province of Ontario, Canada.
4.1 Counterparts; Effectiveness. This Amendment may be signed in any number of
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counterparts, each of which shall be an original, with the same effect as
if the signatures 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 Majority Lenders (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).
The parties hereto have caused this Amendment to be executed by their
respective authorized representatives or officers effective the date referred to
above.
CANADIAN ULTRAMAR COMPANY
By: /s/ Steve Blank
--------------------------------
Name: Steve Blank
Title: Treasurer
Address: c/o Ultramar Diamond Shamrock Corporation
Facsimile: (210) 592- 2010
ULTRAMAR DIAMOND SHAMROCK
CORPORATION
By: /s/ Steve Blank
--------------------------------
Name: Steven A. Blank
Title: Vice President and Treasurer
Address: 6000 N Loop 1604 W
San Antonio, Texas 78249
Facsimile: (210) 592-2010
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LENDERS SIGNATURES
CANADIAN IMPERIAL BANK OF COMMERCE, AS AGENT
By: /s/ Tim Thomas
--------------------------------
Name: Tim Thomas
Title: Executive Director
Address: Commerce Court West, 7th Flr.,
Toronto, Ontario M5L 1A2
Facsimile: (416) 980-2804
By: /s/ D. Evelyn
-------------------------------
Name: D. Evelyn
Title: Director
Address: Commerce Court West, 7th Flr.,
Toronto, Ontario M5L 1A2
Facsimile: (416) 980-2804
CANADIAN IMPERIAL BANK OF COMMERCE
By:_______________________________
Name:
Title:
Address: 10th FIr., 855 - 2nd Street, S.W.
Calgary, Alberta T2P 2P2
Facsimile: (403) 221-5779
By:_______________________________
Name:
Title:
Address: 10th Flr., 855 - 2nd Street, S.W.
Calgary, Alberta T2P 2P2
Facsimile: (403) 221-5779
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LENDERS SIGNATURES
CANADIAN IMPERIAL BANK OF COMMERCE, AS AGENT
By:_______________________________
Name:
Title:
Address: Commerce Court West, 7th Flr.,
Toronto, Ontario M5L 1A2
Facsimile: (416) 980-2804
By:_______________________________
Name:
Title:
Address: Commerce Court West, 7th Flr.,
Toronto, Ontario M5L 1AS
Facsimile: (416) 980-2804
CANADIAN IMPERIAL BANK OF COMMERCE
By: /s/ D. J. Swain
--------------------------------
Name: D. J. Swain
Title: Vice President
Address: 10th Flr., 855 - 2nd Street, S.W.
Calgary, Alberta T2P 2P2
Facsimile: (403) 221-5779
By: /s/ L. Sagriff
-------------------------------
Name: L. Sagriff
Title: Executive Director
Address: 10th Flr., 855 - 2nd Street, S.W.
Calgary, Alberta T2P 2P2
Facsimile: (403) 221-5779
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BANK OF TOKYO - MITSUBISHI (CANADA)
By: /s/ Amos Simpson
-------------------------------
Name: Amos Simpson
Title: General Manager
Address: 600 rue de la Gauchetiere Ouest, Suite 2780,
Montreal, Quebec H3B 4L8
Facsimile: (514) 875-9392
FUJI BANK CANADA
By:_______________________________
Name:
Title:
Address:
Facsimile:
THE BANK OF NOVA SCOTIA
By:________________________________
Name: David Torrey
Title: Relationship Manager
Address: 44 King Street West,
Toronto, Ontario MAH 1H1
Facsimile: (416) 866-2009
By:_______________________________
Name:
Title:
Address: 44 King Street West,
Toronto, Ontario MAH 1H1
Facsimile: (416) 866-2009
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BANK OF TOKYO - MITSUBISHI (CANADA)
By:_______________________________
Name: Amos Simpson
Title: General Manager
Address: 600 rue de la Gauchetiere Ouest, Suite 2780,
Montreal, Quebec H3B 4L8
Facsimile: (514) 875-9392
FUJI BANK CANADA
By:/s/ Daniel Lee
-------------------------------
Name: Daniel Lee
Title: Senior Vice President
Address:
Facsimile:
THE BANK OF NOVA SCOTIA
By:_______________________________
Name: David Torrey
Title: Relationship Manager
Address: 44 King Street West,
Toronto, Ontario MAH 1H1
Facsimile: (416) 866-2009
By:________________________________
Name:
Title:
Address: 44 King Street West,
Toronto, Ontario MAH 1H1
Facsimile: (416) 866-2009
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BANK OF TOKYO - MITSUBISHI (CANADA)
By:_______________________________
Name: Amos Simpson
Title: General Manager
Address: 600 rue de la Gauchetiere Ouest, Suite 2780,
Montreal, Quebec H3B 4L8
Facsimile: (514) 875-9392
FUJI BANK CANADA
By:_______________________________
Name:
Title:
Address:
Facsimile:
THE BANK OF NOVA SCOTIA
By: /s/ David Torrey
-------------------------------
Name: David Torrey
Title: Relationship Manager
Address: 44 King Street West,
Toronto, Ontario MAH 1H1
Facsimile: (416) 866-2009
By: /s/ Stephanie Spencer
-------------------------------
Name: Stephanie Spencer
Title: Account Officer
Address: 44 King Street West,
Toronto, Ontario MAH 1H1
Facsimile: (416) 866-2009
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ABN AMRO BANK CANADA
By:/s/ [SIGNATURE ILLEGIBLE]^^
--------------------------------
Name: [ILLEGIBLE]^^
Title: SENIOR VICE PRESIDENT
Address: #1500, 600 de Maisonneuve Ouest
Montreal, Quebec H3A 3J2
Facsimile: (514) 284-2357
CAISSE CENTRALE DESJARDINS
By:_______________________________
Name: Robert LaBelle
Title: Director, Corporate Banking
Address: 1 Complex Desjardins, Suite 2822
Montreal, Quebec H5B 1B3
Facsimile: (514) 288-9683
CREDIT LYONNAIS CANADA
By:________________________________
Name: Joycelyn Cote
Title: Vice President
Address: 2000 Mansfield, 16th Floor
Montreal, Quebec H3A 3A6
Facsimile: (514) 284-2357
By:_______________________________
Name: Cynthia Hansen
Title: Assistant Vice President
Address: 2000 Mansfield, 16th Floor
Montreal, Quebec H3A 3A6
Facsimile: (514) 288-9683
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ABN AMRO BANK CANADA
By:_______________________________
Name: Enrico Pallatto
Title:
Address: #1500, 600 de Maisonneuve Ouest
Montreal, Quebec H3A 3J2
Facsimilie (514) 284-2357
CASSIE CENTRALE DESJARDINS
By: /s/ Robert LaBelle
-------------------------------
Name: Robert LaBelle
Title: Director, Corporate Banking
Address: 1 Complexe Desjardins, Suite 2822
Montreal, Quebec H5B 1B3
Facsimile: (514) 284-2357
CREDIT LYONNAIS CANADA
By:________________________________
Name: Jocelyn Cote
Title: Vice President
Address: 2000 Mansfield, 16th Floor
Montreal, Quebec H3A 3A6
Facsimile: (514) 288-9683
By:________________________________
Name: Cynthia Hansen
Title: Assistant Vice President
Address: 2000 Mansfield, 16th Floor
Montreal, Quebec H3A 3A6
Facsimile: (514) 288-9683
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ABN AMRO BANK CANADA
By:________________________________
Name: Enrico Pallatto
Title:
Address: #1500, 600 de Maisonneuve Ouest
Montreal, Quebec H3A 3J2
Facsimilie (514) 284-2357
CASSIE CENTRALE DESJARDINS
By:________________________________
Name: Robert LaBelle
Title: Director, Corporate Banking
Address: 1 Complexe Desjardins, Suite 2822
Montreal, Quebec H5B 1B3
Facsimile: (514) 284-2357
CREDIT LYONNAIS CANADA
By: /s/ Jocelyn Cote
--------------------------------
Name: Jocelyn Cote
Title: Vice President
Address: 2000 Mansfield, 16th Floor
Montreal, Quebec H3A 3A6
Facsimile: (514) 288-9683
By: /s/ Cynthia Hansen
--------------------------------
Name: Cynthia Hansen
Title: Assistant Vice President
Address: 2000 Mansfield, 16th Floor
Montreal, Quebec H3A 3A6
Facsimile: (514) 288-9683
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THE INDUSTRIAL BANK OF JAPAN (CANADA)
By: /s/ Campbell McLeish
----------------------------------
Name: Campbell McLeish
Title: Senior Vice President
Address: 100 Yonge Street, Suite 1102
Toronto, Ontario M5C 2W1
Facsimile: (416) 367-3452
ROYAL BANK OF CANADA
By:________________________________
Name: Fiona Dubsky
Title: Senior Manager
Address: 1 Place Ville Marie, 8th Floor West Wing
Montreal, Quebec H3C 3A9
Facsimile: (514) 874-5315
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THE INDUSTRIAL BANK OF JAPAN (CANADA)
By:________________________________
Name: Campbell McLeish
Title: Senior Vice President
Address: 100 Yonge Street, Suite 1102
Toronto, Ontario M5C 2W1
Facsimile: (416) 367-3452
ROYAL BANK OF CANADA
By: /s/ Fiona Dubsky
-------------------------------
Name: Fiona Dubsky
Title: Senior Manager
Address: 1 Place Ville Marie, 8th Floor West Wing
Montreal, Quebec H3C 3A9
Facsimile: (514) 874-5315