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Credit Agreement

 

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Title:

Credit Agreement

Entities:

Energy Partners, Ltd.; Ev Classic Senior Floating Rate Fund; J.P. Morgan Securities Inc.; JPMorgan Chase Bank; McGraw-Hill Companies Inc.; Union Bank of California, NA; Wachovia Bank, NA; Society of Petroleum Engineers; Vorys, Sater, Seymour and Pease LLP

Date:

2006

Size:

Preview shows 38KB of 343KB total

Price:

$71

ID:

#2517583

 

 

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Credit Agreement
Dated as of
September [ ], 2006
among
EV Energy Partners, L.P.,
as Parent
EV Properties, L.P.,
as Borrower,
JPMorgan Chase Bank, N.A.,
as Administrative Agent,
BNP Paribas,
and
Wachovia Bank, N.A.,
as Co-Syndication Agents,
Compass Bank
and
Union Bank of California, N.A.,,
as Co-Documentation Agents,
and
The Lenders Party Hereto
Sole Lead Arranger and Sole Book Runner
J.P. Morgan Securities Inc.

 


 

TABLE OF CONTENTS
             
        Page
ARTICLE I
DEFINITIONS AND ACCOUNTING MATTERS
 
           
Section 1.01
  Terms Defined Above   1
Section 1.02
  Certain Defined Terms   1
Section 1.03
  Types of Loans and Borrowings   21
Section 1.04
  Terms Generally   21
Section 1.05
  Accounting Terms and Determinations; GAAP   21
 
           
ARTICLE II
THE CREDITS
 
           
Section 2.01
  Commitments   22
Section 2.02
  Loans and Borrowings   22
Section 2.03
  Requests for Borrowings   23
Section 2.04
  Interest Elections   24
Section 2.05
  Funding of Borrowings   26
Section 2.06
  Termination, Reduction and Increase of Aggregate Maximum Credit Amounts   26
Section 2.07
  Borrowing Base   29
Section 2.08
  Letters of Credit   31
 
           
ARTICLE III
PAYMENTS OF PRINCIPAL AND INTEREST; PREPAYMENTS; FEES
       
 
           
Section 3.01
  Repayment of Loans   36
Section 3.02
  Interest   36
Section 3.03
  Alternate Rate of Interest   37
Section 3.04
  Prepayments   38
Section 3.05
  Fees   39
 
           
ARTICLE IV
PAYMENTS; PRO RATA TREATMENT; SHARING OF SET-OFFS.
 
           
Section 4.01
  Payments Generally; Pro Rata Treatment; Sharing of Set-offs     40  
Section 4.02
  Presumption of Payment by the Borrower     41  
Section 4.03
  Certain Deductions by the Administrative Agent     42  
 
           
ARTICLE V
INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY
 
           
Section 5.01
  Increased Costs   42
Section 5.02
  Break Funding Payments   43
Section 5.03
  Taxes   43
Section 5.04
  Designation of Different Lending Office   44
Section 5.05
  Illegality   45

i


 

             
        Page
ARTICLE VI
CONDITIONS PRECEDENT
 
           
Section 6.01
  Effective Date   45
Section 6.02
  Each Credit Event   48
 
           
ARTICLE VII
REPRESENTATIONS AND WARRANTIES
 
           
Section 7.01
  Organization; Powers   49
Section 7.02
  Authority; Enforceability   49
Section 7.03
  Approvals; No Conflicts   49
Section 7.04
  Financial Position; No Material Adverse Change   49
Section 7.05
  Litigation   50
Section 7.06
  Environmental Matters   50
Section 7.07
  Compliance with the Laws and Agreements; No Defaults   51
Section 7.08
  Investment Company Act   52
Section 7.09
  Taxes   52
Section 7.10
  ERISA   52
Section 7.11
  Disclosure; No Material Misstatements   53
Section 7.12
  Insurance   54
Section 7.13
  Restriction on Liens   54
Section 7.14
  Subsidiaries   54
Section 7.15
  Location of Business and Offices   54
Section 7.16
  Properties; Titles, Etc.   55
Section 7.17
  Maintenance of Properties   55
Section 7.18
  Gas Imbalances, Prepayments   56
Section 7.19
  Marketing of Production   56
Section 7.20
  Swap Agreements   56
Section 7.21
  Use of Loans and Letters of Credit   57
Section 7.22
  Solvency   57
 
           
ARTICLE VIII
AFFIRMATIVE COVENANTS
 
           
Section 8.01
  Financial Statements; Ratings Change; Other Information   58
Section 8.02
  Notices of Material Events   60
Section 8.03
  Existence; Conduct of Business   61
Section 8.04
  Payment of Obligations   61
Section 8.05
  Performance of Obligations under Loan Documents   61
Section 8.06
  Operation and Maintenance of Properties   61
Section 8.07
  Insurance   62
Section 8.08
  Books and Records; Inspection Rights   62
Section 8.09
  Compliance with Laws   63
Section 8.10
  Environmental Matters   63
Section 8.11
  Further Assurances   64
Section 8.12
  Reserve Reports   64
Section 8.13
  Title Information   65
Section 8.14
  Additional Collateral; Additional Guarantors   66

ii


 


 
             
        Page
Section 8.15
  ERISA Compliance   67
Section 8.16
  Marketing Activities  

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