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Credit Agreement

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Title:

Credit Agreement

Entities:

Fleet National Bank; Inergy, L.P.; JPMorgan Chase Bank; Star Gas Partners LP; Union Bank of California, NA; Wachovia Bank, NA; Bank of America, NA; Bank of New York

Date:

2005

Size:

Preview shows 97KB of 400KB total

Price:

$51

ID:

#909705

► Loans ► Credit Agreements
► Energy ► Oil & Gas Operations
► Financial
► Financial ► Money Center Banks

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CREDIT AGREEMENT

dated as of December 17, 2004

among

PETROLEUM HEAT AND POWER CO., INC.,

as Borrower,

The Loan Parties Party Hereto,

The Lenders from Time to Time Party Hereto,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent, Collateral Agent and LC Issuer

BANK OF AMERICA, N.A.

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Co-Syndication Agents

GENERAL ELECTRIC CAPITAL CORPORATION

and

CITIZENS BANK OF MASSACHUSETTS,

as Co-Documentation Agents

and

J. P. MORGAN SECURITIES INC.,

as Sole Lead Arranger and Sole Book Runner

TABLE OF CONTENTS


		Page
ARTICLE I DEFINITIONS		1

ARTICLE II THE FACILITY		31
2.1.	The Facility	31
	2.1.1. Revolving Loans.	31
	2.1.2. Facility LCs.	32
	2.1.3. Non-Ratable Loans	36
	2.1.4. Protective Advances and Overadvances.	36
2.2.	Ratable Loans; Risk Participation	37
2.3.	Payment of the Obligations	38
2.4.	Minimum Amount of Each Advance	38
2.5.	Funding Account	38
2.6.	Reliance Upon Authority; No Liability	38
2.7.	Conversion and Continuation of Outstanding Advances	38
2.8.	Telephonic Notices	38
2.9.	Notification of Advances, Interest Rates and Repayments	39
2.10.	Fees	39
2.11.	Interest Rates	39
2.12.	Eurodollar Advances Post Default; Default Rates	40
2.13.	Interest Payment Dates; Interest and Fee Basis	40
2.14.	Voluntary Prepayments	40
2.15.	Mandatory Prepayments	40
2.16.	Termination of the Facility	42
2.17.	Method of Payment	42
2.18.	Apportionment, Application, and Reversal of Payments	43
2.19.	Settlement	43
2.20.	Indemnity for Returned Payments	44
2.21.	Noteless Agreement; Evidence of Indebtedness	44
2.22.	Lending Installations	45
2.23.	Non-Receipt of Funds by the Agent; Defaulting Lenders	45
2.24.	Limitation of Interest	46
2.25.	Applicable Mortgage Minimum Amount	46

ARTICLE III YIELD PROTECTION; TAXES		47
3.1.	Yield Protection	47
3.2.	Changes in Capital Adequacy Regulations	48
3.3.	Availability of Types of Advances	48
3.4.	Funding Indemnification	48
3.5.	Taxes	48
3.6.	Lender Statements; Survival of Indemnity	50
3.7.	Replacement of Lender	50

ARTICLE IV CONDITIONS PRECEDENT		51
4.1.	Effectiveness	51
4.2.	Each Credit Extension	54


ARTICLE V REPRESENTATIONS AND WARRANTIES		55
5.1.	Existence and Standing	55
5.2.	Authorization and Validity	55
5.3.	No Conflict; Government Consent	55
5.4.	Security Interest in Collateral	55
5.5.	Financial Statements	56
5.6.	Material Adverse Change	56
5.7.	Taxes	56
5.8.	Litigation and Contingent Obligations	56
5.9.	Capitalization and Subsidiaries	56
5.10.	ERISA	57
5.11.	Accuracy of Information	57
5.12.	Names; Prior Transactions	57
5.13.	Regulation U	57
5.14.	Material Agreements	57
5.15.	Compliance With Laws	57
5.16.	Ownership of Properties	57
5.17.	Plan Assets; Prohibited Transactions	57
5.18.	Environmental Matters	58
5.19.	Investment Company Act	59
5.20.	Public Utility Holding Company Act	59
5.21.	Bank Accounts	59
5.22.	Indebtedness	59
5.23.	Affiliate Transactions	59
5.24.	Real Property; Leases	59
5.25.	Intellectual Property Rights	59
5.26.	Insurance	60
5.27.	Solvency	60
5.28.	Subordinated Indebtedness	60
5.29.	Post-Retirement Benefits	60
5.30.	Common Enterprise	60
5.31.	Reportable Transaction	61
5.32.	Labor Disputes	61
5.33.	Fixed Price Supply Contracts	61
5.34.	Trading and Inventory Policies	61
5.35.	Use of Proceeds	61

ARTICLE VI COVENANTS		61
6.1.	Financial and Collateral Reporting	61
6.2.	Use of Proceeds	64
6.3.	Notices	65
6.4.	Conduct of Business	66
6.5.	Taxes	67
6.6.	Payment of Indebtedness and Other Liabilities	67
6.7.	Insurance; Weather Hedging	67
6.8.	Compliance with Laws	69
6.9.	Maintenance of Properties and Intellectual Property Rights	69
6.10.	Inspection	69
6.11.	Appraisals	69
6.12.	Communications with Accountants	69
6.13.	Collateral Access Agreements and Real Estate Purchases	70


6.14.	Deposit Account Control Agreements	70
6.15.	Additional Collateral; Further Assurances	70
6.16.	Dividends	71
6.17.	Indebtedness	72
6.18.	Merger	74
6.19.	Sale of Assets	74
6.20.	Investments and Acquisitions	74
6.21.	Liens	75
6.22.	Change of Name or Location; Change of Fiscal Year	77
6.23.	Affiliate Transactions	77
6.24.	Amendments to Agreements	77
6.25.	Prepayment of Indebtedness; Subordinated Indebtedness	77
6.26.	Financial Contracts	77
6.27.	Capital Expenditures	78
6.28.	Financial Covenant	78
6.29.	Depository Banks	78
6.30.	Real Property Purchases	78
6.31.	Sale of Accounts	78
6.32.	Parent	78
6.33.	Fixed Price Supply Contracts; Certain Policies	78
6.34.	Propane Sale Agreement	79

ARTICLE VII DEFAULTS		79

ARTICLE VIII REMEDIES; WAIVERS AND AMENDMENTS		82
8.1.	Remedies.	82
8.2.	Waivers by Loan Parties	83
8.3.	Amendments	83
8.4.	Preservation of Rights	85

ARTICLE IX GENERAL PROVISIONS		85
9.1.	Survival of Representations	85
9.2.	Governmental Regulation	85
9.3.	Headings	85
9.4.	Entire Agreement	85
9.5.	Several Obligations; Benefits of this Agreement	85
9.6.	Expenses; Indemnification	86
9.7.	Numbers of Documents	87
9.8.	Accounting	87
9.9.	Severability of Provisions	87
9.10.	Nonliability of Lenders	87
9.11.	Confidentiality	88
9.12.	Nonreliance	88
9.13.	Disclosure	88
9.14.	Patriot Act Notice	88

ARTICLE X THE AGENT		89
10.1.	Appointment; Nature of Relationship	89
10.2.	Powers	89
10.3.	General Immunity	89
10.4.	No Responsibility for Credit Extensions, Recitals, etc	89

iii


10.5.	Action on Instructions of the Lenders	89
10.6.	Employment of Agents and Counsel	90
10.7.	Reliance on Documents; Counsel	90
10.8.	Agents Reimbursement and Indemnification	90
10.9.	Notice of Default	90
10.10.	Rights as a Lender	91
10.11.	Lender Credit Decision	91
10.12.	Successor Agent	91
10.13.	Delegation to Affiliates	92
10.14.	Execution of Loan Documents	92
10.15.	Collateral Matters.	92
10.16.	Co-Agents, Documentation Agent, Syndication Agent, etc.	94

ARTICLE XI SETOFF; RATABLE PAYMENTS		94
11.1.	Setoff	94
11.2.	Ratable Payments	94

ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS		94
12.1.	Successors and Assigns	94
12.2.	Participations	95
12.3.	Assignments	96
12.4.	Dissemination of Information	97
12.5.	Tax Treatment	97
12.6.	Assignment by LC Issuer	97

ARTICLE XIII NOTICES		97
13.1.	Notices; Effectiveness; Electronic Communications	97
13.2.	Change of Address, Etc	98

ARTICLE XIV COUNTERPARTS		99

ARTICLE XV GUARANTY		99
15.1.	Guaranty	99
15.2.	Guaranty of Payment	99
15.3.	No Discharge or Diminishment of Guaranty	99
15.4.	Defenses Waived	100
15.5.	Rights of Subrogation	101
15.6.	Reinstatement; Stay of Acceleration	101
15.7.	Information	101
15.8.	Termination	101
15.9.	Taxes	101
15.10.	Severability	102
15.11.	Contribution	102
15.12.	Lending Installations	102
15.13.	Liability Cumulative	102

ARTICLE XVI CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL		103
16.1.	CHOICE OF LAW	103
16.2.	CONSENT TO JURISDICTION	103
16.3.	WAIVER OF JURY TRIAL	103


ARTICLE XVII THE BORROWER REPRESENTATIVE		103
17.1.	Appointment; Nature of Relationship	103
17.2.	Powers	104
17.3.	Employment of Agents	104
17.4.	Notices	104
17.5.	Successor Borrower Representative	104
17.6.	Execution of Loan Documents; Borrowing Base Certificate	104
17.7.	Reporting	104

EXHIBITS:


EXHIBIT A		FORM OF BORROWING NOTICE
EXHIBIT B		FORM OF CONVERSION/CONTINUATION NOTICE
EXHIBIT C		NOTE
EXHIBIT D		FORM OF OPINION
EXHIBIT E		COMPLIANCE CERTIFICATE
EXHIBIT F		JOINDER AGREEMENT
EXHIBIT G		ASSIGNMENT AND ASSUMPTION AGREEMENT
EXHIBIT H		BORROWING BASE CERTIFICATE
EXHIBIT I		FORM OF OFFICERS CERTIFICATE OF BORROWER
EXHIBIT J		FORM OF ACKNOWLEDGMENT OF THE TRUSTEE

SCHEDULES:

SCHEDULE I		COMMITMENTS
SCHEDULE 1.1A		EXISTING LETTERS OF CREDIT
SCHEDULE 1.1B		ELIGIBLE CARRIERS
SCHEDULE 4.1(j)		DEBT INSTRUMENTS TO BE REFINANCED
SCHEDULE 4.1(m)		PERMITTED 2004 AUDIT QUALIFICATION
SCHEDULE 5.8		LITIGATION AND CONTINGENT OBLIGATIONS
SCHEDULE 5.9		CAPITALIZATION AND SUBSIDIARIES
SCHEDULE 5.12		NAMES; PRIOR TRANSACTIONS
SCHEDULE 5.14		MATERIAL AGREEMENTS
SCHEDULE 5.16		OWNERSHIP OF PROPERTIES
SCHEDULE 5.18		ENVIRONMENTAL MATTERS
SCHEDULE 5.22		INDEBTEDNESS
SCHEDULE 5.23		AFFILIATE TRANSACTIONS
SCHEDULE 5.24		REAL PROPERTY; LEASES
SCHEDULE 5.25		INTELLECTUAL PROPERTY RIGHTS
SCHEDULE 5.26		INSURANCE
SCHEDULE 5.32		LABOR MATTERS
SCHEDULE 5.33		FIXED PRICE SUPPLY CONTRACTS
SCHEDULE 6.20		OTHER INVESTMENTS
SCHEDULE 6.21		LIENS

CREDIT AGREEMENT

This Credit Agreement, dated as of December 17, 2004, is among Petroleum Heat and Power Co., Inc., a Minnesota corporation (Petro or the Borrower), the other Loan Parties, the Lenders from time to time party hereto, JPMorgan Chase Bank, N.A., a national banking association, as an LC Issuer and as the Agent, Bank of America, N.A. and Wachovia Bank, National Association, as co-syndication agents (each, a Syndication Agent), and Citizens Bank of Massachusetts and General Electric Capital Corporation as co-documentation agents (each, a Documentation Agent).

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