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Credit Agreement

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Title:

Credit Agreement

Entities:

First Union National Bank; Fleet National Bank; JPMorgan Chase Bank; Star Gas Partners LP; Wachovia Bank, NA; Wachovia Capital Markets, LLC; Bank of America, NA; Bank of New York

Date:

2004

Size:

Preview shows 42KB of 393KB total

Price:

$79

ID:

#909772

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

Start of Preview

CREDIT AGREEMENT

among

PETROLEUM HEAT AND POWER CO., INC.

and

VARIOUS FINANCIAL INSTITUTIONS,

as the Lenders

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent for the Lenders and as an Issuer

of certain Letters of Credit

LASALLE BANK NATIONAL ASSOCIATION,

as an Issuer of certain Letters of Credit

and

FLEET NATIONAL BANK,

as Syndication Agent

and

JPMORGAN CHASE BANK

and

LASALLE BANK NATIONAL ASSOCIATION,

as Co-Documentation Agents

as of

December 22, 2003

Arranged by

WACHOVIA CAPITAL MARKETS, LLC,

as Co-Lead Arranger and Sole Book Manager

and

FLEET NATIONAL BANK,

as Co-Lead Arranger

TABLE OF CONTENTS

		Page
ARTICLE I DEFINITIONS AND ACCOUNTING TERMS		1

SECTION 1.1 Defined Terms		1

SECTION 1.2 Use of Defined Terms		37

SECTION 1.3 Other Interpretive Provisions		37

SECTION 1.4 Accounting and Financial Determinations		38

ARTICLE II COMMITMENTS, BORROWING PROCEDURES AND NOTES		39

SECTION 2.1 Commitments		39

SECTION 2.1.1 Facility A Commitment		39

SECTION 2.1.2 Facility B Commitment		39

SECTION 2.1.3 Facility C Commitment		39

SECTION 2.1.4 Restrictions on Loans		40

SECTION 2.2 Reduction and Termination of Commitments		40

SECTION 2.2.1 Optional		40

SECTION 2.2.2 Mandatory		41

SECTION 2.2.3 Termination		41

SECTION 2.3 Borrowing Procedure		41

SECTION 2.4 Continuation and Conversion Elections		41

SECTION 2.5 Funding		42

SECTION 2.6 Loan Accounts/Notes		42

SECTION 2.7 Swing Line		43

SECTION 2.8 Facility Extension Options		46

ARTICLE III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES		47

SECTION 3.1 Repayments and Prepayments		47

SECTION 3.1.1 Repayment		47

SECTION 3.1.2 Voluntary Prepayments		48

SECTION 3.1.3 Mandatory Prepayments		48

SECTION 3.2 Interest Provisions		50

SECTION 3.2.1 Rates		50

SECTION 3.2.2 Post-Default Rate		51

SECTION 3.2.3 Payment Dates		51

SECTION 3.3 Fees		52

TABLE OF CONTENTS

(Continued)

		Page

SECTION 3.3.1 Facility Fee		52

SECTION 3.3.2 Letter of Credit Fee		52

SECTION 3.3.3 Letter of Credit Issuing Fee		52

SECTION 3.3.4 Other Fees		52

ARTICLE IV LETTERS OF CREDIT		53

SECTION 4.1 The Letter of Credit Facility and Subfacilities		53

SECTION 4.2 Issuance, Amendment and Renewal of Letters of Credit		55

SECTION 4.3 Expenses		56

SECTION 4.4 Other Lenders Participation		57

SECTION 4.5 Disbursements		58

SECTION 4.6 Reimbursement		58

SECTION 4.7 Cash Collateral Pledge		58

SECTION 4.8 Nature of Reimbursement Obligations		59

SECTION 4.9 Increased Costs; Indemnity		59

SECTION 4.10 Uniform Customs and Practice		60

ARTICLE V CERTAIN LIBOR AND OTHER PROVISIONS		61

SECTION 5.1 LIBOR Lending Unlawful		61

SECTION 5.2 Deposits Unavailable		61

SECTION 5.3 Increased LIBOR Loan Costs, etc.		61

SECTION 5.4 Funding Losses		62

SECTION 5.5 Increased Capital Costs		62

SECTION 5.6 Taxes		63

SECTION 5.7 Payments, Computations, etc.		64

SECTION 5.8 Sharing of Payments		65

SECTION 5.9 Setoff		65

SECTION 5.10 Recourse		65

SECTION 5.11 Replacement of Lenders		66

ARTICLE VI CONDITIONS TO BORROWING		66

SECTION 6.1 Conditions to Effectiveness		66

SECTION 6.1.1 Credit Agreement and Notes		66

SECTION 6.1.2 Closing Certificate		66

TABLE OF CONTENTS

(Continued)

		Page

SECTION 6.1.3 Organizational Documents		67

SECTION 6.1.4 Permits		68

SECTION 6.1.5 Post-Closing Agreement		68

SECTION 6.1.6 Opinion of Counsel		68

SECTION 6.1.7 Closing Fees, Expenses, etc.		68

SECTION 6.1.8 Insurance		68

SECTION 6.1.9 Facility A Notes		68

SECTION 6.1.10 Facility C Notes		68

SECTION 6.1.11 Borrowing Base Certificate		68

SECTION 6.1.12 Collateral Related Documents		68

SECTION 6.1.13 Flood Hazard Certificates		70

SECTION 6.1.14 Solvency Certificate		70

SECTION 6.1.15 Information		70

SECTION 6.1.16 Financial Projections		70

SECTION 6.1.17 Financial Statements		70

SECTION 6.1.18 Certified Documents		70

SECTION 6.1.19 Existing Credit Agreement		70

SECTION 6.1.20 Consent of Holders of Other Indebtedness

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