EXHIBIT 4.3
CREDIT AGREEMENT
dated as of
November 17, 2000
among
ENTERPRISE PRODUCTS OPERATING L.P.
The Lenders Party Hereto
FIRST UNION NATIONAL BANK,
as Administrative Agent
BANK ONE, NA,
as Documentation Agent
THE CHASE MANHATTAN BANK,
as Syndication Agent
------------------------------
FIRST UNION SECURITIES, INC.
and
CHASE SECURITIES INC.,
as Joint Lead Arrangers and Joint Book Managers
364-Day Revolving Credit Facility
TABLE OF CONTENTS
Page
ARTICLE I
Definitions......................................................................................... 1
SECTION 1.01. Defined Terms........................................................................ 1
SECTION 1.02. Classification of Loans and Borrowings............................................... 15
SECTION 1.03 Terms Generally...................................................................... 15
SECTION 1.04. Accounting Terms; GAAP............................................................... 16
ARTICLE II
The Credits......................................................................................... 16
SECTION 2.01. Commitments; Extensions and Conversion............................................... 16
SECTION 2.02. Revolving Loans and Revolving Borrowings............................................. 17
SECTION 2.03. Requests for Revolving Borrowings.................................................... 17
SECTION 2.04. Intentionally Omitted................................................................ 18
SECTION 2.05. Intentionally Omitted................................................................ 18
SECTION 2.06. Intentionally Omitted................................................................ 18
SECTION 2.07. Funding of Borrowings................................................................ 18
SECTION 2.08. Interest Elections................................................................... 19
SECTION 2.09. Termination and Reduction of Commitments............................................. 20
SECTION 2.10. Repayment of Loans; Evidence of Debt................................................. 20
SECTION 2.11. Prepayment of Loans.................................................................. 21
SECTION 2.12. Fees................................................................................. 21
SECTION 2.13. Interest............................................................................. 22
SECTION 2.14. Alternate Rate of Interest........................................................... 23
SECTION 2.15. Increased Costs...................................................................... 23
SECTION 2.16. Break Funding Payments............................................................... 24
SECTION 2.17. Taxes................................................................................ 24
SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.......................... 26
SECTION 2.19. Mitigation Obligations; Replacement of Lenders....................................... 27
ARTICLE III
Representations and Warranties...................................................................... 28
SECTION 3.01. Organization; Powers................................................................. 28
SECTION 3.02. Authorization; Enforceability........................................................ 28
SECTION 3.03. Governmental Approvals; No Conflicts................................................. 28
SECTION 3.04. Financial Condition; No Material Adverse Change...................................... 28
SECTION 3.05. Intentionally Omitted................................................................ 29
SECTION 3.06. Litigation and Environmental Matters................................................. 29
SECTION 3.07. Compliance with Laws................................................................. 29
SECTION 3.08. Investment and Holding Company Status................................................ 29
SECTION 3.09. Taxes................................................................................ 29
SECTION 3.10. ERISA................................................................................ 30
SECTION 3.11. Disclosure........................................................................... 30
SECTION 3.12. Subsidiaries......................................................................... 30
i
SECTION 3.13. Margin Securities.................................................................... 30
ARTICLE IV
Conditions.......................................................................................... 30
SECTION 4.01. Effective Date....................................................................... 30
SECTION 4.02. Each Credit Event.................................................................... 31
ARTICLE V
Affirmative Covenants............................................................................... 32
SECTION 5.01. Financial Statements and Other Information........................................... 32
SECTION 5.02. Notices of Material Events........................................................... 33
SECTION 5.03. Existence; Conduct of Business....................................................... 33
SECTION 5.04. Intentionally Omitted................................................................ 33
SECTION 5.05. Maintenance of Properties; Insurance................................................. 33
SECTION 5.06. Books and Records; Inspection Rights................................................. 33
SECTION 5.07. Compliance with Laws................................................................. 33
SECTION 5.08. Use of Proceeds...................................................................... 33
SECTION 5.09. Environmental Matters................................................................ 34
SECTION 5.10. ERISA Information.................................................................... 34
SECTION 5.11. Taxes................................................................................ 34
ARTICLE VI
Negative Covenants.................................................................................. 34
SECTION 6.01. Indebtedness......................................................................... 35
SECTION 6.02. Liens................................................................................ 35
SECTION 6.03. Fundamental Changes.................................................................. 36
SECTION 6.04. Investment Restriction............................................................... 36
SECTION 6.05. Restricted Payments.................................................................. 36
SECTION 6.06. Restrictive Agreements............................................................... 36
SECTION 6.07. Financial Condition Covenants........................................................ 36
ARTICLE VII
Events of Default................................................................................... 37
ARTICLE VIII
The Administrative Agent............................................................................ 39
ARTICLE IX
Miscellaneous....................................................................................... 41
SECTION 9.01. Notices.............................................................................. 41
SECTION 9.02. Waivers; Amendments.................................................................. 42
SECTION 9.03. Expenses; Indemnity; Damage Waiver................................................... 42
SECTION 9.04. Successors and Assigns............................................................... 43
SECTION 9.05. Survival............................................................................. 45
SECTION 9.06. Counterparts; Integration; Effectiveness............................................. 45
SECTION 9.07. Severability......................................................................... 46
SECTION 9.08. Right of Setoff...................................................................... 46
SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process........................... 46
SECTION 9.10. WAIVER OF JURY TRIAL................................................................. 47
SECTION 9.11. Headings............................................................................. 47
SECTION 9.12. Confidentiality...................................................................... 47
SECTION 9.13. Interest Rate Limitation............................................................. 47
SECTION 9.14. Liability of General Partner......................................................... 48
SECTION 9.15. Existing $350,000,000 Chase Credit Facility.......................................... 48
ii
SCHEDULES:
Schedule 2.01 -- Commitments
Schedule 3.06 -- Disclosed Matters
Schedule 3.12 -- Subsidiaries
Schedule 6.01 -- Existing Indebtedness
Schedule 6.06 -- Existing Restrictions
EXHIBITS:
Exhibit A -- Form of Assignment and Acceptance
Exhibit B -- Form of Borrowing Request
Exhibit C -- Intentionally Omitted
Exhibit D -- Form of Interest Election Request
Exhibit E -- Form of Opinion of Borrower's Counsel
Exhibit F -- Form of Compliance Certificate
Exhibit G -- Form of Note
iii
CREDIT AGREEMENT dated as of November 17, 2000, among ENTERPRISE PRODUCTS
OPERATING L.P., a Delaware limited partnership; the LENDERS party hereto; FIRST
UNION NATIONAL BANK, as Administrative Agent; BANK ONE, NA, as Documentation
Agent; and THE CHASE MANHATTAN BANK, as Syndication Agent.
The parties hereto agree as follows:
ARTICLE I
Definitions
SECTION 1.01. Defined Terms. As used in this Agreement, the
following terms have the meanings specified below:
"ABR", when used in reference to any Loan or Borrowing, refers to
a Loan, or Loans, in the case of a Borrowing, which bear interest at a rate
determined by reference to the Alternate Base Rate.
"Administrative Agent" means First Union National Bank, in its
capacity as administrative agent for the Lenders hereunder.
"Administrative Questionnaire" means an Administrative
Questionnaire in a form supplied by the Administrative Agent.
"Affiliate" means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.
"Agreement" means this Credit Agreement dated November 17, 2000,
among Enterprise Products Operating L.P., a Delaware limited partnership; the
Lenders party hereto; First Union National Bank, as Administrative Agent; Bank
One, NA, as Documentation Agent; and The Chase Manhattan Bank, as Syndication
Agent, as amended, extended or otherwise modified from time to time.
"Alternate Base Rate" means, for any day, a rate per annum equal
to the greater of (a) the Prime Rate in effect on such day, and (b) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the
Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.
"Applicable Percentage" means, with respect to any Lender, the
percentage of the total Commitments represented by such Lender's Commitment. If
the Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Commitments most recently in effect, giving effect to
any assignments.
"Applicable Rate" means, for any day, with respect to any
Eurodollar Loan, or with respect to the facility fees payable hereunder, as the
case may be, the applicable rate per annum set forth below under the caption
"Eurodollar Spread" or "Facility Fee Rate", as the case may be, based upon the
ratings by ▇▇▇▇▇'▇ and S&P, respectively, applicable on such date to the Index
Debt:
Index Debt Ratings: Eurodollar Facility Fee
------------------ ---------- ------------
(▇▇▇▇▇'▇/S&P) Spread Rate
----------- ------ ----
Category 1
=> A3/A - 0.415% 0.085%
Category 2
=> Baa1/BBB+ 0.525% 0.100%
Category 3
=>Baa2/BBB 0.625% 0.125%
Category 4
=>Baa3/BBB- 0.825% 0.175%
Category 5
----------
