AMENDMENT NO. 3 TO AMENDED AND RESTATED
REVOLVING CREDIT AND TERM LOAN AGREEMENT
This AMENDMENT NO. 3 TO AMENDED AND RESTATED REVOLVING CREDIT AND
TERM LOAN AGREEMENT (this "Amendment No. 3") is made and entered into as
of December 31, 2001, by and among BANGOR HYDRO-ELECTRIC COMPANY, a Maine
corporation having its chief executive office at ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇,
▇▇▇▇▇ ▇▇▇▇▇ (the "Borrower"), FLEET NATIONAL BANK (f/k/a BankBoston,
N.A.), a national banking association having a place of business at
▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ ("Fleet"), and the other lending
institutions listed on Schedule 1 to the Credit Agreement (as defined
below) and Fleet as administrative agent and documentation agent for
itself and such other lending institutions (the "Agent"). Capitalized
terms used herein without definition shall have the meanings assigned to
such terms in the Credit Agreement.
WHEREAS, the Borrower, the Banks, and the Agent entered into an
Amended and Restated Revolving Credit and Term Loan Agreement dated as of
June 29, 1998 (as amended by Amendment No. 1 to Amended and Restated
Revolving Credit and Term Loan Agreement, dated as of June 29, 2001, and
Amendment No. 2 to Amended and Restated Revolving Credit and Term Loan
Agreement, dated as of October 1, 2001, as the same may be further amended
and in effect from time to time, the "Credit Agreement"), pursuant to
which the Banks extended credit to the Borrower on the terms set forth
therein; and
WHEREAS, the Borrower has requested an extension of the Revolving Credit
Loan Maturity Date, and the parties hereto have agreed to extend the Revolving
Credit Loan Maturity Date on the terms set forth herein;
NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree to amend the provisions of the
Credit Agreement as follows:
1. AMENDMENT TO SECTION 1 OF THE CREDIT AGREEMENT. Section 1 of the
Credit Agreement is hereby amended by deleting the following definition of
"Revolving Credit Loan Maturity Date" in its entirety and replacing it with
the following new definition, inserted in proper alphabetical order:
"Revolving Credit Loan Maturity Date. March 31, 2002."
2. CONDITIONS TO EFFECTIVENESS. This Amendment No. 3 shall become
effective as of the date hereof, subject to the satisfaction of each of the
following conditions:
(a) receipt by the Agent of this Amendment No. 3 duly and properly
authorized, executed and delivered by each of the respective parties
hereto;
(b) the Borrower shall have delivered to the Agent certified copies
of corporate resolutions of the Borrower satisfactory to the Agent
authorizing this Amendment No. 3; and
(c) receipt by ▇▇▇▇▇▇▇ ▇▇▇▇ LLP of payment of all fees and
expenses incurred in the connection with the preparation of this
Amendment No. 3.
3. REPRESENTATIONS AND WARRANTIES. The Borrower represents and
warrants to the Agent and the Banks as follows:
(a) The execution, delivery and performance of each of this
Amendment No. 3 and the transactions contemplated hereby are within the
corporate power and authority of the Borrower and have been or will be
authorized by proper corporate proceedings, and do not (a) require any
consent or approval of the stockholders of the Borrower, (b) contravene
any provision of the charter documents or by-laws of the Borrower or any
law, rule or regulation applicable to the Borrower, or (c) contravene any
provision of, or constitute an event of default or event which, but for
the requirement that time elapse or notice be given, or both, would
constitute an event of default under, any other material agreement,
instrument or undertaking binding on the Borrower.
(b) This Amendment No. 3 and the Credit Agreement, as amended as of
the date hereof, and all of the terms and provisions hereof and thereof
are the legal, valid and binding obligations of the Borrower, enforceable
in accordance with their respective terms except as limited by
bankruptcy, insolvency, reorganization, moratorium or other laws
affecting the enforcement of creditors' rights generally, and except as
the remedy of specific performance or of injunctive relief is subject to
the discretion of the court before which any proceeding therefor may be
brought.
(c) The execution, delivery and performance of this Amendment No. 3
and the transactions contemplated hereby do not require any approval or
consent of, or filing or registration with, any governmental or other
agency or authority, or any other party.
(d) The representations and warranties contained in Section 8 of the
Credit Agreement are true and correct in all material respects as of the
date hereof as though made on and as of the date hereof.
(e) After giving effect to this Amendment No. 3, no Default or
Event of Default under the Credit Agreement has occurred and is
continuing.
4. RATIFICATION, ETC. Except as expressly amended hereby, the
Credit Agreement, the other Loan Documents and all documents, instruments
and agreements related thereto are hereby ratified and confirmed in all
respects and shall continue in full force and effect. This Amendment No.
3 and the Credit Agreement shall hereafter be read and construed together
as a single document, and all references in the Credit Agreement, any
other Loan Document or any agreement or instrument related to the Credit
Agreement shall hereafter refer to the Credit Agreement as amended by this
Amendment No. 3.
5. GOVERNING LAW. THIS AMENDMENT NO. 3 SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
6. COUNTERPARTS. This Amendment No. 3 may be executed in any number
of counterparts and by different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original, but all
of which counterparts taken together shall be deemed to constitute one and
the same instrument.
IN WITNESS WHEREOF, each of the undersigned has duly executed this
Amendment No. 3 as of the date first set forth above.
THE BORROWER:
BANGOR HYDRO-ELECTRIC COMPANY
By: Mathieu ▇. ▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Treasurer
THE BANKS:
FLEET NATIONAL BANK (f/k/a
BankBoston, N.A.), individually and as
Administrative Agent and
Documentation Agent
By:
Name:
Title:
PEOPLES HERITAGE BANK
By:
Name:
Title:
