Exhibit 10.1

 

FIFTH AMENDMENT

TO

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

 

This FIFTH AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Fifth
Amendment”) dated as of November 11, 2015, is by and among SM ENERGY COMPANY, a
corporation duly formed and existing under the laws of the State of Delaware
(the “Borrower”); each of the Lenders that is a party hereto; and WELLS FARGO
BANK, N.A., as administrative agent for the Lenders (in such capacity, together
with its successors in such capacity, by operation of law or as otherwise
provided herein, the “Administrative Agent”).

 

The parties hereto agree as follows:

 

RECITALS

 

(A)          The Borrower, the Administrative Agent and the Lenders are party to
that certain Fifth Amended and Restated Credit Agreement dated as of April 12,
2013 (as amended, supplemented, or otherwise modified, the “Credit Agreement”),
pursuant to which the Lenders have made certain credit available to and on
behalf of the Borrower;

 

(B)          The Lenders party hereto and the Administrative Agent, together
with the Borrower, have agreed to amend the definition of “Change in Control” in
the Credit Agreement as more particularly set forth herein; and

 

(C)          In consideration of the mutual covenants and agreements herein
contained and of the loans, extensions of credit and commitments hereinafter
referred to, the parties hereto agree as follows.

 

Section 1.              Defined Terms.  Each capitalized term that is defined in
the Credit Agreement, but that is not defined in this Fifth Amendment, shall
have the meaning ascribed such term in the Credit Agreement.  Unless otherwise
indicated, all section references in this Fifth Amendment refer to the Credit
Agreement.

 

Section 2.              Amendment.  In reliance on the representations,
warranties, covenants and agreements contained in this Fifth Amendment, and
subject to the satisfaction of the condition precedent set forth in Section 3
hereof, Section 1.02 of the Credit Agreement shall be amended by amending the
definition of “Change in Control” to (A) delete clause (c) thereof, (B) replace
the “,” at the end of clause (a) thereof with “or” and (C) amend and restate
clause (b) thereof in its entirety to read in full as follows:

 

(b) the occupation of a majority of the seats (other than vacant seats) on the
board of directors of the Borrower by Persons who were neither (i) nominated or
appointed by the board of directors of the Borrower or approved by the board of
directors of the Borrower for consideration by shareholders for election nor
(ii) appointed or elected by directors so nominated, appointed or approved.

 

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Section 3.              Condition Precedent.  This Fifth Amendment shall be
effective upon the date of the receipt by the Administrative Agent of
counterparts hereof duly executed by the Borrower and the Majority Lenders (or,
in the case of any party as to which an executed counterpart shall not have been
received, telegraphic, telex or other written confirmation from such party of
execution of a counterpart hereof by such party) (the “Fifth Amendment Effective
Date”).

 

The Administrative Agent shall notify Borrower and each Lender of the Fifth
Amendment Effective Date and such notice shall be conclusive and binding.

 

Section 4.              Reaffirm Existing Representations and Warranties.  The
Borrower hereby (a) acknowledges the terms of this Fifth Amendment; (b) ratifies
and affirms its obligations under, and acknowledges its continued liability
under, each Loan Document to which it is a party and agrees that each Loan
Document to which it is a party remains in full force and effect as expressly
amended hereby; and (c) represents and warrants to the Lenders that, as of the
date hereof, after giving effect to the terms of this Fifth Amendment: (i) all
of the representations and warranties contained in each Loan Document to which
the Borrower is a party are true and correct in all material respects as though
made on and as of the Fifth Amendment Effective Date (unless made as of a
specific earlier date, in which case, such representation or warranty was true
and correct in all material respects as of such date or qualified by
materiality, in which case such representation or warranty shall be true and
correct as of the applicable date); (ii) no Default or Event of Default has
occurred and is continuing and the Aggregate Revolving Credit Exposures do not,
and will not after giving effect to this Fifth Amendment, exceed the Borrowing
Base; (iii) since the date of the most recent balance sheet delivered pursuant
to Section 8.01(a) of the Credit Agreement, no Material Adverse Effect has
occurred; (iv) the execution, delivery and performance by the Borrower of this
Fifth Amendment are within Borrower’s corporate powers, have been duly
authorized by all necessary corporate action, require no consent or approval of,
or filing with, any governmental body, agency or official and do not violate 
any provision of applicable law or any material agreement binding upon Borrower
or any other Loan Party; and (v) this Fifth Amendment constitutes the valid and
binding obligation of the Borrower enforceable in accordance with its terms,
except as (A) the enforceability thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditor’s
rights generally, and (B) the availability of equitable remedies may be limited
by equitable principles of general application, regardless of whether considered
in a proceeding in equity or at law.

 

Section 5.              Miscellaneous.

 

5.1          Confirmation.  The provisions of the Credit Agreement (as amended
by this Fifth Amendment) shall remain in full force and effect in accordance
with its terms following the effectiveness of this Fifth Amendment.  This Fifth
Amendment shall constitute a Loan Document.

 

5.2          No Waiver.  Neither the execution by the Administrative Agent or
the Lenders party hereto of this Fifth Amendment, nor any other act or omission
by the Administrative Agent or the Lenders or their officers in connection
herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of
any Defaults or Events of Default which may exist, which may have occurred prior
to the date of the effectiveness of this Fifth Amendment or which

 

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may occur in the future under the Credit Agreement and/or the other Loan
Documents.  Similarly, nothing contained in this Fifth Amendment shall directly
or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise
adversely affect the Administrative Agent’s or the Lenders’ right at any time to
exercise any right, privilege or remedy in connection with the Loan Documents
with respect to any Default or Event of Default, (b) except as provided herein,
amend or alter any provision of the Credit Agreement, the other Loan Documents,
or any other contract or instrument, or (c) constitute any course of dealing or
other basis for altering any obligation of the Borrower or any right, privilege
or remedy of the Administrative Agent or the Lenders under the Credit Agreement,
the other Loan Documents, or any other contract or instrument.  Nothing in this
Fifth Amendment shall be construed to be a consent by the Administrative Agent
or the Lenders to any Default or Event of Default.  Each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word
or words of similar import shall mean and be a reference to the Credit Agreement
as amended hereby, and each reference in any other Loan Document to the Credit
Agreement or any word or words of similar import shall be and mean a reference
to the Credit Agreement as amended hereby.

 

5.3          Counterparts.  This Fifth Amendment may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract.   Delivery of an executed signature page to this Fifth
Amendment by facsimile transmission or other electronic transmission (including
.pdf) shall be as effective as delivery of a manually executed counterpart of
this Fifth Amendment.

 

5.4          Successors and Assigns.  This Fifth Amendment shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

5.5          Severability.  Any provision of this Fifth Amendment held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof or thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in
any other jurisdiction.

 

5.6          No Oral Agreement.  This Fifth Amendment, the Credit Agreement and
the other Loan Documents and any separate letter agreements with respect to fees
payable to the Administrative Agent constitute the entire contract among the
parties hereto relating to the subject matter hereof and thereof and supersede
any and all previous agreements and understandings, oral or written, relating to
the subject matter hereof and thereof.  This Fifth Amendment, the Credit
Agreement and the other Loan Documents represent the final agreement among the
parties hereto and thereto and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties.  There are no
unwritten oral agreements between the parties.

 

5.7          Governing Law.  THIS FIFTH AMENDMENT (INCLUDING, BUT NOT LIMITED
TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE

 

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GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

[Signature Pages to Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be
duly executed effective as of the date first written above.

 

BORROWER:

SM ENERGY COMPANY

 

 

 

 

 

 

 

By:

/s/ Matthew J. Purchase

 

 

Matthew J. Purchase

 

 

Treasurer

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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AGENTS AND LENDERS:

WELLS FARGO BANK, NATIONAL

 

ASSOCIATION, Individually and as

 

Administrative Agent

 

 

 

 

 

 

 

By:

/s/ Sarah Thomas

 

Name:

Sarah Thomas

 

Title:

Vice President

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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BANK OF AMERICA, N.A., Individually and as

 

Co-Syndication Agent

 

 

 

 

 

 

 

By:

/s/ Ronald E. McKaig

 

Name:

Ronald E. McKaig

 

Title:

Managing Director

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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JPMORGAN CHASE BANK, N.A., Individually and as Co-Syndication Agent

 

 

 

 

 

 

 

By:

/s/ Darren Vanek

 

Name:

Darren Vanek

 

Title:

Executive Director

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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COMPASS BANK, Individually and as

 

Co-Documentation Agent

 

 

 

 

 

 

 

By:

/s/ Gabriela Albino

 

Name:

Gabriela Albino

 

Title:

Vice President

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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COMERICA BANK, Individually and as

 

Co-Documentation Agent

 

 

 

 

 

 

 

By:

/s/ Garrett R. Merrell

 

Name:

Garrett R. Merrell

 

Title:

Relationship Manager

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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BARCLAYS BANK PLC

 

 

 

 

 

 

 

By:

/s/ Ronnie Glenn

 

Name:

Ronnie Glenn

 

Title:

Vice President

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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ROYAL BANK OF CANADA

 

 

 

 

 

 

 

By:

/s/ Don J. McKinnerney

 

Name:

Don J. McKinnerney

 

Title:

Authorized Signatory

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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BOKF, NA DBA BANK OF OKLAHOMA

 

 

 

 

 

 

 

By:

/s/ Parker Heikes

 

Name:

Parker Heikes

 

Title:

Vice President

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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SANTANDER BANK, N.A.

 

f/k/a Sovereign Bank

 

 

 

 

 

 

 

By:

/s/ Aidan Lanigan

 

Name:

Aidan Lanigan

 

Title:

Senior Vice President

 

 

 

 

By:

/s/ Puiki Lok

 

Name:

Puiki Lok

 

Title:

Vice President

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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CAPITAL ONE, NATIONAL ASSOCIATION

 

 

 

 

 

 

 

By:

/s/ Matthew Molero

 

Name:

Matthew Molero

 

Title:

Senior Vice President

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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DEUTSCHE BANK TRUST COMPANY AMERICAS

 

 

 

 

 

 

 

By:

/s/ Benjamin Souh

 

Name:

Benjamin Souh

 

Title:

Vice President

 

 

 

 

By:

/s/ Michael Shannon

 

Name:

Michael Shannon

 

Title:

Vice President

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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GOLDMAN SACHS BANK USA

 

 

 

 

 

 

 

By:

/s/ Michelle Latzoni

 

Name:

Michelle Latzoni

 

Title:

Authorized Signatory

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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THE BANK OF NOVA SCOTIA

 

 

 

 

 

 

By:

/s/ Mark Sparrow

 

Name:

Mark Sparrow

 

Title:

Director

 

[SIGNATURE PAGE TO FIFTH AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT — SM ENERGY COMPANY]

 

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