Exhibit 10.2
FIRST AMENDMENT TO CREDIT AGREEMENT AND LIMITED WAIVER
     This FIRST AMENDMENT TO CREDIT AGREEMENT AND LIMITED WAIVER (this
“Amendment”) is made and entered into effective as of the 15th day of July, 2010
(the “First Amendment Effective Date”), by and among OXFORD MINING COMPANY, LLC,
an Ohio limited liability company (the “Borrower”), the Lenders party hereto,
CITICORP USA, INC., as administrative agent (the “Administrative Agent”), and
the other parties signatory hereto.
RECITALS
     WHEREAS, the above-named parties have entered into that certain Credit
Agreement dated as of July 6, 2010 (and as may be further amended, restated,
modified or supplemented from time to time, the “Credit Agreement”), by and
among the Borrower, the Lenders, the Administrative Agent and the other parties
signatory thereto; and
     WHEREAS, the Borrower has requested that the Lenders and the Administrative
Agent amend and waive certain provisions of the Credit Agreement, and said
parties are willing to do so subject to the terms and conditions set forth
herein, provided that the Borrower and the Guarantors ratify and confirm all of
their respective obligations under the Credit Agreement and each other Loan
Document to which each is a party;
     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
set forth in this Amendment, the Borrower, the Lenders party hereto, the
Administrative Agent and the other parties signatory hereto agree as follows:
     1. Defined Terms. Unless otherwise defined herein, capitalized terms used
herein have the meanings assigned to them in the Credit Agreement.
     2. Amendment to Section 5.04(c). Section 5.04(c) of the Credit Agreement is
hereby amended by restating the last sentence of the second paragraph in its
entirety to read as follows:
“For the avoidance of doubt, (i) expenditures which are a part of the IPO
Transactions in an amount equal to $32,100,000 for lease buyouts as such amount
may be adjusted to reflect the actual such amount in accordance with the
Registration Statement, (ii) expenditures in an amount up to $22,100,000 for
equipment purchases described in the Registration Statement, (iii) Investments
permitted under Section 5.02(g)(i) and/or under Section 5.02(g)(ii), (iv)
applications of Net Cash Proceeds from Asset Sales which except such Net Cash
Proceeds from the mandatory prepayment requirement of Section 2.06(c)(i), and
(v) applications of Net Cash Proceeds from any Material Recovery Event which
except such Net Cash Proceeds from the mandatory prepayment requirement of
Section 2.06(c)(iv) shall not be included in calculating Capital Expenditures
for purposes of this Section 5.04(c).”
     3. Limited Waiver. On the execution date of the Credit Agreement, Oxford
Resources GP, LLC and Oxford Mining Company — Kentucky, LLC were not in good
standing in the Commonwealth of Kentucky due to a failure on the part of each of
them to file its first Annual Report with the Secretary of State of the
Commonwealth of Kentucky, which was due on

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June 30, 2010. Subsequently the parties have made such filings, and as of the
date of the First Amendment Effective Date the Borrower has represented that
such entities are in good standing in the Commonwealth of Kentucky. Each Lender,
by virtue of its signature hereto, hereby waives any Default or Event of Default
under Section 6.01(b) of the Credit Agreement, only to the extent said Default
or Event of Default is caused solely by the fact that the above entities were
not in good standing on the execution date of the Credit Agreement as described
in this Section 3. The provisions of this Section 3 shall not in any way be
construed to waive, nor shall this Amendment in any way serve as a waiver of,
any other Default or Event of Default now or hereafter existing under the Credit
Agreement or other Loan Documents, except as expressly set forth herein. This
Amendment shall not constitute an acknowledgment of or admission by the
Administrative Agent or the Lenders as to the materiality for any matter or
precedent upon which any Default or Event of Default may occur or be asserted.
     4. Conditions to Effectiveness. This Amendment shall be effective on the
First Amendment Effective Date upon satisfaction of each of the following
conditions:
     (i) The Administrative Agent (or its counsel) shall have received from each
of the Borrower, the Guarantors and the Lenders constituting at least the
Required Lenders either (a) a counterpart of this Amendment signed on behalf of
such party or (b) written evidence satisfactory to the Administrative Agent
(which may include telecopy transmission of a signed signature page of this
Amendment) that such party has signed a counterpart of this Amendment.
     (ii) The Administrative Agent shall have received all documents and other
items that it may reasonably request relating to any other matters relevant
hereto, all in form and substance satisfactory to the Administrative Agent.
     (iii) No Default or Event of Default exists.
     5. Representations and Warranties. Each Loan Party hereby confirms that the
representations and warranties contained in the Credit Agreement and the other
Loan Documents made by it are true and correct as of the date hereof, except to
the extent such representations and warranties specifically relate to an earlier
date, in which case they were true and correct as of such earlier date. Each
Loan Party also hereby confirms that this Amendment has been duly authorized by
all necessary corporate action and constitutes the legal, valid and binding
obligation of each Loan Party, subject to the effect of any applicable
bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting
creditors’ rights and remedies generally and to the effect of general principles
of equity.
     6. Continuing Effect of the Credit Agreement. This Amendment shall not
constitute a waiver of any provision not expressly referred to herein and shall
not be construed as a consent to any action on the part of any Loan Party that
would require a waiver or consent of the Lenders or an amendment or modification
to any term of the Loan Documents except as expressly stated herein. Except as
expressly modified hereby, the provisions of the Credit Agreement and the Loan
Documents are and shall remain in full force and effect.
     7. Ratification. Each Loan Party hereby confirms and ratifies the Credit
Agreement and each of the other Loan Documents to which it is a party, as
amended hereby, and

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acknowledges and agrees that the same shall continue in full force and effect,
as amended hereby.
     8. Counterparts. This Amendment may be executed by all parties hereto in
any number of separate counterparts, each of which may be delivered in original,
electronic or facsimile form and all of which taken together shall be deemed to
constitute one and the same instrument.
     9. References. The words “hereby,” “herein,” “hereinabove,” “hereinafter,”
“hereinbelow,” “hereof” and “hereunder” and words of similar import when used in
this Amendment shall refer to this Amendment as a whole and not to any
particular article, section or provision of this Amendment. References in this
Amendment to a section number are to such section of this Amendment unless
otherwise specified.
     10. Headings Descriptive. The headings of the several sections and
subsections of this Amendment are inserted for convenience only and shall not in
any way affect the meaning or construction of any provision of this Amendment.
     11. Governing Law. This Amendment shall be governed by and construed in
accordance with the law of the State of New York, without regard to such state’s
conflict of laws rules.
     12. Release by Loan Parties. Each Loan Party does hereby release and
forever discharge the Administrative Agent and each of the Lenders and each
affiliate thereof and each of their respective employees, officers, directors,
trustees, agents, attorneys, successors, assigns or other representatives from
any and all claims, demands, damages, actions, cross-actions, causes of action,
costs and expenses (including legal expenses) of any kind or nature whatsoever
known to any Loan Party, whether based on law or equity, which any of said
parties has held or may now own or hold, for or because of any matter or thing
done, omitted or suffered to be done on or before the actual date upon which
this Amendment is signed by any of such parties (i) arising directly or
indirectly out of the Credit Agreement, Loan Documents, or any other documents,
instruments or transactions relating thereto, and/or (ii) relating directly or
indirectly to all transactions by and between any Loan Party or its
representatives and the Administrative Agent and each Lender or any of their
respective directors, officers, agents, employees, attorneys or other
representatives and, in either case, whether or not caused by the sole or
partial negligence of any released party. Such release, waiver, acquittal and
discharge shall and does include any claims of any kind or nature which may, or
could be, asserted by any Loan Party.
     13. Final Agreement of the Parties. THIS AMENDMENT, THE CREDIT AGREEMENT
AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.
[Signature Pages Follow]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective officers thereunto duly authorized as of the
date first above written.

                          OXFORD MINING COMPANY, LLC, an Ohio
limited liability company    
 
                        By:   /s/ Jeffrey M. Gutman                          
Jeffrey M. Gutman,             Senior Vice President and             Chief
Financial Officer    
 
                        OXFORD RESOURCE PARTNERS, LP, a Delaware
limited partnership    
 
                            By:   Oxford Resources GP, LLC, a Delaware
limited liability company, its general partner    
 
                   
 
          By:   /s/ Jeffrey M. Gutman
 
Jeffrey M. Gutman,    
 
              Senior Vice President and    
 
              Chief Financial Officer    
 
                        OXFORD MINING COMPANY-KENTUCKY LLC,
a Kentucky limited liability company    
 
                        By:   /s/ Jeffrey M. Gutman                          
Jeffrey M. Gutman,             Senior Vice President and             Chief
Financial Officer    
 
                        DARON COAL COMPANY, LLC, an Ohio limited
liability company    
 
                        By:   /s/ Charles C. Ungurean                          
Charles C. Ungurean,             President    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  CITICORP USA, INC.,         as Administrative Agent    
 
           
 
  By:   /s/ Christopher Wood
 
Christopher Wood    
 
      Vice President    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  CITIBANK, N.A.,         as Lender    
 
           
 
  By:   /s/ Justin S. Tichauer
 
Justin S. Tichauer    
 
      Vice President    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  BARCLAYS BANK PLC,         as Lender    
 
           
 
  By:   /s/ Nicholas A. Bell
 
Nicholas A. Bell    
 
      Director    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  THE HUNTINGTON NATIONAL BANK,         as Lender    
 
           
 
  By:   /s/ Amanda Sigg
 
Amanda Sigg    
 
      Vice President    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  FIFTH THIRD BANK, AN OHIO BANKING CORPORATION,         as
Co-Documentation Agent, Issuing Bank and Lender    
 
           
 
  By:   /s/ Patrick Lingrosso
 
Patrick Lingrosso    
 
      Officer    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  COMERICA BANK,         as Lender    
 
           
 
  By:    /s/ Illegible    
 
     
 
   

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  CATERPILLAR FINANCIAL SERVICE CORPORATION, as Lender    
 
           
 
  By:   /s/ Jennifer Coyle
 
Jennifer Coyle    
 
      Managing Director    
 
      Global Mining Finance    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  SOCIÉTÉ GÉNÉRALE,         as Lender    
 
           
 
  By:   /s/ Emmanuel Chesneau
 
Emmanuel Chesneau    
 
      Managing Director    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  CREDIT SUISSE AG,         CAYMAN ISLANDS BRANCH,         as
Lender    
 
           
 
  By:   /s/ Bill O’Day
 
Bill O’Day    
 
      Director    
 
           
 
  By:   /s/ Christopher Reo Day
 
Christopher Reo Day    
 
      Associate    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  WELLS FARGO BANK N.A.,         as Lender    
 
           
 
  By:   /s/ Arnold W. Adkins, Jr.
 
Arnold W. Adkins, Jr.    
 
      Vice President    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]

 

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                  RAYMOND JAMES BANK, FSB,         as Lender    
 
           
 
  By:   /s/ Garrett McKinnon
 
Garrett McKinnon    
 
      Senior Vice President    

[Signature Page to First Amendment to Credit Agreement and Limited Waiver]