EXHIBIT 10.1

 

FIFTH AMENDMENT TO FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT

 

This FIFTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made as of October 25, 2012, by and among ANTERO RESOURCES
ARKOMA LLC (successor by conversion of Antero Resources Corporation), a Delaware
limited liability company (“Antero”), ANTERO RESOURCES PICEANCE LLC (successor
by conversion of Antero Resources Piceance Corporation), a Delaware limited
liability company (“Antero Piceance”), ANTERO RESOURCES PIPELINE LLC (successor
by conversion of Antero Resources Pipeline Corporation), a Delaware limited
liability company (“Antero Pipeline”), and ANTERO RESOURCES APPALACHIAN
CORPORATION, a Delaware corporation (“Antero Appalachian” and, together with
Antero, Antero Piceance and Antero Pipeline, each, a “Borrower” and
collectively, the “Borrowers”), CERTAIN SUBSIDIARIES OF BORROWERS, as
Guarantors, the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as
Administrative Agent (in such capacity, the “Administrative Agent”).  Unless
otherwise expressly defined herein, capitalized terms used but not defined in
this Amendment have the meanings assigned to such terms in the Credit Agreement
(as defined below).

 

WITNESSETH:

 

WHEREAS, the Borrowers, the Guarantors, the Administrative Agent and the Lenders
have entered into that certain Fourth Amended and Restated Credit Agreement,
dated as of November 4, 2010 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);
and

 

WHEREAS, the Administrative Agent, the Lenders, the Borrowers and the Guarantors
have agreed to amend the Credit Agreement as provided herein subject to the
terms and conditions set forth herein.

 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and confessed, the Borrowers, the
Guarantors, the Administrative Agent and the Lenders hereby agree as follows:

 

SECTION 1.        Amendments to Credit Agreement.  Subject to the satisfaction
or waiver in writing of each condition precedent set forth in Section 4 of this
Amendment, and in reliance on the representations, warranties, covenants and
agreements contained in this Amendment, the Credit Agreement shall be amended in
the manner provided in this Section 1.

 

1.1     Amended Definitions.  The following definitions in Section 1.01 of the
Credit Agreement shall be and they hereby are amended and restated in their
respective entireties to read as follows:

 

“Aggregate Commitment” means, at any time, the sum of the Commitments of all the
Lenders at such time, as such amount may be reduced or increased from time to
time pursuant to Section 2.02 and Section 2.03; provided

 

ANTERO RESOURCES

FIFTH AMENDMENT

 

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that such amount shall not at any time exceed the lesser of (a) the Borrowing
Base then in effect and (b) the Maximum Facility Amount.  As of the Fifth
Amendment Effective Date, the Aggregate Commitment is $950,000,000.

 

1.2     Additional Definition.  The following definition shall be and it hereby
is added to Section 1.01 of the Credit Agreement in appropriate alphabetical
order:

 

“Fifth Amendment Effective Date” means October 25, 2012.

 

1.3          Hedging Contracts.  Section 7.03 of the Credit Agreement shall be
and it hereby is amended by adding a new clause (c) at the end thereof to read
as follows:

 

(c)           Notwithstanding anything to the contrary contained in this
Section 7.03, the Borrowers may enter into Hedging Contracts for Crude Oil,
Natural Gas and Natural Gas Liquids with a term longer than 60 months; provided
that (i) any Hedging Contract with a term longer than 60 months at the time such
Hedging Contract is entered into shall in any event expire by its terms on or
before December 31, 2018, (ii) except for the term of such Hedging Contract
exceeding 60 months at the time it is entered into, such Hedging Contract is
otherwise permitted under the terms of this Section 7.03 and (iii) the volumes
of Crude Oil, Natural Gas and Natural Gas Liquids covered by all such Hedging
Contracts for the period beyond 60 months (other than basis or transportation
price differential swaps for volumes of Natural Gas) does not, for any single
month in such period, exceed 65% of the Credit Parties’ aggregate Projected Oil
and Gas Production anticipated to be sold during such month in the ordinary
course of business.

 

1.4          Schedules.  Schedule 1.01 to the Credit Agreement shall be and it
hereby is amended in its entirety and replaced with Schedule 1.01 attached
hereto.

 

SECTION 2.        Redetermined Borrowing Base.  This Amendment shall constitute
notice of the Redetermination of the Borrowing Base pursuant to Section 3.05 of
the Credit Agreement, and the Administrative Agent, the Lenders, the Borrowers
and the Guarantors hereby acknowledge that effective as of the Fifth Amendment
Effective Date, the Borrowing Base is $1,650,000,000, and such redetermined
Borrowing Base shall remain in effect until the earlier of (i) the next
Redetermination of the Borrowing Base and (ii) the date such Borrowing Base is
otherwise adjusted pursuant to the terms of the Credit Agreement.

 

SECTION 3.        Increase of Commitments.  The Lenders have agreed among
themselves to, among other things, permit one or more of the Lenders to increase
their respective Commitments under the Credit Agreement (each, an “Increasing
Lender”).  Each of the Administrative Agent and the Borrowers hereby consent to
the increase in each Increasing Lender’s Commitment.  On the date this Amendment
becomes effective and after giving effect to such reallocation and increase of
the Aggregate Commitment, the Commitment of each Lender shall be as set forth on
Schedule 1.01 of this Amendment.  Each Lender hereby consents to the Commitments
set forth on Schedule 1.01 of this Amendment. The increase in each Increasing
Lender’s Commitment shall be deemed to have been consummated pursuant to the
terms of the Lender Certificate

 

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attached as Exhibit E to the Credit Agreement as if such Increasing Lender, had
executed a Lender Certificate with respect to such increase.  To the extent
requested by any Lender and in accordance with Section 2.16 of the Credit
Agreement, the Borrowers shall pay to such Lender, within the time period
prescribed by Section 2.16 of the Credit Agreement, any amounts required to be
paid by the Borrowers under Section 2.16 of the Credit Agreement in the event
the payment of any principal of any Eurodollar Loan or the conversion of any
Eurodollar Loan other than on the last day of an Interest Period applicable
thereto is required in connection with the reallocation contemplated by this
Section 3.

 

SECTION 4.        Conditions.  The amendments to the Credit Agreement contained
in Section 1 of this Amendment, the redetermination of the Borrowing Base
contained in Section 2 of this Amendment, and the increase of the Commitments
contained in Section 3 of this Amendment shall be effective upon the
satisfaction of each of the conditions set forth in this Section 4.

 

4.1     Execution and Delivery.  Each Credit Party, the Lenders, and the
Administrative Agent shall have executed and delivered this Amendment.

 

4.2     No Default.  No Default shall have occurred and be continuing or shall
result from the effectiveness of this Amendment.

 

4.3     Other Documents.  The Administrative Agent shall have received such
other instruments and documents incidental and appropriate to the transactions
provided for herein as the Administrative Agent or its special counsel may
reasonably request, and all such documents shall be in form and substance
reasonably satisfactory to the Administrative Agent.

 

SECTION 5.        Post-Closing Covenant.  Within forty-five (45) days following
the Fifth Amendment Effective Date (or such longer period as permitted by the
Administrative Agent in its sole discretion), the Borrowers shall deliver to the
Administrative Agent (a) Mortgages and title information, in each case,
reasonably satisfactory to the Administrative Agent with respect to the
Borrowing Base Properties, or the portion thereof, as required by Sections 6.09
and 6.10 of the Credit Agreement and (b) amendments to the existing Mortgages,
as requested by Administrative Agent to give effect to the amendments contained
herein and otherwise in form and substance satisfactory to Administrative Agent.

 

SECTION 6.        Acknowledgment of Conversion of Borrowers and Waiver of
Notice.  The Agent and the Lenders (or at least the required percentage thereof)
hereby acknowledge that the Borrowers have provided the Agent and the Lenders
with notice that each of Antero, Antero Piceance, and Antero Pipeline converted
from Delaware corporations to Delaware limited liability companies on
October 17, 2012 (the “Conversion”).  The Agent and the Lenders (or at least the
required percentage hereof) hereby consent to the Conversion and, with respect
to the Conversion, waive any notice period required by Section 6.02(h) of the
Credit Agreement and Section 4.1.3 of the Pledge Agreement.

 

SECTION 7.        Representations and Warranties of Credit Parties.  To induce
the Lenders to enter into this Amendment, each Credit Party hereby represents
and warrants to the Lenders as follows:

 

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7.1     Reaffirmation of Representations and Warranties/Further Assurances. 
After giving effect to the amendments herein, each representation and warranty
of such Credit Party contained in the Credit Agreement and in each of the other
Loan Documents is true and correct in all material respects as of the date
hereof (except to the extent such representations and warranties specifically
refer to an earlier date, in which case they are true and correct in all
material respects as of such earlier date).

 

7.2     Corporate Authority; No Conflicts.  The execution, delivery and
performance by each Credit Party of this Amendment are within such Credit
Party’s corporate or other organizational powers, have been duly authorized by
necessary action, require no action by or in respect of, or filing with, any
court or agency of government and do not violate or constitute a default under
any provision of any applicable law or other agreements binding upon any Credit
Party or result in the creation or imposition of any Lien upon any of the assets
of any Credit Party except for Permitted Liens and otherwise as permitted in the
Credit Agreement.

 

7.3     Enforceability.  This Amendment constitutes the valid and binding
obligation of the Borrowers and each other Credit Party enforceable in
accordance with its terms, except as (i) the enforceability thereof may be
limited by bankruptcy, insolvency or similar laws affecting creditor’s rights
generally, and (ii) the availability of equitable remedies may be limited by
equitable principles of general application.

 

7.4     No Default.  As of the date hereof, both before and immediately after
giving effect to this Amendment, no Default has occurred and is continuing.

 

SECTION 8.        Miscellaneous.

 

8.1     Reaffirmation of Loan Documents and Liens.  Any and all of the terms and
provisions of the Credit Agreement and the Loan Documents shall, except as
amended and modified hereby, remain in full force and effect and are hereby in
all respects ratified and confirmed by each Credit Party.  Each Borrower and
each Guarantor hereby agree that the amendments and modifications herein
contained shall in no manner affect or impair the liabilities, duties and
obligations of any Credit Party under the Credit Agreement and the other Loan
Documents or the Liens securing the payment and performance thereof.

 

8.2     Parties in Interest.  All of the terms and provisions of this Amendment
shall bind and inure to the benefit of the parties hereto and their respective
successors and assigns.

 

8.3     Legal Expenses.  Each Credit Party hereby agrees to pay all reasonable
fees and expenses of special counsel to the Administrative Agent incurred by the
Administrative Agent in connection with the preparation, negotiation and
execution of this Amendment and all related documents.

 

8.4     Counterparts.  This Amendment may be executed in one or more
counterparts and by different parties hereto in separate counterparts each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the

 

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same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature
pages are physically attached to the same document.  Delivery of photocopies of
the signature pages to this Amendment by facsimile or electronic mail shall be
effective as delivery of manually executed counterparts of this Amendment.

 

8.5     Complete Agreement.  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 ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

8.6     Headings.  The headings, captions and arrangements used in this
Amendment are, unless specified otherwise, for convenience only and shall not be
deemed to limit, amplify or modify the terms of this Amendment, nor affect the
meaning thereof.

 

8.7     Governing Law.  This Amendment shall be construed in accordance with and
governed by the laws of the State of New York.

 

8.8     Loan Document.  This Amendment shall constitute a Loan Document for all
purposes and in all respects.

 

[Remainder of page intentionally blank.

Signature pages follow.]

 

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

 

 

BORROWERS:

 

 

 

ANTERO RESOURCES ARKOMA LLC

 

(successor by conversion of Antero Resources Corporation)

 

 

 

ANTERO RESOURCES PICEANCE LLC

 

(successor by conversion of Antero Resources Piceance Corporation)

 

 

 

ANTERO RESOURCES PIPELINE LLC

 

(successor by conversion of Antero Resources Pipeline Corporation)

 

 

 

ANTERO RESOURCES APPALACHIAN CORPORATION

 

 

 

 

 

By:

/s/ ALVYN A. SCHOPP

 

 

Name: Alvyn A. Schopp

 

 

Title: Treasurer and Vice President,

 

 

Administration and Accounting

 

 

 

 

 

 

RESTRICTED SUBSIDIARIES:

 

 

 

ANTERO RESOURCES FINANCE CORPORATION

 

 

 

 

 

 

 

By:

/s/ ALVYN A. SCHOPP

 

 

Name: Alvyn A. Schopp

 

 

Title: Treasurer and Vice President,

 

 

Administration and Accounting

 

 

 

 

ANTERO RESOURCES BLUESTONE LLC

 

 

 

 

 

 

 

By:

/s/ ALVYN A. SCHOPP

 

 

Name: Alvyn A. Schopp

 

 

Title: Vice President — Accounting &

 

 

Administration/Treasurer

 

SIGNATURE PAGE

 

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JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent, Issuing Bank and a Lender

 

 

 

 

 

 

 

By:

/s/ DAVID MORRIS

 

 

Name: David Morris

 

 

Title: Authorized Officer

 

SIGNATURE PAGE

 

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WELLS FARGO BANK, N.A.,

 

as Syndication Agent and a Lender

 

 

 

 

 

 

 

By:

/s/ SUZANNE RIDENHOUR

 

 

Name: Susan Ridenhour

 

 

Title: Director

 

SIGNATURE PAGE

 

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BANK OF SCOTLAND PLC,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

 

 

By:

/s/ STEPHEN GIACOLONE

 

 

Name: Stephen Giacolone

 

 

Title: Assistant Vice President

 

SIGNATURE PAGE

 

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

 

 

By:

/s/ MICHAEL D. WILLIS

 

 

Name: Michael D. Willis

 

 

Title: Managing Director

 

 

 

 

 

 

 

By:

/s/ PAGE DILLEHUNT

 

 

Name: Page Dillehunt

 

 

Title: Managing Director

 

SIGNATURE PAGE

 

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DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

 

 

By:

/s/ MICHAEL GETZ

 

 

Name: Michael Getz

 

 

Title: Vice President

 

 

 

 

 

 

 

By:

/s/ MARCUS M. TARKINGTON

 

 

Name: Marcus M. Tarkington

 

 

Title: Director

 

SIGNATURE PAGE

 

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UNION BANK, N.A.,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

 

 

By:

/s/ LARA SOROKOLIT

 

 

Name: Lara Sorokolit

 

 

Title: Vice President

 

SIGNATURE PAGE

 

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BARCLAYS BANK PLC,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ VANESSA A. KURBATSKIY

 

 

Name: Vanessa A. Kurbatskiy

 

 

Title: Vice President

 

SIGNATURE PAGE

 

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COMERICA BANK,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ KATYA EVSEEV

 

 

Name: Katya Evseev

 

 

Title: Assistant Vice President

 

SIGNATURE PAGE

 

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ CHRISTOPHER REO DAY

 

 

Name: Christopher Reo Day

 

 

Title: Vice President

 

 

 

 

 

 

 

By:

/s/ MICHAEL SPAIGHT

 

 

Name: Michael Spaight

 

 

Title: Associate

 

SIGNATURE PAGE

 

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KEY BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ CHULLEY BOGLE

 

 

Name: Chulley Bogle

 

 

Title: Vice President

 

SIGNATURE PAGE

 

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U.S. BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ DANIEL K. HANSEN

 

 

Name: Daniel K. Hansen

 

 

Title: Vice President

 

SIGNATURE PAGE

 

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GUARANTY BANK AND TRUST COMPANY,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ GAIL J. NOFSINGER

 

 

Name: Gail J. Nofsinger

 

 

Title: Senior Vice President

 

SIGNATURE PAGE

 

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CITIBANK, N.A.,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ MASON MCGURRIN

 

 

Name: Mason McGurrin

 

 

Title: Vice President

 

SIGNATURE PAGE

 

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CAPITAL ONE, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ PETER SHEN

 

 

Name: Peter Shen

 

 

Title: Vice President

 

SIGNATURE PAGE

 

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TORONTO DOMINION (NEW YORK) LLC,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ DEBBI L. BRITO

 

 

Name: Debbi L. Brito

 

 

Title: Authorized Signatory

 

SIGNATURE PAGE

 

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BRANCH BANKING AND TRUST COMPANY,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ DEANNA BRELAND

 

 

Name: Deanna Breland

 

 

Title: SVP

 

SIGNATURE PAGE

 

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SCHEDULE 1.01

 

Applicable Percentages and Commitments

 

Lender

 

Applicable 
Percentage

 

Commitment

 

JPMorgan Chase Bank, N.A.

 

11.052631579

%

$

105,000,000.00

 

Wells Fargo Bank, N.A.

 

11.052631579

%

$

105,000,000.00

 

Union Bank, N.A.

 

9.598337951

%

$

91,184,210.53

 

Credit Agricole Corporate and Investment Bank

 

8.684210526

%

$

82,500,000.00

 

Bank of Scotland, plc

 

7.684210526

%

$

73,000,000.00

 

Deutsche Bank Trust Company Americas

 

6.855955679

%

$

65,131,578.95

 

Citibank, N.A.

 

6.703601107

%

$

63,684,210.52

 

Barclays Bank PLC

 

5.789473684

%

$

55,000,000.00

 

Comerica Bank

 

5.789473684

%

$

55,000,000.00

 

Capital One, National Association

 

5.263157895

%

$

50,000,000.00

 

Toronto Dominion (New York) LLC

 

5.263157895

%

$

50,000,000.00

 

Branch Banking and Trust Company

 

4.210526316

%

$

40,000,000.00

 

KeyBank National Association

 

4.105263158

%

$

39,000,000.00

 

U.S. Bank National Association

 

4.105263158

%

$

39,000,000.00

 

Credit Suisse AG, Cayman Islands Branch

 

2.894736842

%

$

27,500,000.00

 

Guaranty Bank and Trust Company

 

0.947368421

%

$

9,000,000.00

 

TOTAL

 

100.0000000

%

$

950,000,000

 

 

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