EXHIBIT 10.1

 

SEVENTH AMENDMENT TO FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT

 

This SEVENTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made as of June 27, 2013, by and among ANTERO RESOURCES
CORPORATION, a Delaware corporation, formerly known as Antero Resources
Appalachian Corporation and successor by merger to each of Antero Resources
Arkoma LLC, Antero Resources Piceance LLC and Antero Resources Pipeline LLC (the
“Borrower”), CERTAIN SUBSIDIARIES OF BORROWER, 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 Borrower, 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 Borrower 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 Borrower, 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 3 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                               Cover Page.  The cover page to the Credit
Agreement shall be and it hereby is amended and restated in its entirety and
replaced with Annex A attached hereto.

 

1.2                               Preamble.  The preamble to the Credit
Agreement shall be and it hereby is amended and restated in its entirety to read
as follows:

 

THIS FOURTH AMENDED AND RESTATED CREDIT AGREEMENT dated as of November 4, 2010,
among ANTERO RESOURCES CORPORATION, a Delaware corporation, formerly known as
Antero Resources Appalachian Corporation and successor by merger to each of
Antero Resources Arkoma LLC, Antero Resources Piceance LLC and Antero Resources
Pipeline LLC (“Antero” and, together with its Subsidiaries from time to time
party hereto

 

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as borrowers, each a “Borrower” and collectively, the “Borrowers”), CERTAIN
SUBSIDIARIES OF BORROWERS, as Guarantors, the LENDERS party hereto, JPMORGAN
CHASE BANK, N.A., as Administrative Agent, WELLS FARGO BANK, N.A., as
Syndication Agent, and UNION BANK, N.A., and CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as Co-Documentation Agents.

 

1.3                               Amended Definition.  The following definition
in Section 1.01 of the Credit Agreement shall be and it hereby is amended and
restated in its entirety 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 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 Seventh Amendment Effective Date,
the Aggregate Commitment is $1,450,000,000.

 

“Bluestone Loan Documents” means the collective reference to (a) that certain
Amended and Restated Promissory Note, dated December 1, 2010, executed by Antero
Bluestone payable to the order of Ross Tailwind, LLC in the principal amount of
$25,000,000, (b) that certain Amended and Restated Loan Agreement, dated as of
December 1, 2010, between Antero Bluestone and Ross Tailwind, LLC, (c) that
certain Guarantee made by Antero Bluestone, Antero, Antero Resources Piceance
LLC and Antero Resources Appalachian Corporation, dated as of December 1, 2010,
in favor of Ross Tailwind, LLC, and (d) any other agreements, documents,
instruments and certificates contemplated by or executed in connection with any
of the foregoing.

 

“Co-Documentation Agent” means, so long as it is a Lender, each of Union Bank,
N.A., and Credit Agricole Corporate and Investment Bank, each in its capacity as
a Co-Documentation Agent.

 

1.4                               Deleted Definitions.  The following
definitions in Section 1.01 of the Credit Agreement shall be and they hereby are
deleted in their entirety: “Antero Appalachian”, “Antero Piceance” and “Antero
Pipeline”.

 

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

 

“Seventh Amendment Effective Date” means June 27, 2013.

 

1.6                               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.                                       Increase of Commitments. 
Certain Lenders have agreed to increase their respective Commitments under the
Credit Agreement (each, an “Increasing Lender”).  Each of the Administrative
Agent and the Borrower hereby consents to the increase in each Increasing

 

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Lender’s Commitment.  On the date this Amendment becomes effective and after
giving effect to such increase of the Aggregate Commitment, the Commitment of
each Lender shall be as set forth on Schedule 1.01 of this Amendment.  Each
Increasing Lender hereby consents to the increase of its Commitments as 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 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 Borrower 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 Borrower 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 2.

 

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

 

3.1                               Execution and Delivery.  Each Credit Party,
the Lenders (or at least the required percentage thereof), and the
Administrative Agent shall have executed and delivered this Amendment.

 

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

 

3.3                               Fees.  The Borrower, the Administrative Agent
and J.P. Morgan Securities LLC shall have executed and delivered a fee letter in
connection with this Amendment, and the Administrative Agent and J.P. Morgan
Securities LLC shall have each received, for its own account and for the account
of the Lenders, the fees separately agreed upon in such fee letter.

 

3.4                               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 4.                                       Post-Closing Covenant.  Within
thirty (30) days following the Seventh Amendment Effective Date (or such longer
period as permitted by the Administrative Agent in its sole discretion), the
Borrower 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.

 

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SECTION 5.                                       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:

 

5.1                               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).

 

5.2                               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.

 

5.3                               Enforceability.  This Amendment constitutes
the valid and binding obligation of the Borrower 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.

 

5.4                               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 6.                                       Miscellaneous.

 

6.1                               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.  The Borrower and each Guarantor hereby agrees 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.

 

6.2                               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.

 

6.3                               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.

 

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6.4                               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
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.

 

6.5                               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.

 

6.6                               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.

 

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

 

6.8                               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.

 

 

BORROWER:

 

 

 

ANTERO RESOURCES CORPORATION (formerly known as Antero Resources Appalachian
Corporation and successor by merger to each of Antero Resources Arkoma LLC,
Antero Resources Piceance LLC and Antero Resources Pipeline LLC)

 

 

 

 

 

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

 

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JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent, Issuing Bank and a Lender

 

 

 

 

 

By:

/s/ Ryan Fuessel

 

 

Name:

Ryan Fuessel

 

 

Title:

Authorized Officer

 

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WELLS FARGO BANK, N.A.,

 

as Syndication Agent and a Lender

 

 

 

 

 

By:

/s/ Suzanne Ridenhour

 

 

Name:

Suzanne Ridenhour

 

 

Title:

Director

 

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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

 

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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/ Ting Lee

 

 

Name:

Ting Lee

 

 

Title:

Director

 

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BANK OF SCOTLAND PLC,

 

as a Lender

 

 

 

 

 

By:

/s/ Stephen Giacolone

 

 

Name:

Stephen Giacolone

 

 

Title:

Assistant Vice President

 

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BARCLAYS BANK PLC,

 

as a Lender

 

 

 

 

 

By:

/s/ Vanessa A. Kurbatskiy

 

 

Name:

Vanessa A. Kurbatskiy

 

 

Title:

Vice President

 

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FIFTH THIRD BANK,

 

as a Lender

 

 

 

 

 

By:

/s/ Richard Butler

 

 

Name:

Richard Butler

 

 

Title:

Senior Vice President

 

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COMERICA BANK,

 

as a Lender

 

 

 

 

 

By:

/s/ Ekaterina Evseev

 

 

Name:

Ekaterina Evseev

 

 

Title:

Assistant Vice President

 

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Kevin Buddhdew

 

 

Name:

Kevin Buddhdew

 

 

Title:

Authorized Signatory

 

 

 

 

 

 

 

 

 

By:

/s/ Michael Spaight

 

 

Name:

Michael Spaight

 

 

Title:

Authorized Signatory

 

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KEY BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Joseph Scott

 

 

Name:

Joseph Scott

 

 

Title:

Senior Vice President

 

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U.S. BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Mark E. Thompson

 

 

Name:

Mark E. Thompson

 

 

Title:

Senior Vice President

 

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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

 

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CITIBANK, N.A.,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Eamon Baqui

 

 

Name:

Eamon Baqui

 

 

Title:

Vice President

 

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CAPITAL ONE, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Wesley Fontana

 

 

Name:

Wesley Fontana

 

 

Title:

Vice President

 

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TORONTO DOMINION (NEW YORK) LLC,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Masood Fikree

 

 

Name:

Masood Fikree

 

 

Title:

Authorized Signatory

 

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BRANCH BANKING AND TRUST COMPANY,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ James Giordano

 

 

Name:

James Giordano

 

 

Title:

Vice President

 

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ANNEX A

 

 

 

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of

 

November 4, 2010

 

among

 

ANTERO RESOURCES CORPORATION,
as Borrower,

 

CERTAIN SUBSIDIARIES OF BORROWERS,
as Guarantors,

 

THE LENDERS PARTY HERETO,

 

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent,

 

WELLS FARGO BANK, N.A.,
as Syndication Agent,

 

and

 

UNION BANK, N.A., AND

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
as Co-Documentation Agents

 

Senior Secured Credit Facility

 

 

 

J.P. MORGAN SECURITIES LLC and WELLS FARGO SECURITIES, LLC,
as Joint Lead Arrangers and Joint Bookrunners

 

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SCHEDULE 1.01

 

Applicable Percentages and Commitments

 

Lender

 

Applicable
Percentage

 

Commitment

 

JPMorgan Chase Bank, N.A.

 

10.689655173

%

$

155,000,000.00

 

Wells Fargo Bank, N.A.

 

10.689655173

%

$

155,000,000.00

 

Union Bank, N.A.

 

8.620689655

%

$

125,000,000.00

 

Credit Agricole Corporate and Investment Bank

 

8.620689655

%

$

125,000,000.00

 

Citibank, N.A.

 

7.931034483

%

$

115,000,000.00

 

Barclays Bank PLC

 

7.931034483

%

$

115,000,000.00

 

Capital One, National Association

 

6.896551724

%

$

100,000,000.00

 

Toronto Dominion (New York) LLC

 

5.689655172

%

$

82,500,000.00

 

Comerica Bank

 

5.689655172

%

$

82,500,000.00

 

Branch Banking and Trust Company

 

5.172413793

%

$

75,000,000.00

 

U.S. Bank National Association

 

4.827586207

%

$

70,000,000.00

 

Credit Suisse AG, Cayman Islands Branch

 

4.827586207

%

$

70,000,000.00

 

Fifth Third Bank

 

4.689655172

%

$

68,000,000.00

 

Bank of Scotland, plc

 

3.709618874

%

$

53,789,473.68

 

KeyBank National Association

 

3.103448276

%

$

45,000,000.00

 

Guaranty Bank and Trust Company

 

0.911070781

%

$

13,210,526.32

 

TOTAL

 

100.000000000

%

$

1,450,000,000.00

 

 

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