EXHIBIT 10.1

 

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FIRST AMENDMENT TO

5-YEAR REVOLVING CREDIT AGREEMENT

dated as of

March 10, 2006

among

XTO ENERGY INC.,

as Borrower,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

and

The Lenders Party Hereto

 

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BANK OF AMERICA, N.A.,

BNP PARIBAS,

CALYON NEW YORK BRANCH,

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Co-Syndication Agents

and

CITIBANK, N.A.,

HARRIS NESBITT FINANCING, INC.,

and

SUNTRUST BANK,

as Co-Documentation Agents

 

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J.P. MORGAN SECURITIES INC. and BANC OF AMERICA SECURITIES LLC,

as Co-Arrangers and Joint Bookrunners

 

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FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

THIS FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT (this “First
Amendment”) dated as of March 10, 2006, is among XTO ENERGY INC., a Delaware
corporation, as the Borrower; JPMORGAN CHASE BANK, N.A., as Administrative
Agent, JPMORGAN CHASE BANK, N.A., BANK OF AMERICA, N.A., and U.S. BANK NATIONAL
ASSOCIATION, as Issuing Banks, and the Lenders party hereto.

R E C I T A L S

A. The Borrower, the Administrative Agent and the Lenders are parties to that
certain 5-Year Revolving Credit Agreement dated as of April 1, 2005 (the “Credit
Agreement”), pursuant to which the Lenders have made certain loans to and
extensions of credit for the account of the Borrower.

B. The Borrower has requested and the Lenders have agreed to amend certain
provisions of the Credit Agreement.

C. NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

Section 1. Defined Terms. Each capitalized term used herein but not otherwise
defined herein has the meaning given such term in the Credit Agreement. Unless
otherwise indicated, all article and section references in this First Amendment
refer to articles and sections of the Credit Agreement.

Section 2. Amendments to Credit Agreement.

2.1 Amendments to Section 1.01.

(a) The definition of “Agreement” is hereby amended in its entirety to read as
follows:

“Agreement” means this 5-Year Revolving Credit Agreement, as amended by the
First Amendment, as the same may from time to time be amended, modified,
restated, or replaced from time to time.

(b) The first paragraph of the definition of “Applicable Margin” is hereby
amended to read as follows:

“Applicable Margin” means, for any day, with respect to any Eurodollar Loan, or
with respect to the commitment fees payable hereunder, as the case may be, the
Applicable Margin per annum set forth below under the caption “Commitment Fee
Rate” or “Eurodollar Spread”, as the case may be, based upon the rating by S&P
and Moody’s, respectively, applicable on such date to the Index Debt:

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Index Debt Ratings

 

Commitment Fee Rate

 

Eurodollar Spread

        Category

1 >A3/A-

  0.050%   0.25%

        Category 2

Baa1/BBB+

  0.070%   0.30%

        Category 3

Baa2/BBB

  0.090%   0.40%

        Category 4

Baa3/BBB-

  0.110%   0.55%

        Category 5

<Ba1/BB+

  0.125%   0.70%

provided that for each day during which the Borrower’s utilization of available
commitments is greater than or equal to 50%, the then applicable Eurodollar
Spread will be increased by 0.05% if the Borrower’s Index Debt Rating is in
Category 1, 2 or 3 and will be increased by 0.10% if the Borrower’s Index Debt
Rating is in Category 4 or 5.

(c) The definition of “Indebtedness” is hereby amended to insert the word “and”
prior to clause (l) and to delete the phrase “, and (m) obligations in respect
of “ship-or-pay” or “take-or-pay” contracts” in its entirety.

(d) The definition of “Maturity Date” is hereby amended in its entirety to read
as follows:

“Maturity Date” means the later of (a) April 1, 2011 and (b) if maturity is
extended pursuant to Section 2.05, such extended maturity date as determined
pursuant to Section 2.05 (it being understood and agreed that any such maturity
shall not be deemed extended for any Lender that has not consented to such
extension).

(e) The definitions of “Investments” and “Permitted Investments” are hereby
deleted.

(f) The following definition is hereby added where alphabetically appropriate to
read as follows:

“First Amendment” means the First Amendment to 5-Year Revolving Credit Agreement
dated as of March 10, 2006 among the Borrower and the Lenders party thereto.

 

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2.2 Amendment to Section 1.04. Section 1.04 is hereby deleted and the following
inserted in lieu thereof:

Section 1.04 Accounting Terms; GAAP. Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in
accordance with GAAP, as in effect from time to time; provided that, if the
Borrower notifies the Administrative Agent that the Borrower requests an
amendment to any provision hereof to eliminate the effect of any change
occurring after the date hereof in GAAP (including but not limited to any
Statement of Financial Accounting Standards) or in the application thereof on
the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof
for such purpose), regardless of whether any such notice is given before or
after such change in GAAP or in the application thereof, then such provision
shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been
withdrawn or such provision shall have been amended in accordance herewith.

2.3 Amendment to Section 6.02. Section 6.02(f) is hereby amended by deleting the
amount “10%” in the last line thereof and inserting in lieu thereof “15%”.

2.4 Deletion of Section 6.05. Section 6.05 is hereby deleted and the following
is inserted in lieu thereof:

“Section 6.05 Reserved.”

Section 3. Conditions Precedent. This First Amendment shall not become effective
until the date on which each of the following conditions is satisfied (or waived
in accordance with Section 9.02(b) of the Credit Agreement) (the “Effective
Date”):

3.1 The Administrative Agent and the Lenders shall have received all fees and
other amounts due and payable, if any, in connection with this First Amendment
on or prior to the Effective Date, including the payment to each Lender, that
delivers an executed counterpart of this First Amendment prior to 12:00 noon
(Houston time) on the Effective Date, of an amendment fee equal to 0.02% of its
Commitment.

3.2 The Administrative Agent shall have received from the Lenders and the
Borrower, counterparts (in such number as may be requested by the Administrative
Agent) of this First Amendment signed on behalf of such Persons.

3.3 The Administrative Agent shall have received a favorable written opinion or
opinions (addressed to the Administrative Agent and the Lenders and dated the
Effective Date) of counsel for the Borrower, in form and substance reasonably
acceptable to the Administrative Agent. The Borrower hereby requests its counsel
to deliver such opinion.

3.4 The Administrative Agent shall have received such other documents as the
Administrative Agent or special counsel to the Administrative Agent may
reasonably request.

3.5 No Default shall have occurred and be continuing, after giving effect to the
terms of this First Amendment.

 

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Section 4. Miscellaneous.

4.1 Confirmation. The provisions of the Credit Agreement, as amended by this
First Amendment, shall remain in full force and effect following the
effectiveness of this First Amendment.

4.2 Ratification and Affirmation; Representations and Warranties. The Borrower
hereby (a) ratifies and affirms its obligations under, and acknowledges, renews
and extends 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, except as expressly amended hereby, notwithstanding the
amendments contained herein and (b) represents and warrants to the Lenders that
as of the date hereof, after giving effect to the terms of this First Amendment:
(i) all of the representations and warranties contained in each Loan Document to
which it is a party are true and correct, except to the extent any such
representations and warranties are expressly limited to an earlier date, in
which case, such representations and warranties shall continue to be true and
correct as of such specified earlier date, (ii) no Default has occurred and is
continuing and (iii) since December 31, 2005, there has been no event,
development or circumstance that has had or could reasonably be expected to have
a Material Adverse Effect.

4.3 Loan Document. This First Amendment is a “Loan Document” as defined and
described in the Credit Agreement and all of the terms and provisions of the
Credit Agreement relating to Loan Documents shall apply hereto.

4.4 Counterparts. This First Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of this First Amendment by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof.

4.5 NO ORAL AGREEMENT. THIS FIRST AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER
LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

4.6 GOVERNING LAW. THIS FIRST AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE
VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

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

 

  XTO ENERGY INC.   By:  

/s/ BRENT W. CLUM

    Brent W. Clum     Vice President & Treasurer

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Administrative Agent, Issuing

Bank & Lender:

  JPMORGAN CHASE BANK, N.A.   By:  

/s/ ROBERT C. MERTENSOTTO

    Robert C. Mertensotto     Managing Director

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Issuing Bank & Lender:   BANK OF AMERICA, N.A.   By:  

/s/ RONALD E. MCKAIG

    Ronald E. McKaig     Senior Vice President

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Lender:   BNP PARIBAS   By:  

/s/ BETSY JOCHER

  Name:   Betsy Jocher   Title:   Vice President   By:  

/s/ GREG SMOTHERS

  Name:   Greg Smothers   Title:   Vice President

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Lender:   CALYON NEW YORK BRANCH   By:  

/s/ BERTRAND CORD’HOMME

  Name:   Bertrand Cord’homme   Title:   Director   By:  

/s/ MICHAEL WILLIS

  Name:   Michael Willis   Title:   Vice President

S-5

 

Lender:   WACHOVIA BANK, NATIONAL ASSOCIATION   By:  

/s/ PAUL PRITCHETT

    Paul Pritchett     Vice President

S-6

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Lender:   CITIBANK, N.A.   By:  

/s/ JAMES R. REILLY, JR.

    James F. Reilly, Jr.     Attorney-in-Fact

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Lender:   HARRIS NESBITT FINANCING, INC.   By:  

/s/ MARY LOU ALLEN

    Mary Lou Allen     Vice President

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Lender:   SUNTRUST BANK   By:  

/s/ JAMES M. WARREN

    James M. Warren     Managing Director

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Lender:   ABN AMRO BANK N.V.   By:  

/s/ J.A. CONN

    J. A. Conn     Managing Director   By:  

/s/ JOHN D. REED

    John D. Reed     Director

S-10

 

Lender:   BARCLAYS BANK PLC   By:  

/s/ NICHOLAS A. BELL

  Name:   Nicholas A. Bell   Title:   Director

S-11

 

Lender:   DEUTSCHE BANK AG NEW YORK BRANCH   By:  

/s/ FREDERICK LAIRD

  Name:   Frederick Laird   Title:   Managing Director   By:  

/s/ MING K. CHU

  Name:   Ming K. Chu   Title:   Vice President

S-12

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Lender:   FORTIS CAPITAL CORP.   By:  

/s/ MICHELE JONES

    Michele Jones     Senior Vice President   By:  

/s/ TROND O. ROKHOLDT

  Name:   Trond O. Rokholdt   Title:   Managing director

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Lender:   THE ROYAL BANK OF SCOTLAND plc   By:  

/s/ KEITH JOHNSON

  Name:   Keith Johnson   Title:   Managing Director

S-14

 

Lender:   WELLS FARGO BANK, N.A.   By:  

/s/ CHARLES D. KIRKHAM

    Charles D. Kirkham     Vice President

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Lender:   THE BANK OF NEW YORK   By:  

/s/ CRAIG ANDERSON

    Craig Anderson     Vice President

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Lender:  

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

HOUSTON AGENCY

  By:  

/s/ JOHN W. MCGHEE

    John W. McGhee     Vice President and Manager

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Issuing Bank & Lender:   U.S. BANK NATIONAL ASSOCIATION   By:  

/s/ MARK E. THOMPSON

    Mark E. Thompson     Vice President

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Lender:   COMERICA BANK   By:  

/s/ PETER L. SEFZIK

    Peter L. Sefzik     Vice President

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Lender:   UBS LOAN FINANCE LLC   By:  

/s/ IRJA R. OTSA

  Name:   Irja R. Otsa   Title:   Associate Director     Banking Products
Services, US   By:  

/s/ RICHARD L. TAVROW

  Name:   Richard L. Tavrow   Title:   Director     Banking Products Services,
US

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Lender:   KBC BANK, N.V.   By:  

/s/ JEAN-PIERRE DIELS

  Name:   Jean-Pierre Diels   Title:   First Vice President   By:  

/s/ ERIC RASKIN

  Name:   Eric Raskin   Title:   Vice President

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Lender:   NATEXIS BANQUES POPULAIRES   By:  

/s/ LOUIS P. LAVILLE, III

    Louis P. Laville, III     Vice President & Manager   By:  

/s/ TIMOTHY POLVADO

    Timothy Polvado     Vice President & Manager

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