Exhibit 10.1

 

Executed Version

 

FOURTH AMENDMENT TO CREDIT AGREEMENT
AND LIMITED CONSENT

 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT AND LIMITED CONSENT (this
“Amendment”), effective as of the 19th day of June, 2015 (the “Effective Date”),
is entered into by and among MAGNUM HUNTER RESOURCES CORPORATION, a Delaware
corporation (the “Borrower”), the guarantors party hereto (the “Guarantors”),
the Lenders (as hereinafter defined) party hereto and BANK OF MONTREAL, as
administrative agent for the Lenders (the “Administrative Agent”).

 

RECITALS

 

WHEREAS, the Borrower, the lenders party thereto (the “Lenders”) and the
Administrative Agent entered into that certain Fourth Amended and Restated
Credit Agreement dated as of October 22, 2014 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”);

 

WHEREAS, the Borrower has requested that the Lenders amend certain provisions of
the Credit Agreement;

 

WHEREAS, the Borrower, the Guarantors, the Lenders party thereto and the
Administrative Agent entered into that certain Second Amendment to Credit
Agreement and Limited Waiver dated as of April 17, 2015 (the “Second
Amendment”), pursuant to which the Lenders party thereto agreed to waive certain
provisions of the Credit Agreement as more particularly set forth therein,
subject to compliance with the Waiver Condition (as defined in the Second
Amendment) on or before May 29, 2015;

 

WHEREAS, the Borrower, the Guarantors, the Lenders party thereto and the
Administrative Agent entered into that certain Third Amendment to Credit
Agreement and Limited Consent dated as of May 28, 2015 (the “Third Amendment”),
pursuant to which the Lenders party thereto agreed to extend the deadline to
comply with the Waiver Condition to June 19, 2015;

 

WHEREAS, the Borrower has requested that the Lenders consent to extend the
deadline to comply with the Waiver Condition to July 10, 2015; and

 

WHEREAS, said parties are willing to so amend the Credit Agreement and consent
to such extension subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set
forth in this Amendment, the Borrower, the Guarantors, the Lenders and the
Administrative Agent agree as follows:

 

1.                                      Defined Terms.  Unless otherwise defined
herein, capitalized terms used herein have the meanings assigned to them in the
Credit Agreement.

 

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2.                                      Amendment to Credit Agreement. 
Section 9.02 of the Credit Agreement is hereby amended to restate subsection
(c) thereof in its entirety as follows:

 

“(c)                            accounts payable and accrued expenses,
liabilities or other obligations to pay the deferred purchase price of Property
or services, from time to time incurred in the ordinary course of business which
are not more than (i) 180 days past the date of invoice with respect to any day
on or prior to July 10, 2015 or (ii) 90 days past the date of invoice with
respect to any day after July 10, 2015 or, in each case, which are being
contested in good faith by appropriate action and for which adequate reserves
have been maintained in accordance with GAAP;”

 

3.                                      Limited Consent.  Notwithstanding
Section 3 of the Third Amendment to the contrary, the undersigned Lenders hereby
consent to extend the deadline to comply with the Waiver Condition to July 10,
2015.  Notwithstanding anything to the contrary set forth in the Credit
Agreement or any other Loan Document, the Borrower acknowledges and agrees that
its failure to comply with the Waiver Condition on or before the close of
business on July 10, 2015 shall constitute an immediate Event of Default under
the Credit Agreement.

 

4.                                      Ratification.  Each of the Borrower and
the Guarantors hereby ratifies all of its respective obligations under the
Credit Agreement and each of the Loan Documents to which it is a party, and
agrees and acknowledges that the Credit Agreement and each of the Loan Documents
to which it is a party are and shall continue to be in full force and effect as
modified by this Amendment.  Except as provided herein, nothing in this
Amendment extinguishes, novates or releases any right, claim, lien, security
interest or entitlement of any of the Lenders or the Administrative Agent
created by or contained in any of such documents nor is the Borrower nor any
Guarantor released from any covenant, warranty or obligation created by or
contained herein or therein.

 

5.                                      Representations and Warranties.  The
Borrower and Guarantors hereby represent and warrant to the Administrative Agent
and the Lenders that (a) this Amendment has been duly executed and delivered on
behalf of the Borrower and Guarantors, (b) this Amendment constitutes a valid
and legally binding agreement enforceable against the Borrower and Guarantors in
accordance with its terms, subject to applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law, (c) the
representations and warranties contained in the Credit Agreement and the Loan
Documents are true and correct on and as of the date hereof in all material
respects as though made as of the date hereof (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 in all material respects as of such specified earlier date); provided
that any representation or warranty that is qualified as to “materiality”,
“Material Adverse Effect” or similar language shall be true and correct (after
giving effect to any qualification therein) in all respects on such respective
dates, (d) after giving effect to this Amendment, no Default or Event of Default
exists under the Credit Agreement or under any Loan Document as of the Effective
Date and (e) the execution, delivery and performance of this Amendment has been
duly authorized by the Borrower and Guarantors.

 

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6.                                      Conditions to Effectiveness.  This
Amendment shall be effective on the Effective Date upon satisfaction of the
following conditions:

 

(a)                                 receipt by the Administrative Agent of
counterparts of this Amendment executed by the Borrower, the Guarantors and the
Majority Lenders;

 

(b)                                 payment to the Administrative Agent for the
benefit of each Lender executing this Amendment by 3:00 p.m., Houston, Texas
time, on June 18, 2015, of an amendment and waiver fee equal to 0.10% of each
such Lender’s Commitment; and

 

(c)                                  evidence satisfactory to the Administrative
Agent of (i) the closing of the transactions contemplated by that certain
Purchase and Sale Agreement dated as of May 22, 2015, between Triad Hunter, LLC,
as seller, and Antero Resources Corporation, as purchaser, in accordance with
the terms thereof and (ii) the receipt by Triad Hunter, LLC of at least
$30,000,000 of net cash proceeds in connection with such closing.

 

7.                                      Counterparts.  This Amendment may be
signed in any number of counterparts, which may be delivered in original,
electronic or facsimile form each of which shall be construed as an original,
but all of which together shall constitute one and the same instrument.

 

8.                                      Governing Law.  This Amendment, all
Notes, the other Loan Documents and all other documents executed in connection
herewith shall be deemed to be contracts and agreements under the laws of the
State of New York and of the United States of America and for all purposes shall
be construed in accordance with, and governed by, the laws of New York and of
the United States.

 

9.                                      Final Agreement of the Parties.  Any
previous agreement among the parties with respect to the subject matter hereof
is superseded by the Credit Agreement, as modified by this Amendment.  Nothing
in this Amendment, express or implied, is intended to confer upon any party
other than the parties hereto any rights, remedies, obligations or liabilities
under or by reason of this Amendment.

 

10.                               Amendment is a Loan Document; References to
Credit Agreement.  This Amendment is a Loan Document, as defined in the Credit
Agreement.  All references in the Credit Agreement to “this Agreement” shall
mean the Credit Agreement as modified by this Amendment.

 

[Signature Pages Follow]

 

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

 

 

BORROWER:

 

 

 

MAGNUM HUNTER RESOURCES CORPORATION,

 

a Delaware corporation

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Chief Financial Officer

 

 

 

 

 

GUARANTORS:

 

 

 

MAGNUM HUNTER RESOURCES LP,

 

a Delaware limited partnership

 

 

 

By:

Magnum Hunter Resources GP, LLC,

 

 

its general partner

 

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

 

Joseph C. Daches

 

 

 

Senior Vice President and Treasurer

 

 

 

 

 

MAGNUM HUNTER RESOURCES GP, LLC,

 

a Delaware limited liability company

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

 

 

 

 

TRIAD HUNTER, LLC,

 

a Delaware limited liability company

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

Signature Page to Fourth Amendment and Limited Consent

 

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MAGNUM HUNTER PRODUCTION INC.,

 

a Kentucky corporation

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

 

 

 

 

NGAS HUNTER, LLC

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

 

 

 

 

BAKKEN HUNTER CANADA, INC.,

 

a corporation existing under the laws of the Province of Alberta

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Chief Financial Officer

 

 

 

 

 

BAKKEN HUNTER, LLC,

 

a Delaware limited liability company

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

 

 

 

 

MAGNUM HUNTER MARKETING, LLC,

 

a Delaware limited liability company

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

Signature Page to Fourth Amendment and Limited Consent

 

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VIKING INTERNATIONAL RESOURCES CO., INC.,

 

a Delaware corporation

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

 

 

 

 

SHALE HUNTER, LLC,

 

a Delaware limited liability company

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

 

 

 

 

HUNTER REAL ESTATE, LLC,

 

a Delaware limited liability company

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

 

 

 

 

TRIAD HOLDINGS, LLC,

 

an Ohio limited liability company

 

 

 

 

 

By:

/s/ Joseph C. Daches

 

 

Joseph C. Daches

 

 

Senior Vice President and Treasurer

 

Signature Page to Fourth Amendment and Limited Consent

 

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ADMINISTRATIVE AGENT AND LENDER:

 

 

 

BANK OF MONTREAL

 

 

 

 

 

By:

/s/ Matthew Davis

 

 

Matthew Davis

 

 

Vice President

 

Signature Page to Fourth Amendment and Limited Consent

 

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LENDER:

 

 

 

CREDIT SUISSE AG, Cayman Islands Branch

 

 

 

 

 

By:

/s/ Nupur Kumar

 

Name:

NUPUR KUMAR

 

Title:

AUTHORIZED SIGNATORY

 

 

 

 

 

By:

/S/ DOREEN BARR

 

Name:

DOREEN BARR

 

Title:

AUTHORIZED SIGNATORY

 

Signature Page to Fourth Amendment and Limited Consent

 

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LENDER:

 

 

 

CAPITAL ONE, NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Matthew Molero

 

Name:

Matthew Molero

 

Title:

Sr. Vice President

 

Signature Page to Fourth Amendment and Limited Consent

 

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LENDER:

 

 

 

SUNTRUST BANK

 

 

 

 

 

By:

/s/ Shannon Juhan

 

Name:

Shannon Juhan

 

Title:

Director

 

Signature Page to Fourth Amendment and Limited Consent

 

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LENDER

 

 

 

ABN AMRO CAPITAL USA LLC

 

 

 

 

 

By:

/s/ Darrell Holley

 

Name:

Darrell Holley

 

Title:

Managing Director

 

 

 

 

 

By:

/s/ David Montgomery

 

Name:

David Montgomery

 

Title:

Executive Director

 

Signature Page to Fourth Amendment and Limited Consent

 

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LENDER:

 

 

 

CITIBANK, N.A.

 

 

 

 

 

By:

/s/ Phil Ballard

 

Name:

Phil Ballard

 

Title:

Vice President

 

Signature Page to Fourth Amendment and Limited Consent

 

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LENDER:

 

 

 

DEUTSCHE BANK AG NEW YORK BRANCH

 

 

 

 

 

By:

/s/ Michael Shannon

 

Name:

Michael Shannon

 

Title:

Vice President

 

 

 

 

 

By:

/s/ Peter Cucchiara

 

Name:

Peter Cucchiara

 

Title:

Vice President

 

Signature Page to Fourth Amendment and Limited Consent

 

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LENDER:

 

 

 

GOLDMAN SACHS LENDING PARTNERS LLC

 

 

 

 

 

By:

/s/ Michelle Latzoni

 

Name:

Michelle Latzoni

 

Title:

Authorized Signatory

 

Signature Page to Fourth Amendment and Limited Consent

 

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LENDER

 

 

 

BANK OF AMERICA, N.A.

 

 

 

By:

/s/ Raza Jafferi

 

Name:

Raza Jafferi

 

Title:

Vice President

 

Signature Page to Fourth Amendment and Limited Consent

 

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