Exhibit 10.1

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

This Amendment No. 1 to Amended and Restated Credit Agreement, dated as of
December 15, 2014 (this “Amendment”), is entered into by BASIC ENERGY SERVICES,
INC., a Delaware corporation (the “Borrower”), the undersigned lenders party to
the Credit Agreement described below, and BANK OF AMERICA, N.A., as
Administrative Agent (in such capacity, the “Administrative Agent”), Swing Line
Lender and an L/C Issuer.

INTRODUCTION

Reference is made to the Amended and Restated Credit Agreement dated as of
November 26, 2014 (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among the Borrower, the
lenders from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”), and the Administrative Agent.

The Borrower has requested, and the Required Lenders and the Administrative
Agent have agreed, on the terms and conditions set forth herein, to make certain
amendments to the Credit Agreement.

THEREFORE, in connection with the foregoing and for other good and valuable
consideration, the Borrower, the Required Lenders, and the Administrative Agent
hereby agree as follows:

Section 1. Definitions; References. Unless otherwise defined in this Amendment,
each term used in this Amendment that is defined in the Credit Agreement has the
meaning assigned to such term in the Credit Agreement.

Section 2. Amendment to Credit Agreement.

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the
following definition in appropriate alphabetical order:

“Permitted Purchased Notes” means those Senior Notes prepaid, purchased or
otherwise satisfied by the Borrower or any other Loan Party in accordance with
Section 7.15(e).

(b) Section 1.01 of the Credit Agreement is hereby amended by adding the
following sentence at the end of the definition of “Consolidated Interest
Coverage Ratio”:

For purposes of calculating the Consolidated Interest Coverage Ratio and
Consolidated EBITDA, Consolidated Interest Charges shall not include any
interest in connection with the Permitted Purchased Notes.

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(c) Section 1.01 of the Credit Agreement is hereby amended by adding the
following sentence at the end of the definition of “Consolidated Leverage
Ratio”:

For purposes of calculating the Consolidated Leverage Ratio, Consolidated Funded
Indebtedness shall not include the Permitted Purchased Notes for so long and to
the extent that the same are held by the Borrower or any other Loan Party.

(d) Section 1.01 of the Credit Agreement is hereby amended by (i) deleting “and”
immediately before clause (c) in the definition of “Consolidated Net Income” and
(ii) inserting the following new clause (d) immediately after clause (c) in the
definition of “Consolidated Net Income”:

and (d) any interest income or gain of the Borrower for such Measurement Period
with respect to the Permitted Purchased Notes.

(e) Section 7.05 of the Credit Agreement is hereby amended by (i) deleting “and”
at the end of clause (g), (ii) replacing the period at the end of clause
(h) with “; and” and (iii) inserting the following new clause (i) immediately
after clause (h):

(i) Dispositions of the Permitted Purchased Notes if (i) at the time of such
Disposition, no Default shall exist or would result from such Disposition,
(ii) the proceeds from such Disposition are not less than the amount expended by
the Borrower or any other Loan Party to acquire such Permitted Purchased Notes
and (iii) the purchase price for such Permitted Purchased Notes shall be paid to
the Borrower or such other Loan Party solely in cash.

(f) Section 7.15 of the Credit Agreement is hereby amended by (i) deleting “and”
immediately before clause (d) thereof, (ii) replacing the period at the end of
clause (d) with “, and” and (iii) inserting new clauses (e) and (f) immediately
after clause (d):

(e) the prepayment, purchase or other satisfaction of the Senior Notes by the
Borrower in an aggregate principal amount not to exceed $100,000,000; provided
that, (i) no Default or Event of Default exists or would result from such
prepayment, purchase or other satisfaction, and (ii) if at the time of any such
action the aggregate principal amount of the Permitted Purchased Notes exceeds
or would exceed after giving effect thereto $50,000,000, pro forma Liquidity
shall be at least $200,000,000 after giving effect to such prepayment, purchase
or other satisfaction, and (f) the cancellation or other satisfaction of any
Permitted Purchased Notes.

Section 3. Representations and Warranties. The Loan Parties represent and
warrant that (a) the execution, delivery, and performance of this Amendment by
each Loan Party are within the corporate or equivalent power and authority of
such Loan Party and have been duly authorized by all necessary corporate or
other organizational action, (b) this Amendment, and the Credit Agreement as
amended hereby, constitute legal, valid, and binding obligations of each Loan
Party, enforceable against each Loan Party in accordance with their terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws of general applicability
affecting the enforcement of creditors’ rights and the application of general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or law); (c) the representations and warranties of the

 

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Borrower and each other Loan Party contained in each Loan Document are true and
correct as of the date of this Amendment, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct as of such earlier date; (d) no Default or
Event of Default exists under the Loan Documents; and (e) the Liens under the
Security Documents are valid and subsisting and secure the Secured Obligations
(as defined therein).

Section 4. Effect on Credit Documents. Except as amended herein, the Credit
Agreement and all other Loan Documents remain in full force and effect as
originally executed. Nothing herein shall act as a waiver of any of the
Administrative Agent’s or any Lender’s rights under the Loan Documents as
amended, including the waiver of any default or event of default, however
denominated. The Loan Parties acknowledge and agree that this Amendment shall in
no manner impair or affect the validity or enforceability of the Credit
Agreement. This Amendment is a Loan Document for the purposes of the provisions
of the other Loan Documents. Without limiting the foregoing, any breach of
representations, warranties, and covenants under this Amendment may be a default
or event of default under the other Loan Documents.

Section 5. Effectiveness. This Amendment shall become effective, and the Credit
Agreement shall be amended as provided for herein, when the Administrative Agent
(or its counsel) shall have received counterparts hereof duly executed and
delivered by a duly authorized officer of the Borrower, each Guarantor, and by
the Lenders whose consent is required to effect the amendments contemplated
hereby.

Section 6. Reaffirmation of Guaranty. By its signature hereto, each Guarantor
represents and warrants that such Guarantor has no defense to the enforcement of
the Guaranty, and that according to its terms the Guaranty will continue in full
force and effect to guaranty the Borrower’s obligations under the Credit
Agreement and the other amounts described in the Guaranty following the
execution of this Amendment.

Section 7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

Section 8. Miscellaneous. The miscellaneous provisions set forth in Article X of
the Credit Agreement apply to this Amendment. This Amendment may be signed in
any number of counterparts, each of which shall be an original, and may be
executed and delivered by telecopier or other electronic imaging means.

Section 9. ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG 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 follows.]

 

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EXECUTED as of the first date above written.

 

BASIC ENERGY SERVICES, INC. By:  

/s/ T.M. “Roe” Patterson

  T.M. “Roe” Patterson   President and Chief Executive Officer

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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ACID SERVICES, LLC ADMIRAL WELL SERVICE, INC. BASIC ENERGY SERVICES GP, LLC
BASIC ESA, INC. BASIC MARINE SERVICES, INC. CHAPARRAL SERVICE, INC. FIRST ENERGY
SERVICES COMPANY GLOBE WELL SERVICE, INC. JETSTAR ENERGY SERVICES, INC. JETSTAR
HOLDINGS, INC. JS ACQUISITION LLC LEBUS OIL FIELD SERVICE CO.

MAVERICK COIL TUBING SERVICES, LLC

MAVERICK SOLUTIONS, LLC

MAVERICK STIMULATION COMPANY, LLC

MAVERICK THRU-TUBING SERVICES, LLC

MCM HOLDINGS, LLC MSM LEASING, LLC PERMIAN PLAZA, LLC PLATINUM PRESSURE
SERVICES, INC. SCH DISPOSAL, L.L.C. SLEDGE DRILLING CORP. THE MAVERICK
COMPANIES, LLC XTERRA FISHING & RENTAL TOOLS CO. By:  

/s/ T.M. “Roe” Patterson

  T.M. “Roe” Patterson   President and Chief Executive Officer BASIC ENERGY
SERVICES, L.P. By: Basic Energy Services GP, LLC, its sole general partner By:
Basic Energy Services, Inc., its sole member By:  

/s/ T.M. “Roe” Patterson

  T.M. “Roe” Patterson   President and Chief Executive Officer

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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TAYLOR INDUSTRIES, LLC By:  

/s/ T.M. “Roe” Patterson

  T.M. “Roe” Patterson   Chief Executive Officer BASIC ENERGY SERVICES LP, LLC
By:  

/s/ Jerry Tufly

  Jerry Tufly   Sole Manager

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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BANK OF AMERICA, N.A., as Administrative Agent By:  

/s/ Cindy Jordan

Name:   Cindy Jordan Title:   Assistant Vice President

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender By:  

/s/ Anthony A. Eastman

Name:   Anthony A. Eastman Title:   Vice President

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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WELLS FARGO BANK, NATIONAL ASSOCIATION By:  

/s/ Donald W. Herrick Jr.

Name:   Donald W. Herrick Jr. Title:   Director

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender and L/C Issuer By:  

/s/ Don Backer

Name:   Don Backer Title:   Senior Vice President

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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AMEGY BANK, N.A. By:  

/s/ Sam Trail

Name:   Sam Trail Title:   Vice President

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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COMERICA BANK By:  

/s/ Evan Elsea

Name:   Evan Elsea Title:   Relationship Manager

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.

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GOLDMAN SACHS BANK USA By:  

/s/ Ashwin Ramakrishna

Name:   Ashwin Ramakrishna Title:   Authorized Signatory

 

Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement

Basic Energy Services, Inc.