EXHIBIT 10.1
 
 
EXECUTION VERSION
 
 
ELEVENTH AMENDMENT TO CREDIT AGREEMENT
 
ELEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of December
16, 2009, by and among CARRIZO OIL & GAS, INC., a Texas corporation
(“Borrower”), certain SUBSIDIARIES OF BORROWER, as Guarantors (in such capacity,
“Guarantors”), the LENDERS party hereto (the “Lenders”), and WELLS FARGO BANK,
N.A., as administrative agent for the Lenders (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, Borrower, Guarantors, Administrative Agent and Lenders are party to
that certain Credit Agreement, dated as of May 25, 2006 (as the same has been
and may hereafter be amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”); and
 
WHEREAS, Borrower, Guarantors, Administrative Agent and Lenders have agreed to
amend the Credit Agreement (a) to increase the Aggregate Commitment and
Borrowing Base, (b) to provide for the increase of the Commitments of certain
Lenders and the addition of a new Lender, and (c) for certain other purposes as
provided herein, in each case, 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 parties hereto
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 Cover Page.  The cover page to the Credit Agreement shall be and it hereby
is amended in its entirety and replaced with the cover page attached hereto as
Annex A.
 
1.2 Additional Definitions.  The following definition shall be and it hereby is
added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:
 
“Eleventh Amendment Effective Date” means December 16, 2009.
 
1.3 Amended Definitions.  The following definition in Section 1.01 of the Credit
Agreement shall be and it hereby is amended in its entirety to read as follows:
 
“Aggregate Commitment” means, as of the Eleventh Amendment Effective Date,
$350,000,000 and thereafter as such amount may be reduced or increased from time
to time pursuant to Section 2.02 and Section 2.02A and as a result of changes in
the Borrowing Base; provided that such amount shall not at any time
 
Eleventh Amendment to Credit Agreement
 
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exceed the lesser of (i) the Maximum Facility Amount and (ii) the Borrowing Base
then in effect.  If at any time the Borrowing Base is reduced below the
Aggregate Commitment, the Aggregate Commitment shall be reduced automatically to
the amount of the Borrowing Base in effect at such time.
 
1.4 Amendment to Schedule 2.01.  Schedule 2.01 to the Credit Agreement shall be
and it hereby is amended in its entirety and replaced with Schedule 2.01
attached hereto.
 
SECTION 2. Redetermined Borrowing Base.  This Amendment shall constitute notice
of the Redetermination of the Borrowing Base pursuant to Section 3.06 of the
Credit Agreement, and the Administrative Agent, the Lenders and the Borrower
hereby acknowledge that, effective as of the date of this Amendment, the
Borrowing Base is $350,000,000 and the Monthly Reduction is $0.00, and such
redetermined Borrowing Base and Monthly Reduction shall remain in effect until
the next Redetermination of the Borrowing Base.
 
SECTION 3. New Lenders, Increase of Commitments and Reallocation of Commitments
and Loans.  The Lenders have agreed among themselves to (a) reallocate their
respective Commitments, (b) allow certain financial institutions identified by
the Administrative Agent, in consultation with the Borrower, to become a party
to the Credit Agreement as a Lender (each, a “New Lender”) with an initial
Commitment as set forth on Schedule 2.01 to this Amendment and (c) allow certain
financial institutions to increase their respective Commitments under the Credit
Agreement to the amount set forth on Schedule 2.01 to this Amendment (each, an
“Increasing Lender”).  The Administrative Agent and the Borrower hereby consent
to such reallocation, each New Lender’s Commitment and the increase of each
Increasing Lender’s Commitment.  On the Eleventh Amendment Effective Date and
after giving effect to such reallocation and increase of the Aggregate
Commitment, the Commitment and Applicable Percentage of each Lender shall be as
set forth on Schedule 2.01 to this Amendment.  Each Lender (including each New
Lender and each Increasing Lender) hereby consents to the Applicable Percentages
and Commitments set forth on Schedule 2.01 to this Amendment.  Any reallocation
of the Aggregate Commitment among the Lenders shall be deemed to have been
consummated pursuant to the terms of the Assignment and Assumption attached as
Exhibit A to the Credit Agreement as if such Lenders had executed an Assignment
and Assumption with respect to such reallocation.  The Borrower and the
Administrative Agent hereby consent to any such assignment and
reallocation.  The Administrative Agent hereby waives the $3,500 processing and
recordation fee set forth in Section 11.04(b)(ii)(C) of the Credit Agreement
with respect to the assignments and reallocations contemplated by this Section
3.  To the extent requested by any Lender in accordance with Section 2.15 of the
Credit Agreement, the Borrower shall pay to such Lender, within the time period
prescribed by Section 2.15 of the Credit Agreement, any amounts required to be
paid by the Borrower under Section 2.15 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 and increase of the
Aggregate Commitment 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 reallocation and increase of the
Aggregate Commitment contained in
 
Eleventh Amendment to Credit Agreement
 
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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 Notes.  The Borrower shall have executed and delivered a promissory note to
each New Lender that has requested a promissory note in accordance with Section
2.08(e) of the Credit Agreement.
 
4.4 Other Documents.  The Administrative Agent shall have received such other
instruments and documents incidental and appropriate to the transaction provided
for herein as the Administrative Agent or its special counsel may reasonably
request prior to the date hereof, and all such documents shall be in form and
substance reasonably satisfactory to the Administrative Agent.
 
SECTION 5. Representations and Warranties of the 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 or in any 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 such representations and warranties shall be true
and correct in all material respects as of such earlier date and taking into
account any amendments to the schedules or exhibits as a result of any
disclosures made in writing by such Credit Party to the Administrative Agent
after the Effective Date and approved by the Administrative Agent and the
Required Lenders in writing).
 
5.2 Corporate Authority; No Conflicts.  The execution, delivery and performance
by such Credit Party (to the extent a party hereto or thereto) of this Amendment
and all documents, instruments and agreements contemplated herein are within
such Credit Party’s corporate or other organizational powers, have been duly
authorized by all 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 such Credit Party or result in the creation or imposition of any Lien upon
any of the assets of such 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 such 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.
 
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5.4 No Default.  As of the date hereof, both before and immediately after giving
effect to this Amendment, no Default or Event of 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.  Each Credit Party
hereby agrees that nothing contained in this Amendment shall in any manner
affect or impair the liabilities, duties and obligations of such 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.  The Borrower 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.
 
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 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.
 
6.6 Governing Law.  This Amendment shall be construed in accordance with and
governed by the law of the State of Texas.
 
6.7 Severability.  Any provision of this Amendment held to be invalid, illegal
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.
 
6.8 Complete Agreement.  THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
 
Eleventh Amendment to Credit Agreement
 
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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:            CARRIZO OIL & GAS, INC.          
 
By:
/s/ Paul F. Boling        Name:   Paul F. Boling     Title:    Vice President
and Chief Financial Officer          

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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   GUARANTORS:           CCBM, INC.          
 
By:
/s/ Paul F. Boling            Name:    Paul F. Boling     Title:   Vice
President          

 

   CLLR, INC.          
 
By:
/s/ Paul F. Boling      Name:    Paul F. Boling     Title: Vice President      
   

  HONDO PIPELINE, INC.          
 
By:
/s/ Paul F. Boling         Name:   Paul F. Boling     Title:   Vice President  
       

 

  CARRIZO (MARCELLUS) LLC          
 
By:
/s/ Paul F. Boling          Name:     Paul F. Boling     Title:    Vice
President          

 

  CARRIZO MARCELLUS HOLDING INC.          
 
By:
/s/ Paul F. Boling        Name:  Paul F. Boling     Title: Vice President      
   

Eleventh Amendment to Credit Agreement
Signature Page
 
 

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   CHAMA PIPELINE HOLDING LLC          
 
By:
/s/ Paul F. Boling             Name:   Paul F. Boling     Title:     Vice
President          

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  WELLS FARGO BANK, N.A., as     Administrative Agent, Issuing Bank and as a    
Lender          
 
By:
/s/ Doug McDowell           Name:   Doug McDowell     Title:   Vice President  
    Senior Portfolio Manager  

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  ROYAL BANK OF CANADA,     as a Co-Syndication Agent and as a Lender          
     
 
By:
/s/ Don J. McKinnerney       Name:  Don J. McKinnerney     Title:  Authorized
Signatory          

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  CALYON NEW YORK BRANCH,     as a Co-Syndication Agent and as a Lender        
 
 
By:
/s/ Tom Byargeon       Name:   Tom Byargeon     Title:   Managing Director      
      By:  /s/ Sharada Manne       Name: Sharada Manne     Title:   Director  

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  CAPITAL ONE, N.A.,     as Documentation Agent and as a Lender          
 
By:
/s/ Eric Broussard        Name: Eric Broussard     Title:   Senior Vice
President          

            
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  UNION BANK, N.A. (f/k/a UNION BANK     OF CALIFORNIA, N.A.),      as a Lender
         
 
By:
/s/ Timothy Brendel       Name:  Timothy Brendel     Title: Vice President      
   

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  U.S. BANK NATIONAL ASSOCIATION,     as a Lender          
 
By:
/s/ Justin M. Alexander     Name:   Justin M. Alexander       Title: Vice
President          

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  CREDIT SUISSE AG, Cayman Islands Branch     as a Lender          
 
By:
/s/ Mikhail Faybusovich        Name: Mikhail Faybusovich     Title: Vice
President                     By:   /s/ Karim Blasetti      Name:  Karim
Blasetti     Title:  Vice President          

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  BBVA COMPASS BANK (as successor in     interest to Guaranty Bank), as a Lender
         
 
By:
/s/ Kathleen J. Bowen     Name:   Kathleen J. Bowen     Title:  Senior Vice
President          

 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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   FORTIS CAPITAL CORP.,      as a Lender          
 
By:
//s/ Michaela Braun        Name:   Michaela Braun     Title:    Vice President  
                  By: /s/ Stephen R. Staples        Name: Stephen R. Staples    
Title:   Director  

 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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  BBVA COMPASS BANK, as a Lender          
 
By:
/s/ Kathleen J. Bowen       Name:  Kathleen J. Bowen     Title:  Senior Vice
President          

 
 
Eleventh Amendment to Credit Agreement
Signature Page
 
 

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SCHEDULE 2.01
 
APPLICABLE PERCENTAGES AND COMMITMENTS
 
Lender
Title
Applicable Percentage
Commitment1
Wells Fargo Bank, N.A.
1700 Lincoln Ave. 3rd Floor
MAC C7300-035
Denver, CO 80203
Attention: Todd Hackbarth
Telephone: (303) 863-6637
Facsimile: (303) 863-5533
Todd.a.hackbarth@wellsfargo.com
 
With a copy to:
 
Wells Fargo Bank, N.A.
1000 Louisiana, 9th Floor
MAC T5002-090
Houston, Texas  77002
Attention: Scott Hodges
Telephone: (713) 319-1367
Facsimile: (713) 319-1925
scott.hodges@wellsfargo.com
Administrative Agent and a Lender
16.28571429%
$57,000,000.00
Royal Bank of Canada
3900 Williams Tower
2800 Post Oak Blvd.
Houston, Texas  77056
Attention: Don McKinnerney
Telephone: (713) 403-5607
Facsimile: (713) 403-5624
don.mckinnerney@rbccm.com
Co-Syndication Agent and a Lender
13.57142857%
$47,500,000.00

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 1 As of the Eleventh Amendment Effective Date, as such commitment may be (a)
reduced from time to time pursuant to Section 2.02, (b) increased from time to
time as a result of changes in the Aggregate Commitment pursuant to Section
2.02A, (c) reduced or increased from time to time as a result of changes to the
Borrowing Base, and (d) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 11.04.

 
 
Eleventh Amendment to Credit Agreement
Schedule 2.01
 
 

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Calyon New York Branch
1301 Travis Street
Suite 2100
Houston, Texas  77002
Attention: Tom Byargeon
Telephone: (713) 890-8616
tom.byargeon@us.calyon.com
Co-Syndication Agent and a Lender
13.57142857%
$47,500,000.00
Capital One, N.A.
5718 Westheimer, Suite 1430
Houston, Texas  77057
Attention: Paul Hein
Telephone: (713) 435-7461
Facsimile: (713) 435-7106
paul.hein@capitalonebank.com
Documentation Agent and a Lender
13.57142857%
$47,500,000.00
Union Bank, N.A.
500 North Akard, Suite 4200
Dallas, Texas 75201
Attention: Damien Meiburger
Telephone: (214) 922-4200
Facsimile: (214) 922-4209
damien.meiburger@uboc.com
Lender
10.45000000%
$36,575,000.00
U.S. Bank National Association
950 17th St., DNCOT8E
Denver, CO  80202
Attention:  Justin M. Alexander
Telephone:  (303) 585-4201
Facsimile:  (303) 585-4362
justin.alexander@usbank.com
 
With a copy to:
 
U.S. Bank
555 SW Oak, PDORP7LS
Attention:  Tony Wong
Telephone:  (503) 275-3252
Facsimile:  (503) 973-6900
tony.wong@usbank.com
Lender
8.14285714%
$28,500,000.00

 
 
Eleventh Amendment to Credit Agreement
Schedule 2.01
 
 

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Credit Suisse
Eleven Madison Avenue
New York, New York  10010
Attention: Mikhail Faybusovich
Telephone: (212) 325-5714
Facsimile: (646) 935-8518
Mikhail.faybusovich@credit-suisse.com
 
With a copy to:
 
Credit Suisse
One Madison Avenue
New York, New York  10010
Attention: Loan Closers
Telephone: (212) 325-9041
Facsimile: (212) 538-9120
loan.closers@credit-suisse.com
Lender
7.83571429%
$27,425,000.00
BBVA Compass Bank (as successor in interest to Guaranty Bank)
24 Greenway Plaza
Suite 1400A
Houston, TX  77046
Attention: Kathleen J. Bowen
Telephone: (713) 968-8273
Facsimile: (713) 968-8292
Kathy.Bowen@bbvacompass.com
Lender
7.14285714%
$25,000,000.00
Fortis Capital Corp.
1200 Smith St.
Suite 3100
Houston, Texas 77002
Attention: Polly Schott
Telephone: (713) 982-1150
Facsimile: (713) 659-6915
Polly.schott@us.bnpparibas.com
Lender
5.71428571%
$20,000,000.00

 
 
Eleventh Amendment to Credit Agreement
Schedule 2.01
 
 

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BBVA Compass Bank
24 Greenway Plaza
Suite 1400A
Houston, TX  77046
Attention: Kathleen J. Bowen
Telephone: (713) 968-8273
Facsimile: (713) 968-8292
Kathy.Bowen@bbvacompass.com
Lender
3.71428571%
$13,000,000.00
TOTAL
 
100.0000000%
$350,000,000.00

 
 
Eleventh Amendment to Credit Agreement
Schedule 2.01
 
 

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ANNEX A
 

 
CREDIT AGREEMENT
 
dated as of
May 25, 2006
 
among
 
CARRIZO OIL & GAS, INC.,
as Borrower
 
CERTAIN SUBSIDIARIES OF BORROWER,
as Guarantors
 
The Lenders Party Hereto,
 
WELLS FARGO BANK, N.A.,
as Administrative Agent, Sole Bookrunner and Sole Lead Arranger,
 
ROYAL BANK OF CANADA AND CALYON NEW YORK BRANCH,
as Co-Syndication Agents,
 
and
 
CAPITAL ONE, N.A.,
as Documentation Agent
 
 
$500,000,000 Senior Secured Revolving Credit Facility
 
 

 
 
(Logo of Wells Fargo)
 
 
Eleventh Amendment to Credit Agreement
Annex A
 
 

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