Exhibit 10.1

 

FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is entered into as of August 24, 2015 (the “Fourth Amendment
Effective Date”), among RSP PERMIAN, L.L.C., a Delaware limited liability
company (the “Borrower”), each of the LENDERS (as hereinafter defined) party
hereto, and COMERICA BANK, as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”).

 

WHEREAS, the Borrower, the financial institutions party thereto (collectively,
together with their respective successors and assigns, the “Lenders”), and the
Administrative Agent are parties to that certain Amended and Restated Credit
Agreement dated as of September 10, 2013, as amended by First Amendment to
Amended and Restated Credit Agreement dated as of June 9, 2014, that Second
Amendment to Amended and Restated Credit Agreement dated as of August 29, 2014,
and that Third Amendment to Amended and Restated Credit Agreement dated as of
September 12, 2014 (as so amended, as amended hereby and as hereafter renewed,
extended, amended or restated, the “Credit Agreement”);

 

WHEREAS, the Borrower has requested that the Administrative Agent and the
Lenders amend the Credit Agreement as hereinafter provided;

 

WHEREAS, subject to the terms and conditions set forth herein, the
Administrative Agent and the Lenders are willing to agree to such amendments;
and

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent acknowledge that
the terms of this Amendment constitute an amendment and modification of, and not
a novation of, the Credit Agreement.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.         Definitions.  Unless otherwise defined in this Amendment,
terms used in this Amendment that are defined in the Credit Agreement shall have
the meanings assigned to such terms in the Credit Agreement.

 

SECTION 2.         Amendments to the Credit Agreement.  Subject to satisfaction
of the conditions of effectiveness set forth in Section 4 of this Amendment, the
parties hereto agree that:

 

(a)           The introductory paragraph of the Credit Agreement is hereby
amended to delete the phrase “Comerica Bank, as syndication agent and
documentation agent for the Lenders (in such capacities, the “Syndication Agent
and Documentation Agent”)”.

 

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(b)           Section 1.02 of the Credit Agreement is hereby amended to add the
following definitions in proper alphabetical order to read as follows:

 

“Documentation Agents” means, collectively, ABN AMRO Capital USA LLC, Citibank,
N.A., JPMorgan Chase Bank, N.A., and U.S. Bank National Association, and
“Documentation Agent” means any of them.

 

“Syndication Agent” means BOKF, NA dba Bank of Texas.

 

(c)           Section 1.02 of the Credit Agreement is hereby amended to amend
and restate the following definitions to read as follows:

 

“Agents” means, collectively, the Administrative Agent, the Syndication Agent
and the Documentation Agents; and “Agent” means any of the Administrative Agent,
the Syndication Agent or the Documentation Agents, as the context requires.

 

“Total Debt” means with respect to any Person, at any time, without duplication,
Debt of such Person of the type described in clauses (a), (b), (c), (d), (e),
(f), (g), and (h) of the definition of “Debt,” provided that Debt with respect
to letters of credit referred to in clause (b) of such definition shall be
considered “Total Debt” only to the extent such letters of credit are drawn or
funded.  For the avoidance of doubt the Total Debt of the Borrower is the
consolidated Total Debt of the Borrower and its Subsidiaries, determined in
accordance with GAAP.

 

(d)           Section 10.02 of the Credit Agreement is hereby amended to: 
(i) delete the “and” at the end of clause (g), (ii) delete the “.” at the end of
clause (h) and replace it with “; and” and (iii) add new clause (i) to read as
follows:

 

(i)            Debt to pay the deferred purchase price of Property; provided
that (i) no Default or Borrowing Base deficiency exists at the time of the
incurrence of such Debt or would result therefrom (including compliance with
Section 10.01(b) and (c) after giving pro forma effect to such incurrence),
(ii) the covenants and events of default contained in the documentation
governing such Debt are, (A) in the case of financial covenants, not more
restrictive than the financial covenants of this Agreement and the other Loan
Documents and, (B) in the case of other covenants and events of default, taken
as a whole, not more restrictive than the corresponding terms of this Agreement
and the other Loan Documents in each case as reasonably determined in good faith
by the Borrower, and (iii) the aggregate principal amount of all Debt described
in this Section 10.02(i) shall not to exceed $150,000,000 outstanding at any one
time.

 

(e)           Schedule 1.2 to the Credit Agreement is hereby deleted in its
entirety and replaced with Schedule 1.2 attached hereto.

 

(f)            Exhibit A to the Credit Agreement is hereby deleted in its
entirety and replaced with Exhibit A attached hereto.

 

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SECTION 3.         Borrowing Base Increase.  Effective as of the date hereof,
the Borrowing Base is hereby increased from $500,000,000 to $600,000,000.  The
foregoing increase of the Borrowing Base is for the Scheduled Redetermination on
November 1, 2015.  The Borrowing Base as increased will remain in effect until
May 1, 2016, which is the next Scheduled Redetermination, unless otherwise
adjusted pursuant to the provisions of Section 2.06 of the Credit Agreement.

 

SECTION 4.         Conditions of Effectiveness.  The amendments set forth in
Section 2 of this Amendment, as well as any other terms and conditions set forth
herein, shall be effective as of date first above written, provided that the
Administrative Agent shall have received the following:

 

(a)           a counterpart of this Amendment executed by the Borrower, the
Administrative Agent and the Lenders (which may be delivered by telecopy or pdf
transmission); and

 

(b)           duly executed Revolving Credit Notes payable to the order of each
Revolving Credit Lender requesting a Revolving Credit Note in a principal amount
equal to its Maximum Credit Amount after giving effect to this Amendment.

 

SECTION 5.         Assignment.  The Revolving Credit Lenders have agreed among
themselves to reallocate their respective Maximum Credit Amounts, and the
Administrative Agent, the Swingline Lender, the Issuing Bank and the Borrower
hereby consent to such reallocation.  On the Fourth Amendment Effective Date,
each Revolving Credit Lender hereby irrevocably sells and assigns to the each
other Revolving Credit Lender, and each Revolving Credit Lender hereby
irrevocably purchases and accepts, so much of the Aggregate Maximum Credit
Amounts such that after giving effect to such sales and assignments the
Revolving Credit Lenders have the respective Maximum Credit Amounts and
Applicable Revolving Credit Percentages set forth in the Schedule 1.2.  With
respect to such reallocation, each Revolving Credit Lender shall be deemed to
have acquired the portion of the Aggregate Maximum Credit Amounts assigned to
it, or shall be deemed to have sold the portion of its Aggregate Maximum Credit
Amounts assigned by it, as applicable, pursuant to the terms of an Assignment
and Assumption attached as Exhibit E to the Credit Agreement as if such
Revolving Credit Lender had executed an Assignment and Assumption with respect
to such reallocation.

 

SECTION 6.         Acknowledgment and Ratification.  As a material inducement to
the Administrative Agent and the Lenders to execute and deliver this Amendment,
the Borrower acknowledges and agrees that the execution, delivery, and
performance of this Amendment shall, except as expressly provided herein, in no
way release, diminish, impair, reduce, or otherwise affect the obligations of
the Borrower under the Loan Documents, which Loan Documents shall remain in full
force and effect.

 

SECTION 7.         Borrower’s Representations and Warranties.  As a material
inducement to the Administrative Agent and the Lenders to execute and deliver
this Amendment, the Borrower represents and warrants to the Administrative Agent
and the Lenders (with the knowledge and intent that the Administrative Agent and
the Lenders are relying upon the same in entering into this Amendment) that, as
of the date of its execution of this Amendment:

 

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(a)           This Amendment, the Credit Agreement and each of the other Loan
Documents to which it is a party, have each been duly executed and delivered by
its duly authorized officers and constitute the valid and binding obligations of
such party, enforceable against such party in accordance with their respective
terms, except as enforcement thereof may be limited by applicable bankruptcy,
reorganization, insolvency, fraudulent conveyance, moratorium or similar laws
affecting the enforcement of creditors’ rights, generally and by general
principles of equity (regardless of whether enforcement is considered in a
proceeding at law or in equity).

 

(b)           The representations and warranties set forth in Article VIII of
the Credit Agreement are true and correct in all material respects, after giving
effect to this Amendment, as if made on and as of the date of this Amendment
(except to the extent such representations and warranties relate solely to an
earlier date, in which case, they are true and correct in all material respects
as of such date).

 

(c)           At the time of and after giving effect to this Amendment, no
Default exists.

 

(d)           The execution, delivery and performance of this Amendment are
within the Borrower’s limited liability company power, have been duly
authorized, are not in contravention of any law applicable to such party or the
terms of such party’s organizational documents and, except as have been
previously obtained or as referred to in Section 8.03 of the Credit Agreement,
do not require the consent or approval of any Governmental Authority or any
other third party except to the extent that such consent or approval is not
material to the transactions contemplated by this Amendment.

 

SECTION 8.         Administrative Agent and Lenders Make No Representations or
Warranties.  By execution of this Amendment, neither the Administrative Agent
nor any Lender (a) makes any representation or warranty or assumes any
responsibility with respect to any statements, warranties, or representations
made in or in connection with the Loan Documents or the execution, legality,
validity, enforceability, genuineness, sufficiency, or value of this Amendment,
the Credit Agreement, the other Loan Documents or any other instrument or
document furnished pursuant thereto, or (b) makes any representation or warranty
or assumes any responsibility with respect to the financial condition of the
Borrower or any other Person or the performance or observance by such Persons of
any of their obligations under the Loan Documents, or any other instrument or
document furnished pursuant thereto.

 

SECTION 9.         Effect of Amendment.  This Amendment (a) except as expressly
provided herein, shall not be deemed to be a consent to the modification or
waiver of any other term or condition of the Credit Agreement, any Security
Instruments, the other Loan Documents or any of the instruments or agreements
referred to therein, (b) shall not prejudice any right or rights which the
Administrative Agent or the Lenders may now or hereafter have under or in
connection with the Credit Agreement, any Security Instrument or any other Loan
Document, including, without limitation, the right to accelerate the
Obligations, institute foreclosure proceedings, exercise their respective rights
under the Uniform Commercial Code or other applicable law, and/or institute
collection proceedings against the Borrower, to the extent provided therein or
by law, and except as expressly provided herein, and (c) shall not be deemed to
be a waiver of any existing or future Default.

 

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SECTION 10.       Miscellaneous.  This Amendment shall be governed by, and
construed in accordance with, the law of the State of Texas.  The captions in
this Amendment are for convenience of reference only and shall not define or
limit the provisions hereof.  This Amendment may be executed in separate
counterparts, each of which when so executed and delivered shall be an original,
but all of which together shall constitute one instrument.  In proving this
Amendment, it shall not be necessary to produce or account for more than one
such counterpart.  This Amendment, and any documents required or requested to be
delivered pursuant to Section 4 hereof, may be delivered by telecopy or pdf
transmission of the relevant signature pages hereof and thereof, as applicable.

 

SECTION 11.       Ratification.  The Borrower ratifies and acknowledges the Loan
Documents are valid, subsisting and enforceable.

 

[Remainder of page intentionally left blank.  Signature pages follow.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
date and year first above written.

 

 

RSP PERMIAN, L.L.C.,

 

as the Borrower

 

 

 

 

 

By:

/s/ James E. Mutrie

 

 

James E. Mutrie

 

 

Vice President and General Counsel

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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COMERICA BANK,

 

as the Administrative Agent, as the Issuing Bank, as the Swing Line Lender and
as a Lender

 

 

 

 

 

By:

/s/ John S. Lesikar

 

 

John S. Lesikar

 

 

Senior Vice President

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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BOKF, NA dba Bank of Texas,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Thomas E. Stelmar, Jr.

 

 

Thomas E. Stelmar, Jr.

 

 

Senior Vice President

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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ABN AMRO CAPITAL USA LLC,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Darrell Holley

 

 

Darrell Holley

 

 

Managing Director

 

 

 

 

 

 

 

By:

/s/ Kaylan Hopson

 

 

Kaylan Hopson

 

 

Vice President

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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CITIBANK, N.A.,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Dustin Hansen

 

 

Dustin Hansen

 

 

Senior Vice President

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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JPMORGAN CHASE BANK, N.A.,

 

as a Lender

 

 

 

 

 

By:

/s/ Elizabeth Schorman

 

 

Elizabeth Schorman

 

 

Vice President

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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U.S. BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

By:

/s/ John Springer

 

 

John Springer

 

 

Vice President

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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ROYAL BANK OF CANADA,

 

as a Lender

 

 

 

 

 

By:

/s/ Don McKinnerney

 

 

Don McKinnerney

 

 

Authorized Signatory

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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UBS AG, STAMFORD BRANCH,

 

as a Lender

 

 

 

 

 

By:

/s/ Darlene Arias

 

 

Darlene Arias

 

 

Director

 

 

 

 

 

 

 

By:

/s/ Craig Pearson

 

 

Craig Pearson

 

 

Associate Director

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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ASSOCIATED BANK, N.A.,

 

as a Lender

 

 

 

 

 

By:

/s/ Brian Caddell

 

 

Brian Caddell

 

 

Senior Vice President

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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CIT BANK N.A.,

 

as a Lender

 

 

 

 

 

By:

/s/ Sean Murphy

 

 

Sean Murphy

 

 

Managing Director

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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TEXAS CAPITAL BANK, N.A.,

 

as a Lender

 

 

 

 

 

By:

/s/ Jared Mills

 

 

Jared Mills

 

 

Vice President

 

Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement

 

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SCHEDULE 1.2

ALLOCATIONS

 

Name of Lender

 

Applicable Revolving
Credit
Percentage

 

Maximum Credit
Amount

 

Comerica Bank

 

14.000

%

$

140,000,000

 

BOKF, NA dba Bank of Texas

 

10.750

%

$

107,500,000

 

ABN AMRO Capital USA LLC

 

10.750

%

$

107,500,000

 

Citibank, N.A.

 

10.750

%

$

107,500,000

 

JPMorgan Chase Bank, N.A.

 

10.750

%

$

107,500,000

 

U.S. Bank National Association

 

10.750

%

$

107,500,000

 

Royal Bank of Canada

 

8.250

%

$

82,500,000

 

UBS AG, Stamford Branch

 

8.250

%

$

82,500,000

 

Associated Bank, N.A.

 

5.250

%

$

52,500,000

 

CIT Bank N.A.

 

5.250

%

$

52,500,000

 

Texas Capital Bank, N.A.

 

5.250

%

$

52,500,000

 

Total

 

100.00

%

$

1,000,000,000

 

 

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EXHIBIT A

FORM OF REVOLVING CREDIT NOTE

 

, 20        

 

On or before the Revolving Credit Maturity Date, FOR VALUE RECEIVED, RSP
Permian, L.L.C. (the “Borrower”) promises to pay to the order of [Insert name of
applicable financial institution] (the “Payee”) at Detroit, Michigan, care of
the Administrative Agent (as hereinafter defined), in lawful money of the United
States of America, the aggregate unpaid principal amount of the Revolving Credit
Loans as may from time to time have been advanced by the Payee and then be
outstanding hereunder pursuant to the Amended and Restated Credit Agreement (as
amended, restated or otherwise modified from time to time, the “Credit
Agreement”) dated as of September 10, 2013, by and among the financial
institutions from time to time signatory thereto (individually a “Lender,” and
any and all such financial institutions collectively the “Lenders”), Comerica
Bank, as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”), as Swing Line Lender and as Issuing Bank, and the
Borrower, together with interest thereon as hereinafter set forth.

 

Each of the Revolving Credit Borrowings made hereunder shall bear interest at
the interest rate from time to time applicable thereto under the Credit
Agreement or as otherwise determined thereunder, and interest shall be computed,
assessed and payable on the unpaid principal amount of each Revolving Credit
Borrowing made by the Payee from the date of such Revolving Credit Borrowing
until paid at the rate and at the times set forth in the Credit Agreement.

 

This Note is a note under which Revolving Credit Borrowings (including
refundings and conversions), repayments and readvances may be made from time to
time, but only in accordance with the terms and conditions of the Credit
Agreement.  This Note evidences borrowings under, is subject to, is secured in
accordance with, and may be prepaid, accelerated or matured under, the terms of
the Credit Agreement, to which reference is hereby made.  Capitalized terms used
herein, except as defined to the contrary, shall have the meanings given them in
the Credit Agreement.

 

This Note shall be interpreted and the rights of the parties hereunder shall be
determined under the laws of, and enforceable in, the State of Texas.

 

The Borrower hereby waives presentment for payment, demand, protest and notice
of dishonor and nonpayment of this Note and agrees that no obligation hereunder
shall be discharged by reason of any extension, indulgence, release or
forbearance granted by any holder of this Note to any party now or hereafter
liable hereon or any present or subsequent owner of any property, real or
personal, which is now or hereafter security for this Note.

 

*     *     *

 

[SIGNATURES FOLLOW ON SUCCEEDING PAGE]

 

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Nothing herein shall limit any right granted the Payee by any other instrument
or by law.

 

 

RSP PERMIAN, L.L.C.

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

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