Exhibit 10.1

 

EIGHTH AMENDMENT TO CREDIT AGREEMENT

 

THIS EIGHTH AMENDMENT TO CREDIT AGREEMENT (hereinafter called this “Amendment”)
is entered into as of August 5, 2015, by and among MIDSTATES PETROLEUM
COMPANY, INC., a Delaware corporation (the “Parent”), MIDSTATES PETROLEUM
COMPANY LLC, a Delaware limited liability company (the “Borrower”), the Lenders
party hereto, and SUNTRUST BANK, as administrative agent for the Lenders (in
such capacity, together with its successors in such capacity, the
“Administrative Agent”), as an Issuing Lender and as Swing Line Lender.

 

WITNESSETH:

 

WHEREAS, Parent, Borrower, Administrative Agent, the Issuing Lender, the Swing
Line Lender and the lenders party thereto (the “Lenders”) are parties to that
certain Second Amended and Restated Credit Agreement dated as of June 8, 2012
(as amended, restated, modified or supplemented from time to time prior to the
date hereof, the “Credit Agreement”), whereby the Lenders have agreed to make
certain loans to Borrower upon the terms and conditions set forth therein;

 

WHEREAS, Parent and Borrower have asked Administrative Agent, Issuing Lender and
the Lenders to amend the Credit Agreement as described herein;

 

WHEREAS, Administrative Agent, Issuing Lender and the Lenders are willing to
amend the Credit Agreement as requested by Parent and Borrower, subject to the
terms and conditions set forth herein;

 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
herein contained, the parties to this Amendment hereby agree as follows:

 

Section 1.                                           Terms Defined in Credit
Agreement; Rules of Construction.  As used in this Amendment, except as may
otherwise be provided herein, all capitalized terms that are defined in the
Credit Agreement (as amended hereby) shall have the same meaning herein as
therein defined, all of such terms and their definitions being incorporated
herein by reference.  Unless otherwise provided in this Amendment, the rules of
construction set forth in Sections 1.02 and 1.03 of the Credit Agreement shall
be incorporated herein as if specifically provided for herein, mutatis mutandis.

 

Section 2.                                           Amendments to Credit
Agreement.  Subject to the occurrence of the Eighth Amendment Effective Date,
the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 8.14 of the Credit Agreement is
hereby amended by replacing the value “$2,000,000” with the value “$3,500,000.”

 

Section 3.                                           Conditions of Eighth
Amendment Effective Date.  This Amendment will become effective on the date on
which each of the following conditions precedent are satisfied or are waived by
Administrative Agent and the Majority Lenders in their sole discretion (the
“Eighth Amendment Effective Date”):

 

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(a)                                 Borrower, Parent and Lenders comprising at
least the Majority Lenders shall have delivered to Administrative Agent duly
executed counterparts of this Amendment;

 

(b)                                 Borrower shall have made payment of all fees
and expenses then due and payable under the Credit Agreement, including any fees
and expenses then due and payable in connection with this Amendment pursuant to
Section 12.04(a) of the Credit Agreement, in the case of expenses to the extent
invoiced at least three business days prior to the Eighth Amendment Effective
Date (except as otherwise reasonably agreed by Borrower).

 

(c)                                  Borrower and Parent shall have acknowledged
and confirmed to Administrative Agent and the Lenders, and by its execution and
delivery of this Amendment each of Borrower and Parent does hereby acknowledge
and confirm to Administrative Agent and the Lenders, that, after giving effect
to this Amendment (i) the representations and warranties in Article VI of the
Credit Agreement shall be true and correct in all material respects (except for
representations and warranties already qualified by materiality or Material
Adverse Effect, which shall be true and correct in all respects), on and as of
the Eighth Amendment Effective Date with the same effect as if made on and as of
such date (except to the extent such representations and warranties expressly
refer to an earlier date in which case they shall be true and correct as of such
earlier date in all material respects, except for representations and warranties
already qualified by materiality or Material Adverse Effect, which shall be true
and correct in all respects as of such earlier date), and (ii) no Default or
Event of Default shall have occurred and be continuing.

 

Section 4.                                           Representations and
Warranties.  On the Eighth Amendment Effective Date, each of Parent and Borrower
represents and warrants to Administrative Agent and each of the Lenders that:

 

(a)                                 Each Loan Party: (i) is validly existing and
(ii) has the power and authority to execute, deliver, and perform its
obligations under this Amendment and each other Loan Document to which it is a
party except where such failure does not constitute a Default and could not
reasonably be expected to have a Material Adverse Effect.

 

(b)                                 The execution, delivery and performance by
each of Parent and Borrower of this Amendment and each other Loan Document to
which it is a party has been duly authorized by all necessary limited liability
company or corporate action of Parent or Borrower, as applicable, and does not
and will not contravene the terms of any of such Person’s Organization
Documents.

 

(c)                                  This Amendment and each other Loan Document
to which each Loan Party is a party constitutes the legal, valid and binding
obligations of such Person to the extent it is a party thereto, enforceable
against such Person in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, or similar laws affecting the
enforcement of creditors’ rights generally or by equitable principles relating
to enforceability.

 

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Section 5.                                           Reference to and Effect on
the Credit Agreement.

 

(a)                                 Upon the Eighth Amendment Effective Date and
thereafter, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a
reference to the Credit Agreement as amended hereby.

 

(b)                                 Except as specifically amended by this
Amendment, the Credit Agreement shall remain in full force and effect and is
hereby ratified and confirmed.

 

Section 6.                                           Cost and Expenses.  Each of
Parent and Borrower agrees to pay fees and expenses in connection with this
Amendment pursuant to the terms and conditions of Section 12.04(a) of the Credit
Agreement.

 

Section 7.                                           Extent of Amendments. 
Except as specifically set forth in this Amendment, the Credit Agreement and the
other Loan Documents are not amended, waived, modified or affected hereby.  Each
of Parent and Borrower hereby ratifies and confirms that (i) except as
specifically set forth in this Amendment, all of the terms, conditions,
covenants, representations, warranties and all other provisions of the Credit
Agreement remain in full force and effect, (ii) each of the other Loan Documents
are and remain in full force and effect in accordance with their respective
terms, (iii) the Collateral is unimpaired by this Amendment, and (iv) except as
specifically set forth in this Amendment, each of Administrative Agent, each
Issuing Lender and each Lender shall have and retain unimpaired any and all
rights that it may now or hereafter have under or in connection with the Credit
Agreement (as modified hereby) or any other Loan Document (including its right
to insist on strict compliance with the Credit Agreement (as modified hereby) or
other Loan Document).

 

Section 8.                                           Execution and
Counterparts.  This Amendment may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same instrument.  Delivery of an
executed counterpart of this Amendment by facsimile or .pdf shall be equally as
effective as delivery of a manually executed counterpart of this Amendment.

 

Section 9.                                           Governing Law.  This
Amendment shall be governed by, construed and interpreted in accordance with the
laws of the State of New York, except to the extent that federal laws of the
United States of America apply.

 

Section 10.                                    Headings.  Section headings in
this Amendment are included herein for convenience and reference only and shall
not constitute a part of this Amendment for any other purpose.

 

Section 11.                                    No Waiver.  Borrower hereby
agrees that except as expressly set forth in this Amendment, no Default or Event
of Default has been waived or remedied by the execution of this Amendment by
Administrative Agent, the Swing Line Lender, any Issuing Lender or any Lender,
and any such Default or Event or Default heretofore arising and currently
continuing shall continue after the execution and delivery hereof.  Nothing
contained in this Amendment nor any past indulgence by Administrative Agent, the
Swing Line Lender, any Issuing Lender or any Lender, nor any other action or
inaction on behalf of Administrative Agent, the Swing Line

 

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Lender, any Issuing Lender or any Lender shall constitute or be deemed to
constitute an election of remedies by Administrative Agent, the Swing Line
Lender, any Issuing Lender or any Lender.

 

Section 12.                                    Loan Document.  This Amendment is
a Loan Document.

 

Section 13.                                    Severability.  The illegality or
unenforceability of any provision of this Amendment or any instrument or
agreement required hereunder shall not in any way affect or impair the legality
or enforceability of the remaining provisions of this Amendment or any
instrument or agreement required hereunder.

 

Section 14.                                    NO ORAL AGREEMENTS.  THE RIGHTS
AND OBLIGATIONS OF EACH OF THE PARTIES TO THE LOAN DOCUMENTS SHALL BE DETERMINED
SOLELY FROM WRITTEN AGREEMENTS, DOCUMENTS, AND INSTRUMENTS, AND ANY PRIOR ORAL
AGREEMENTS BETWEEN SUCH PARTIES ARE SUPERSEDED BY AND MERGED INTO SUCH
WRITINGS.  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER WRITTEN LOAN
DOCUMENTS EXECUTED BY PARENT, BORROWER, ADMINISTRATIVE AGENT, THE SWING LINE
LENDER, ANY ISSUING LENDER AND/OR LENDERS (TOGETHER WITH THE FEE LETTERS)
REPRESENT THE FINAL AGREEMENT REGARDING THE MATTERS HEREIN BETWEEN SUCH PARTIES,
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BY SUCH PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
SUCH PARTIES.

 

[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 officer(s) as of the
day and year first above written.

 

 

MIDSTATES PETROLEUM COMPANY LLC, a

Delaware limited liability company, as Borrower

 

 

 

 

 

By:

/s/ Nelson M. Haight

 

 

Name:

Nelson M. Haight

 

 

Title:

EVP & CFO

 

 

 

MIDSTATES PETROLEUM COMPANY, INC., a

Delaware corporation, as Parent

 

 

 

 

 

By:

/s/ Nelson M. Haight

 

 

Name:

Nelson M. Haight

 

 

Title:

EVP & CFO

 

[Revolver Amendment Signature Page]

 

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SUNTRUST BANK, as Administrative Agent, as

Swing Line Lender and as an Issuing Lender

 

 

 

 

 

By:

/s/ Shannon Juhan

 

 

Name:

Shannon Juhan

 

 

Title:

Director

 

 

 

SUNTRUST BANK, as a Lender

 

 

 

 

 

By:

/s/ Shannon Juhan

 

 

Name:

Shannon Juhan

 

 

Title:

Director

 

[Revolver Amendment Signature Page]

 

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BANK OF AMERICA, N.A., as a Lender

 

 

 

 

 

By:

/s/ Raza Jafferi

 

 

Name:

Raza Jafferi

 

 

Title:

Vice President

 

[Revolver Amendment Signature Page]

 

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CAPITAL ONE, NATIONAL ASSOCIATION, as

a Lender

 

 

 

 

 

By:

/s/ Robert James

 

 

Name:

Robert James

 

 

Title:

Director

 

[Revolver Amendment Signature Page]

 

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GOLDMAN SACHS BANK USA, as a Lender

 

 

 

 

 

By:

/s/ Jamie Minieri

 

 

Name:

Jamie Minieri

 

 

Title:

Authorized Signatory

 

[Revolver Amendment Signature Page]

 

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MORGAN STANLEY BANK, N.A., as a Lender

 

 

 

 

 

By:

/s/ Dmitriy Barskiy

 

 

Name:

Dmitriy Barskiy

 

 

Title:

Authorized Signatory

 

[Revolver Amendment Signature Page]

 

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MORGAN STANLEY SENIOR FUNDING, INC.,

 

as a Lender

 

 

 

 

 

By:

/s/ Dmitriy Barskiy

 

 

Name:

Dmitriy Barskiy

 

 

Title:

Vice President

 

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NATIXIS, NEW YORK BRANCH, as a Lender

 

 

 

 

 

By:

/s/ Stuart Murray

 

 

Name:

Stuart Murray

 

 

Title:

Managing Director

 

 

 

 

 

By:

/s/ Leila Zomorrodian

 

 

Name:

Leila Zomorrodian

 

 

Title:

Vice President

 

[Revolver Amendment Signature Page]

 

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ROYAL BANK OF CANADA, as a Lender

 

 

 

 

 

By:

/s/ Kristan Spivey

 

 

Name:

Kristan Spivey

 

 

Title:

Authorized Signatory

 

[Revolver Amendment Signature Page]

 

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SOCIÉTÉ GÉNÉRALE, as a Lender

 

 

 

 

 

By:

/s/ David Bornstein

 

 

Name:

David Bornstein

 

 

Title:

Director

 

[Revolver Amendment Signature Page]

 

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THE BANK OF NOVA SCOTIA, as a Lender

 

 

 

By:

/s/ Mark Sparrow

 

 

Name:

Mark Sparrow

 

 

Title:

Director

 

[Revolver Amendment Signature Page]

 

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