EXHIBIT 10.1

 

 

 

SEVENTH AMENDMENT

TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

November 2, 2012

among

GOODRICH PETROLEUM COMPANY, L.L.C.,

as Borrower,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

and

The Lenders Party Hereto

 

 

 

WELLS FARGO SECURITIES, LLC,

as Sole Lead Arranger and Bookrunner

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SEVENTH AMENDMENT TO SECOND AMENDED

AND RESTATED CREDIT AGREEMENT

THIS SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“SeventhAmendment”) dated as of November 2, 2012, is among GOODRICH PETROLEUM
COMPANY, L.L.C., a Louisiana limited liability company (“Borrower”); each of the
undersigned Guarantors (collectively, the “Guarantors”); WELLS FARGO BANK,
NATIONAL ASSOCIATION, as administrative agent (in such capacity, together with
its successors in such capacity, “Administrative Agent”) for the lenders party
to the Credit Agreement (collectively, the “Lenders”).

R E C I T A L S

A. Borrower, Administrative Agent and the Lenders are parties to that certain
Second Amended and Restated Credit Agreement dated as of May 5, 2009, as amended
by that certain First Amendment dated as of September 22, 2009, that certain
Second Amendment dated as of October 29, 2010, that certain Third Amendment
dated as of February 4, 2011, that certain Fourth Amendment dated as of
February 25, 2011, that certain Fifth Amendment dated as of May 16, 2011 and
that certain Sixth Amendment dated as of October 31, 2011 (as amended, the
“Credit Agreement”), pursuant to which the Lenders have made certain loans to
and other extensions of credit on behalf of Borrower.

B. The Borrower, the Administrative Agent and the Lenders desire to amend
certain provisions of the Credit Agreement.

C. NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

Section 1. Defined Terms. Each capitalized term used herein but not otherwise
defined herein has the meaning given such term in the Credit Agreement. Unless
otherwise indicated, all article and section references in this Seventh
Amendment refer to articles and sections of the Credit Agreement.

Section 2. Amendments to Credit Agreement.

2.1 Amendment to Section 1.02. Section 1.02 is hereby amended by amending and
restating the following definition:

“‘Agreement’ means this Second Amended and Restated Credit Agreement as amended
by that certain First Amendment dated as of September 22, 2009, that certain
Second Amendment dated as of October 29, 2010, that certain Third Amendment
dated as of February 4, 2011, that certain Fourth Amendment dated February as of
25, 2011, that certain Fifth Amendment dated as of May 16, 2011, that certain
Sixth Amendment dated as of October 31, 2011 and that certain Seventh Amendment
dated as of November 2, 2012, as the same may from time to time be amended,
amended and restated, supplemented or otherwise modified.”

 

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2.2 Amendment to Section 9.12(d)(iii). Section 9.12(d)(iii) is hereby amended
and restated in its entirety to read as follows:

“(iii) if such sale or other disposition of Oil and Gas Property or Subsidiary
owning Oil and Gas Properties included in the most recently delivered Reserve
Report during any period between two successive Scheduled Redetermination Dates
has a fair market value in excess of $10,000,000 (as determined by the
Administrative Agent), individually or in the aggregate, the Borrowing Base
shall be reduced, effective immediately upon such sale or disposition, by an
amount equal to the value, if any, assigned such Property as recommended by the
Administrative Agent and approved by Required Lenders in the most recent
Borrowing Base, and”

Section 3. Borrowing Base. For the period from and including the Seventh
Amendment Effective Date to but excluding the next Redetermination Date, the
amount of the Borrowing Base shall be $210,000,000. Notwithstanding the
foregoing, the Borrowing Base may be subject to further adjustments from time to
time pursuant to Section 2.07(f), Section

8.13(c) or Section 9.12.

Section 4. Conditions Precedent. This Seventh Amendment shall not become
effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 12.02 of the Credit Agreement) (the
“Seventh Amendment Effective Date”):

4.1 The Administrative Agent shall have received from all of the Lenders,
Borrower and the Guarantors, counterparts (in such number as may be requested by
Administrative Agent) of this Seventh Amendment signed on behalf of such
Persons.

4.2 The Administrative Agent and the Lenders shall have received all fees and
other amounts due and payable on or prior to the date hereof, including, to the
extent invoiced, reimbursement or payment of all documented out-of-pocket
expenses required to be reimbursed or paid by the Borrower under the Credit
Agreement.

4.3 No Default shall have occurred and be continuing, after giving effect to the
terms of this Seventh Amendment.

4.4 The Administrative Agent shall have received such other documents as
Administrative Agent or special counsel to Administrative Agent may reasonably
request.

The Administrative Agent is hereby authorized and directed to declare this
Seventh Amendment to be effective when it has received documents confirming or
certifying, to the satisfaction of the Administrative Agent, compliance with the
conditions set forth in this Section 4 or the waiver of such conditions as
permitted in Section 12.02 of the Credit Agreement. Such declaration shall be
final, conclusive and binding upon all parties to the Credit Agreement for all
purposes.

 

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Section 5. Miscellaneous.

5.1 Confirmation. The provisions of the Credit Agreement, as amended by this
Seventh Amendment, shall remain in full force and effect following the
effectiveness of this Seventh Amendment.

5.2 Ratification and Affirmation; Representations and Warranties. Borrower and
each Guarantor hereby (a) acknowledges the terms of this Seventh Amendment;
(b) ratifies and affirms its obligations under, and acknowledges, renews and
extends its continued liability under, each Loan Document to which it is a party
and agrees that each Loan Document to which it is a party remains in full force
and effect, except as expressly amended or modified hereby and (c) represents
and warrants to the Lenders that as of the Seventh Amendment Effective Date,
after giving effect to the terms of this Seventh Amendment: (i) all of the
representations and warranties contained in each Loan Document to which it is a
party are true and correct, 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 as of such
specified earlier date, (ii) no Default has occurred and is continuing and
(iii) no event, development or circumstance have occurred which individually or
in the aggregate could reasonably be expected to be a Material Adverse Event.

5.3 LoanDocument. This Seventh Amendment is a “Loan Document” as defined and
described in the Credit Agreement and all of the terms and provisions of the
Credit Agreement relating to Loan Documents shall apply hereto.

5.4 Counterparts. This Seventh Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of this Seventh Amendment by facsimile or electronic
transmission shall be effective as delivery of a manually executed counterpart
hereof.

5.5 NO ORAL AGREEMENT. THIS SEVENTH AMENDMENT, THE CREDIT AGREEMENT AND THE
OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE
FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE
NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

5.6 GOVERNING LAW. THIS SEVENTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE
VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

[SIGNATURES BEGIN NEXT PAGE]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Eighth Amendment to be
duly executed as of the date first written above.

 

BORROWER:   GOODRICH PETROLEUM COMPANY, L.L.C.     By:  

/S/ Jan L. Schott

    Name:   Jan Schott     Title:   Senior Vice President and Chief Financial
Officer GUARANTOR:   GOODRICH PETROLEUM CORPORATION     By:  

/S/ Michael J. Killelea

    Name:   Michael J. Killelea     Title:   Senior Vice President, General
Counsel and Corporate Secretary

 

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ADMINISTRATIVE AGENT:   WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Administrative Agent and as a Lender   By:   

/S/ Lila Jordan

  Name: Lila Jordan   Title: Managing Director

 

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LENDER:   BANK OF MONTREAL, as a Lender   By:   

/S/ Gumaro Tijerina

  Name:   

Gumaro Tijerina

  Title:    Director

 

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LENDER:   COMPASS BANK, as a Lender   By:   

/S/ Ian Payne

  Name:    Ian Payne   Title:    Vice President

 

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LENDER:   JPMORGAN CHASE BANK, N.A., as a Lender   By   

/S/ Ryan Aman

  Name:    Ryan Aman   Title:    Authorized Officer

 

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LENDER:   BANK OF AMERICA, N.A., as a Lender   By:   

/S/ Michael Clayborne

  Name: Michael Clayborne   Title: Assistant Vice President

 

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LENDER:   ROYAL BANK OF CANADA, as a Lender   By:   

/S/ Mark Lumpkin, Jr.

  Name: Mark Lumpkin, Jr.   Title: Authorized Signatory

 

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Signature Page to Eighth Amendment to Second A&R Credit Agreement