EXHIBIT 10.18

 

Execution Version

 

 

 

 

Second Amendment

 

to

 

AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

January 1, 2009

among

PIONEER NATURAL RESOURCES COMPANY,

as the Borrower

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

and

The Lenders Party Hereto

____________________________

 

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THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT  (this “Second
Amendment”) dated as of January 1, 2009, among Pioneer Natural Resources
Company, a Delaware corporation, as the Borrower, JPMorgan Chase Bank, N.A., as
Administrative Agent, and the Lenders party hereto.

R E C I T A L S

A.        The Borrower, the Administrative Agent, and the Lenders party thereto
are parties to that certain Amended and Restated Credit Agreement dated as of
April 11, 2007, as amended by that certain First Amendment to Amended and
Restated Credit Agreement dated as of November 20, 2007 (as amended, modified,
supplemented or restated prior to the date hereof, the “Credit Agreement”),
pursuant to which the Lenders have made certain credit available to and on
behalf of the Borrower.

B.        The Borrower has requested and the Lenders have agreed 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 which is defined in the
Credit Agreement, but which is not defined in this Second Amendment, shall have
the meaning ascribed such term in the Credit Agreement. Unless otherwise
indicated, all section references in this Second Amendment refer to sections of
the Credit Agreement.

 

Section 2.

Amendments to Credit Agreement.

 

2.1

Amendments to Section 1.01.

(a)       The definition of “Agreement” in Section 1.01 of the Credit Agreement
is hereby amended in its entirety to read as follows:

“Agreement” means this Credit Agreement, as amended by the First Amendment and
the Second Amendment, as the same may from time to time be amended, modified,
supplemented or restated.

(b)       The definition of “Consolidated Tangible Net Worth” in Section 1.01 of
the Credit Agreement is hereby amended in its entirety to read as follows:

“Consolidated Tangible Net Worth” means, at any date, (i) the Consolidated
shareholders’ equity of Borrower and its Restricted Subsidiaries (determined in
accordance with GAAP); less (ii) the amount of Consolidated intangible assets of
Borrower and its Restricted Subsidiaries, provided, that to the extent oil and
gas mineral leases are classified as intangible assets under GAAP, for purposes
of this definition, those assets will be treated as tangible assets; less (iii)
the non-cash gains related to derivatives, net of associated taxes,

 

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included in the consolidated statements of operations of Borrower and its
Restricted Subsidiaries after December 31, 2008 and the other comprehensive
income component of consolidated shareholders’ net equity of Borrower and its
Restricted Subsidiaries attributable to deferred hedge gains, net of associated
taxes; plus (iv) the aggregate amount of any non-cash write downs under
Statements of Financial Accounting Standards Nos. 19, 109, 142, and 144, (and
any statements replacing, modifying or superceding such statement), on a
Consolidated basis, by Borrower and its Restricted Subsidiaries after December
31, 2006, net of associated taxes; plus (v) the non-cash losses related to
derivatives, net of associated taxes, included in the consolidated statements of
operations of Borrower and its Restricted Subsidiaries after December 31, 2008
and the other comprehensive income component of consolidated shareholders’ net
equity of Borrower and its Restricted Subsidiaries attributable to deferred
hedge losses, net of associated taxes.

 

(c)       The following definition is hereby added in Section 1.01 the Credit
Agreement where alphabetically appropriate to read as follows:

“Second Amendment” means that certain Second Amendment to Credit Agreement dated
as January 1, 2009 among the Borrower, the Administrative Agent and the Lenders
party thereto.

 

Section 3.        Conditions Precedent. The effectiveness of this Second
Amendment is subject to the receipt by the Administrative Agent of the following
documents and satisfaction of the other conditions specified in this Section 3:

3.1       Counterparts of Second Amendment. The Administrative Agent shall have
received from the Borrower and the Required Lenders multiple counterparts (in
such number as may be requested by the Administrative Agent) of this Second
Amendment signed on behalf of each such party.

3.2       No Default. No Default shall have occurred and be continuing as of the
date hereof, after giving effect to the terms of this Second Amendment.  

 

Section 4.

Miscellaneous.

4.1       Confirmation. The provisions of the Credit Agreement, as amended by
this Second Amendment, shall remain in full force and effect in accordance with
its terms following the effectiveness of this Second Amendment.

4.2       Ratification and Affirmation; Representations and Warranties. The
Borrower hereby (a) represents and warrants to the Lenders that as of the date
hereof, after giving effect to the terms of this Second 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 in all
material respects as of such specified earlier date, and (ii) no Default has
occurred and is continuing.

 

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4.3       Loan Document. This Second Amendment is a “Loan Document” as defined
and described in the Credit Agreement and all of the terms and provisions of the
Credit Agreement, as amended by this Second Amendment, relating to Loan
Documents shall apply hereto.

4.4       Counterparts. This Second 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 Second Amendment by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof.

4.5       No Oral Agreement. This Second Amendment, the Credit Agreement and the
other Loan Documents executed in connection therewith represent the final
agreement between 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.

4.6       GOVERNING LAW. THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

 

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

 

 

BORROWER:

 

PIONEER NATURAL RESOURCES USA, INC.

 

 

 

 

 

 

 

By:

/s/ Richard P. Dealy

 

Name:

Richard P. Dealy

 

Title:

Executive Vice President and Chief Financial Officer

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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JPMORGAN CHASE BANK, N.A.,

 

 

as a Lender and as Administrative Agent

 

 

 

 

By:

/s/ Robert Traband

 

Name:

Robert W. Traband

 

Title:

Executive Director

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

WACHOVIA BANK, NATIONAL

 

 

ASSOCIATION

 

 

 

 

By:

/s/ Shannan Townsend

 

Name:

Shannan Townsend

 

Title:

Director

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

BANK OF AMERICA, N.A.

 

 

 

 

 

 

 

By:

/s/ Ronald E. McKaig

 

Name:

Ronald E. McKaig

 

Title:

Senior Vice President

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

DEUTSCHE BANK AG NEW YORK BRANCH

 

 

 

 

 

 

 

By:

/s/ Ming K. Chu

 

Name:

Ming K. Chu

 

Title:

Vice President

 

 

 

 

By:

/s/ Heidi Sandquist

 

Name:

Heidi Sandquist

 

Title:

Vice President

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

WELLS FARGO BANK, NA

 

 

 

 

 

 

 

By:

/s/ David C. Brooks

 

Name:

David C. Brooks

 

Title:

Vice President

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

UBS AG, STAMFORD BRANCH

 

 

 

 

 

 

 

By:

/s/ Irja R. Otsa

 

Name:

Irja R. Otsa

 

Title:

Associate Director

 

 

 

 

By:

/s/ Mary E. Evans

 

Name:

Mary E. Evans

 

Title:

Associate Director

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

 

 

 

 

 

 

 

By:

 

Name:

 

 

Title:

 

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

BMO CAPITAL MARKETS FINANCING, INC.

 

 

 

 

 

 

 

By:

/s/ James V. Ducote

 

Name:

James V. Ducote

 

Title:

Director

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

CITIBANK, NA

 

 

 

 

 

 

 

By:

 

Name:

 

 

Title:

 

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

THE ROYAL BANK OF SCOTLAND plc

 

 

 

 

 

 

 

By:

/s/ David Slye

 

Name:

David Slye

 

Title:

Senior Vice President

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

DBN NOR BANK ASA

 

 

 

 

 

 

 

By:

/s/ Marcus Wendehog

 

Name:

Marcus Wendehog

 

Title:

Vice President, Assistant Counsel

 

 

 

 

By:

/s/ Cathleen Buckley

 

Name:

Cathleen Buckley

 

Title:

Vice President

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

BNP PARIBAS

 

 

 

 

 

 

 

By:

 

Name:

 

 

Title:

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

MIZUHO CORPORATE BANK, LTD.

 

 

 

 

 

 

 

By:

/s/ Leon Mo

 

Name:

Leon Mo

 

Title:

Senior Vice President

 

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

SCOTIABANC INC.

 

 

 

 

 

 

 

By:

/s/ J. F. Todd

 

Name:

J. F. Todd

 

Title:

Managing Director

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

BARCLAYS BANK PLC

 

 

 

 

 

 

 

By:

/s/ Douglas Bernegger

 

Name:

Douglas Bernegger

 

Title:

Director

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

FORTIS CAPITAL CORP.

 

 

 

 

 

 

 

By:

 

Name:

 

 

Title:

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

GOLDMAN SACHS CREDIT PARTNERS L.P.

 

 

 

 

 

 

 

By:

/s/ Andrew Caditz

 

Name:

Andrew Caditz

 

Title:

Authorized Signatory

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

SOCIETE GENERALE

 

 

 

 

 

 

 

By:

/s/ Kevin C. Joyce

 

Name:

Kevin C. Joyce

 

Title:

Vice President

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

TORONTO DOMINION (TEXAS) LLC

 

 

 

 

 

 

 

By:

/s/ Ian Murray

 

Name:

Ian Murray

 

Title:

Authorized Signatory

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

U.S. BANK NATIONAL ASSOCIATION

 

 

 

 

 

 

 

By:

/s/ Daria Mahoney

 

Name:

Daria Mahoney

 

Title:

Vice President

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

UNION BANK OF CALIFORNIA, N.A.

 

 

 

 

 

 

 

By:

/s/ Alison Fuqua

 

Name:

Alison Fuqua

 

Title:

Assistant Vice President

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

CREDIT SUISEE, CAYMAN ISLANDS

 

 

BRANCH

 

 

 

 

By:

/s/ Doreen Barr

 

Name:

Doreen Barr

 

Title:

Vice President

 

 

 

 

By:

/s/ Nurur Kumar

 

Name:

Nurur Kumar

 

Title:

Associate

 

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

THE BANK OF NOVA SCOTIA

 

 

 

 

 

 

 

By:

/s/ David Mills

 

Name:

David Mills

 

Title:

MD

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

COMPASS BANK

 

 

 

 

 

 

 

By:

/s/ Greg Determann

 

Name:

Greg Determann

 

Title:

Vice President

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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LENDER:

 

CALYON NEW YORK BRANCH

 

 

 

 

 

 

 

By:

/s/ Sharada Manne

 

Name:

Sharada Manne

 

Title:

Director

By:

/s/ Tom Byargeon

Name:

Tom Byargeon

Title:

Managing Director

 

 

 

Signature Page to Second Amendment to Amended and Restated Credit Agreement

 

 

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