Exhibit 10.1

 

NOMURA CORPORATE RESEARCH

AND ASSET MANAGEMENT INC.

309 West 49th Street

New York, NY 10019

 

May 7, 2019

 

Cloud Peak Energy Resources LLC

385 Interlocken Crescent, Suite 400

Broomfield, CO 80021

Attention: Heath A. Hill, Executive V.P. and Chief Financial Officer

 

Ladies and Gentlemen:

 

This letter agreement refers to the Forbearance Agreement, dated April 30, 2019
(as amended by that certain letter agreement dated as of April 30, 2019, the
“Forbearance Agreement”), between Nomura Corporate Research and Asset Management
Inc. (“us” and “we”), Cloud Peak Energy Resources (the “Issuer”), Cloud Peak
Energy Finance Corp. (the “Co-Issuer”) and Cloud Peak Energy Inc. (the “Parent
Guarantor”; collectively, with the Issuer and the Co-Issuer, “you”). Capitalized
terms used but not defined herein have the meanings assigned to such terms in
the Forbearance Agreement (including by reference to the 2024 Indenture (as
defined therein)).

 

1.                                      Amendments. Upon execution of this
letter agreement by you and us, the last sentence of Section 1(a) of the
Forbearance Agreement shall be amended and restated as follows:

 

As used herein, “Forbearance Termination Date” means the earlier to occur of
(a) 11:59 p.m. (New York City time) on May 10, 2019 and (b) two (2) Business
Days following written notice from the Holder of any breach by any Note Party of
any of the conditions or agreements provided in this Agreement (which breach
remains uncured during such period).

 

2.                                      Conditions Precedent.  The effectiveness
of this letter agreement is subject to the satisfaction, or waiver by the
Holder, of the following conditions:

 

(a)                                 Counterparts.  The execution of this letter
agreement by each Note Party and the Holder.

 

(b)                                 No Default.  No Default or Event of Default
under the 2024 Indenture other than the Interest Payment Default shall have
occurred and be continuing as of the date the condition set forth in
Section 2(a) is satisfied.

 

3.                                      Miscellaneous. Other than as expressly
amended by this letter agreement, the terms of the Forbearance Agreement shall
remain in full force and effect. This letter agreement shall be governed by, and
construed in accordance with, the laws of the State of New York. This letter
agreement 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 an original, but all such counterparts together shall constitute
but one and the same instrument.  Delivery of an executed signature page of this
letter agreement by facsimile transmission or other electronic transmission
(i.e., a “pdf” or “tif”) shall be effective as delivery of a manually executed
counterpart thereof.

 

[Signature Pages Follow]

 

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Very truly yours,

 

NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.,
as Investment Advisor on behalf of certain funds and accounts

 

By:

/s/ David Crall

 

 

Name:

David Crall

 

 

Title:

CIO

 

 

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NOTE PARTIES

 

 

 

CLOUD PEAK ENERGY RESOURCES LLC, as Issuer

 

 

 

By:

/s/ Heath A. Hill

 

Name:

Heath A. Hill

 

Title:

Executive V.P. and Chief Financial Officer

 

 

 

CLOUD PEAK ENERGY FINANCE CORP., as Issuer

 

 

 

By:

/s/ Heath A. Hill

 

Name:

Heath A. Hill

 

Title:

Executive V.P. and Chief Financial Officer

 

 

 

CLOUD PEAK ENERGY INC., as Parent Guarantor

 

 

 

By:

/s/ Heath A. Hill

 

Name:

Heath A. Hill

 

Title:

Executive V.P. and Chief Financial Officer

 

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