Exhibit 10.1

Execution Version

 

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FIFTH AMENDMENT

TO

AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

August 7, 2007

among

GOODRICH PETROLEUM COMPANY, L.L.C.,

as Borrower,

BNP PARIBAS,

as Administrative Agent,

and

The Lenders Party Hereto

 

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FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Fifth
Amendment”) dated as of August 7, 2007, is among GOODRICH PETROLEUM COMPANY,
L.L.C., a Louisiana limited liability company (“Borrower”); each of the
undersigned Guarantors (collectively, the “Guarantors”); BNP PARIBAS, as
administrative agent (in such capacity, together with its successors in such
capacity, “Administrative Agent”) for the lenders party to the Credit Agreement
referred to below (collectively, the “Lenders”); and the undersigned Lenders.

R E C I T A L S

A. Borrower, Administrative Agent and the Lenders are parties to that certain
Amended and Restated Credit Agreement dated as of November 17, 2005, as amended
by the First Amendment to Amended and Restated Credit Agreement, dated
December 14, 2005, the Second Amendment to Amended and Restated Credit
Agreement, dated June 21, 2006, the Third Amendment to Amended and Restated
Credit Agreement, dated August 30, 2006 and the Fourth Amendment to Amended and
Restated Credit Agreement, dated November 30, 2006 (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. 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 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 Fifth Amendment
refer to articles and sections of the Credit Agreement.

Section 2. Amendments to Credit Agreement.

2.1 Definitions. Section 1.1 is hereby amended by amending and restating the
definition of “Agreement” as follows:

“Agreement” means this Amended and Restated Credit Agreement, as amended by the
First Amendment to Amended and Restated Credit Agreement, dated December 14,
2005, the Second Amendment to Amended and Restated Credit Agreement, dated
June 21, 2006, the Third Amendment to Amended and Restated Credit Agreement,
dated August 30, 2006, the Fourth Amendment to Amended and Restated Credit
Agreement, dated November 30, 2006 and the Fifth Amendment to Amended and
Restated Credit Agreement, dated August 7, 2007.

 

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2.2 Definitions. Section 1.1 is hereby amended by adding “or the Debt to EBITDAX
ratio pursuant to Section 10.3” after “any determination of the EBITDAX to
Interest Expense ratio pursuant to Section 10.2” in the definition of “EBITDAX”.

2.3 Section 10.3. Section 10.3 is hereby amended and restated in its entirety as
follows:

“Section 10.3 Debt to EBITDAX Ratio. The ratio of Total Debt of the Companies as
of such time to EBITDAX for the four fiscal quarters ending on the last day of
the fiscal quarter immediately preceding the date of determination for which
financial statements are available to be greater than (a) 4.25 to 1.0, for all
fiscal quarters beginning with the fiscal quarter ending June 30, 2007 and
ending with the fiscal quarter ending December 31, 2007 and (b) 3.5 to 1.0,
commencing with the fiscal quarter ending March 31, 2008 and thereafter.”

Section 3. Conditions Precedent. This Fifth Amendment shall not become effective
until the date on which each of the following conditions is satisfied (or waived
in accordance with Section 14.8 of the Credit Agreement) (the “Effective Date”):

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

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

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

Section 4. Miscellaneous.

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

4.2 Ratification and Affirmation; Representations and Warranties. Borrower and
each Guarantor hereby (a) acknowledges the terms of this Fifth 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, notwithstanding the
amendments and modifications contained herein and (c) represents and warrants to
the Lenders that as of the date hereof, after giving effect to the terms of this
Fifth 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) since November 17, 2005, there has been no event,

 

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development or circumstance that has had or could reasonably be expected to have
a Material Adverse Event.

4.3 Loan Document. This Fifth 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.

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

4.5 NO ORAL AGREEMENT. THIS FIFTH 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.

4.6 GOVERNING LAW. THIS FIFTH 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 Fifth Amendment to be
duly executed as of the date first written above.

 

BORROWER:   GOODRICH PETROLEUM COMPANY, L.L.C.     By:   /s/ David R. Looney  
Name: David R. Looney   Title:  Executive Vice President and Chief Financial
Officer

 

GUARANTORS:   GOODRICH PETROLEUM CORPORATION     By:   /s/ David R. Looney  
Name: David R. Looney   Title:  Executive Vice President and Chief Financial
Officer

 

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ADMINISTRATIVE AGENT:   BNP Paribas, as a Lender and as Administrative Agent    
By:   /s/ Brian M. Malone   Name: Brian M. Malone   Title:  Managing Director  
  By:   /s/ Polly Schott  

Name: Polly Schott

Title:   Vice President

 

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LENDERS:   Comerica Bank, as Lender     By:   /s/ Josh Strong   Name: Josh
Strong   Title:  Assistant Vice President   BMO Capital Markets Financing, Inc.
(formerly known as Harris Nesbitt Financing, Inc.), as Lender     By:   /s/ Mary
Lou Allen  

Name: Mary Lou Allen

Title:   Vice President

  The Prudential Insurance Company of America, as Lender     By:   /s/ Randall
M. Kob  

Name: Randal M. Kob

Title:   Vice President

  Deutsche Bank Trust Company Americas, as Lender     By:   /s/ Susan LeFevre  

Name: Susan LeFevre

Title:   Director

    By:   /s/ Omayra Laucella  

Name: Omayra Laucella

Title:   Vice President

 

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