Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 6

 

This AMENDMENT NO. 6 (the “Amendment”) dated as of March 29, 2013 (the
“Effective Date”) is among Bonanza Creek Energy, Inc., a Delaware corporation
(“Borrower”), the Guarantors (as defined in the Credit Agreement referred to
below), the Lenders (as defined below), and KeyBank National Association, as
Administrative Agent and as Issuing Lender (as such terms are defined below).

 

RECITALS

 

A. The Borrower is party to that certain Credit Agreement dated as of March 29,
2011 (as amended by Amendment No. 1 dated as of April 29, 2011, Amendment
No. 2 & Agreement dated as of September 15, 2011, the Resignation, Consent and
Appointment Agreement and Amendment Agreement dated as of April 6, 2012,
Amendment No. 3 & Agreement dated as of May 8, 2012, Amendment No. 4 dated as of
July 31, 2012, Amendment No. 5 dated as of October 30, 2012 and as may be
further amended, restated or otherwise modified from time to time, the “Credit
Agreement”) among the Borrower, the lenders party thereto from time to time (the
“Lenders”), and KeyBank National Association (as successor in interest to BNP
Paribas), as administrative agent (in such capacity, the “Administrative Agent”)
and as issuing lender (in such capacity, the “Issuing Lender”).  Each
capitalized term defined in the Credit Agreement and used herein without
definition shall have the meaning assigned to such term in the Credit Agreement,
unless expressly provided to the contrary.

 

B. The Lenders wish to, subject to the terms and conditions of this Amendment,
amend the Credit Agreement as provided herein.

 

THEREFORE, the Borrower, the Guarantors, the Administrative Agent, the Issuing
Lender, and the Lenders hereby agree as follows:

 

Section 1.              Defined Terms.  As used in this Amendment, each of the
terms defined in the opening paragraph and the Recitals above shall have the
meanings assigned to such terms therein.

 

Section 2.              Other Definitional Provisions.  Article, Section,
Schedule, and Exhibit references are to Articles and Sections of and Schedules
and Exhibits to this Amendment, unless otherwise specified.  All references to
instruments, documents, contracts, and agreements are references to such
instruments, documents, contracts, and agreements as the same may be amended,
supplemented, and otherwise modified from time to time, unless otherwise
specified.  The words “hereof”, “herein”, and “hereunder” and words of similar
import when used in this Amendment shall refer to this Amendment as a whole and
not to any particular provision of this Amendment.  The term “including” means
“including, without limitation,”.  Paragraph headings have been inserted in this
Amendment as a matter of convenience for reference only and it is agreed that
such paragraph headings are not a part of this Amendment and shall not be used
in the interpretation of any provision of this Amendment.

 

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Section 3.              Amendments to Credit Agreement.

 

(a)           The definition of “Bond Debt” in Section 1.01 of the Credit
Agreement is hereby restated in its entirety as follows:

 

“Bond Debt” means Debt in respect of the issuance by the Borrower of senior or
senior subordinated bonds or notes, which Debt (a) shall have (i) a scheduled
maturity date that is no earlier than March 29, 2017, (ii) no (A) maintenance
financial covenant or (B) other covenants and events of default that are (taken
as a whole) more restrictive in any material respect than those set forth in
this Agreement and the other Loan Documents, (iii) no restriction on the ability
of the Borrower or any of its Subsidiaries to amend, modify or otherwise
supplement this Agreement or the other Loan Documents or to repay or prepay
Loans, (iv) no Lien securing such Debt, (v) no restriction on the ability of the
Borrower or any of its Subsidiaries to guarantee the Obligations or pledge
assets as collateral security for the Obligations, and (vi) a bullet repayment
and not provide for scheduled amortization or mandatory prepayments that are not
Events of Default hereunder (other than amortization resulting from any
mandatory prepayments required in respect of such Debt in connection with the
occurrence of an event of default under such Debt, a change in control of the
issuer, including a disposition of all or substantially all of the assets of the
Borrower and its Subsidiaries, a liquidation or dissolution of the Borrower, or
any event constituting a Change in Control (as defined herein) or an asset sale
by the issuer or a Subsidiary thereof), (b) shall not otherwise cause the
occurrence of a Default or Event of Default after giving effect to the issuance
of such Debt, (c) shall not require any payments of cash upon any conversion of
such Debt (if such Debt is convertible) other than in respect of fractional
interests or to the extent such conversion may not be exercised prior to one
year after the Maturity Date, and (d) may be guaranteed by the Subsidiaries of
the Borrower, provided that no Lien secures such guarantees and such
Subsidiaries are Obligors.

 

(b)           Section 6.02(g) and Section 6.02(h) of the Credit Agreement are
each hereby amended by replacing each reference to “$250,000,000” with a
reference to “$500,000,000”.

 

Section 4.              Representations and Warranties.  The Borrower and each
Guarantor represents and warrants that: (a) the representations and warranties
contained in the Credit Agreement and the representations and warranties
contained in the other Loan Documents are true and correct in all material
respects on and as of the Effective Date as if made on and as of such date,
except to the extent that any such representation or warranty expressly relates
solely to an earlier date, in which case such representation or warranty is true
and correct in all material respects as of such earlier date; (b) no Default has
occurred and is continuing; (c) the execution, delivery and performance of this
Amendment are within the corporate power and authority of such Person and have
been duly authorized by appropriate corporate action and proceedings; (d) this
Amendment constitutes the legal, valid, and binding obligation of such Person
enforceable in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting
the rights of creditors generally and general principles of equity; (e) there
are no governmental or other third party consents, licenses and approvals
required in connection with the

 

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execution, delivery, performance, validity and enforceability of this Amendment;
(f) the Liens under the Security Instruments are valid and subsisting and secure
Borrower’s obligations under the Loan Documents; and (g) as to each Guarantor,
it has no defenses to the enforcement of its Guaranty.

 

Section 5.              Conditions to Effectiveness.

 

(a)           This Amendment shall become effective on the Effective Date and
enforceable against the parties hereto upon the occurrence of the following
conditions precedent:

 

(i)            The Administrative Agent shall have received multiple original
counterparts, as requested by the Administrative Agent, of this Amendment duly
and validly executed and delivered by duly authorized officers of the Borrower,
the Guarantors, the Issuing Lender and the Lenders.

 

(ii)           No Default shall have occurred and be continuing as of the
Effective Date.

 

(iii)          The representations and warranties in this Amendment shall be
true and correct in all material respects.

 

(iv)          The Borrower shall have paid all costs and expenses which have
been invoiced and are payable pursuant to Section 10.04 of the Credit Agreement.

 

Section 6.              Acknowledgments and Agreements.

 

(a)           The Borrower acknowledges that on the date hereof all Obligations
are payable without defense, offset, counterclaim or recoupment.

 

(b)           The Administrative Agent, the Issuing Lender and the Lenders
hereby expressly reserve all of their rights, remedies, and claims under the
Loan Documents.  Nothing in this Amendment shall constitute a waiver or
relinquishment of (i) any Default or Event of Default under any of the Loan
Documents, (ii) any of the agreements, terms or conditions contained in any of
the Loan Documents, (iii) any rights or remedies of the Administrative Agent,
the Issuing Lender or any Lender with respect to the Loan Documents, or (iv) the
rights of the Administrative Agent, the Issuing Lender or any Lender to collect
the full amounts owing to them under the Loan Documents.

 

(c)           Each of the Borrower, the Administrative Agent, the Issuing Lender
and the Lenders does hereby adopt, ratify, and confirm the Credit Agreement, as
amended hereby, and acknowledges and agrees that the Credit Agreement, as
amended hereby, is and remains in full force and effect, and the Borrower
acknowledges and agrees that its liabilities and obligations under the Credit
Agreement, as amended hereby, are not impaired in any respect by this Amendment.

 

(d)           From and after the Effective Date, all references to the Credit
Agreement and the Loan Documents shall mean such Credit Agreement and such Loan
Documents as amended by this Amendment.

 

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(e)           This Amendment is a Loan Document for the purposes of the
provisions of the other Loan Documents.  Without limiting the foregoing, any
breach of representations, warranties, and covenants under this Amendment shall
be a Default or Event of Default, as applicable, under the Credit Agreement.

 

Section 7.              Reaffirmation of Guaranty.  Each Guarantor hereby
ratifies, confirms, acknowledges and agrees that its obligations under its
Guaranty are in full force and effect and that such Guarantor continues to
unconditionally and irrevocably guarantee the full and punctual payment, when
due, whether at stated maturity or earlier by acceleration or otherwise, of all
of the Obligations, as such Obligations may have been amended by this Amendment,
and its execution and delivery of this Amendment does not indicate or establish
an approval or consent requirement by the Guarantor in connection with the
execution and delivery of amendments, consents or waivers to the Credit
Agreement or any of the other Loan Documents.

 

Section 8.              Counterparts.  This Amendment may be signed in any
number of counterparts, each of which shall be an original and all of which,
taken together, constitute a single instrument.  This Amendment may be executed
by facsimile signature or signature delivered by other electronic means and all
such signatures shall be effective as originals.

 

Section 9.              Successors and Assigns.  This Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted pursuant to the Credit Agreement.

 

Section 10.            Invalidity.  In the event that any one or more of the
provisions contained in this Amendment shall for any reason be held invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this Amendment.

 

Section 11.            Governing Law.  This Amendment shall be deemed to be a
contract made under and shall be governed by and construed in accordance with
the laws of the State of Texas.

 

Section 12.            RELEASE.  THE BORROWER ACKNOWLEDGES THAT ON THE DATE
HEREOF ALL OBLIGATIONS ARE PAYABLE WITHOUT DEFENSE, OFFSET, COUNTERCLAIM OR
RECOUPMENT.  IN ADDITION, EACH OF THE BORROWER, THE GUARANTORS AND EACH OF THEIR
RESPECTIVE SUBSIDIARIES (FOR THEMSELVES AND THEIR RESPECTIVE SUCCESSORS, AGENTS,
ASSIGNS, TRANSFEREES, OFFICERS, DIRECTORS, EMPLOYEES, SHAREHOLDERS, ATTORNEYS
AND AGENTS) HEREBY RELEASES ANY AND ALL CLAIMS, CAUSES OF ACTION OR OTHER
DISPUTES IT MAY HAVE AGAINST THE ADMINISTRATIVE AGENT, THE ISSUING LENDER, ANY
OF THE LENDERS, LEGAL COUNSEL TO THE ADMINISTRATIVE AGENT, THE ISSUING LENDER OR
ANY OF THE LENDERS, CONSULTANTS HIRED BY ANY OF THE FOREGOING, OR ANY OF THEIR
RESPECTIVE AFFILIATES, SUBSIDIARIES, SHAREHOLDERS, AGENTS, DIRECTORS, OFFICERS,
EMPLOYEES, REPRESENTATIVES, SUCCESSORS OR ASSIGNS OF ANY KIND OR NATURE ARISING
OUT OF, RELATED TO, OR IN ANY WAY CONNECTED WITH, THE CREDIT AGREEMENT OR THE
LOAN DOCUMENTS, IN EACH CASE WHICH MAY HAVE ARISEN ON OR BEFORE THE DATE OF THIS
AMENDMENT.  EACH OF THE BORROWER, THE GUARANTORS AND THEIR RESPECTIVE

 

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SUBSIDIARIES HEREBY ACKNOWLEDGES THAT IT HAS READ THIS AMENDMENT AND HAS
CONFERRED WITH ITS COUNSEL AND ADVISORS REGARDING ITS CONTENT, INCLUDING THIS
SECTION 12, AND IS FREELY AND VOLUNTARILY ENTERING INTO THIS AMENDMENT, AND
HEREBY AGREES TO WAIVE ANY CLAIM THAT THE TERMS OF THIS AMENDMENT (INCLUDING,
WITHOUT LIMITATION, THE RELEASES CONTAINED HEREIN) ARE INVALID OR OTHERWISE
UNENFORCEABLE.

 

Section 13.            Entire Agreement.  THIS AMENDMENT, THE CREDIT AGREEMENT
AS AMENDED BY THIS AMENDMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS CONSTITUTE
THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT
MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT
THERETO.

 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

[signature pages follow]

 

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EXECUTED effective as of the date first above written.

 

BORROWER:

BONANZA CREEK ENERGY, INC.

 

 

 

 

 

By:

/s/ Christopher I. Humber

 

Name: Christopher I. Humber

 

Title: Senior Vice President & General Counsel

 

 

GUARANTORS:

 

 

 

BONANZA CREEK ENERGY OPERATING COMPANY, LLC

 

By: Bonanza Creek Energy, Inc., its Manager

 

 

 

 

 

 

By:

/s/ Christopher I. Humber

 

Name: Christopher I. Humber

 

Title: Senior Vice President & General Counsel

 

 

 

 

 

 

 

BONANZA CREEK ENERGY RESOURCES, LLC

 

 

 

 

 

 

 

By:

/s/ Christopher I. Humber

 

Name: Christopher I. Humber

 

Title: Senior Vice President & General Counsel

 

 

 

 

 

 

 

BONANZA CREEK ENERGY MIDSTREAM, LLC

 

 

 

 

 

 

 

By:

/s/ Christopher I. Humber

 

Name: Christopher I. Humber

 

Title: Senior Vice President & General Counsel

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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BONANZA CREEK ENERGY UPSTREAM LLC

 

 

 

 

 

 

 

By:

/s/ Christopher I. Humber

 

Name: Christopher I. Humber

 

Title: Senior Vice President & General Counsel

 

 

 

 

HOLMES EASTERN COMPANY, LLC

 

 

 

 

 

 

 

By:

/s/ Christopher I. Humber

 

Name: Christopher I. Humber

 

Title: Senior Vice President & General Counsel

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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ADMINISTRATIVE AGENT/

 

 

ISSUING LENDER/LENDER:

KEYBANK NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender, and a
Lender

 

 

 

 

 

 

 

By:

/s/ Chulley Bogle

 

Name: Chulley Bogle

 

Title: Vice President

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

COMPASS BANK, as a Lender

 

 

 

 

 

 

 

By:

/s/ James Neblett

 

Name: James Neblett

 

Title: Vice President

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

SOCIÉTÉ GÉNÉRALE, as a Lender

 

 

 

 

 

 

 

By:

/s/ Elna Robciuc

 

Name: Elna Robciuc

 

Title: Director

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

BMO HARRIS FINANCING, INC., as a Lender

 

 

 

 

 

 

 

By:

/s/ Joe Bliss

 

Name: Joe Bliss

 

Title: Managing Director

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

WELLS FARGO BANK. N.A., as a Lender

 

 

 

 

 

 

 

By:

/s/ Richard Gan

 

Name: Richard Gan

 

Title: Managing Director

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

JPMORGAN CHASE BANK, N.A., as a Lender

 

 

 

 

 

 

 

By:

/s/ David Morris

 

Name: David Morris

 

Title: Authorized Officer

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

ROYAL BANK OF CANADA, as a Lender

 

 

 

 

 

 

 

By:

/s/ Kristan Spivey

 

Name: Kristan Spivey

 

Title: Authorized Signatory

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

CADENCE BANK, N.A., as a Lender

 

 

 

 

 

 

 

By:

/s/ Eric Broussard

 

Name: Eric Broussard

 

Title: Senior Vice President

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

IBERIABANK, as a Lender

 

 

 

 

 

 

 

By:

/s/ Cameron D. Jones

 

Name: Cameron D. Jones

 

Title: Vice President

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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LENDER:

THE BANK OF NOVA SCOTIA, as a Lender

 

 

 

 

 

 

 

By:

/s/ Terry Donovan

 

Name: Terry Donovan

 

Title: Managing Director

 

Signature Page to Amendment No. 6

Bonanza Creek Energy, Inc.

 

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