Exhibit 10.1

JPMORGAN CHASE BANK, N.A.

December 30, 2016

EXCO Resources, Inc.

12377 Merit Drive

Suite 1700

Dallas, Texas 75251

Attention:    Chief Financial Officer

Re:    Limited Consent

Ladies and Gentleman:

Reference is hereby made to that certain (i) Amended and Restated Credit
Agreement, dated as of July 31, 2013, among EXCO Resources, Inc., a Texas
corporation, as the Borrower, certain Subsidiaries of the Borrower, as
Guarantors, the lenders from time to time party thereto (the “Lenders”) and
JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”) (as the same may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”) and (ii) letter agreement dated as of September 1, 2016 by
and among Borrower, certain Subsidiaries of the Borrower, the Lenders (or at
least the requisite percentage thereof) and the Administrative Agent (the “Fall
2016 Limited Consent”). Capitalized terms used and not otherwise defined herein
shall have the meanings given such terms in the Credit Agreement. References
herein to any Section shall be to a Section of the Credit Agreement unless
otherwise specifically provided.

Pursuant to Sections 3.02, 3.03, and 3.04, the next Scheduled Redetermination of
the Borrowing Base was scheduled to occur on or about September 1, 2016 and
pursuant to the Fall 2016 Limited Consent, such Scheduled Redetermination of the
Borrowing Base was postponed until on or about November 1, 2016. The Borrower
has requested that the Scheduled Redetermination to occur on or about
November 1, 2016 be postponed until February 1, 2017. Subject to the terms and
conditions described herein, the Administrative Agent and the Lenders (or at
least the required percentage thereof) are willing to postpone the Scheduled
Redetermination to occur on or about November 1, 2016 until on or about
February 1, 2017 (the “Postponed Redetermination”).

Accordingly, subject to the terms and conditions set forth below, and in
reliance on the representations, warranties, acknowledgments and agreements
contained herein, the Administrative Agent and the Lenders (or at least the
required percentage thereof) hereby consent and agree to the Postponed
Redetermination; provided that, from and after the date hereof and until the
date such Postponed Redetermination becomes effective, (i) the Borrower shall
not request that (A) the Lenders make any Loans and/or (B) the Issuing Bank
issue, amend, renew or extend any Letter of Credit, if at the time of and
immediately after giving effect to such Borrowing or issuance, amendment,
renewal or extension of such Letter of Credit, as applicable, the Aggregate
Revolving Credit Exposure would exceed $285,000,000, (ii) Borrower and the

 

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other Credit Parties agree that any request made in violation of clause
(i) above shall be null and void and Lenders shall not be obligated to make any
Loans and the Issuing Bank shall not be obligated to issue, amend, renew or
extend any Letter of Credit pursuant to any such request and (iii) solely for
purposes of calculating compliance with the pro forma liquidity conditions in
Sections 7.06 and 7.10, Revolving Commitments shall be deemed to be
$285,000,000; provided further, that notwithstanding the foregoing, the Borrower
shall be permitted to use the Aggregate Unused Commitments for purposes of
calculating the Consolidated Current Ratio for each of the fiscal quarters
ending on September 30, 2016 and December 31, 2016.

As consideration for the agreements set forth herein, the Borrower hereby agrees
to pay to JPMorgan Chase Bank, N.A. for the account of each Lender that executes
this limited consent before 2:00 p.m. (Dallas, Texas time) on December 29, 2016
(each such Lender a “Consenting Lender”), a consent fee in an amount equal to
the sum of 10 basis points of each Consenting Lender’s Commitment, which consent
fee shall be due and payable on the effective date of this limited consent and
shall be allocated to the Consenting Lenders based on their Applicable
Percentage on the date hereof.

The entire amount of the fees payable hereunder will be fully earned upon
becoming due and payable in accordance with the terms hereof. All fees payable
hereunder shall be paid in immediately available funds and shall be in addition
to reimbursement of our out-of-pocket expenses and any other fees specified in
the Credit Agreement and the other Loan Documents. The Borrower agrees that,
once paid, the fees or any part thereof payable hereunder shall not be
refundable under any circumstances. The Borrower agrees that JPMorgan Chase
Bank, N.A. may share the fees payable hereunder with the other Lenders as set
forth above.

By its signature below, each Credit Party agrees that, except as expressly set
forth above, nothing herein shall be construed as (a) a consent or agreement to,
a waiver or continuing waiver of or a modification of any of the provisions of
the Credit Agreement or any other Loan Documents, including Sections 3.02, 3.03
or 3.04, or (b) a waiver of any Default or Event of Default now existing or
hereafter arising under the Credit Agreement or any other Loan Document. The
consent set forth herein is expressly limited as follows: (x) such consent is
limited solely to the postponement of the Scheduled Redetermination, and
(y) such consent is a limited one-time consent, and nothing contained herein
shall obligate the Lenders to grant any additional or future consent, or to
grant (i) any waiver of Sections 3.02, 3.03 or 3.04 or any other provision of
the Credit Agreement or any other Loan Document or (ii) any waiver of any
Default or Event of Default now existing or hereafter arising under the Credit
Agreement or any other Loan Document.

By its signature below, each Credit Party hereby (a) acknowledges and agrees
that the Credit Agreement and the other Loan Documents are hereby ratified and
confirmed in all respects and shall remain in full force and effect;
(b) ratifies and reaffirms its obligations under, and acknowledges, renews and
extends its continued liability under, the Credit Agreement and each other Loan
Document to which it is a party; (c) ratifies and reaffirms all of the Liens
securing the payment and performance of the Obligations; (d) represents and
warrants to the Administrative Agent and the Lenders that, as of the date
hereof, (i) all of the representations and warranties

 

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contained in the Credit Agreement and each Loan Document to which it is a party
are true and correct in all material respects, 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 or Event of Default has occurred and is continuing and (e) acknowledges
and agrees that this letter agreement shall constitute a Loan Document for all
purposes and in all respects.

This limited consent shall become effective as of the date first written above
when and only when the Administrative Agent shall have received duly executed
counterparts of this limited consent signed by each Credit Party and the Lenders
(or at least the required percentage thereof).

This limited consent shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York. This limited consent may be
executed in counterparts with each counterpart constituting an original and all
of the counterparts, once executed, constituting but one original. Delivery of
an executed counterpart by facsimile or other electronic means shall be
effective as delivery of an original executed counterpart.

[Signature Pages Follow]

 

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If the foregoing is acceptable to you, please execute a copy of this limited
consent in the spaces provided below to evidence your acceptance and approval of
the foregoing and return a fully-executed counterpart of this limited consent to
the attention of the undersigned.

 

Very truly yours,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and a Lender

By:  

/s/ David Morris

Name: David Morris Title:   Authorized Officer

JP MORGAN CHASE BANK, N.A.,

as Sole Bookrunner and Co-Lead Arranger

By:  

/s/ David Morris

Name: David Morris Title:   Authorized Officer

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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

 

Name:   Title:  

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Bryan McDavid

Name: Bryan McDavid Title: Director

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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BMO HARRIS BANK N.A., as a Lender By:  

/s/ James V. Ducote

Name: James V. Ducote Title: Managing Director

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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UBS AG, STAMFORD BRANCH, as a Lender By:  

/s/ Houssem Daly

Name: Houssem Daly Title: Associate Director By:  

/s/ Kenneth Chin

Name: Kenneth Chin Title: Director

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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CREDIT SUISSE AG, Cayman Islands Branch, as a Lender By:  

/s/ Didier Siffer

Name: Didier Siffer Title: Authorized Signatory By:  

/s/ Julia Bykhovskaia

Name: Julia Bykhovskaia Title: Authorized Signatory

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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NATIXIS, NEW YORK BRANCH as a Lender By:  

/s/ Brice Le Foyer

Name: Brice Le Foyer Title: Director By:  

/s/ Vikram Nath

Name: Vikram Nath Title: Vice President

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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DEUTSCHE BANK AG NEW YORK

BRANCH,

as a Lender By:  

/s/ Dusan Lazarov

Name: Dusan Lazarov Title: Director By:  

/s/ Marcus Tarkington

Name: Marcus Tarkington Title: Director

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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GOLDMAN SACHS BANK USA, as a Lender By:  

/s/ Shital Bhatt

Name: Shital Bhatt Title: Authorized Signatory

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Laurel Varney

Name: Laurel Varney Title: Vice President

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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CIT FINANCE LLC, as a Lender By:  

 

Name:   Title:  

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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ING CAPITAL LLC, as a Lender By:  

/s/ Juli Bieser

Name: Juli Bieser Title: Managing Director By:  

/s/ Scott Lamoreaux

Name: Scott Lamoreaux Title: Director

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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ACCEPTED AND AGREED TO: BORROWER: EXCO RESOURCES, INC. By:  

/s/ Tyler Farquharson

Name: Tyler Farquharson
Title: Vice President, acting Chief Financial Officer and Treasurer

GUARANTORS:

EXCO HOLDING (PA), INC.

EXCO PRODUCTION COMPANY (PA), LLC

EXCO PRODUCTION COMPANY (WV), LLC

EXCO RESOURCES (XA), LLC

EXCO SERVICES, INC.

EXCO MIDCONTINENT MLP, LLC

EXCO PARTNERS GP, LLC

EXCO PARTNERS OLP GP, LLC

EXCO HOLDING MLP, INC.

EXCO LAND COMPANY, LLC

By:  

/s/ Tyler Farquharson

Name: Tyler Farquharson Title: Vice President, acting Chief Financial Officer
and Treasurer EXCO OPERATING COMPANY, LP By:   EXCO Partners OLP GP, LLC,   its
general partner By:  

/s/ Tyler Farquharson

Name: Tyler Farquharson Title: Vice President, acting Chief Financial Officer
and Treasurer EXCO GP PARTNERS OLD, LP By:   EXCO Partners GP, LLC,   its
general partner By:  

/s/ Tyler Farquharson

Name: Tyler Farquharson Title: Vice President, acting Chief Financial Officer
and Treasurer

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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RAIDER MARKETING, LP By:   Raider Marketing GP, LLC,   its general partner By:  

/s/ Steven L. Estes

Name:   Steven L. Estes Title:   President RAIDER MARKETING GP, LLC By:  

/s/ Steven L. Estes

Name:   Steven L. Estes Title:   President

 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent

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