EXHIBIT 10.1

 

THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT

 

This THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made as of October 26, 2011, by and among ANTERO RESOURCES
CORPORATION, a Delaware corporation (“Antero”), ANTERO RESOURCES PICEANCE
CORPORATION, a Delaware corporation (“Antero Piceance”), ANTERO RESOURCES
PIPELINE CORPORATION, a Delaware corporation (“Antero Pipeline”), and ANTERO
RESOURCES APPALACHIAN CORPORATION, a Delaware corporation (“Antero Appalachian”
and, together with Antero, Antero Piceance and Antero Pipeline, each, a
“Borrower” and collectively, the “Borrowers”), CERTAIN SUBSIDIARIES OF
BORROWERS, as Guarantors, the LENDERS party hereto, and JPMORGAN CHASE BANK,
N.A., as Administrative Agent (in such capacity, the “Administrative Agent”). 
Unless otherwise expressly defined herein, capitalized terms used but not
defined in this Amendment have the meanings assigned to such terms in the Credit
Agreement (as defined below).

 

WITNESSETH:

 

WHEREAS, the Borrowers, the Guarantors, the Administrative Agent and the Lenders
have entered into that certain Fourth Amended and Restated Credit Agreement,
dated as of November 4, 2010 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);
and

 

WHEREAS, the Administrative Agent, the Lenders, the Borrowers and the Guarantors
have agreed to amend the Credit Agreement as provided herein subject to the
terms and conditions set forth herein.

 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and confessed, the Borrowers, the
Guarantors, the Administrative Agent and the Lenders hereby agree as follows:

 

SECTION 1.         Amendments to Credit Agreement.  Subject to the satisfaction
or waiver in writing of each condition precedent set forth in Section 5 of this
Amendment, and in reliance on the representations, warranties, covenants and
agreements contained in this Amendment, the Credit Agreement shall be amended in
the manner provided in this Section 1.

 

1.1     Amended Definitions.  The following definitions in Section 1.01 of the
Credit Agreement shall be and they hereby are amended and restated in their
respective entireties to read as follows:

 

“Aggregate Commitment” means, at any time, the sum of the Commitments of all the
Lenders at such time, as such amount may be reduced or increased from time to
time pursuant to Section 2.02 and Section 2.03; provided that such amount shall
not at any time exceed the lesser of (a) the Borrowing

 

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Base then in effect and (b) the Maximum Facility Amount.  As of the Third
Amendment Effective Date, the Aggregate Commitment is $850,000,000.

 

“Fee Letters” means (a) that certain fee letter, dated October 7, 2010, among
the Borrowers, the Administrative Agent and J.P. Morgan Securities LLC, (b) that
certain fee letter, dated October 7, 2010, among the Borrowers, Wells Fargo
Bank, N.A. and Wells Fargo Securities, LLC, (c) that certain fee letter, dated
May 3, 2011, among the Borrowers, the Administrative Agent and J.P. Morgan
Securities LLC, (d) that certain fee letter, dated May 3, 2011, among the
Borrowers, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC, and (e) that
certain fee letter, dated October 26, 2011, among the Borrowers, the
Administrative Agent and J.P. Morgan Securities LLC.

 

1.2     Additional Definition.  The following definition shall be and it hereby
is added to Section 1.01 of the Credit Agreement in appropriate alphabetical
order:

 

“Third Amendment Effective Date” means October 26, 2011.

 

1.3          Schedules.  Schedule 1.01 to the Credit Agreement shall be and it
hereby is amended in its entirety and replaced with Schedule 1.01 attached
hereto.

 

SECTION 2.         Redetermined Borrowing Base.  This Amendment shall constitute
notice of the Redetermination of the Borrowing Base pursuant to Section 3.05 of
the Credit Agreement, and the Administrative Agent, the Lenders, the Borrowers
and the Guarantors hereby acknowledge that effective as of the Third Amendment
Effective Date, the Borrowing Base is $1,200,000,000, and such redetermined
Borrowing Base shall remain in effect until the earlier of (i) the next
Redetermination of the Borrowing Base and (ii) the date such Borrowing Base is
otherwise adjusted pursuant to the terms of the Credit Agreement.

 

SECTION 3.         New Lenders and Reallocation and Increase of Commitments. 
The Lenders have agreed among themselves to reallocate their respective
Commitments, and to, among other things, (a) permit one or more of the Lenders
to increase their respective Commitments under the Credit Agreement (each, an
“Increasing Lender”) and (b) allow certain financial institutions identified by
J.P. Morgan Securities LLC (“J.P. Morgan”), in its capacity as an Arranger, in
consultation with the Borrowers, to become a party to the Credit Agreement as a
Lender (each, a “New Lender”) by acquiring an interest in the Aggregate
Commitment.  Each of the Administrative Agent and the Borrowers hereby consent
to (i) the reallocation of the Commitments, (ii) each New Lender’s acquisition
of an interest in the Aggregate Commitment, and (iii) the increase in each
Increasing Lender’s Commitment.  On the date this Amendment becomes effective
and after giving effect to such reallocation and increase of the Aggregate
Commitment, the Commitment of each Lender shall be as set forth on Schedule 1.01
of this Amendment.  Each Lender hereby consents to the Commitments set forth on
Schedule 1.01 of this Amendment.  The reallocation of the Aggregate Commitment
among the Lenders shall be deemed to have been consummated pursuant to the terms
of the Assignment and Assumption attached as Exhibit A to the Credit Agreement
as if the Lenders had executed an Assignment and Assumption with respect to such
reallocation.  The Administrative Agent hereby waives the $3,500 processing and
recordation fee set forth in Section 11.04(b)(ii)(C) of the Credit

 

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Agreement with respect to the assignments and reallocations contemplated by this
Section 3.  The increase in each Increasing Lender’s Commitment and the
acquisition by each New Lender of an interest in the Aggregate Commitment shall
be deemed to have been consummated pursuant to the terms of the Lender
Certificate attached as Exhibit E to the Credit Agreement as if such Increasing
Lender or New Lender, as the case may be, had executed a Lender Certificate with
respect to such increase or acquisition.  To the extent requested by any Lender
and in accordance with Section 2.16 of the Credit Agreement, the Borrowers shall
pay to such Lender, within the time period prescribed by Section 2.16 of the
Credit Agreement, any amounts required to be paid by the Borrowers under
Section 2.16 of the Credit Agreement in the event the payment of any principal
of any Eurodollar Loan or the conversion of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto is required in connection
with the reallocation contemplated by this Section 3.

 

SECTION 4.         Security Agreement Clarification.  The Administrative Agent,
each Lender and each Credit Party hereby agrees that to the extent of any
inconsistencies in Sections 5.6 and 5.7 of the Security Agreement and
Section 2.18(b) of the Credit Agreement regarding the pro-rata sharing of
payments required thereby, Section 5.6 of the Security Agreement and
Section 2.18(b) of the Credit Agreement shall control.

 

SECTION 5.         Conditions.  The amendments to the Credit Agreement contained
in Section 1 of this Amendment, the redetermination of the Borrowing Base
contained in Section 2 of this Amendment, the increase and reallocation of the
Commitments contained in Section 3 of this Amendment, and the clarification to
the Security Agreement set forth in Section 4 of this Amendment shall be
effective upon the satisfaction of each of the conditions set forth in this
Section 5.

 

5.1     Execution and Delivery.  Each Credit Party, the Lenders, and the
Administrative Agent shall have executed and delivered this Amendment.

 

5.2     No Default.  No Default shall have occurred and be continuing or shall
result from the effectiveness of this Amendment.

 

5.3     Fees.  The Borrowers, the Administrative Agent and J.P. Morgan shall
have executed and delivered a fee letter in connection with this Amendment, and
the Administrative Agent and J.P. Morgan shall have received the fees separately
agreed upon in such fee letter.

 

5.4     Other Documents.  The Administrative Agent shall have received such
other instruments and documents incidental and appropriate to the transactions
provided for herein as the Administrative Agent or its special counsel may
reasonably request, and all such documents shall be in form and substance
reasonably satisfactory to the Administrative Agent.

 

SECTION 6.  Post-Closing Covenant.  Within thirty (30) days following the Third
Amendment Effective Date (or such longer period as permitted by the
Administrative Agent in its sole discretion), the Borrowers shall deliver to the
Administrative Agent Mortgages and title information, in each case, reasonably
satisfactory to the Administrative Agent with respect to the

 

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Borrowing Base Properties, or the portion thereof, as required by Sections 6.09
and 6.10 of the Credit Agreement.

 

SECTION 7.         Representations and Warranties of Credit Parties.  To induce
the Lenders to enter into this Amendment, each Credit Party hereby represents
and warrants to the Lenders as follows:

 

7.1     Reaffirmation of Representations and Warranties/Further Assurances. 
After giving effect to the amendments herein, each representation and warranty
of such Credit Party contained in the Credit Agreement and in each of the other
Loan Documents is true and correct in all material respects as of the date
hereof (except to the extent such representations and warranties specifically
refer to an earlier date, in which case they are true and correct in all
material respects as of such earlier date).

 

7.2     Corporate Authority; No Conflicts.  The execution, delivery and
performance by each Credit Party of this Amendment are within such Credit
Party’s corporate or other organizational powers, have been duly authorized by
necessary action, require no action by or in respect of, or filing with, any
court or agency of government and do not violate or constitute a default under
any provision of any applicable law or other agreements binding upon any Credit
Party or result in the creation or imposition of any Lien upon any of the assets
of any Credit Party except for Permitted Liens and otherwise as permitted in the
Credit Agreement.

 

7.3     Enforceability.  This Amendment constitutes the valid and binding
obligation of the Borrowers and each other Credit Party enforceable in
accordance with its terms, except as (i) the enforceability thereof may be
limited by bankruptcy, insolvency or similar laws affecting creditor’s rights
generally, and (ii) the availability of equitable remedies may be limited by
equitable principles of general application.

 

7.4     No Default.  As of the date hereof, both before and immediately after
giving effect to this Amendment, no Default has occurred and is continuing.

 

7.5     Organizational Documents.  As of the date hereof, there have been no
amendments, supplements, modifications or changes to the Organizational
Documents of the Credit Parties since copies of such Organizational Documents
were delivered to the Administrative Agent on November 4, 2010 (or in the case
of Antero Bluestone, on March 31, 2011), and each of the Organizational
Documents of the Credit Parties is in full force and effect on the date hereof.

 

SECTION 8.   Miscellaneous.

 

8.1     Reaffirmation of Loan Documents and Liens.  Any and all of the terms and
provisions of the Credit Agreement and the Loan Documents shall, except as
amended and modified hereby, remain in full force and effect and are hereby in
all respects ratified and confirmed by each Credit Party.  Each Borrower and
each Guarantor hereby agree that the amendments and modifications herein
contained shall in no manner affect or impair the

 

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liabilities, duties and obligations of any Credit Party under the Credit
Agreement and the other Loan Documents or the Liens securing the payment and
performance thereof.

 

8.2     Parties in Interest.  All of the terms and provisions of this Amendment
shall bind and inure to the benefit of the parties hereto and their respective
successors and assigns.

 

8.3     Legal Expenses.  Each Credit Party hereby agrees to pay all reasonable
fees and expenses of special counsel to the Administrative Agent incurred by the
Administrative Agent in connection with the preparation, negotiation and
execution of this Amendment and all related documents.

 

8.4     Counterparts.  This Amendment may be executed in one or more
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;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document.  Delivery of photocopies of the signature pages to this
Amendment by facsimile or electronic mail shall be effective as delivery of
manually executed counterparts of this Amendment.

 

8.5     Complete Agreement.  THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

8.6     Headings.  The headings, captions and arrangements used in this
Amendment are, unless specified otherwise, for convenience only and shall not be
deemed to limit, amplify or modify the terms of this Amendment, nor affect the
meaning thereof.

 

8.7     Governing Law.  This Amendment shall be construed in accordance with and
governed by the laws of the State of New York.

 

8.8     Loan Document.  This Amendment shall constitute a Loan Document for all
purposes and in all respects.

 

[Remainder of page intentionally blank.

Signature pages follow.]

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
by their respective authorized officers to be effective as of the date first
above written.

 

 

BORROWERS:

 

 

 

 

ANTERO RESOURCES CORPORATION

 

 

 

 

ANTERO RESOURCES PICEANCE CORPORATION

 

 

 

 

ANTERO RESOURCES PIPELINE CORPORATION

 

 

 

 

ANTERO RESOURCES APPALACHIAN CORPORATION

 

 

 

 

 

 

 

 

 

By:

/s/ Alvyn A. Schopp

 

 

Name:

Alvyn A. Schopp

 

 

Title:

Treasurer and Vice President,

 

 

 

Administration and Accounting

 

 

 

 

 

 

 

 

 

RESTRICTED SUBSIDIARIES:

 

 

 

 

 

ANTERO RESOURCES FINANCE CORPORATION

 

 

 

 

 

 

 

 

 

By:

/s/ Alvyn A. Schopp

 

 

Name:

Alvyn A. Schopp

 

 

Title:

Treasurer and Vice President,

 

 

 

Administration and Accounting

 

 

 

 

 

ANTERO RESOURCES BLUESTONE LLC

 

 

 

 

 

 

 

 

 

By:

/s/ Alvyn A. Schopp

 

 

Name:

Alvyn A. Schopp

 

 

Title:

Vice President — Accounting &

 

 

 

Administration/Treasurer

 

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JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent, Issuing Bank and a Lender

 

 

 

 

 

By:

/s/ Brian Orlando

 

 

Name:

Brian Orlando

 

 

Title:

Authorized Officer

 

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WELLS FARGO BANK, N.A.,

 

as Syndication Agent and a Lender

 

 

 

 

 

By:

/s/ Oleg Kogan

 

 

Name:

Oleg Kogan

 

 

Title:

Director

 

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BANK OF SCOTLAND PLC,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

By:

/s/ Julia R. Franklin

 

 

Name:

Julia R. Franklin

 

 

Title:

Assistant Vice President

 

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BNP PARIBAS,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

By:

/s/ Russell Otts

 

 

Name:

Russell Otts

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

By:

/s/ Matt Turner

 

 

Name:

Matt Turner

 

 

Title:

Vice President

 

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

By:

/s/ Sharada Manne

 

 

Name:

Sharada Manne

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

By:

/s/ Mark A. Roche

 

 

Name:

Mark A. Roche

 

 

Title:

Managing Director

 

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DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

By:

/s/ Michael Getz

 

 

Name:

Michael Getz

 

 

Title:

Vice President

 

 

 

 

 

 

 

By:

/s/ Erin Morrissey

 

 

Name:

Erin Morrissey

 

 

Title:

Director

 

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UNION BANK, N.A.,

 

as Co-Documentation Agent and a Lender

 

 

 

 

 

 

 

By:

/s/ Jarrod Bourgeois

 

 

Name:

Jarrod Bourgeois

 

 

Title:

Vice President

 

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BARCLAYS BANK PLC,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Vannessa A. Kurbatskiy

 

 

Name:

Vanessa A. Kurbatskiy

 

 

Title:

Vice President

 

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COMERICA BANK,

 

as a Lender

 

 

 

 

 

By:

/s/ Katya Evseev

 

 

Name:

Katya Evseev

 

 

Title:

CorporateBankingOfficer

 

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

 

as a Lender

 

 

 

 

 

By:

/s/ Nupur Kumar

 

 

Name:

Nupur Kumar

 

 

Title:

Vice President

 

 

 

 

 

 

 

By:

/s/ Michael D. Spaight

 

 

Name:

Michael D. Spaight

 

 

Title:

Associate

 

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KEY BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

By:

/s/ David M. Morris

 

 

Name:

David M. Morris

 

 

Title:

Vice President

 

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U.S. BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

By:

/s/ Daria Mahoney

 

 

Name:

Daria Mahoney

 

 

Title:

Vice President

 

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GUARANTY BANK AND TRUST COMPANY,

 

as a Lender

 

 

 

 

 

By:

/s/ Gail J. Nofsinger

 

 

Name:

Gail J. Nofsinger

 

 

Title:

SeniorVicePresident

 

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CITIBANK, N.A.,

 

as a Lender

 

 

 

 

 

By:

/s/ John Miller

 

 

Name:

John Miller

 

 

Title:

VicePresident

 

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SCHEDULE 1.01

 

Applicable Percentages and Commitments

 

Lender

 

Applicable
Percentage

 

Commitment

 

JPMorgan Chase Bank, N.A.

 

11.764705882

%

$

100,000,000

 

Wells Fargo Bank, N.A.

 

11.764705882

%

$

100,000,000

 

Credit Agricole Corporate and Investment Bank

 

9.411764706

%

$

80,000,000

 

Deutsche Bank Trust Company Americas

 

9.411764706

%

$

80,000,000

 

Union Bank, N.A.

 

9.411764706

%

$

80,000,000

 

BNP Paribas

 

8.823529412

%

$

75,000,000

 

Bank of Scotland, plc

 

8.529411765

%

$

72,500,000

 

Barclays Bank PLC

 

6.176470588

%

$

52,500,000

 

Comerica Bank

 

6.176470588

%

$

52,500,000

 

Citibank, N.A.

 

5.882352941

%

$

50,000,000

 

KeyBank National Association

 

4.235294118

%

$

36,000,000

 

U.S. Bank National Association

 

4.235294118

%

$

36,000,000

 

Credit Suisse AG, Cayman Islands Branch

 

3.117647059

%

$

26,500,000

 

Guaranty Bank and Trust Company

 

1.058823529

%

$

9,000,000

 

TOTAL

 

100.0000000

%

$

850,000,000

 

 

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