Exhibit 10.1

EXECUTION VERSION

FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (hereinafter referred to as the
“Amendment”) is dated as of November 8, 2011, by and among EXCO RESOURCES, INC.
(“Borrower”), CERTAIN SUBSIDIARIES OF BORROWER, as Guarantors (the
“Guarantors”), the LENDERS party hereto (the “Lenders”), and JPMORGAN CHASE
BANK, N.A., as Administrative Agent (“Administrative Agent”). Unless the context
otherwise requires or 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, Borrower, the Guarantors, Administrative Agent and the Lenders have
entered into that certain Credit Agreement dated as of April 30, 2010 (as the
same has been and may hereafter be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);
and

WHEREAS, Administrative Agent, the Lenders, Borrower and the Guarantors desire
to amend the Credit Agreement as provided herein upon 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, Borrower, the
Guarantors, 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 4 hereof, 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 or Section 2.03; provided that such amount shall
not at any time exceed the lesser of (a) the Maximum Facility Amount and (b) the
Borrowing Base then in effect. If at any time the Borrowing Base is reduced
below the Aggregate Commitment, the Aggregate Commitment shall be reduced
automatically to the amount of the Borrowing Base in effect at such time. As of
the Fourth Amendment Effective Date, the Aggregate Commitment is $1,600,000,000.

“Maximum Facility Amount” means $2,000,000,000.

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:

 

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“Fourth Amendment Effective Date” means November 8, 2011.

1.3 Schedules. Schedule 2.01 of the Credit Agreement shall be and it hereby is
amended and restated in its entirety and replaced with Schedule 2.01 attached
hereto.

SECTION 2. Redetermined Borrowing Base. This Amendment shall constitute notice
of a Scheduled Redetermination of the Borrowing Base pursuant to Section 3.04 of
the Credit Agreement, and Administrative Agent, the Lenders, Borrower and the
Guarantors hereby acknowledge that effective as of the date of this Amendment,
the Borrowing Base is $1,600,000,000 and such redetermined Borrowing Base shall
remain in effect until the earlier of (a) the next Redetermination of the
Borrowing Base or (b) the date such Borrowing Base is otherwise reduced pursuant
to the terms of the Credit Agreement.

SECTION 3. New Lenders, Departing 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 a
Co-Lead Arranger, in consultation with Borrower, to become a party to the Credit
Agreement as a Lender (each, a “New Lender”) by acquiring an interest in the
Aggregate Commitment. In addition, The Royal Bank of Scotland plc (the
“Departing Lender”) desires to assign all of its rights and obligations as a
Lender under the Credit Agreement to the other Lenders and to no longer be a
party to the Credit Agreement. Each of Administrative Agent and Borrower hereby
consent to (i) the reallocation of the Commitments, (ii) each New Lender’s
acquisition of an interest in the Aggregate Commitment, (iii) the increase in
each Increasing Lender’s Commitment and (iv) the Departing Lender’s assignment
of its rights, interests, liabilities and obligations under the Credit Agreement
to the other Lenders. On the date this Amendment becomes effective and after
giving effect to such reallocation, assignment and increase of the Aggregate
Commitment, the Commitment of the Departing Lender shall terminate and the
Commitment of each Lender shall be as set forth on Schedule 2.01 of this
Amendment. Each Lender hereby consents to the Commitments set forth on Schedule
2.01 of this Amendment. The reallocation of the Aggregate Commitment among the
Lenders, including the assignment by the Departing Lender of all of its rights,
interests, liabilities and obligations under the Credit Agreement to the other
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, including the Departing Lender, had executed an Assignment and
Assumption with respect to such reallocation. Administrative Agent hereby waives
the $3,500 processing and recordation fee set forth in Section 11.04(b)(ii)(C)
of the Credit 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 F 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, including the Departing Lender, and in accordance with
Section 2.17 of the Credit Agreement, Borrower shall pay to such Lender, within
the time period prescribed by Section 2.17 of the Credit Agreement, any amounts
required to be paid by Borrower under Section 2.17 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.

 

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SECTION 4. 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 and the reallocation of and increase in the
Aggregate Commitment contained in Section 3 of this Amendment shall be effective
upon the satisfaction of each of the conditions set forth in this Section 4.

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

4.2 No Default. No Default or Event of Default shall have occurred and be
continuing or shall result after giving effect to this Amendment.

4.3 Fees. Borrower, Administrative Agent and J.P. Morgan Securities LLC (“J.P.
Morgan”) shall have executed and delivered a fee letter in connection with this
Amendment, and Administrative Agent and J.P. Morgan shall have received the fees
separately agreed upon in such fee letter.

4.4 Legal Opinion. Administrative Agent shall have received a favorable written
opinion (addressed to Administrative Agent and the Lenders and dated as of the
effective date of this Amendment) of Haynes and Boone, L.L.P., counsel for the
Credit Parties, and covering such other matters relating to the Credit Parties
and this Amendment as Administrative Agent shall reasonably request.

4.5 Certificates. Administrative Agent shall have received such documents and
certificates as Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of each Credit Party,
the authorization of this Amendment and the transactions contemplated hereby and
any other legal matters relating to the Credit Parties, this Amendment or the
transactions contemplated hereby, all in form and substance satisfactory to
Administrative Agent and its counsel.

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

SECTION 5. Post-Closing Covenant. Within forty-five (45) days following the
Fourth Amendment Effective Date (or such longer period as permitted by
Administrative Agent in its sole discretion), Borrower shall deliver to
Administrative Agent (a) Mortgages and title information, in each case,
reasonably satisfactory to Administrative Agent with respect to the Borrowing
Base Properties, or the portion thereof, as required by Sections 6.09 and 6.10
of the Credit Agreement and (b) amendments to the existing Mortgages, as
requested by Administrative Agent to give effect to the amendments contained
herein and otherwise in form and substance satisfactory to Administrative Agent.

 

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SECTION 6. Representations and Warranties of Borrower. To induce the Lenders to
enter into this Amendment, each Credit Party hereby represents and warrants to
the Lenders as follows:

6.1 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 or in any other Loan Document is
true and correct in all material respects on the date hereof (except to the
extent such representations and warranties relate solely to an earlier date, in
which case such representations and warranties shall have been true and correct
in all material respects as of such date).

6.2 Corporate Authority; No Conflicts. The execution, delivery and performance
by such Credit Party of this Amendment and all documents, instruments and
agreements contemplated herein are within such Credit Party’s corporate or other
organizational powers, have been duly authorized by all 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 such Credit Party or result in
the creation or imposition of any Lien upon any of the assets of such Credit
Party except for Liens permitted under Section 7.02 of the Credit Agreement.

6.3 Enforceability. This Amendment has been duly executed and delivered by each
Credit Party and constitutes the valid and binding obligation of such 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.

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

6.5 Financial Covenants. On the date hereof and immediately after giving effect
to the increase in the Aggregate Commitment contained in Section 3 of this
Amendment and any Borrowing made on such date, the Borrower is in pro forma
compliance with the financial covenants set forth in Section 7.11 of the Credit
Agreement as of the last day of the most recently ended fiscal quarter for which
the financial statements and compliance certificate required under Section 6.01
of the Credit Agreement have been delivered to Administrative Agent and the
Lenders.

SECTION 7. Miscellaneous.

7.1 Reaffirmation of Loan Documents and Liens. Except as amended and modified
hereby, any and all of the terms and provisions of the Credit Agreement and the
other Loan Documents shall remain in full force and effect and are hereby in all
respects ratified and confirmed by each Credit Party. Each Credit Party hereby
agrees that the amendments and modifications herein contained shall in no manner
affect or impair the 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.

 

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7.2 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.

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

7.4 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.

7.5 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.

7.6 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.

7.7 Severability. Any provision of this Amendment held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

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

7.9 Reference to and Effect on the Loan Documents.

(a) This Amendment shall be deemed to constitute a Loan Document for all
purposes and in all respects. Each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein” or words of like import, and each
reference in the Credit Agreement or in any other Loan Document, or other
agreements, documents or other instruments executed and delivered pursuant to
the Credit Agreement to the “Credit Agreement”, shall mean and be a reference to
the Credit Agreement as amended by this Amendment.

(b) The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any Lender or
Administrative Agent under any of the Loan Documents, nor constitute a waiver of
any provision of any of the Loan Documents.

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
as of the date first above written.

 

BORROWER:

 

EXCO RESOURCES, INC.

By:   /s/ J. DOUGLAS RAMSEY

Name: 

Title:

 

J. Douglas Ramsey, Ph.D.

Vice President – Finance

 

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

VERNON GATHERING, LLC

By:   /s/ J. DOUGLAS RAMSEY

Name: 

Title:

 

J. Douglas Ramsey, Ph.D.

Vice President – Finance

 

EXCO OPERATING COMPANY, LP By:  

EXCO Partners OLP GP, LLC,

its general partner

  By:   /s/ J. DOUGLAS RAMSEY  

Name: 

Title:

 

J. Douglas Ramsey, Ph.D.

Vice President – Finance

 

EXCO GP PARTNERS OLD, LP By:  

EXCO Partners GP, LLC,

its general partner

  By:   /s/ J. DOUGLAS RAMSEY  

Name: 

Title:

 

J. Douglas Ramsey, Ph.D.

Vice President – Finance

 

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EXCO EQUIPMENT LEASING, LLC By:   /s/ J. DOUGLAS RAMSEY

Name: 

Title:

 

J. Douglas Ramsey, Ph.D.

Vice President – Finance

 

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JPMORGAN CHASE BANK, N.A.,

as a Lender and as Administrative Agent and Issuing Bank

By:   /s/ BRIAN ORLANDO

Name: 

Title:

 

Brian Orlando

Authorized Officer

 

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BANK OF AMERICA, N.A.,

as a Lender and as Co-Lead Arranger and Co-Syndication Agent

By:   /s/ SANDRA M. SERIE

Name: 

Title:

 

Sandra M. Serie

Vice President

 

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BNP PARIBAS, as a Lender and as Co-Lead Arranger and Co-Syndication Agent By:  
/s/ RICHARD HAWTHORNE

Name: 

Title:

 

Richard Hawthorne

Director

 

By:   /s/ EDWARD PAK

Name: 

Title:

 

Edward Pak

Director

 

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ROYAL BANK OF CANADA, as a Lender and as Co-Lead Arranger and Co-Documentation
Agent By:   /s/ DON J. MCKINNERNEY

Name: 

Title:

 

Don J. McKinnerney

Authorized Signatory

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and as Co-Documentation
Agent By:   /s/ MATT COLEMAN

Name: 

Title:

 

Matt Coleman

Vice President

 

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BANK OF MONTREAL, as a Lender and as Co-Syndication Agent By:   /s/ KEVIN UTSEY

Name: 

Title:

 

Kevin Utsey

Director

 

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CITIBANK, N.A., as a Lender and as Co-Documentation Agent By:   /s/ ANGELA
MCCRACKEN

Name: 

Title:

 

Angela McCracken

Director

 

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KEYBANK N.A., as a Lender By:   /s/ DAVID MORRIS

Name: 

Title:

 

David Morris

Vice President

 

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NATIXIS, as a Lender By:   /s/ LIANA TCHERNYSHEVA

Name: 

Title:

 

Liana Tchernysheva

Managing Director

 

By:   /s/ DONOVAN C. BROUSSARD

Name: 

Title:

 

Donovan C. Broussard

Managing Director

 

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UNION BANK, N.A., as a Lender By:   /s/ DOUGLAS GALE

Name: 

Title:

 

Douglas Gale

Vice President

 

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BANK OF SCOTLAND PLC, as a Lender By:   /s/ JULIA R. FRANKLIN

Name: 

Title:

 

Julia R. Franklin

Assistant Vice President

 

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DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender By:   /s/ MICHAEL GETZ Name:  
Michael Getz Title:   Vice President By:   /s/ CARIN KEEGAN Name:   Carin Keegan
Title:   Director

 

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender By:   /s/ TOM
BYARGEON Name:   

Tom Byargeon

Title:   Managing Director By:   /s/ MICHAEL D. WILLIS Name:   Michael D. Willis
Title:   Managing Director

 

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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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COMERICA BANK, as a Lender By:   /s/ JOHN S. LESIKAR Name:   John S. Lesikar
Title:   Assistant Vice President

 

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SUMITOMO MITSUI BANKING CORPORATION, as a Lender By:   /s/ MASAKAZU HASEGAWA
Name:   Masakazu Hasegawa Title:   Managing Director

 

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BARCLAYS BANK PLC, as a Lender By:   /s/ VANESSA A. KURBATSKIY Name:   Vanessa
A. Kurbatskiy Title:   Vice President

 

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THE BANK OF NOVA SCOTIA, as a Lender By:   /s/ JOHN FRAZELL Name:   John Frazell
Title:   Director

 

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CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK AGENCY,

as a Lender

By:   /s/ TRUDY NELSON Name:   Trudy Nelson Title:   Authorized Signatory By:  

/s/ CHRIS PERKS

Name:   Chris Perks Title:   Authorized Signatory

 

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UBS LOAN FINANCE LLC,

as a Lender

By:   /s/ IRJA R. OTSA Name:   Irja R. Otsa Title:   Associate Director By:  
/s/ JOSELIN FERNANDES Name:   Joselin Fernandes Title:   Associate Director

 

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The undersigned Departing Lender hereby

acknowledges and agrees that, from and after the

Fourth Amendment Effective Date, it is no longer a

party to the Credit Agreement.

 

THE ROYAL BANK OF SCOTLAND PLC, as a

Departing Lender (and solely with respect to

Section 3 of this Amendment)

By:   /s/ SANJAY REMOND Name: Sanjay Remond Title: Authorised Signatory