Exhibit 10.1

 

Execution Version

 

EXTRACTION OIL & GAS, INC.
EXTRACTION FINANCE CORP.

 

AND EACH OF THE GUARANTORS PARTY HERETO

 

7.875% SENIOR NOTES DUE 2021

 

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FIRST SUPPLEMENTAL INDENTURE,

 

Dated as of October 17, 2016

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION

 

Trustee

 

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This First Supplemental Indenture, dated as of October 17, 2016 (this
“Supplemental Indenture”), is among Extraction Oil & Gas, Inc., a Delaware
corporation (the “Successor Company”), Extraction Finance Corp. (the
“Co-Issuer”), the Guarantors named on the signature pages herein (the
“Guarantors”), and Wells Fargo Bank, National Association, as Trustee under the
Indenture referred to below.

 

W I T N E S S E T H:

 

WHEREAS, Extraction Oil & Gas Holdings, LLC, a Delaware limited liability
company (“Holdings”), and the Co-Issuer (together with Holdings, the “Issuers”),
the Guarantors and the Trustee are parties to an Indenture, dated as of July 18,
2016 (the “Indenture”), providing for the issuance of an aggregate principal
amount of $550,000,000 of 7.875% Senior Notes due 2021 of the Issuers (the
“Notes”);

 

WHEREAS, on the date hereof, Holdings has merged with and into the Successor
Company, which has survived the merger (the “Merger”);

 

WHEREAS, pursuant to Section 5.01 of the Indenture, the Successor Company is
required to execute and deliver to the Trustee a supplemental indenture pursuant
to which the Successor Company shall assume all obligations of Holdings under
the Indenture and the Notes;

 

WHEREAS, pursuant to Section 9.01(c) of the Indenture, the Trustee, the
Guarantors, the Co-Issuer and the Successor Company are authorized to execute
and deliver this Supplemental Indenture without the consent of any Holder;

 

WHEREAS, the Successor Company was formerly known as Extraction Oil & Gas, LLC,
a Guarantor, which converted into the Successor Company upon filing of a
Certificate of Conversion with the Secretary of State of Delaware on October 11,
2016, and upon the merger of Holdings with and into the Successor Company, is no
longer a Guarantor;

 

NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties
hereto mutually covenant and agree for the equal and ratable benefit of the
Holders of the Notes as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.1  Defined Terms.  As used in this Supplemental Indenture, terms
defined in the Indenture or in the preamble or recitals hereto are used herein
as therein defined.  The words “herein,” “hereof” and “hereby” and other words
of similar import used in this Supplemental Indenture refer to this Supplemental
Indenture as a whole and not to any particular section hereof.

 

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ARTICLE II

 

Agreement to Assume Obligations of Issuer

 

SECTION 2.1  Agreement to Assume Obligations of Holdings.  The Successor Company
hereby unconditionally assumes all obligations of Holdings, as an Issuer under
the Indenture and the Notes. In accordance with Section 5.02 of the Indenture,
the Successor Company shall succeed to and be substituted for, and may exercise
all rights and powers of Holdings as Issuer under the Indenture and the Notes
and all references in the Indenture and the Notes to the “Issuer” shall
hereafter refer to the Successor Company, and the Successor Company agrees to be
bound by all other applicable provisions of the Indenture and the Notes and to
perform all of the obligations and agreements of Holdings under the Indenture
and the Notes.

 

ARTICLE III

 

Miscellaneous

 

SECTION 3.1   Notices.  All notices and other communications to the parties
thereto shall continue to be given as provided in Section 12.02 of the
Indenture, except that notices to any of the Issuers or Guarantors shall be
given to the Successor Company at the address specified therein.

 

SECTION 3.2   Parties.  Nothing expressed or mentioned herein is intended or
shall be construed to give any Person, other than the Holders and the parties
hereto, any legal or equitable right, remedy or claim under or in respect of
this Supplemental Indenture or the Indenture or any provision herein or therein
contained.

 

SECTION 3.3   Governing Law.  This Supplemental Indenture shall be governed by,
and construed in accordance with, the laws of the State of New York.

 

SECTION 3.4   Severability Clause.  In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby and such provision shall be ineffective only to the extent of
such invalidity, illegality or unenforceability.

 

SECTION 3.5   Ratification of Indenture; Supplemental Indenture Part of
Indenture.  Except as expressly supplemented and amended hereby, the Indenture
is in all respects ratified and confirmed and all the terms, conditions and
provisions thereof shall remain in full force and effect.  This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder
of the Notes heretofore or hereafter authenticated and delivered shall be bound
hereby.  The Trustee makes no representation or warranty as to the validity or
sufficiency of this Supplemental Indenture or with respect to the recitals
contained herein, all of which recitals are made solely by the other parties
hereto.

 

SECTION 3.6   Counterparts.  The parties hereto may sign one or more copies of
this Supplemental Indenture in counterparts, all of which together shall
constitute one and the

 

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same agreement. The exchange of copies of this Supplemental Indenture and of
signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Indenture as to the parties hereto.  Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be
their original signatures for all purposes.

 

SECTION 3.7   Headings.  The headings of the Articles and the Sections in this
Supplemental Indenture are for convenience of reference only and shall not be
deemed to alter or affect the meaning or interpretation of any provisions
hereof.

 

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

 

 

EXTRACTION OIL & GAS, INC.

 

 

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

 

 

 

 

 

 

EXTRACTION FINANCE CORP.

 

 

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

 

 

GUARANTORS

 

 

XTR MIDSTREAM, LLC

 

 

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

 

 

 

 

 

 

7N, LLC

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

 

 

 

 

 

 

MOUNTAINTOP MINERALS, LLC

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

Signature Page to Supplemental Indenture

 

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8 NORTH, LLC

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

 

 

 

 

 

 

ELEVATION MIDSTREAM, LLC

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

 

 

 

 

 

 

XOG SERVICES, LLC

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

 

 

 

 

 

 

XOG SERVICES, INC.

 

 

 

By:

/s/ Russell T. Kelley, Jr.

 

Name:

Russell T. Kelley, Jr.

 

Title:

Chief Financial Officer

 

Signature Page to Supplemental Indenture

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

 

 

 

 

By:

/s/ Patrick Giordano

 

Name:

Patrick Giordano

 

Title:

Vice President

 

Signature Page to Supplemental Indenture

 

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