Exhibit 10.3

SIXTH AMENDMENT
TO
CREDIT AGREEMENT
AND
FIRST AMENDMENT
TO
GUARANTY AND COLLATERAL AGREEMENT
DATED AS OF May 9, 2018
AMONG
VIPER ENERGY PARTNERS LP,
AS BORROWER,
THE INITIAL GUARANTOR,
WELLS FARGO BANK, NATIONAL ASSOCIATION,
AS ADMINISTRATIVE AGENT,
AND
THE LENDERS PARTY HERETO
 
 
 
 
 

WELLS FARGO SECURITIES, LLC,
AS SOLE BOOK RUNNER AND SOLE LEAD ARRANGER

CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH AND
PNC BANK, NATIONAL ASSOCIATION,
AS CO-SYNDICATION AGENTS

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SIXTH AMENDMENT TO CREDIT AGREEMENT AND FIRST AMENDMENT TO GUARANTY AND
COLLATERAL AGREEMENT
THIS SIXTH AMENDMENT TO CREDIT AGREEMENT AND FIRST AMENDMENT TO GUARANTY AND
COLLATERAL AGREEMENT (this “Amendment”) dated as of May 9, 2018, is among: VIPER
ENERGY PARTNERS LP., a Delaware limited partnership (the “Borrower”); the
Initial Guarantor; each of the Lenders, as such term is defined in the Credit
Agreement referred to below, party hereto; and WELLS FARGO BANK, NATIONAL
ASSOCIATION (“Wells”), as administrative agent for the Lenders (in such
capacity, together with its successors in such capacity, the “Administrative
Agent”).
R E C I T A L S
A.    The Borrower, the Administrative Agent and the Lenders are parties to that
certain Credit Agreement dated as of July 8, 2014, as amended by that certain
First Amendment dated as of August 15, 2014, that certain Second Amendment dated
as of May 22, 2015, that certain Third Amendment dated as of June 21, 2016, that
certain Fourth Amendment dated as of October 28, 2016 and that certain Fifth
Amendment dated as of November 28, 2017 (as such may be further amended,
modified or supplemented, the “Credit Agreement”), pursuant to which the Lenders
have made certain credit available to and on behalf of the Borrower.
B.    The Borrower, the Administrative Agent and the Initial Guarantor are
parties to that certain Guaranty and Collateral Agreement dated as of July 8,
2014 (as such may be amended, modified or supplemented, the “Guaranty
Agreement”).
C.    The Borrower has requested, and all of the Lenders have agreed, to amend
certain provisions of the Credit Agreement and the Guaranty Agreement as set
forth herein.
D.    Now, therefore, to induce the Administrative Agent and the Lenders to
enter into this Amendment and in consideration of the premises and the mutual
covenants herein contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
Section 1.    Defined Terms. Each capitalized term used herein but not otherwise
defined herein has the meaning given such term in the Credit Agreement or the
Guaranty Agreement, as applicable, in each case, as amended by this Amendment.
Unless otherwise indicated, all section references in this Amendment refer to
sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.

2.1    Amendments to Section 1.02. Section 1.02 is hereby amended by amending or
adding in the appropriate alphabetical order the following terms:

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“‘Agreement’ means this Credit Agreement, as amended by the First Amendment
dated as of August 15, 2014, that certain Second Amendment dated as of May 22,
2015, that certain Third Amendment dated as of June 21, 2016, that certain
Fourth Amendment dated as of October 28, 2016, that certain Fifth Amendment
dated as of November 28, 2017, that certain Sixth Amendment to Credit Agreement
and First Amendment to Guaranty and Collateral Agreement dated as of May 9,
2018, and as the same may be further amended, amended and restated, modified or
supplemented from time to time.

‘Guaranty Agreement’ means that certain Guaranty and Collateral Agreement dated
as of July 8, 2014 by the Borrower and the Initial Guarantor in favor of the
Administrative Agent as the same may be amended, amended and restated, modified
or supplemented from time to time.

‘Initial Guarantor LLC Agreement’ means the Second Amended and Restated Limited
Liability Company Agreement dated as of May 9, 2018 of the Initial Guarantor, as
the same may be amended, amended and restated, modified or supplemented from
time to time.

‘Non-Voting Units’ means the Units of the Initial Guarantor held by a holder of
Partnership Class B Units.

‘Partnership Class B Units’ has the meaning assigned to such term in the Initial
Guarantor LLC Agreement.

‘Units’ has the meaning assigned to such term in the Initial Guarantor LLC
Agreement.”

2.2    Amendment to Section 7.25. Section 7.25 is hereby amended by deleting
such Section in its entirety and replacing it with the following:
“Section 7.25    EEA Financial Institutions. Neither the Borrower nor any of its
Subsidiaries is an EEA Financial Institution.”

2.3    Amendment to Section 9.04(a). Section 9.04(a) is hereby amended by
deleting such Section in its entirety and replacing it with the following:
“(a)    Restricted Payments. The Borrower will not, and will not permit any of
the Restricted Subsidiaries to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, return any capital to its
holders of Equity Interests or make any distribution of its Property to its
Equity Interest holders without the prior approval of the Majority Lenders,
except that (i) each of the Borrower and the Initial Guarantor may pay dividends
and distributions to its Equity Holders, if and to the extent that (A) such
dividend or distribution is paid within 60 days after the date of declaration
thereof, (B) as of the date of such declaration, no Default,

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Event of Default or Borrowing Base Deficiency existed, and (C) as of the date of
such declaration, if such dividend or distribution had been made as of such date
of declaration, after giving effect thereto, no Default, Event of Default or
Borrowing Base Deficiency would have existed, (ii) the Borrower and the
Restricted Subsidiaries may declare and pay dividends or distributions with
respect to its Equity Interests payable solely in additional Equity Interests
(other than Disqualified Capital Stock), (iii) any Restricted Subsidiary of the
Borrower may declare and pay dividends or distributions to the Borrower or a
Restricted Subsidiary, (iv) the Borrower and the Restricted Subsidiaries may
make Restricted Payments pursuant to and in accordance with stock option plans
or other benefit plans for management, employees, directors and consultants of
the Borrower and its Subsidiaries, and (v) the Borrower may declare and pay
dividends or distributions consisting of Equity Interests in Unrestricted
Subsidiaries.”
2.4    Amendment to Section 9.15. Section 9.15 is hereby amended by deleting
such Section in its entirety and replacing it with the following:
“Section 9.15    Subsidiaries. The Borrower will not, and will not permit any of
the Restricted Subsidiaries to, create or acquire any additional Subsidiaries,
unless the Borrower gives written notice to the Administrative Agent of such
creation or acquisition and complies with Section 8.14(b), to the extent
required thereby. The Borrower shall not, and shall not permit any of the
Restricted Subsidiaries to, sell, assign or otherwise dispose of any Equity
Interests in any Restricted Subsidiary except (a) in compliance with Section
9.12(d), (e), (f), (g) or (h) or (b) the Initial Guarantor may issue Non-Voting
Units. The Borrower and the Restricted Subsidiaries shall have no Restricted
Subsidiaries that are Foreign Subsidiaries.”

2.5    Amendment to Section 9.20. Section 9.20 is hereby amended by deleting
such Section in its entirety and replacing it with the following:
“Section 9.20    Control Agreements. For each deposit or securities account that
the Borrower or any other Loan Party maintains as of the Third Amendment
Effective Date (other than payroll, withholding tax, escrow, trust fund and
other fiduciary deposit accounts), the Borrower will, by no later than 60 days
after the Third Amendment Effective Date, either (a) cause such account to be
subject to a deposit account control agreement or securities account control
agreement, as applicable, in form and substance reasonably satisfactory to the
Administrative Agent naming the Administrative Agent as the secured party
thereunder for the benefit of the Other Secured Persons, or (b) close such
account and transfer any funds therein to an account that otherwise meets the
requirements of this Section 9.20. From and after the Third Amendment Effective
Date, neither the Borrower nor any other Loan Party shall open, any deposit or
securities account (other than payroll, withholding tax, escrow, trust fund and
other fiduciary deposit accounts) unless such deposit or securities account is,
or 30 days after being opened becomes, subject to a deposit account control
agreement or securities account control agreement, as applicable,

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in form and substance reasonably satisfactory to the Administrative Agent naming
the Administrative Agent as the secured party thereunder for the benefit of the
Other Secured Persons. Each deposit account control agreement will provide that
the depositary bank will comply with instructions originated by the
Administrative Agent directing dispositions of funds in the deposit account
without further consent by the applicable Loan Party. Each securities account
control agreement will provide that the securities intermediary will comply with
entitlement orders originated by the Administrative Agent without further
consent by the applicable Loan Party. The Administrative Agent agrees that it
shall not issue any such instructions or entitlement orders or otherwise
exercise any control right granted under any such deposit account control
agreement or securities account control agreement unless (a) an Event of Default
of the type set forth in Sections 10.01(a), (b), (f), (g), (h), (i), or (j) has
occurred or (b) the Notes and the Loans then outstanding have become due and
payable in whole (and not merely in part), whether at the due date thereof, by
acceleration or otherwise.”

2.6    Amendment to Section 10.01. Section 10.01 is hereby amended by adding the
following Section 10.01(n):
“(n)    if any Non-Voting Units shall be entitled to vote under the Initial
Guarantor LLC Agreement.”

Section 3.    Amendments to Guaranty Agreement.
3.1    Amendment to Section 1.01(b) of the Guaranty Agreement. Section 1.01(b)
of the Guaranty Agreement is hereby amended by amending in the appropriate
alphabetical order the following term:
“‘Agreement’ means this Guaranty and Collateral Agreement, as amended by that
certain Sixth Amendment to Credit Agreement and First Amendment to Guaranty and
Collateral Agreement dated as of May 9, 2018, as the same may be further
amended, supplemented or otherwise modified from time to time.”

3.2    Amendment to Section 6.09(b)(i) of the Guaranty Agreement. Section
6.09(b)(i) of the Guaranty Agreement is hereby amended by deleting such Section
in its entirety and replacing it with the following:
“(i) unless otherwise permitted hereby, or such other securities or interests
will be pledged hereunder, vote to enable, or take any other action to permit,
any Issuer to issue any stock or other equity interests of any nature or to
issue any other securities or interests convertible into or granting the right
to purchase or exchange for any stock or other equity interests of any nature of
any Issuer, provided that the Initial Guarantor may issue Non-Voting Units,”

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3.3    Amendment to Section 6.09(e) of the Guaranty Agreement. Section 6.09(e)
of the Guaranty Agreement is hereby amended by deleting such Section in its
entirety and replacing it with the following:
“(e)    The Pledged Securities will at all times constitute not less than 100%
of the capital stock or other equity interests of the Issuer thereof owned by
any Grantor. Each Grantor will not permit any Issuer of any of the Pledged
Securities to issue any new shares (or other interests) of any class of capital
stock or other equity interests of such Issuer without the prior written consent
of the Administrative Agent unless (i) such stock or other interest will be
pledged hereunder or (ii) such interest consists entirely of Non-Voting Units.”

3.4    Amendment to Schedule 2 of the Guaranty Agreement. The Guaranty Agreement
is hereby amended by deleting Schedule 2 thereto and replacing it with the
attached Schedule 2.
Section 4.    Waiver. The Borrower has informed the Administrative Agent that in
connection with changing the tax status of the Borrower, the Initial Guarantor
will issue Non-Voting Units to Diamondback Energy, Inc. or an Affiliate thereof
(collectively, “Diamondback”). Such Non-Voting Units will have economic rights
but no voting rights. In the absence of this Amendment, such issuance of
Non-Voting Units by the Initial Guarantor to Diamondback would be prohibited by
Section 9.15. The Borrower has requested that the Majority Lenders waive the
provisions of Section 9.15 and the Majority Lenders do hereby waive the
provisions of Section 9.15 with respect to the issuance of Non-Voting Units by
the Initial Guarantor to Diamondback.
Section 5.    Conditions Precedent. This Amendment shall become effective on the
date (such date, the “Amendment Effective Date”), when each of the following
conditions is satisfied (or waived in accordance with Section 12.02):
5.1    The Administrative Agent shall have received from Lenders constituting
the Majority Lenders, the Initial Guarantor and the Borrower, counterparts (in
such number as may be requested by the Administrative Agent) of this Amendment
signed on behalf of such Person.
5.2    The Administrative Agent and the Lenders shall have received all fees and
other amounts due and payable on or prior to the date hereof, including, to the
extent invoiced, reimbursement or payment of all documented out-of-pocket
expenses required to be reimbursed or paid by the Borrower under the Credit
Agreement.
5.3    No Default shall have occurred and be continuing as of the date hereof,
after giving effect to the terms of this Amendment.
The Administrative Agent is hereby authorized and directed to declare this
Amendment to be effective when it has received documents confirming or
certifying, to the satisfaction of the Administrative Agent, compliance with the
conditions set forth in this Section 5 or the waiver

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of such conditions as permitted in Section 12.02. Such declaration shall be
final, conclusive and binding upon all parties to the Credit Agreement for all
purposes.
Section 6.    Miscellaneous.
6.1    Confirmation. The provisions of the Credit Agreement, as amended by this
Amendment, shall remain in full force and effect following the effectiveness of
this Amendment.
6.2    Ratification and Affirmation; Representations and Warranties. Each of the
Initial Guarantor and the Borrower hereby (a) ratifies and affirms its
obligations under, and acknowledges its continued liability under, each Loan
Document to which it is a party and agrees that each Loan Document to which it
is a party remains in full force and effect as expressly amended hereby and (b)
represents and warrants to the Lenders that as of the date hereof, after giving
effect to the terms of this Amendment:
(i)    all of the representations and warranties contained in each Loan Document
to which it is a party are true and correct, except to the extent any such
representations and warranties are expressly limited to an earlier date, in
which case such representations and warranties shall be true and correct as of
such specified earlier date,
(ii)    no Default or Event of Default has occurred and is continuing, and
(iii)    no event or events have occurred which individually or in the aggregate
could reasonably be expected to have a Material Adverse Effect.
6.3    Waiver. Neither the execution by the Administrative Agent or the Lenders
of this Amendment, nor any other act or omission by the Administrative Agent or
the Lenders or their officers in connection herewith, shall be deemed a waiver
by the Administrative Agent or the Lenders of any defaults that may exist or
that may occur in the future under the Credit Agreement and/or the other Loan
Documents other than the default waived pursuant to Section 4 hereof
(collectively “Other Matters”). Similarly, nothing contained in this Amendment
shall directly or indirectly in any way whatsoever either: (a) impair, prejudice
or otherwise adversely affect the Administrative Agent’s or the Lenders’ right
at any time to exercise any right, privilege or remedy in connection with the
Loan Documents with respect to any Other Matters, (b) other than as specifically
set forth in this Amendment, amend or alter any provision of the Credit
Agreement, the other Loan Documents, or any other contract or instrument, or (c)
constitute any course of dealing or other basis for altering any obligation of
the Borrower or any Guarantor or any right, privilege or remedy of the
Administrative Agent or the Lenders under the Credit Agreement, the other Loan
Documents, or any other contract or instrument. Nothing in this Amendment shall
be construed to be a consent by the Administrative Agent or the Lenders to any
Other Matters.
6.4    Counterparts. This Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of this Amendment by facsimile

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or electronic transmission shall be effective as delivery of a manually executed
counterpart hereof.
6.5    NO ORAL AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER
LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
6.6    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.
6.7    Payment of Expenses. In accordance with Section 12.03, the Borrower
agrees to pay or reimburse the Administrative Agent for all of its reasonable
out-of-pocket expenses incurred in connection with this Amendment, any other
documents prepared in connection herewith and the transactions contemplated
hereby, including, without limitation, the reasonable fees, charges and
disbursements of counsel to the Administrative Agent.
6.8    Severability. Any provision of this Amendment that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.
6.9    Successors and Assigns. This Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.
6.10    Loan Document. This Amendment is a Loan Document.

[SIGNATURES BEGIN NEXT PAGE]

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

 
VIPER ENERGY PARTNERS LP, as Borrower

 
By: Viper Energy Partners GP LLC, its general partner
 
 
 
 
 
By: /s/ Teresa L. Dick   
 
Name: Teresa L. Dick
 
Title: Chief Financial Officer
 
 
 
 

 
VIPER ENERGY PARTNERS LLC,
as Initial Guarantor
 
 
 
 
 
By:  /s/ Teresa L. Dick   
 
Name: Teresa L. Dick
 
Title: Chief Financial Officer

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and a Lender

 
By:  /s/ Matthew Persky   
   Name: Matthew Persky
   Title: Vice President
 

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender

 
By:     /s/ Donovan C. Broussard        
Name:    Donovan C. Broussard
Title:    Authorized Signatory
 
 
 
By:    /s/ Robert Long            
Name:    Robert Long
Title:    Authorized Signatory

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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PNC BANK, NATIONAL ASSOCIATION,
as a Lender
 
By:     /s/ Sandra Salazar            
Name:    Sandra Salazar
Title:    Managing Director

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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COMPASS BANK,
as a Lender

 
By:     /s/ Gabriela Azcarate            
Name:    Gabriela Azcarate
Title:    Vice President

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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COMERICA BANK,
as a Lender

 
By:     /s/ Cassandra M. Lucas        
Name:    Cassandra M. Lucas
Title:    Portfolio Manager

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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BRANCH BANKING AND TRUST COMPANY,
as a Lender

 
By:     /s/ Kelly Graham            
Name:    Kelly Graham
Title:    Vice President

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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BOKF, NA, dba BANK OF OKLAHOMA,
as a Lender

 
By:     /s/ John Krenger            
Name:    John Krenger
Title:    Vice President

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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CAPITAL ONE, N.A.,
as a Lender

 
By:     /s/ Lyle Levy Jr.            
Name:    Lyle Levy Jr.
Title:    Vice President

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

 
By:     /s/ William O’Daly            
Name:    William O’Daly
Title:    Authorized Signatory

 
 
 
By:     /s/ Sophie Bulliard            
Name:    Sophie Bulliard
Title:    Authorized Signatory

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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THE BANK OF NOVA SCOTIA,
as a Lender

 
By:                        
Name:
Title:

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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

 
By:     /s/ Kody J. Nerios            
Name:    Kody J. Nerios
Title:    Authorized Officer

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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SUNTRUST BANK,
as a Lender

 
By:     /s/ Benjamin L. Brown        
Name:    Benjamin L. Brown
Title:    Director

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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GOLDMAN SACHS BANK USA,
as a Lender

 
By:     /s/ Meghan Sullivan            
Name:    Meghan Sullivan
Title:    Authorized Signatory

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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CITIBANK, N.A.,
as a Lender

 
By:     /s/ Jeff Ard                
Name:    Jeff Ard
Title:    Vice President

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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

 
By:     /s/ Raza Jafferi            
Name:    Raza Jafferi
Title:    Director

SIGNATURE PAGE
AMENDMENT TO CREDIT AGREEMENT AND GUARANTEE AND COLLATERAL AGREEMENT

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Schedule 2
DESCRIPTION OF PLEDGED SECURITIES
Owner
Issuer
Class of Stock or Equity Interests
No. of Shares or % of Ownership Interest
Certificated/Certificate Number or Uncertificated
Viper Energy Partners LP
Viper Energy Partners LLC
Common Units
40,732,045 common units, which represent 35.77% of the economic interest and
100% of the voting power pursuant to the Initial Guarantor LLC Agreement*
Uncertificated

*The remaining 64.23% economic interest is owned by Diamondback in the form of
73,150,000 common units, none of which have any voting rights pursuant to the
Initial Guarantor LLC Agreement.

Schedule 2