Exhibit 10.1

EXECUTION VERSION

 

 

 

EIGHTH AMENDMENT

TO

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of April 21, 2015

Among

PARSLEY ENERGY, L.P.,

as Borrower,

PARSLEY ENERGY MANAGEMENT, LLC,

as General Partner,

PARSLEY ENERGY, INC.,

as PEI,

PARSLEY ENERGY, LLC,

as Parent,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

JPMORGAN CHASE BANK, N.A.,

as Syndication Agent,

BMO HARRIS BANK, N.A.,

as Documentation Agent,

and

The Lenders Party Thereto

 

 

WELLS FARGO SECURITIES, LLC

Sole Lead Arranger and Sole Bookrunner

 

 

 

 

 

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EIGHTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

THIS EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Eighth
Amendment”) dated as of April 21, 2015, is among Parsley Energy, L.P., a limited
partnership duly formed and existing under the laws of the state of Texas (the
“Borrower”); Parsley Energy Management, LLC, a Texas limited liability company
(the “General Partner”); Parsley Energy, LLC, a Delaware limited liability
company (the “Parent”); Parsley Energy, Inc., a Delaware corporation (“PEI”),
each of the undersigned guarantors (the “Guarantors”, and together with the
Borrower, the General Partner and the Parent, the “Obligors”); each of the
Lenders party hereto; and Wells Fargo Bank, National Association (in its
individual capacity, “Wells Fargo”), 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 General Partner, the Parent, the Administrative Agent and
the Lenders are parties to that certain Amended and Restated Credit Agreement
dated as of October 21, 2013 (as amended by the First Amendment to Amended and
Restated Credit Agreement dated December 20, 2013, the Second Amendment to
Amended and Restated Credit Agreement dated February 5, 2014, the Third
Amendment to Amended and Restated Credit Agreement dated April 15, 2014, the
Fourth Amendment to Amended and Restated Credit Agreement dated May 2, 2014, the
Fifth Amendment to Amended and Restated Credit Agreement dated May 9, 2014, the
Sixth Amendment to Amended and Restated Credit Agreement dated September 5, 2014
and the Seventh Amendment to Amended and Restated Credit Agreement dated
November 10, 2014, the “Credit Agreement”), pursuant to which the Lenders have
made certain credit available to and on behalf of the Borrower.

B. Operations desires to acquire approximately 63% of all of the outstanding
Equity Interests in Pacesetter Drilling, LLC, a Texas limited liability company
and has requested the Administrative Agent’s and the Lenders’ consent to certain
amendments to the Credit Agreement in connection therewith.

C. The Borrower has requested and the Administrative Agent and the Lenders party
hereto have agreed to amend the Credit Agreement, subject to the terms and
conditions of this Eighth Amendment.

D. NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter
into this Eighth 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, as
amended by this Eighth Amendment (unless otherwise indicated). Unless otherwise
indicated, all section references in this Eighth Amendment refer to sections of
the Credit Agreement.

 

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Section 2. Amendments to Credit Agreement.

2.1 Amendments to Section 1.02 – Certain Defined Terms.

(a) Clause (a) of the definition of “Consolidated Net Income” is hereby amended
and restated in its entirety to read as follows:

(a) the net income of (i) so long as Operations does not own, of record and
directly, 100% of the aggregate ordinary voting power represented by the issued
and outstanding Equity Interests of Pacesetter, Pacesetter and (ii) any Person
in which the Borrower or any Consolidated Subsidiary has an interest (which
interest does not cause the net income of such other Person to be consolidated
with the net income of the Borrower and the Consolidated Subsidiaries in
accordance with GAAP), except, in the case of each of the foregoing clauses
(i) and (ii), to the extent of the amount of dividends or distributions actually
paid in cash during such period by Pacesetter or such other Person to the
Borrower or to a Consolidated Subsidiary, as the case may be;

(b) The following definitions are hereby amended and restated in their entirety
to read as follows:

“Aggregate Elected Borrowing Base Commitments” means (a) on the Eighth Amendment
Effective Date, $500,000,000, and (b) at any time thereafter, an amount
determined in accordance with Section 2.07(g).

“Subsidiary” means any subsidiary of the Parent (including the Borrower);
provided that (a) when used in reference to the Borrower, such as “any
Subsidiary of the Borrower”, “the Borrower and its Subsidiaries”, “the Borrower,
for itself and for each of its Subsidiaries” or words of similar construction,
the term “Subsidiary” shall mean a subsidiary of the Borrower, (b) when used in
reference to the General Partner, such as “any Subsidiary of the General
Partner”, “the General Partner and its Subsidiaries”, “the General Partner, for
itself and for each of its Subsidiaries” or words of similar construction, the
term “Subsidiary” shall mean a subsidiary of the Parent and (c) so long as
Operations does not own, of record and directly, 100% of the aggregate ordinary
voting power represented by the issued and outstanding Equity Interests of
Pacesetter, then Pacesetter and its subsidiaries shall be deemed not to be
Subsidiaries of the Parent or the Borrower except for purposes of Section 7.06,
Section 7.09, Section 7.10, Section 7.21, Section 7.24, Section 8.09,
Section 8.14, Section 9.09, Section 9.13 and Section 12.03(b).

(c) The following definitions are hereby added where alphabetically appropriate
to read as follows:

“Eighth Amendment” means that certain Eighth Amendment to Amended and Restated
Credit Agreement, dated as of April 21, 2015, among the Borrower, the General
Partner, the Parent, PEI, the Guarantors, the Administrative Agent and the
Lenders party thereto.

 

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“Eighth Amendment Effective Date” has the meaning given such term in the Eighth
Amendment.

“Pacesetter” means Pacesetter Drilling, LLC, a Texas limited liability company.

2.2 Amendment to Section 2.07(e). Section 2.07(e) is hereby amended and restated
in its entirety to read as follows:

(e) Reduction of Borrowing Base Related to Swap Agreements. If any Swap
Agreement to which the Borrower or any Subsidiary is a party is Liquidated
between two successive Scheduled Redetermination Dates and the Borrowing Base
value assigned to the Liquidated portion of such Swap Agreements, when combined
with (i) the fair market value of any Disposition of Oil and Gas Properties
included in the most recently delivered Reserve Report or Subsidiaries owning
Oil and Gas Properties included in the most recently delivered Reserve Report,
in each case, during the period between such successive Scheduled
Redetermination Dates and (ii) the Borrowing Base value of the Liquidated
portion of other Swap Agreements Liquidated during the period between such
successive Scheduled Redetermination Dates, exceeds five percent (5%) of the
Borrowing Base as then in effect (as determined by the Administrative Agent),
individually or in the aggregate, the Borrowing Base then in effect shall be
reduced by an amount equal to the value, if any, assigned to the Liquidated
portion of such Swap Agreement in the then effective Borrowing Base (after
giving effect to any replacement Swap Agreements executed within three Business
Days of such Liquidation), as determined by the Administrative Agent.

2.3 Amendment to Section 8.13. Section 8.13 is hereby amended by adding a new
subsection (e) at the end of Section 8.13 to read as follows:

(e) In connection with each Investment made by Operations in Pacesetter pursuant
to Section 9.05(l), the Parent shall cause Operations to promptly deliver to the
Administrative Agent (but in any event no later than 10 Business Days following
each such Investment) (i) a duly executed Supplement (as defined in the Guaranty
Agreement) pledging the Equity Interests issued by Pacesetter acquired by
Operations as a result of such Investment, as applicable, and (ii) original
stock certificates evidencing such Equity Interests, together with an
appropriate undated stock powers for each certificate duly executed in blank by
Operations, if applicable.

2.4 Amendment to Section 9.05. Section 9.05 is hereby amended by (i) deleting “;
or” at the end of clause (j) of such Section 9.05, (ii) deleting “.” at the end
of clause (k) of such Section 9.05 and (iii) adding a new clause (l) to the end
of Section 9.05 to read as follows:

(l) Investments made by Operations in Pacesetter in an aggregate amount not to
exceed $10,000,000.

 

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2.5 Amendment to Section 9.12(d)(iii). Section 9.12(d)(iii) is hereby amended
and restated in its entirety to read as follows:

(iii) if such Disposition of Oil and Gas Property included in the most recently
delivered Reserve Report or Subsidiary owning Oil and Gas Properties included in
the most recently delivered Reserve Report, in each case, during any period
between two successive Scheduled Redetermination Dates, when combined with the
Borrowing Base value attributable to the Liquidated portion of Swap Agreements
Liquidated between such successive Scheduled Redetermination Dates (after giving
effect to any replacement Swap Agreements executed within three Business Days of
such Liquidation), has a fair market value in excess of five percent (5%) of the
Borrowing Base as then in effect (as determined by the Administrative Agent),
individually or in the aggregate, the Borrowing Base shall be reduced, effective
immediately upon such Disposition, by an amount equal to the value, if any,
assigned such Property in the most recently delivered Reserve Report and

2.6 Amendment to Section 9.12(g). Section 9.12(g) is hereby amended and restated
in its entirety to read as follows:

(g)(i) Dispositions permitted under Section 9.10, (ii) Liens permitted under
Section 9.03, (iii) Restricted Payments permitted under Section 9.04 and
(iv) Investments permitted under Section 9.05; provided that, notwithstanding
the foregoing, any Disposition of any Oil and Gas Property or interest therein
or any Subsidiary owning Oil and Gas Properties in connection with the foregoing
clauses (g)(iii)-(iv) shall also be subject to, and constitute a Disposition
regulated by, Section 9.12(d);

Section 3. New Lender; Assignments and Reallocation of Commitments and Loans;
Borrowing Base Decrease.

3.1 New Lender; Assignments and Reallocation of Commitments and Loans. Each
Lender party to the Credit Agreement immediately prior to the Eighth Amendment
Effective Date (used herein as defined below) (the “Existing Lenders”) has, in
consultation with the Borrower, agreed to reallocate its respective Maximum
Credit Amount and Commitment and to, among other things, allow each of U.S. Bank
National Association, The Bank of Nova Scotia and Compass Bank to become a party
to the Credit Agreement as a Lender (each, a “New Lender”) by acquiring an
interest in the total Maximum Credit Amounts and Commitments. The Administrative
Agent and the Borrower hereby consent to such reallocation and each New Lender’s
acquisition of an interest in the Maximum Credit Amounts and Commitments and the
Existing Lenders’ assignment of its Commitments to the extent effected by the
reallocation contemplated hereby. On the Eighth Amendment Effective Date, and
after giving effect to such reallocations, (a) the Maximum Credit Amount and
Commitment of each Lender (including each New Lender) shall be as set forth on
Annex I of this Eighth Amendment, which Annex I supersedes and replaces Annex I
to the Credit Agreement and (b) each

 

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New Lender shall become a party to the Credit Agreement, as amended by this
Eighth Amendment, as a “Lender” and shall have all of the rights and obligations
of a Lender under the Credit Agreement, as amended by this Eighth Amendment, and
the other Loan Documents. With respect to such reallocation, each Lender
(including each New Lender) shall be deemed to have acquired the Maximum Credit
Amount and Commitment allocated to it from each of the other Lenders pursuant to
the terms of an Assignment and Assumption as if the Lenders had executed an
Assignment and Assumption with respect to such allocation. On the Eighth
Amendment Effective Date, the Administrative Agent shall take the actions
specified in Section 12.04(b)(v), including recording the assignments described
herein in the Register, and such assignments shall be effective for purposes of
the Credit Agreement. Notwithstanding Section 12.04(b)(ii)(C), no Person shall
be required to pay a processing and recordation fee of $3,500 to the
Administrative Agent in connection with such assignments. If on the Eighth
Amendment Effective Date, any Eurodollar Loans have been funded, then the
Borrower shall be obligated to pay any breakage fees or costs that are payable
pursuant to Section 5.02 in connection with the reallocation of such outstanding
Eurodollar Loans to effectuate the provisions of this paragraph.

3.2 Borrowing Base Decrease. For the period from and including the Eighth
Amendment Effective Date to but excluding the next Redetermination Date, the
amount of the Borrowing Base shall be equal to $500,000,000. Notwithstanding the
foregoing, the Borrowing Base may be subject to further adjustments from time to
time pursuant to Sections 2.07(e), 2.07(f), 8.12(c) or 9.12(d). For the
avoidance of any doubt, this Borrowing Base increase shall constitute the
April 1, 2015 Scheduled Redetermination.

3.3 Aggregate Elected Borrowing Base Commitments Increase. With respect to the
increase of the Aggregate Elected Borrowing Base Commitments and to the
reallocation of Commitments pursuant to Section 3.1 of this Eighth Amendment,
the Borrower shall be deemed to have delivered an Increase Notice as required
pursuant to Section 2.07(g)(ii)(A) and each Lender (including each New Lender)
shall be deemed to have delivered a Lender Certificate required pursuant to
Section 2.07(g)(ii)(B). Annex I of this Eighth Amendment shall satisfy the
requirements of the Administrative Agent to distribute a revised Annex I
pursuant to Section 2.07(g)(ii)(C).

Section 4. Conditions of Effectiveness. This Eighth Amendment will become
effective on the date on which each of the following conditions precedent are
satisfied or waived (the “Eighth Amendment Effective Date”):

(a) The Administrative Agent shall have received from PEI, the Borrower, the
General Partner, the Parent, each other Obligor and the Lenders, counterparts
(in such number as may be requested by the Administrative Agent) of this Eighth
Amendment signed on behalf of such Person.

(b) The Administrative Agent and the Lenders shall have received all fees and
other amounts due and payable on or prior to the Eighth Amendment Effective
Date, including, to the extent invoiced, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Borrower
pursuant to the Credit Agreement (including, to the extent invoiced on or prior
to the Eighth Amendment Effective Date, the fees and expenses of Paul Hastings
LLP, counsel to the Administrative Agent).

 

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(c) No Default or Event of Default shall have occurred and be continuing as of
the Eighth Amendment Effective Date.

(d) The Administrative Agent shall have received, together with title
information previously delivered to the Administrative Agent, satisfactory title
information on at least 80% of the total value of the Oil and Gas Properties of
the Borrower and the Subsidiaries evaluated by the most recently delivered
Reserve Report.

(e) The Administrative Agent shall have received duly executed and notarized
deeds of trust and/or mortgages or supplements to existing deeds of trust and/or
mortgages in form satisfactory to the Administrative Agent, to the extent
necessary so that the Mortgaged Properties represent at least 80% of the total
value of the Oil and Gas Properties of the Borrower and the Subsidiaries
evaluated by the most recently delivered Reserve Report.

(f) The Administrative Agent shall have received duly executed Notes payable to
U.S. Bank National Association, The Bank of Nova Scotia and Compass Bank to the
extent requested by such Lender, in a principal amount equal to the applicable
new Maximum Credit Amount of such Lender, dated as of Eighth Amendment Effective
Date.

(g) The Administrative Agent shall have received such other documents as the
Administrative Agent or its special counsel may reasonably require.

The Administrative Agent is hereby authorized and directed to declare this
Eighth Amendment to be effective when it has received documents confirming
compliance with the conditions set forth in this Section 4 or the waiver of such
conditions as agreed to by the Majority Lenders. Such declaration shall be
final, conclusive and binding upon all parties to the Credit Agreement for all
purposes.

Section 5. Miscellaneous.

(a) Confirmation. The provisions of the Credit Agreement, as amended by this
Eighth Amendment, shall remain in full force and effect following the
effectiveness of this Eighth Amendment.

(b) Ratification and Affirmation; Representations and Warranties. Each of PEI
and each Obligor hereby: (a) acknowledges the terms of this Eighth Amendment;
(b) ratifies and affirms its obligations under, and acknowledges, renews and
extends 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, except as expressly amended hereby; (c) agrees that from and after
the Eighth Amendment Effective Date each reference to the Credit Agreement in
the other Loan Documents shall be deemed to be a reference to the Credit
Agreement, as amended by this Eighth Amendment; and (d) represents and warrants
to the Lenders that as of the date hereof, after giving effect to the terms of
this Eighth Amendment: (i) all of the representations and warranties contained
in each Loan Document to which it is a party are true and correct in all
material respects (except that any representation and warranty that is qualified

 

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by materiality shall be true and correct in all 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 (except that any representation and
warranty that is qualified by materiality shall be true and correct in all
respects) as of such specified earlier date, (ii) no Default or Event of Default
has occurred and is continuing and (iii) no event, development or circumstance
has occurred or exists that has resulted in, or could reasonably be expected to
have, a Material Adverse Effect.

(c) Counterparts. This Eighth 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 an executed counterpart of a signature page of this
Eighth Amendment by telecopy, facsimile, as an attachment to an email or other
similar electronic means shall be effective as delivery of a manually executed
counterpart of this Eighth Amendment.

(d) NO ORAL AGREEMENT. THIS EIGHTH 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 UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

(e) GOVERNING LAW. THIS EIGHTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE
VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

(f) Loan Document. This Eighth Amendment is a “Loan Document” as defined and
described in the Credit Agreement and all of the terms and provisions of the
Credit Agreement relating to Loan Documents shall apply hereto.

(g) Payment of Expenses. In accordance with Section 12.03, the Borrower agrees
to pay or reimburse the Administrative Agent for all of its reasonable and
documented out-of-pocket costs and expenses incurred in connection with this
Eighth Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

(h) Severability. Any provision of this Eighth Amendment which 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.

(i) Successors and Assigns. This Eighth Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

 

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[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Eighth Amendment to be
duly executed and delivered by their proper and duly authorized officer(s) as of
the day and year first above written.

 

BORROWER: PARSLEY ENERGY, L.P. By: PARSLEY ENERGY MANAGEMENT, LLC, its general
partner By:

/s/ Bryan Sheffield

Name: Bryan Sheffield Title: President GENERAL PARTNER: PARSLEY ENERGY
MANAGEMENT, LLC By:

/s/ Bryan Sheffield

Name: Bryan Sheffield Title: President PARENT: PARSLEY ENERGY, LLC By:

/s/ Bryan Sheffield

Name: Bryan Sheffield Title: President PEI: PARSLEY ENERGY, INC. By:

/s/ Bryan Sheffield

Name: Bryan Sheffield Title: President GUARANTOR: PARSLEY ENERGY OPERATIONS, LLC
By:

/s/ Bryan Sheffield

Name: Bryan Sheffield Title: Manager

 

[Eighth Amendment Signature Page]

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GUARANTOR: PARSLEY ENERGY AVIATION, LLC By:

/s/ Bryan Sheffield

Name: Bryan Sheffield Title: Manager GUARANTOR: PARSLEY FINANCE CORP. By:

/s/ Bryan Sheffield

Name: Bryan Sheffield Title: President

 

[Eighth Amendment Signature Page]

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ADMINISTRATIVE AGENT AND LENDER: WELLS FARGO BANK, NATIONAL ASSOCIATION By:

/s/ Greg Smothers

Name: Greg Smothers Title: Director

 

[Eighth Amendment Signature Page]

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LENDER: BMO HARRIS BANK, N.A. By:

/s/ Matthew L. Davis

Name: Matthew L. Davis Title: Vice President

 

[Eighth Amendment Signature Page]

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LENDER: JPMORGAN CHASE BANK, N.A. By:

/s/ Traci Bankston

Name: Traci Bankston Title: Authorized Officer

 

[Eighth Amendment Signature Page]

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LENDER: THE BANK OF NOVA SCOTIA By:

/s/ Alan Dawson

Name: Alan Dawson Title: Director

 

[Eighth Amendment Signature Page]

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LENDER: BOKF NA DBA BANK OF TEXAS By:

/s/ Thomas E. Stelmar, Jr.

Name: Thomas E. Stelmar, Jr. Title: Senior Vice President

 

[Eighth Amendment Signature Page]

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LENDER: COMPASS BANK By:

/s/ Blake Kirshman

Name: Blake Kirshman Title: Senior Vice President

 

[Eighth Amendment Signature Page]

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LENDER: CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH By:

/s/ Nupur Kumar

Name: Nupur Kumar Title: Authorized Signatory By:

/s/ Karin Rahimtoola

Name: Karin Rahimtoola Title: Authorized Signatory

 

[Eighth Amendment Signature Page]

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LENDER: MORGAN STANLEY BANK, N.A. By:

/s/ Michael King

Name: Michael King Title: Authorized Signatory

 

[Eighth Amendment Signature Page]

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LENDER: ROYAL BANK OF CANADA By:

/s/ Kristan Spivey

Name: Kristan Spivey Title: Authorized Signatory

 

[Eighth Amendment Signature Page]

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LENDER: U.S. BANK NATIONAL ASSOCIATION By:

/s/ Tara McLean

Name: Tara McLean Title: Vice President

 

[Eighth Amendment Signature Page]

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LENDER: FROST BANK, A TEXAS STATE BANK By:

/s/ Jack Herndon

Name: Jack Herndon Title: Senior Vice President

 

[Eighth Amendment Signature Page]

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ANNEX I

LIST OF MAXIMUM CREDIT AMOUNTS

 

Name of Lender

   Applicable Percentage     Maximum Credit Amount  

Wells Fargo Bank, National Association

     19.00 %    $ 142,500,000.00   

BMO Harris Bank, N.A.

     14.00 %    $ 105,000,000.00   

JPMorgan Chase Bank, N.A.

     14.00 %    $ 105,000,000.00   

The Bank of Nova Scotia

     6.80 %    $ 51,000,000.00   

BOKF NA dba Bank of Texas

     6.80 %    $ 51,000,000.00   

Compass Bank

     6.80 %    $ 51,000,000.00   

Credit Suisse AG, Cayman Islands Branch

     6.80 %    $ 51,000,000.00   

Morgan Stanley Bank, N.A.

     6.80 %    $ 51,000,000.00   

Royal Bank of Canada

     6.80 %    $ 51,000,000.00   

U.S. Bank National Association

     6.80 %    $ 51,000,000.00   

Frost Bank, a Texas State Bank

     5.40 %    $ 40,500,000.00      

 

 

   

 

 

 

TOTAL

  100.00 %  $ 750,000,000.00      

 

 

   

 

 

 

Annex I to Eighth Amendment