Document

        

Exhibit 10.1
















EIGHTH AMENDMENT


TO


AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT


DATED AS OF NOVEMBER 15, 2021


AMONG


VIPER ENERGY PARTNERS LLC, 
AS BORROWER,


VIPER ENERGY PARTNERS LP, 
AS PARENT 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


PNC BANK, NATIONAL ASSOCIATION AND TRUIST BANK,
AS CO-SYNDICATION AGENTS








        

This EIGHTH AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”) dated as of November 15, 2021, is among: VIPER ENERGY PARTNERS LLC, a Delaware limited liability company (the “Borrower”); VIPER ENERGY PARTNERS LP, a Delaware limited partnership (the “Parent 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, 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 Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 20, 2018 (as amended and supplemented prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.
B.    The parties hereto desire to enter into this Amendment to, among other things, (1) evidence the reaffirmation by the Required Lenders of the Borrowing Base at $580,000,000 in respect to the November 1, 2021 Scheduled Redetermination as set forth in Section 3 hereof, effective as of the Amendment Effective Date (as defined below), and (2) amend the Credit Agreement as set forth in Section 2 hereof, effective as of the Amendment Effective Date.
C.    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, 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.  In reliance on the representations, warranties, covenants and agreements contained in this Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement is hereby amended as follows:
2.1    Amendments to Section 1.02.
(a)    The definition of “Loan Documents” is hereby amended and restated in its entirety to read as follows:
“Loan Documents” means this Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Eighth Amendment, the Notes, the Letter of Credit Agreements, the Letters of Credit and the Security Instruments and certain Existing Loan Documents as provided in Section 2.02(e).


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


“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“Eighth Amendment” means that certain Eighth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of November 15, 2021, by and among the Borrower, the Parent Guarantor, the Administrative Agent, and the Lenders party thereto.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
“Qualified Professional Asset Manager” has the meaning set forth in Section 12.21(a)(iii).
2.2    Amendment to Section 9.04(a)(i)  Section 9.04(a)(i) of the Credit Agreement is hereby amended by replacing the reference to “the Borrower would have undrawn availability under the then effective Borrowing Base equal to or greater than 10% of the then effective Borrowing Base” with “the Borrower would have undrawn availability under the then effective Commitments equal to or greater than 10% of the then effective Commitments”. 
2.3    Amendment to Section 9.04(a)(vi).  Section 9.04(a)(vi) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
(vi) on and after the Sixth Amendment Effective Date, the Parent Guarantor may make Restricted Payments other than dividends and distributions; provided that both prior to and after giving pro forma effect thereto (including any Borrowings made in connection with any such Restricted Payments), (A) no Default or Event of Default has occurred and is continuing, (B) [reserved], (C) the ratio of Total Debt to EBITDAX does not exceed 3.00 to 1.00, (D) [reserved], and (E) the Borrower would have undrawn availability under the then effective Commitments equal to or greater than 20% of the then effective Commitments.  For all purposes under this clause (vi), the ratio of Total Debt to EBITDAX shall be calculated based on (1) Total Debt as of any date of calculation and (2) EBITDAX for the Borrower’s most recently ended four full fiscal quarters for which financial statements have been delivered pursuant to Section 8.01(a) or (b), as applicable, after giving pro forma effect to such Restricted Payments and any Borrowings made in connection with such Restricted Payments, and otherwise in accordance with Section 9.01(a).
2.4    Amendment to Section 9.04(b).  
(a)    Sections 9.04(b)(i)(B)(2) and 9.04(b)(i)(D)(1) of the Credit Agreement are hereby amended by replacing each reference to “Borrowing Base” with “Commitments”. 
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(b)    Section 9.04(b)(i)(D)(4) of the Credit Agreement is hereby amended by renumbering such clause as a new clause (ii) to Section 9.04(b).  Clause (b)(i) of such Section concludes with Section 9.04(b)(i)(D)(3).
2.5    Amendment to Article XII.  Article XII of the Credit Agreement is hereby amended by adding a new Section 12.21 immediately following the conclusion of Section 12.20 thereof to read as follow: 
Section 12.21    Certain ERISA Matters.


(a)    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the other Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any Guarantor, that at least one of the following is and will be true:


(i)    such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments;


(ii)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; 


    (iii)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or


    (iv)    such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.


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    (b)    In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the other Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any Guarantor, that none of the Administrative Agent, the other Agents nor any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, or administration and performance of the Loans, the Letters of Credit, the Commitments, and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any other Loan Document or any documents related hereto or thereto).


Section 3.    Borrowing Base Reaffirmation and Aggregate Elected Commitment Amounts. In reliance on the covenants and agreements contained in this Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Administrative Agent and the Required Lenders hereby agree that the Borrowing Base is hereby reaffirmed at $580,000,000, and the Borrowing Base shall remain at $580,000,000 until the next Scheduled Redetermination, Interim Redetermination, or other redetermination or adjustment of the Borrowing Base thereafter, whichever occurs first pursuant to the terms of the Credit Agreement.  The Borrower, the Administrative Agent and the Lenders hereby agree that the redetermination of the Borrowing Base provided for in this Section 3 shall constitute the Scheduled Redetermination scheduled for November 1, 2021 for purposes of Section 2.07(b) of the Credit Agreement.  This Section 3 constitutes a New Borrowing Base Notice received by the Borrower in accordance with Section 2.07(d) of the Credit Agreement.  The new Borrowing Base determined pursuant to this Section 3 shall be effective as of the Amendment Effective Date, notwithstanding the effective date that would otherwise be applicable to a redetermination pursuant to Section 2.07(d) of the Credit Agreement.  The Borrower agrees and confirms that, as of the Amendment Effective Date, the Aggregate Elected Commitment Amounts remain at $500,000,000.
Section 4.    Conditions Precedent to Amendment Effective Date.  Sections 2 and 3 of 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 of the Credit Agreement):
4.1    The Administrative Agent shall have received from Lenders constituting Required Lenders, the Parent 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.
4.2    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.
4.3    No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Amendment.
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The Administrative Agent is hereby authorized and directed to declare the Amendment Effective Date to have occurred when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of such conditions as permitted in Section 12.02 of the Credit Agreement.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 5.    Miscellaneous.
5.1    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.
5.2    Ratification and Affirmation; Representations and Warranties.  Each of the Parent 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 in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, 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 be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such specified earlier date; and
(ii)    no Default or Event of Default has occurred and is continuing.
5.3    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 or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.
5.4    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.
5.5    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
5.6    Payment of Expenses.  To the extent required pursuant to Section 12.03 of the Credit Agreement, 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.
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5.7    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.
5.8    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
5.9    Loan Document.  This Amendment is a Loan Document.
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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 LLC, as Borrower

		
		
		By:    /s/ Teresa L. Dick    

		Name: Teresa L. Dick
		Title:   Executive Vice President, Chief Financial       Officer and Assistant Secretary




									
			VIPER ENERGY PARTNERS LP, as Parent Guarantor


By: Viper Energy Partners GP LLC, its general partner

			
			
			By:    /s/ Teresa L. Dick    

			Name: Teresa L. Dick
			Title:   Executive Vice President, Chief Financial       Officer and Assistant Secretary




SIGNATURE PAGE
EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

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

			
			
		By:
	/s/ Michael Real    

			Name: Michael Real

			Title:   Managing Director





SIGNATURE PAGE
EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		PNC BANK, NATIONAL ASSOCIATION,
as a Lender

			
			
		By:	/s/ John Engel            

			Name: John Engel

			Title:   Senior Vice President 





SIGNATURE PAGE
EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		COMERICA BANK,
as a Lender

			
			
		By:	/s/ Garrett R. Merrell        

			Name: Garrett R. Merrell
			Title:   Senior Vice President




SIGNATURE PAGE
EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

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

			
			
		By:	/s/ John Krenger            

			Name: John Krenger

			Title:   Senior Vice President 




SIGNATURE PAGE
EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender

			
			
		By:	/s/ Christopher Kuna            

			Name: Christopher Kuna

			Title:   Senior Director





SIGNATURE PAGE
EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

			
			
		By:	/s/ Nupur Kumar            

			Name: Nupur Kumar

			Title:   Authorized Signatory 

			
			
		By:	/s/ Michael Wagner             
			Name: Michael Wagner
			Title:   Authorized Signatory 





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EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender

			
			
		By:	/s/ Scott Nickel            

			Name: Scott Nickel

			Title:   Director





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EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

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

			
			
		By:	/s/ Umar Hassan            

			Name: Umar Hassan

			Title:   Authorized Officer





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EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		CITIBANK, N.A.,
as a Lender

			
			
		By:	/s/ Jeff Ard                

			Name: Jeff Ard

			Title:   Vice President 





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EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

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

			
			
		By:	/s/ Ronald E. McKaig                

			Name: Ronald E. McKaig

			Title:   Managing Director





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EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		TRUIST BANK,
as a Lender

			
			
		By:	/s/ Samantha Sanford                

			Name: Samantha Sanford

			Title:   Vice President 





SIGNATURE PAGE
EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		GOLDMAN SACHS BANK USA,
as a Lender

			
			
		By:	/s/ Dan Martis            

			Name: Dan Martis

			Title:   Authorized Signatory 





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EIGHTH AMENDMENT TO CREDIT AGREEMENT



        

									
		BARCLAYS BANK PLC,
as a Lender

			
			
		By:	/s/ Sydney G. Dennis            

			Name: Sydney G. Deenis

			Title:   Director





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EIGHTH AMENDMENT TO CREDIT AGREEMENT