Twelfth Amendment to Amended and Restated Credit Agreement



 Exhibit 10.1 
 TWELFTH AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 This Twelfth Amendment to Amended and Restated Credit Agreement (this “Amendment”) dated as of March 27, 2009 (the
“Effective Date”), is by and among PENN VIRGINIA CORPORATION, a Virginia corporation (the “Borrower”), the Lenders (as defined in the Credit Agreement referred to below) party hereto, and JPMORGAN CHASE BANK, N.A.
(successor by merger to Bank One, N.A. (Main Office Chicago)) (the “Administrative Agent”). 
 R E C I T A L S: 

WHEREAS, the Borrower, each Lender then a party thereto, the Administrative Agent, the other agents party thereto, and the LC Issuer have heretofore
entered into that certain Amended and Restated Credit Agreement dated as of December 4, 2003, as amended by that certain Consent and First Amendment to Amended and Restated Credit Agreement dated as of December 29, 2004, and as
amended by that certain Second Amendment to Amended and Restated Credit Agreement dated as of December 15, 2005, and as amended by that certain Third Amendment to Amended and Restated Credit Agreement dated as of April 14, 2006,
and as amended by that certain Fourth Amendment to Amended and Restated Credit Agreement dated as of August 25, 2006, and as amended by that certain Fifth Amendment to Amended and Restated Credit Agreement dated as of
November 1, 2006, and as amended by that certain Sixth Amendment to Amended and Restated Credit Agreement dated as of April 13, 2007, and as amended by that certain Seventh Amendment to Amended and Restated Credit Agreement dated
as of June 12, 2007, and as amended by that certain Waiver and Eighth Amendment to Amended and Restated Credit Agreement dated as of August 1, 2007, and as amended by that certain Waiver and Ninth Amendment to Amended and
Restated Credit Agreement dated as of October 5, 2007, and as amended by that certain Waiver and Tenth Amendment dated as of November 26, 2007, and as amended by that certain Eleventh Amendment dated as of
December 15, 2008, and as otherwise amended, supplemented or modified from time to time prior to the Effective Date (the “Credit Agreement”), pursuant to which the Lenders have agreed to make revolving credit loans to, and
participate in letters of credit issued for, the benefit of the Borrower under the terms and provisions stated therein; and 
 WHEREAS, the
Borrower has requested that Lenders party hereto amend certain provisions of the Credit Agreement as set forth herein; and 
 WHEREAS,
subject to the terms and conditions of this Amendment and the Credit Agreement, each of the Lenders party hereto has entered into this Amendment in order to effectuate the amendments and modifications to the Credit Agreement set forth herein;

 NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Definitions. Capitalized terms used in this
Amendment, to the extent not otherwise defined herein, shall have the same meaning as in the Credit Agreement. 







 Section 2. Amendments to Credit Agreement. The Credit Agreement is hereby amended by deleting
the existing Pricing Schedule attached to the Credit Agreement and inserting in its place as the new Pricing Schedule to the Credit Agreement the text contained in Annex 1 attached to this Amendment. 
 Section 3. Decrease of the Borrowing Base. 
 (a) The Borrowing Base shall be decreased from $479,000,000 to $450,000,000 from and after the Effective Date until the Borrowing Base shall be otherwise redetermined in accordance with the Credit Agreement.

 (b) Both the Borrower, on the one hand, and the Administrative Agent and the Lenders party hereto, on the other hand, agree
that the redetermination of the Borrowing Base pursuant to clause (a) of this Section 3 constitutes the regularly scheduled Borrowing Base redetermination for Spring 2009 (and shall not constitute a special redetermination of the Borrowing
Base pursuant to Section 2.21(v) of the Credit Agreement). 
 Section 4. Conditions Precedent. The effectiveness of this
Amendment is subject to the satisfaction of each of the following conditions precedent: 
 (a) Executed Amendment. The
Administrative Agent shall have received a counterpart of this Amendment duly executed by the Borrower and Lenders constituting at least the Required Lenders. 
 (b) Other Conditions. The Borrower shall have confirmed and acknowledged to the Administrative Agent, the LC Issuer and the
Lenders, and by its execution and delivery of this Amendment the Borrower does hereby confirm and acknowledge to the Administrative Agent and the Lenders, that (i) the execution, delivery and performance of this Amendment has been duly
authorized by all requisite corporate action on the part of the Borrower; (ii) the Credit Agreement and each other Loan Document to which it is a party constitute valid and legally binding agreements enforceable against the Borrower in
accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws relating to or affecting the enforcement of creditors’ rights
generally and by general principles of equity; (iii) the representations and warranties made by the Borrower or any other Loan Party contained in the Credit Agreement and in the other Loan Documents are true and correct in all material respects
on and as of the date hereof as though made as of the date hereof or, to the extent any such representation or warranty is stated to relate solely to an earlier date, such representation or warranty shall have been true and correct on and as of such
earlier date; and (iv) no Default or Unmatured Default exists under the Credit Agreement or any of the other Loan Documents. 
 Section 5. Ratification of Credit Agreement. Except as expressly amended, modified or waived by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed in all
respects and shall continue in full force and effect. 
  

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 Section 6. Expenses. The Borrower agrees to pay on demand all expenses set forth in
Section 9.6 of the Credit Agreement. 
 Section 7. Miscellaneous. (a) On and after the effectiveness of this Amendment,
each reference in each Loan Document to “this Agreement”, “this Note”, “this Mortgage”, “this Guaranty”, “this Pledge Agreement”, “hereunder”, “hereof” or words of like import,
referring to such Loan Document, and each reference in each other Loan Document to “the Credit Agreement”, “the Notes”, “the Mortgages”, “the Guaranty”, “the Pledge Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, the Notes, the Mortgage, the Guaranty, the Pledge Agreement or any of them, shall mean and be a reference to such Loan Document, the Credit
Agreement, the Notes, the Mortgage, the Guaranty, the Pledge Agreement or any of them, as amended or otherwise modified by this Amendment; (b) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any
default of the Borrower or any right, power or remedy of the Administrative Agent or the Lenders under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents; (c) this Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement; and (d) delivery of
an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 
 Section 8. Severability. Any provisions of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the
effect thereof shall be confined to the provisions so held to be invalid or unenforceable. 
 Section 9. Applicable Law; Entire
Agreement. THIS AMENDMENT AND EACH OTHER LOAN DOCUMENT DELIVERED PURSUANT HERETO (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS (WITHOUT REGARD TO
PRINCIPLES OF THE CONFLICTS OF LAW), BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
 Section 10. Successors
and Assigns. This Amendment is binding upon and shall inure to the benefit of the Agents, the LC Issuer, the Lenders and the Borrower and their respective successors and assigns. 
 Section 11. Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one
agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. 
 Section 12. Headings. The
headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment. 
 Section 13. NO ORAL AGREEMENTS. THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND 

  

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DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES WITH RESPECT TO THE MATTERS HEREIN CONTAINED, AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [Signature pages follow] 
  

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 EXECUTED as of the day and year first above written. 
  

			
	BORROWER:
	
	 PENN VIRGINIA CORPORATION,
 as
Borrower

		
	By:	 	 /s/ Frank A. Pici

	Name:	 	Frank A. Pici
	Title:	 	 Executive Vice President and
 Chief Financial Officer


	
	ADMINISTRATIVE AGENT AND LENDERS
	
	JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A. (Main Office Chicago)), as Administrative Agent
	and as a Lender
		
	By:	 	 /s/ Jo Linda Papadakis

	Name:	 	Jo Linda Papadakis
	Title:	 	Vice President
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ John Kovarik

	Name:	 	John Kovarik
	Title:	 	Officer
	
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Don J. McKinnerney

	Name:	 	Don J. McKinnerney
	Title:	 	Authorized Signatory


  

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	BNP PARIBAS, as a Lender
		
	By:	 	 /s/ Betsy Jocher

	Name:	 	Betsy Jocher
	Title:	 	Director
	
	and
		
	By:	 	 /s/ David Dodd

	Name:	 	David Dodd
	Title:	 	Managing Director
	
	BANK OF AMERICA, N.A., successor by merger to Fleet National Bank, as a Lender
		
	By:	 	 /s/ Adam H. Fey

	Name:	 	Adam H. Fey
	Title:	 	Vice President
	
	 COMERICA BANK,
 as a
Lender

		
	By:	 	 /s/ Rebecca L. Wilson

	Name:	 	Rebecca L. Wilson
	Title:	 	Assistant Vice President
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as a
Lender

		
	By:	 	 /s/ Richard C. Munsick

	Name:	 	Richard C. Munsick
	Title:	 	Senior Vice President


  

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	FORTIS CAPITAL CORP.,
	as a Lender
		
	By:	 	 /s/ Deirdre Sanborn

	Name:	 	Deirdre Sanborn
	Title:	 	Director
	
	and
		
	By:	 	 /s/ Ilene Fowler

	Name:	 	Ilene Fowler
	Title:	 	Director
	
	 MIZUHO CORPORATE BANK, LTD.,
 as a
Lender

		
	By:	 	 /s/ Leon Mo

	Name:	 	Leon Mo
	Title:	 	Senior Vice President
	
	 WELLS FARGO BANK, N.A.,
 as a Lender


		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CAPITAL ONE N.A.,
 as a
Lender

		
	By:	 	  

	Name:	 	
	Title:	 	


  

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 ACKNOWLEDGMENT BY GUARANTORS 
 Each of the undersigned Guarantors hereby (i) consents to the terms and conditions of that certain Twelfth Amendment to the Credit Agreement dated
as of March 27, 2009 (the “Twelfth Amendment”), (ii) acknowledges and agrees that its consent is not required for the effectiveness of the Twelfth Amendment, (iii) ratifies and acknowledges its respective
Obligations under each Loan Document to which it is a party, and (iv) represents and warrants that (a) no Default or Unmatured Default has occurred and is continuing, (b) it is in full compliance with all covenants and agreements
pertaining to it in the Loan Documents, and (c) it has reviewed a copy of the Twelfth Amendment. 
  

	
	PENN VIRGINIA HOLDING CORP.,
	a Delaware corporation
	
	 PENN VIRGINIA OIL & GAS CORPORATION,
 a
Virginia corporation

	
	 PENN VIRGINIA OIL & GAS GP LLC,
 a
Delaware limited liability company

	
	 PENN VIRGINIA OIL & GAS LP LLC,
 a
Delaware limited liability company

	
	 PENN VIRGINIA MC CORPORATION,
 a Delaware
corporation

	
	 PENN VIRGINIA MC ENERGY L.L.C.,
 a Delaware
limited liability company

	
	PENN VIRGINIA MC OPERATING COMPANY L.L.C., a Delaware limited liability company
	
	 PENN VIRGINIA OIL & GAS, L.P.,
 a Texas
limited partnership

	
	 By Penn Virginia Oil & Gas GP LLC, a Delaware limited liability company, as its general partner



  

			
	By:	 	 /s/ Frank A. Pici

	Name:	 	Frank A. Pici
	Title:	 	Vice President


  

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 Annex 1 
 PRICING SCHEDULE 
  

																
	 APPLICABLE MARGIN
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 
	 Eurodollar Rate
	  	2.000	%	 	2.250	%	 	2.500	%	 	2.750	%	 	3.000	%
	 Floating Rate
	  	1.125	%	 	1.375	%	 	1.625	%	 	1.875	%	 	2.125	%
						
	 APPLICABLE FEE RATE
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 
	 Commitment Fee
	  	0.500	%	 	0.500	%	 	0.500	%	 	0.500	%	 	0.500	%

 For the purposes of this Pricing Schedule, the following terms have the following meanings, subject
to the final paragraph of this Pricing Schedule: 
 “Borrowing Base Usage” means, as of any date, the percentage of the
Borrowing Base then in effect represented by the sum of (i) the aggregate principal amount of all Loans then outstanding under the Agreement, plus (ii) the aggregate face amount of all Facility LCs then outstanding under the
Agreement. 
 “Level I Status” exists at any date if the Borrowing Base Usage as of such date is less than 25%. 

“Level II Status” exists at any date if the Borrowing Base Usage as of such date is less than 50% but equal to or more than 25%.

 “Level III Status” exists at any date if the Borrowing Base Usage as of such date is less than 75% but equal to or more
than 50%. 
 “Level IV Status” exists at any date if the Borrowing Base Usage as of such date is less than 90% but equal to
or more than 75%. 
 “Level V Status” exists at any date if the Borrower has not qualified for Level I Status, Level II
Status, Level III Status or Level IV Status as of such date. 
 “Status” means either Level I Status, Level II Status, Level
III Status, Level IV Status or Level V Status. 
 The Applicable Margin and Applicable Fee Rate shall be determined in accordance with the
foregoing table. 
 Annex I – Pricing Schedule