Exhibit








Exhibit 10.1
 	
			
	
	 
	Wells Fargo Bank, National Association

	 
	1000 Louisiana Street, Suite 1200

	 
	Houston, TX 77002

	 
	 
	 

	 
	 
	August 28, 2019






Diamondback O&G LLC
500 West Texas, Suite 1200
Midland, Texas 79701
Attention:  Teresa L. Dick




Re:    Consent Letter


Ladies and Gentlemen:


Reference is hereby made to that certain Second Amended and Restated Credit Agreement, dated as of November 1, 2013 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), by and among Diamondback O&G LLC, as borrower (the “Borrower”), Diamondback Energy, Inc., as parent guarantor (the “Parent Guarantor”), Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”), and the lenders party thereto from time to time.  Capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement.    
1.      Request for Consent.  The Borrower has advised the Administrative Agent and the Lenders that (a) it is contemplating entering into certain Swap Agreements in respect of interest rates for United States Treasury securities (such Swap Agreements, collectively, the “Subject Swap Agreements”) and (b) the Loan Parties may be prohibited from entering into such Subject Swap Agreements under Section 9.18 of the Credit Agreement.  The Borrower has requested that the Administrative Agent and the Lenders enter into this letter agreement (this “Letter Agreement”) to evidence the Lenders’ consent to the Loan Parties entering into the Subject Swap Agreements on the terms and conditions set forth herein.
2.      Limited Consent.  In reliance on the representations, warranties, covenants, and agreements contained in this Letter Agreement, and notwithstanding anything in Section 9.18 of the Credit Agreement or any other provision of the Loan Documents that may prohibit the Loan Parties from entering into the Subject Swap Agreements, Lenders constituting Majority Lenders hereby consent to the Loan Parties entering into the Subject Swap Agreements, subject to the following terms and conditions:
(a)the aggregate notional principal amount of United States Treasury securities subject to the Subject Swap Agreements shall not, in any event, exceed $3,000,000,000.00;
(b)the pricing and other economics of such Subject Swap Agreements are on prevailing market terms;
(c)such Subject Swap Agreements are entered into by the applicable Loan Party(ies) on or prior to December 31, 2019; 
(d)such Subject Swap Agreements do not have a tenor extending beyond December 31, 2020; and
(e)such Subject Swap Agreements shall be with an Approved Counterparty.
3.    Limitations on Consent.  Nothing contained herein, nor any past indulgence by the Administrative Agent or any Lender, nor any other action or inaction on behalf of the Administrative Agent or any Lender, shall be deemed a consent to, or waiver of, any other action or inaction of the Parent Guarantor, the Borrower, or any of the other Loan Parties that constitutes (or would constitute) a violation of any provision of the Credit Agreement or any other Loan Document, or which results (or would result) in a Default or Event of Default under the Credit Agreement 











or any other Loan Document.  This Letter Agreement shall not constitute a course of conduct or dealing among the parties.  The Administrative Agent and the Lenders shall have no obligation to grant any future waivers, consents or amendments with respect to the Credit Agreement or any other Loan Document, and the parties hereto agree that the limited consent provided in paragraph 2 above shall constitute a one-time consent and shall not waive, affect, or diminish any right of the Administrative Agent and/or the Lenders to hereafter demand strict compliance with the Credit Agreement and the other Loan Documents. 


4.    Miscellaneous.    


(a)    Confirmation.  The provisions of the Credit Agreement (subject to the limited consent provided in this Letter Agreement) shall remain in full force and effect following the effectiveness of this Letter Agreement.


(b)    Ratification and Affirmation; Representations and Warranties.  Each of the Guarantors and the Borrower hereby (i) 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, subject to the consent granted in this Letter Agreement and (ii) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Letter Agreement:


(A)    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, except with respect to actions permitted by this Letter Agreement;


(B)    no Default or Event of Default has occurred and is continuing; and


(C)    no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.


(c)    Counterparts.  This Letter Agreement 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 Letter Agreement by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.  


(d)    NO ORAL AGREEMENT.  THIS LETTER AGREEMENT, 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.  


(e)    GOVERNING LAW.  THIS LETTER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.  


(f)    Payment of Expenses.  Subject to the limitations set forth in  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 Letter Agreement, 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.   


(g)    Severability.  Any provision of this Letter Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without 


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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.


(h)    Successors and Assigns.  This Letter Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.


(i)    Loan Document.  This Letter Agreement is a Loan Document.


[Signature Pages Follow]






PAGE 3








	
		
	Very truly yours,

	 
	 

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

	 
	 

	 
	 

	By:
	/s/ Todd Fogle

	Name: Todd Fogle

	Title: Director






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

	 
	 

	 
	 

	By:
	/s/ Wes Fontana

	Name: Wes Fontana

	Title: Managing Director








Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

	 
	 

	 
	 

	By:
	/s/ Nupur Kumar

	Name: Nupur Kumar

	Title: Authorized Signatory

	 
	 

	By:
	/s/ Chris Zybrick

	Name: Chris Zybrick

	Title: Authorized Signatory






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









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

	 
	 

	 
	 

	By:
	/s/ Ryan Knape

	Name: Ryan Knape

	Title: Director






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 
	 

	 
	 

	By:
	/s/ Tara R. McLean

	Name: Tara R. McLean

	Title: Vice President






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









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

	 
	 

	 
	 

	By:
	 

	Name: 

	Title: 






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	GOLDMAN SACHS BANK USA, as a Lender

	 
	 

	 
	 

	By:
	/s/ Jamie Minieri

	Name: Jamie Minieri

	Title: Authorized Signatory






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	CITIBANK, N.A., as a Lender

	 
	 

	 
	 

	By:
	/s/ Jeff Ard

	Name: Jeff Ard

	Title: Vice President






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









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

	 
	 

	 
	 

	By:
	 

	Name:

	Title: 






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	SUNTRUST BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Arize Agumadu

	Name: Arize Agumadu

	Title: Vice President






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	ZIONS BANCORPORATION, N.A., dba AMEGY BANK, as a Lender

	 
	 

	 
	 

	By:
	 

	Name: 

	Title: 






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	ING CAPITAL LLC, as a Lender

	 
	 

	 
	 

	By:
	/s/ Charles Hall

	Name: Charles Hall

	Title: Managing Director

	 
	 

	By:
	/s/ Scott Lamoreaux

	Name: Scott Lamoreaux

	Title: Director






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	COMMONWEALTH BANK OF AUSTRALIA, as a Lender

	 
	 

	 
	 

	By:
	/s/ Emma Raine

	Name: Emma Raine 

	Title: Senior Associate






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	BOKF, N.A. dba BANK OF OKLAHOMA, as a Lender

	 
	 

	 
	 

	By:
	/s/ John Krenger

	Name: John Krenger 

	Title: Vice President






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	BRANCH BANKING AND TRUST COMPANY, as a Lender

	 
	 

	 
	 

	By:
	/s/ Parul June

	Name: Parul June

	Title: Senior Vice President






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	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/ Scott W. Danvers

	Name: Scott W. Danvers

	Title: Authorized Signatory






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	PNC BANK, NATIONAL ASSOCIATION, as a Lender

	 
	 

	 
	 

	By:
	/s/ Sandra Salazar

	Name: Sandra Salazar

	Title: Managing Director






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	IBERIABANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Stacey Goldstein

	Name: Stacy Goldstein

	Title: Senior Vice President






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	BBVA USA, as a Lender

	 
	 

	 
	 

	By:
	/s/ Julia Barnhill

	Name: Julia Barnhill

	Title: Vice President






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender

	 
	 

	 
	 

	By:
	/s/ Michael Borowiecki

	Name: Michael Borowiecki

	Title: Authorized Signatory






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	REGIONS BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Stuart Murray

	Name: Stuart Murray

	Title: Director






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	MIZUHO BANK, LTD, as a Lender

	 
	 

	 
	 

	By:
	/s/ Edward Sacks

	Name: Edward Sacks

	Title: Authorized Signatory






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	THE HUNTINGTON NATIONAL BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Gregory R. Ryan

	Name: Gregory R. Ryan

	Title: Managing Director






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	SUMITOMO MITSUI BANKING CORPORATION, as a Lender

	 
	 

	 
	 

	By:
	/s/ Michael Maguire

	Name: Michael Maguire

	Title: Managing Director






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	COMERICA BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Garret R. Merrell

	Name: Garret R. Merrell

	Title: Vice President






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









Accepted and Agreed to:
	
		
	DIAMONDBACK O&G LLC, as the Borrower

	 
	 

	 
	 

	By:
	/s/ Teresa L. Dick

	Name: Teresa L. Dick

	Title: Executive Vice President, Chief Accounting Officer, and Assistant Secretary

	 
	 

	DIAMONDBACK ENERGY, INC., as the Parent Guarantor

	 
	 

	 
	 

	By:
	/s/ Teresa L. Dick

	Name: Teresa L. Dick

	Title: Executive Vice President, Chief Accounting Officer, and Assistant Secretary

	 
	 

	DIAMONDBACK E&P LLC, as a Guarantor

	 
	 

	 
	 

	By:
	/s/ Teresa L. Dick

	Name: Teresa L. Dick

	Title: Executive Vice President, Chief Accounting Officer, and Assistant Secretary

	 
	 

	ENERGEN CORPORATION, as a Guarantor

	 
	 

	 
	 

	By:
	/s/ Teresa L. Dick

	Name: Teresa L. Dick

	Title: Executive Vice President, Chief Accounting Officer, and Assistant Secretary

	 
	 

	ENERGEN RESOURCES CORPORATION, as a Guarantor

	 
	 

	 
	 

	By:
	/s/ Teresa L. Dick

	Name: Teresa L. Dick

	Title: Executive Vice President, Chief Accounting Officer, and Assistant Secretary






Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC









	
		
	EGN SERVICES, INC., as a Guarantor

	 
	 

	 
	 

	By:
	/s/ Teresa L. Dick

	Name: Teresa L. Dick

	Title: Executive Vice President, Chief Accounting Officer, and Assistant Secretary








Signature Page to Consent Letter Agreement Regarding Interest Rate Hedging - Diamondback O&G LLC