Document:

Credit Agreement dated 8/2/2010

 Exhibit 10.7 

 
  

FIRST AMENDMENT TO CREDIT AGREEMENT 

among 

CHESAPEAKE MLP OPERATING, L.L.C., 

as the Borrower, 

CHESAPEAKE MIDSTREAM PARTNERS, L.P., 

as the Parent, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, 

THE ROYAL BANK OF SCOTLAND plc, 

as Syndication Agent, 

BANK OF MONTREAL, 

COMPASS BANK AND 

THE BANK OF NOVA SCOTIA, 

As Co-Documentation Agents 

and 
 The Several
Lenders from Time to Time Parties Hereto, 
 Dated as of August 2, 2010 

WELLS FARGO SECURITIES, LLC and RBS SECURITIES INC., 

as Joint Lead Arrangers 

and 
 WELLS FARGO
SECURITIES, LLC, 
 as Sole Book Manager 
  

 
 [FIRST
AMENDMENT TO CREDIT AGREEMENT] 

 FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (herein called the “Amendment”) dated as of August 2, 2010
among CHESAPEAKE MLP OPERATING, L.L.C., a Delaware limited liability company, formerly known as Chesapeake Midstream Partners, L.L.C. (“Borrower”), CHESAPEAKE MIDSTREAM PARTNERS, L.P., a Delaware limited partnership
(“Parent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swing Line Lender, and the Issuing Lender, and the several banks and other financial institutions or entities from time to time parties to the Existing
Credit Agreement defined below (“Lenders”). 
 W I T N E S S E T H: 

WHEREAS, Borrower, Administrative Agent and Lenders entered into that certain Credit Agreement dated as of
September 30, 2009 (the “Existing Credit Agreement”), for the purpose and consideration therein expressed, whereby Lenders became obligated to make loans to Borrower as therein provided; and 

WHEREAS, Borrower, Administrative Agent and Lenders desire to amend the Existing Credit Agreement as set forth herein;

 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and
in the Existing Credit Agreement, in consideration of the loans which may hereafter be made by Lenders to Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do
hereby agree as follows: 
 ARTICLE I.  

DEFINITIONS AND REFERENCES 

Section 1.1. Terms Defined in the Existing Credit Agreement. Unless the context otherwise requires or unless
otherwise expressly defined herein, the terms defined in the Existing Credit Agreement shall have the same meanings whenever used in this Amendment. 

Section 1.2. Other Defined Terms. Unless the context otherwise requires, the following terms when used in
this Amendment shall have the meanings assigned to them in this Section 1.2. 

“Amendment” means this First Amendment to Credit Agreement. 

“Amendment Documents” means this Amendment and all other documents or instruments
delivered in connection herewith or therewith. 
 “Amendment Effective Date”
means the date that the conditions precedent to the effectiveness of this Amendment specified in Section 3.1 have been satisfied. 

“Credit Agreement” means the Existing Credit Agreement as amended hereby. 

 

					
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 ARTICLE II.  

AMENDMENTS TO EXISTING CREDIT AGREEMENT 

Section 2.1. Additional Defined Terms. Section 1.1 of the Existing Credit Agreement is amended to
add the following definitions: 
 “Consolidated Net Tangible Assets”: at any
date of determination, the total amount of consolidated assets of the Group Members after deducting therefrom: (a) all current liabilities (excluding (i) any current liabilities that by their terms are extendable or renewable at the option
of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (ii) current maturities of long-term debt); and (b) the value (net of any applicable reserves) of all goodwill, trade
names, trademarks, patents and other intangible assets, all as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of the Group Members for the most recently completed fiscal quarter, prepared in accordance with
GAAP. 
 “First Amendment Effective Date”: the “Amendment Effective
Date” as defined in that certain First Amendment to Credit Agreement dated as of August 2, 2010 among Borrower, Parent, Administrative Agent and Lenders party thereto. 

“General Partner”: Chesapeake Midstream GP, L.L.C., a Delaware limited liability company.

 “Increase Effective Date”: as defined in Section 2.14(d).

 “Parent”: Chesapeake Midstream Partners, L.P., a Delaware limited
partnership. 
 “Parent Guarantee Agreement”: the Parent Guarantee Agreement to
be executed and delivered by Parent, substantially in the form of Exhibit A-2 attached hereto. 

“Parent Registration Statement”: the Form S-1 Registration Statement filed by the Parent
with the SEC as Registration No. 333-164905, as amended. 
 “Ventures”: as
defined in Section 8.1(l). 
 Section 2.2. Existing Defined Terms. The definition of
“Specified Change of Control” in Section 1.1 of the Existing Credit Agreement is hereby deleted. The following definitions in Section 1.1 of the Existing Credit Agreement are hereby amended in their entirety
to read as follows: 
 “Applicable Margin”: for each Type of Revolving Loan, on
any day, the rate per annum set forth at the appropriate intersection at the relevant column heading below for such Type of Loan, and for the Commitment Fee, on any day, the rate per annum set forth at the appropriate intersection at the column for
Commitment Fee Rate, in each case based on the Consolidated Leverage Ratio as of the close of business on the immediately preceding Business Day: 
  

										
	 Consolidated Leverage Ratio
	  	Base Rate
Loans	 	 	Eurodollar
Loans	 	 	Commitment
Fee Rate	 
	 Less than 3.00 to 1.00
	  	1.75	% 	 	2.75	% 	 	0.50	% 
	 Greater than or equal to 3.00 to 1.00 and less than 4.00 to 1.00
	  	2.00	% 	 	3.00	% 	 	0.50	% 
	 Greater than or equal to 4.00 to 1.00
	  	2.25	% 	 	3.25	% 	 	0.50	% 

  

					
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 “Chesapeake Energy Designees”: those voting
members of the board of directors of the General Partner who are designated or appointed solely by Chesapeake Energy or its wholly owned Subsidiaries, excluding any directors or managers who may be designated or appointed by Chesapeake Energy or its
wholly owned Subsidiaries but are designated or appointed (i) to satisfy or comply with any regulation or rule of any applicable governmental authority or regulating entity, including, without limitation, those of any regulatory agency,
securities commission or stock exchange relating to independent directors or (ii) pursuant to any contractual obligations or otherwise to represent, in whole or in part, the interests of any Person other than Chesapeake Energy or its wholly
owned Subsidiaries. 
 “Group Members”: the collective reference to Parent, the
Borrower, the Subsidiary Guarantors and the Immaterial Subsidiaries. 
 “Gathering
Documents”: the collective reference to the Gathering Agreement, the Barnett Gas Gathering Agreement executed January 25, 2010 among the Borrower, Total Gas & Power North America, Inc. and Total E&P USA, Inc., each other
gas gathering agreement or similar agreement entered into by Parent, the Borrower or any Subsidiary of the Borrower with any other Person, whether pursuant to the terms of the Gathering Agreement or otherwise, and the Compression Agreement, as
defined in and in the form attached to the Transaction Agreement. 
 “Material
Agreements”: the collective reference to the Gathering Documents and the Omnibus Agreement in the form attached to the Parent Registration Statement. 

“Responsible Officer”: the chief executive officer, president, chief financial officer or
treasurer of the Borrower or of the General Partner, but in any event, with respect to financial matters, the chief financial officer or treasurer of the Borrower or the General Partner. 

“Revolving Termination Date”: July 31, 2015. 

Section 2.3. Accounting Terms. The references to “the Borrower” in the definitions of
“Consolidated EBITDA”, “Consolidated Interest Expense”, “Consolidated Leverage Ratio”, “Consolidated Net Income”, “Consolidated Net Worth”, and
“Consolidated Tangible Net Worth” in Section 1.1 of the Existing Credit Agreement are hereby amended to read “Parent”. 
  

					
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 Section 2.4. Increase in Commitments. Section 2.14
of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 

“Section 2.14 Increase in Commitments. 

“(a) Request for Increase. Provided no Default has occurred and is continuing, upon notice to
the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to time request an increase in the Total Revolving Commitments; provided that (i) any such request for an increase shall be in a minimum amount of
$15,000,000, (ii) the Borrower may make a maximum of three such requests during the Revolving Commitment Period, and (iii) after giving effect to such increase in the Total Revolving Commitments, the Total Revolving Commitments do not
exceed $1,000,000,000. At the time of sending such notice, the Borrower may request all or part of such increase from the Lenders and, if it does so, shall specify (in consultation with the Administrative Agent) the time period within which each
Lender who desires to commit to such increase is requested to respond. 
 “(b) Lender
Elections to Increase. If Borrower so requests, each Lender may notify the Administrative Agent within such time period whether or not it agrees to increase its Revolving Commitment (which agreement may be given or withheld at such Lender’s
sole and absolute discretion) and, if so, whether by an amount equal to, greater than, or less than its Revolving Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase
its Revolving Commitment. 
 “(c) Notification by Administrative Agent; Additional
Lenders. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Administrative
Agent, the Swing Line Lender and each Issuing Lender (which approvals shall not be unreasonably withheld), the Borrower may also invite additional Persons who qualify as Eligible Assignees to become Lenders pursuant to a joinder agreement in form
and substance satisfactory to the Administrative Agent and its counsel. It shall not be a condition to obtaining an increase in the Total Revolving Commitments that the full amount of such increase requested by the Borrower be approved by the
Lenders or any additional Eligible Assignees. If less than the full amount of the increase requested by the Borrower is approved by the Lenders and any additional Eligible Assignee, the Borrower may, at its option, accept the amount of the increase
so approved, or the Borrower may withdraw its request for all or a portion of such increase, in which case the Borrower shall be deemed not to have made a request for all or a portion of such increase, as applicable. 

“(d) Effective Date and Allocations. If the Total Revolving Commitments are increased in
accordance with this Section 2.14, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall
promptly notify the Borrower and the Lenders of the final amount and allocation of such increase and the Increase Effective Date. 
  

					
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 “(e) Conditions to Effectiveness of Increase. As
a condition precedent to such increase, the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such
Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (ii) in the case of the Borrower, certifying that, before and after giving effect to such increase,
(A) the representations and warranties contained in Article 4 and the other Loan Documents are true and correct on and as of the Increase Effective Date and (B) no Default exists. Administrative Agent shall notify the new or
increasing Lenders of the amount of Loans of each Type and the applicable Interest Period thereof, and each such new or increasing Lender shall make Revolving Loans which are sufficient to make its outstanding Revolving Loans of each Type and of
each Interest Period equal to such Lender’s Revolving Percentage of the Revolving Loans of such Type and such Interest Period. The Borrower shall pay to such new or increasing Lenders on the Increase Effective Date any costs reasonably
determined by such Lender to have been incurred in respect of Eurodollar Loans related to such increase which are funded other than on the first day of the Interest Period relating thereto. 

“(f) Conflicting Provisions. This Section shall supersede any provisions in
Section 3.8 or Section 10.1 to the contrary.” 
 Section 2.5.
Representations and Warranties. The introductory paragraph to Article 4 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 

“To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the
Revolving Loans and issue or participate in the Letters of Credit, Parent and the Borrower hereby represent and warrant to the Administrative Agent and each Lender that:” 

Section 2.6. Financial Condition. 

(a) Sections 4.1(a) and (b) of the Existing Credit Agreement are hereby amended in their entirety to
read as follows: 
 “Section 4.1. Financial Condition. 

“(a) The audited consolidated balance sheet of Parent as of December 31, 2009 and the related
consolidated statements of operations and of cash flows for the fiscal year ended on such date, reported on by and accompanied by an unqualified report from PricewaterhouseCoopers LLP, in each case as set forth in the Parent Registration Statement,
present fairly the consolidated financial condition of Parent as at such date as set forth therein, and its consolidated results of operations and consolidated cash flows for the fiscal year then ended as set forth therein. All such financial
statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the period involved (except as approved by the aforementioned firm of accountants and disclosed therein) as set
forth therein. 
  

					
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 “(b) [Intentionally deleted].” 

(b) The final sentence of Section 4.1(d) which begins “Unless otherwise disclosed in writing to the
Lenders prior to the date hereof” is hereby restated in its entirety to read as follows: 

“Unless otherwise disclosed in writing to the Lenders prior to the First Amendment Effective Date,
during the period from December 31, 2009, to and including the First Amendment Effective Date there has been no Disposition by any Group Member of any material part of its business or property from that reflected in the balance sheet as at such
date referred to in Section 4.1(a).” 
 Section 2.7. No Change. Section 4.2 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Section
4.2. No Change. Since December 31, 2009 there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect except as set forth at Schedule 4.2.” 

Section 2.8. Knowledge and Belief Representations and Warranties. 

(a) The references in Sections 4.6, 4.10, 4.12, 4.17(d) and 4.17(f) of the Existing
Credit Agreement to “to the knowledge of the Borrower” are hereby amended to read “to the knowledge of the Parent and Borrower”. 

(b) The reference in Section 4.17(b) of the Existing Credit Agreement to “nor does the Borrower have
knowledge” is hereby amended to read “nor do Parent or the Borrower have knowledge”. 
 (c) The
reference in Section 4.18 of the Existing Credit Agreement to “believed by management of the Borrower” is hereby amended to read “believed by management of Parent and the Borrower”. 

Section 2.9. Subsidiaries. Section 4.15 of the Existing Credit Agreement is hereby amended to add
the following sentences to the end thereof: 
 “Parent has no Subsidiaries other than the
Borrower and its Subsidiaries. General Partner is the sole general partner of Parent.” 

Section 2.10. Affirmative Covenants. The introductory paragraph to Article 6 of the Existing Credit
Agreement is hereby amended in its entirety to read as follows: 
 “Parent and the Borrower
hereby agree that, so long as the Revolving Commitments remain in effect, any Letter of Credit remains outstanding or any Revolving Loan or other amount is owing to any Lender or Administrative Agent hereunder, Parent and the Borrower shall and
shall cause each Group Member to:” 
 Section 2.11. Financial Statements. The references in
Sections 6.1(a) and 6.1(b) of the Existing Credit Agreement to “the Borrower” are hereby amended to read “Parent”. 
  

					
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 Section 2.12. Certificates; Other Information. 

(a) The reference in Sections 6.2(b) of the Existing Credit Agreement to “Responsible Officer of the Borrower”
is hereby amended to read “Responsible Officer”. 
 (b) The reference in Sections 6.2(c) of the
Existing Credit Agreement to “consolidated balance sheet of the Borrower” is hereby amended to read “consolidated balance sheet of Parent”. 

(c) The reference in Sections 6.2(d) of the Existing Credit Agreement to “fiscal quarter of the Borrower” is
hereby amended to read “fiscal quarter of Parent”. 
 Section 2.13. Notices. The reference
in Sections 6.7(d)(ii) of the Existing Credit Agreement to “the PBGC or the Borrower” is hereby amended to read “the PBGC or Parent or the Borrower”. 

Section 2.14. Negative Covenants. The introductory paragraph to Article 7 of the Existing Credit
Agreement is hereby amended in its entirety to read as follows: 
 “Parent and the Borrower
hereby agree that, so long as the Revolving Commitments remain in effect, any Letter of Credit remains outstanding or any Revolving Loan or other amount is owing to any Lender or Administrative Agent hereunder, Parent and the Borrower shall not, and
shall not permit any Group Member to, directly or indirectly:” 
 Section 2.15. Financial Condition
Covenants. Sections 7.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 

“Section 7.1. Financial Condition Covenants. 

“(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio on any day to be
greater than 4.50 to 1.0. 
 “(b) Interest Coverage Ratio. Permit the ratio of
(i) Consolidated EBITDA for the period of four consecutive fiscal quarters of Parent then most recently ended to (ii) Consolidated Interest Expense for such period to be less than 3.00 to 1.0.” 

Section 2.16. Secured Indebtedness. Section 7.2(e) of the Existing Credit Agreement is hereby
amended in its entirety to read as follows: 
 “(e) Indebtedness in respect of Capital Lease
Obligations and other financing of fixed or capital assets permitted by Section 7.3(g);” 

Section 2.17. Unsecured Indebtedness. Section 7.2(h) of the Existing Credit Agreement is hereby
amended in its entirety to read as follows: 
 “(h) additional Indebtedness of Parent, the
Borrower or any of its Subsidiaries that represents unsecured senior or subordinated notes issued by the Parent, and unsecured Guarantee Obligations thereof by the Borrower and the Subsidiary Guarantors; provided that (A) no principal
amount of such Indebtedness matures earlier than six (6) months after the Revolving Termination Date, (B) at the time of such issuance and after giving effect thereto, no Default or Event of Default shall exist, including compliance with
the financial condition covenants under Section 7.1, and (C) the Parent and the Borrower shall have delivered to the Administrative Agent a certificate in reasonable detail reflecting compliance with each of the foregoing
requirements of this Section 7.2(h), including calculations with supporting detail regarding the financial condition covenants under Section 7.1, together with such other evidence of compliance with the foregoing requirements
of this Section 7.2(h) as the Administrative Agent may reasonably request.” 
  

					
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 Section 2.18. Liens. Section 7.3(g) of the Existing
Credit Agreement is hereby amended in its entirety to read as follows: 
 “(g) Liens
securing Capital Lease Obligations or securing Indebtedness of the Borrower or any other Group Member to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created substantially simultaneously with
the Capital Lease or the acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property under such Capital Lease or financed by such Indebtedness, (iii) the amount of
Indebtedness represented by such Capital Lease or secured by such acquired assets shall not be increased, and (iv) the aggregate principal amount (for the Borrower and all other Group Members) of all such Capital Leases or other Indebtedness
secured as permitted by this Section 7.3(g) shall not exceed at any one time outstanding 10.0% of Consolidated Net Tangible Assets;” 

Section 2.19. Restricted Payments. Section 7.6 of the Existing Credit Agreement is hereby amended
in its entirety to read as follows: 
 “Section 7.6. Restricted Payments. Declare or
pay any dividend or distribution (other than dividends payable solely in common stock or partnership or membership interests of the Person making such dividend or distribution) on, or make any payment on account of, or set apart assets for a sinking
or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Group Member (or enter into or be party to, or make any payment under, any Synthetic Purchase Agreement with respect to
any such Capital Stock if the purchase, redemption, defeasance, retirement or other acquisition thereof by the Borrower and its Subsidiaries would otherwise be prohibited under this Section 7.6), whether now or hereafter outstanding, or
make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Borrower or any Subsidiary Guarantor, or enter into any derivatives or other transaction with any financial
institution, commodities or stock exchange or clearinghouse (a “Derivatives Counterparty”) obligating any Group Member to make payments (other than payments solely in the form of Capital Stock of the Borrower) to such Derivatives
Counterparty as a result of any change in market value of any such Capital Stock (collectively, “Restricted Payments”), except that (i) any Subsidiary Guarantor or Immaterial Subsidiary may pay cash

  

					
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dividends or distributions on its Capital Stock to the Borrower or any Subsidiary Guarantor, (ii) the Borrower may pay cash dividends or distributions on its Capital Stock to the Parent, and
(iii) so long as (A) no Default or Event of Default has occurred and is continuing at such time and (B) no Default or Event of Default would exist after giving pro forma effect to such distribution, the Parent may pay distributions to
its members of “Available Cash” as defined in and permitted by the terms of the Parent’s Agreement of Limited Partnership (as defined in and in the form attached to the Parent Registration Statement) as it exists on the First
Amendment Effective Date.” 
 Section 2.20. Modifications of Certain Agreements. 

(a) Each reference in clause (i) of Section 7.8(c) to “Borrower’s Consolidated EBITDA” or
“Borrower’s total Consolidated EBITDA” is hereby amended to read “Parent’s Consolidated EBITDA” or “Parent’s total Consolidated EBITDA”, respectively. 

(b) Clause (ii) of Section 7.8(c) of the Existing Credit Agreement is hereby amended to read as follows:

 “(ii) with respect to which the assignee or the acquiring Person under a separate gas
gathering agreement has (or the guarantor of its obligations under a guaranty provided pursuant to the Gathering Agreement has) a long-term, senior unsecured credit rating equal to or greater than BB (or higher) by S&P and Ba3 (or higher) by
Moody’s, in each case without a negative outlook.” 
 Section 2.21. Acquisitions. Clauses
(ii) and (iii) of Section 7.10 of the Existing Credit Agreement are hereby amended in their entirety to read as follows: 

“(ii) in the case of any such acquisition from a Person other than Chesapeake Midstream Operating,
L.L.C. or any of its subsidiaries, immediately before and immediately after giving pro forma effect to such acquisition and to any Indebtedness incurred in connection with such acquisition, the Consolidated Leverage Ratio does not exceed 4.25 to
1.0; (iii) a substantial part of the assets acquired in such acquisition are commonly understood to be in the midstream energy business and immediately before and immediately after giving pro forma effect to such acquisition and to any
Indebtedness incurred in connection with such acquisition, the Borrower shall be in compliance with the covenants set forth in Section 7.1;”. 

Section 2.22. Changes in Fiscal Period. Section 7.11 of the Existing Credit Agreement is hereby
amended in its entirety to read as follows: 
 “Section 7.11. Changes in Fiscal
Period. Permit the fiscal year of Parent to end on a day other than December 31 or change Parent’s method of determining fiscal quarter.” 

Section 2.23. Parent. The Existing Credit Agreement is hereby amended to add the following
Section 7.18 immediately following Section 7.17: 
 “Section 7.18.
Parent. Notwithstanding any other provision of this Agreement, with respect to Parent only: (a) hold any assets or conduct any business other than its ownership of the Borrower, (b) dispose of any of its ownership interest in the
Borrower, and (c) accept any Restricted Payment in violation of Section 7.6.” 
  

					
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 Section 2.24. Events of Default. 

(a) Paragraph (k) of Article 8 of the Existing Credit Agreement is hereby amended in its entirety to read as
follows: 
 “(k) [intentionally omitted]” 

(b) Paragraph (l) of Article 8 of the Existing Credit Agreement is hereby amended in its entirety to read as
follows: 
 “(l)(i) Chesapeake Midstream Ventures, L.L.C., a Delaware limited liability
company (“Ventures”) shall cease to be, directly or indirectly, the beneficial owner (as defined above) of all of the outstanding Capital Stock of General Partner; (ii) General Partner shall cease to be, directly or indirectly, the
beneficial owner (as defined above) of all of the general partner interests of Parent; (iii) less than 50% of the members of the board of directors, board of managers or similar governing body (the “Board”) of General Partner
(excluding those members designated or appointed as independent directors to comply with any regulation or rule of any applicable governmental authority or regulating entity, including, without limitation, those of any regulatory agency, securities
commission or stock exchange) shall be Chesapeake Energy Designees; (iv) the Designated Holders shall cease to be, directly or indirectly, the beneficial owners (as defined above), free and clear of all Liens, of the greater of (A) at
least 25% of each class of outstanding Capital Stock of Ventures or (B) that amount or percentage of each class of outstanding Capital Stock of Ventures required under the organizational documents of Ventures to be entitled to hold 50% or more
of the members of the Board of Ventures; or (v) the voting members of the Board of Ventures who are designated or appointed solely by Chesapeake Energy or its wholly owned Subsidiaries shall at any time (A) constitute less than 50% of the
members of the Board of Ventures or (B) shall have any duty or obligation (other than any duty or obligation that may not be waived pursuant to Delaware law) to represent, in whole or in part, the interest of any Person other than Chesapeake
Energy or its wholly owned Subsidiaries; or” 
 (c) Paragraph (m) of Article 8 of the Existing Credit
Agreement is hereby amended in its entirety to read as follows: 
 “(m)(i) any Group Member
(A) has failed to make payment when due of one or more amounts under the Material Agreements that exceed $5,000,000 in the aggregate at any one time outstanding, except to the extent such Group Member shall be disputing in good faith such
payment in accordance with the terms of such Material Agreement, or (B) fails to observe or perform any other term, agreement or condition contained in or required by any Material Agreement, the effect of which failure under this clause
(B) is to cause, or to permit any Person to terminate any Material Agreement or any material 
  

					
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rights and benefits of such Group Member under such Material Agreement; or (ii) any Person party to a Material Agreement other than a Group Member (A) has failed to make payment when
due of one or more amounts under any Material Agreement, except to the extent such Person shall be disputing in good faith such payment in accordance with the terms of such Material Agreement, that exceed $5,000,000 in the aggregate at any one time
outstanding, (B) fails to observe or perform any other term, agreement or condition contained in or required by any Material Agreement, the effect of which failure under this clause (B) is to cause, or to permit any Group Member to
terminate any Material Agreement, (C) permits any of the events described in paragraph (f) of this Article to occur with respect to such Person; or (iii) any amendment, modification, compromise, waiver or consent shall be made in
respect of Material Agreement that has the effect of reducing or terminating (A) the aggregate amounts payable to or on behalf of any Group Member pursuant to the Material Agreement, whether already accrued or to be payable in the future and
whether as a modification of fees, rates, charges, tax payments, reimbursement rights, indemnification rights, minimum storage commitments, minimum throughput commitments or otherwise, if such amendment, modification, compromise, waiver or consent
would have the effect of reducing Consolidated EBITDA attributable to such Material Agreement by more than 10% or (B) any other material rights and benefits of a Group Member under such Material Agreement; or (iv) any assignment or
transfer of rights or obligations in respect of any Material Agreement occurs in violation of the terms of any Material Agreement, as such terms exist on the date of this Agreement; or” 

Section 2.25. Notices Generally. Sections 10.2(a)(i) and (ii) of the Existing Credit
Agreement are hereby amended in their entirety to read as follows: 
 “(i) if to the
Borrower or Parent, 6100 N. Western Ave., Oklahoma City, Oklahoma 73118, Attention: Dave Shiels (Telecopy No. 405-849-6224, Electronic Mail (E-mail): dave.shiels@chk.com) and Elliot Chambers (Telecopy No. 405-849-6119, Electronic
Mail (E-mail): elliot.chambers@chk.com); 
 “(ii) if to the Administrative Agent, to Wells
Fargo Bank, National Association, MAC D1109-019, 1525 W W T Harris Blvd, 1st Floor, Charlotte, NC 28262-8522, Attention: Laura Pellerin (Telecopy No. 704-715-0017, Phone No. 704-590-2760), with a copy to Wells Fargo Bank, National
Association, 1445 Ross Avenue, Suite 4500, T5303-452, Dallas, Texas 75202, Attention: Jason Hicks (Telecopy No. 214-721-8215);” 

Section 2.26. Schedule 1.1A. Schedule 1.1A to the Existing Credit Agreement is hereby amended in its entirety
to read as set forth in Schedule 1.1A attached hereto. 
 Section 2.27. Consent of Majority Lenders.
Majority Lenders hereby consent to (a) the release by Administrative Agent of the Liens in the Capital Stock of the Borrower pursuant to the Pledge Agreements by each of GIP-A Holding (CHK), L.P., GIP-B Holding (CHK), L.P., GIP-C Holding (CHK),
L.P., and Chesapeake Midstream Holdings, L.L.C., (b) the termination of each such Pledge Agreement, (c) the amendments to the Borrower’s LLC Agreement as contemplated by the Parent Registration Statement, and (d) the transactions
contemplated by the Parent Registration Statement. 
  

					
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	 	[FIRST AMENDMENT TO CREDIT AGREEMENT]

 ARTICLE III. 

CONDITIONS OF EFFECTIVENESS 

Section 3.1. Effective Date. This Amendment shall become effective as of the date first above written when
and only when: 
 (a) Each of the following conditions shall have been satisfied with respect to the
transactions contemplated in the Parent Registration Statement: 
 (i) The sale of common units
of Parent to the public (the “Parent Equity Sale”) and the related transactions, as contemplated by the Parent Registration Statement, shall have been committed to and “priced” pursuant to a fully executed underwriting
agreement; and 
 (ii) all transactions contemplated in the Parent Registration Statement, other
than the Parent Equity Sale, shall have been consummated, all conditions to the Parent Equity Sale shall have been tendered, and the closing and funding of the Parent Equity Sale shall be required to occur pursuant to the executed underwriting
agreement on the business day immediately following the Effective Date. 
 (b) Administrative Agent shall have
received all of the following, at Administrative Agent’s office, duly executed and delivered and in form, substance and date satisfactory to Administrative Agent: 

(i) the Amendment executed by Borrower, Parent, Administrative Agent and each Lender; 

(ii) the Parent Guarantee Agreement executed by Parent; 

(iii) a duly executed Consent and Agreement from each Subsidiary Guarantor in the form attached hereto;

 (iv) a closing certificate of each Loan Party in substantially the form of Exhibit C to this
Amendment; 
 (v) (1) a certificate from officer of General Partner of resolutions or other
action, incumbency certificates and/or other certificates of Responsible Officers of General Partner as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a
Responsible Officer in connection with Credit Agreement and the other Loan Documents to which Parent is a party and (2) such documents and certifications as the Administrative Agent may require to evidence that each General Partner and Parent
are duly organized or formed, validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the
extent that failure to be so qualified could not reasonably be expected to have a Material Adverse Effect; 
  

					
		 	 12
	 	[FIRST AMENDMENT TO CREDIT AGREEMENT]

 (vi) Security Agreement encumbering all assets of Parent;

 (vii) amendments or supplements to the Mortgages providing for the change in the maximum Total
Revolving Commitments and the Revolving Termination Date provided for in this Amendment; 

(viii) legal opinions of Commercial Law Group, P.C. and Vinson & Elkins, counsel to the Group
Members, regarding such matters as may be required by the Administrative Agent; 
 (ix) legal
opinion of Thompson & Knight LLP, counsel to the Administrative Agent, regarding such matters as may be required by the Administrative Agent; and 

(x) such other supporting documents as Administrative Agent may reasonably request. 

(c) Borrower shall have paid, in connection with such Loan Documents, all recording, handling, amendment and other fees
required to be paid to Administrative Agent pursuant to any Loan Documents. 
 (d) Borrower shall have paid, in
connection with such Loan Documents, all other fees and reimbursements to be paid to Administrative Agent pursuant to any Loan Documents, or otherwise due Administrative Agent and including invoiced fees and disbursements of Administrative
Agent’s attorneys. 
 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 

Section 4.1. Representations and Warranties of Borrower and Parent. In order to induce each Lender to enter
into this Amendment, Borrower and Parent represent and warrant to each Lender that: 
 (a) The representations
and warranties contained in Article 4 of the Credit Agreement are true and correct at and as of the time of the effectiveness hereof, except (i) to the extent that the facts on which such representations and warranties are based have
been changed by the extension of credit under the Credit Agreement, (ii) to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and
(iii) for purposes of this definition, the representations and warranties contained in subsections (a) and (b) of Section 4.1 of the Credit Agreement shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.1 of the Credit Agreement. 

(b) Borrower and Parent are duly authorized to execute and deliver this Amendment and the other Amendment Documents and
Borrower is and will continue to be duly authorized to borrow monies and to perform its obligations under the Credit Agreement. Borrower and Parent have duly taken all corporate action necessary to authorize the execution and delivery of this
Amendment and the other Amendment Documents and to authorize the performance of the obligations of Borrower and Parent hereunder and thereunder. 
  

					
		 	 13
	 	[FIRST AMENDMENT TO CREDIT AGREEMENT]

 (c) When duly executed and delivered, each of this Amendment and the Credit
Agreement will be a legal and binding obligation of each of Borrower and Parent, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of
creditors’ rights and by equitable principles of general application. 
 ARTICLE V.  

MISCELLANEOUS 

Section 5.1. Parent Joinder. Parent hereby expressly joins the Credit Agreement as Parent and as a Group
Member and expressly assumes all of the obligations and liabilities of Parent and a Group Member as provided therein. As of the Effective Date, Parent shall be deemed to be a party to the Credit Agreement with the same effect as if Parent is a
direct signatory thereto. Parent hereby expressly ratifies, confirms and approves the Credit Agreement and the other Loan Documents, as they may be amended or affected by the various Amendment Documents. 

Section 5.2. Ratification of Agreements. The Existing Credit Agreement as hereby amended is hereby ratified
and confirmed in all respects. The Loan Documents, as they may be amended or affected by the various Amendment Documents, are hereby ratified and confirmed in all respects. Any reference to the Credit Agreement in any Loan Document shall be deemed
to be a reference to the Existing Credit Agreement as hereby amended. The execution, delivery and effectiveness of this Amendment and the other Amendment Documents shall not, except as expressly provided herein or therein, operate as a waiver of any
right, power or remedy of Lenders under the Credit Agreement, the Notes, or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement, the Notes or any other Loan Document. 

Section 5.3. Provisions Relating to Commitments. From and after the Amendment Effective Date, the Lenders
shall have the respective Revolving Commitment as set forth on Schedule 1.1A as amended hereby. Upon execution of this Amendment by any Lender that is not a Lender under the Existing Credit Agreement (a “New Lender”) and the
effectiveness of this Amendment pursuant to Article III hereof, such New Lender shall be a Lender under the Credit Agreement for all purposes, and, to the extent of its respective Revolving Commitment as set forth on Schedule 1.1A as amended hereby,
shall have the rights and obligations of a Lender thereunder. The Lenders and the Borrower hereby authorize the Administrative Agent to request borrowings from the Lenders, to make prepayments of Revolving Loans and to reduce Revolving Commitments
under the Credit Agreement among the Lenders in order to ensure that, upon the effectiveness of this Amendment, the Revolving Loans of the Lenders shall be outstanding on a ratable basis in accordance with their respective Revolving Percentage
(after giving effect to this Amendment) and that the Revolving Commitments shall be as set forth on Schedule 1.1A as amended hereby and no such borrowing, prepayment or reduction shall violate any provisions of the Credit Agreement or this
Amendment. The Lenders hereby confirm that, from and after the Amendment Effective Date, all participations of the Lenders in respect of Letters of Credit outstanding hereunder shall be based upon the Revolving Percentage of each Lender (after
giving effect to this Amendment). 
  

					
		 	 14
	 	[FIRST AMENDMENT TO CREDIT AGREEMENT]

 Section 5.4. Survival of Agreements. All representations,
warranties, covenants and agreements of Borrower and Parent herein shall survive the execution and delivery of this Amendment and the performance hereof, including without limitation the making or granting of the Loans, and shall further survive
until all of the Obligations are paid in full. All statements and agreements contained in any certificate or instrument delivered by Borrower or any Group Members hereunder or under the Credit Agreement to any Lender shall be deemed to constitute
representations and warranties by, and/or agreements and covenants of, Borrower and Parent under this Amendment and under the Credit Agreement. 

Section 5.5. Loan Documents. This Amendment is and the other Amendment Documents each are a Loan Document,
and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto and thereto. 

Section 5.6. Governing Law. This Amendment shall be governed by and construed in accordance the laws of the
State of Texas and any applicable laws of the United States of America in all respects, including construction, validity and performance. 

Section 5.7. Counterparts; Fax. This Amendment may be separately executed in counterparts and by the
different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Amendment. This Amendment and the other Amendment Documents may be validly executed by facsimile or other electronic
transmission. 
 THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. 

[The remainder of this page has been intentionally left blank.] 

 

					
		 	 15
	 	[FIRST AMENDMENT TO CREDIT AGREEMENT]

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

			
	 CHESAPEAKE MLP OPERATING, L.L.C.

		
	 By:
	 	 /s/ J. Mike Stice

		 	 J. Mike Stice

		 	 Chief Executive Officer

	
	 CHESAPEAKE MIDSTREAM PARTNERS, L.P.

	
	 By: Chesapeake Midstream GP, L.L.C., its general partner

		
	 By:
	 	 /s/ J. Mike Stice

		 	 J. Mike Stice

		 	 Chief Executive Officer

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Swing Line Lender, as an Issuing Lender and as a
Lender

		
	 By:
	 	 /s/ J. Alan Alexander

	 Name:
	 	 J. Alan Alexander

	 Title:
	 	 SVP

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 THE ROYAL BANK OF SCOTLAND plc, as a Lender

		
	 By:
	 	 /s/ Phil Ballard

	 Name:
	 	 Phil Ballard

	 Title:
	 	 Managing Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 BANK OF MONTREAL, as a Lender

		
	 By:
	 	 /s/ Gumaro Tijerina

	 Name:
	 	 Gumaro Tijerina

	 Title:
	 	 Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 COMPASS BANK, as a Lender

		
	 By:
	 	 /s/ Kathleen J. Bowen

	 Name:
	 	 Kathleen J. Bowen

	 Title:
	 	 Senior Vice President

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 THE BANK OF NOVA SCOTIA, as a Lender

		
	 By:
	 	 /s/ Marc Graham

	 Name:
	 	 Marc Graham

	 Title:
	 	 Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 BARCLAYS BANK PLC, as a Lender

		
	 By:
	 	 /s/ Nicholas Bell

	 Name:
	 	 Nicholas Bell

	 Title:
	 	 Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

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

		
	 By:
	 	 /s/ Ronald E. McKaig

	 Name:
	 	 Ronald E. McKaig

	 Title:
	 	 Senior Vice President

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 CITIBANK, N.A., as a Lender

		
	 By:
	 	 /s/ James F. Reilly

	 Name:
	 	 James F. Reilly

	 Title:
	 	 Vice President

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 GOLDMAN SACHS BANK USA, as a Lender

		
	 By:
	 	 /s/ Mark Walton

	 Name:
	 	 Mark Walton

	 Title:
	 	 Authorized Signatory

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 MORGAN STANLEY BANK, N.A., as a Lender

		
	 By:
	 	 /s/ Ryan Vetsch

	 Name:
	 	 Ryan Vetsch

	 Title:
	 	 Authorized Signatory

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 UBS LOAN FINANCE, LLC, as a Lender

		
	 By:
	 	 /s/ Irja R. Otsa

	 Name:
	 	 Irja R. Otsa

	 Title:
	 	 Associate Director

		
	 By:
	 	 /s/ Mary E. Evans

	 Name:
	 	 Mary E. Evans

	 Title:
	 	 Associate Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

		
	 By:
	 	 /s/ Nupur Kumar

	 Name:
	 	 Nupur Kumar

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Lynne-Marie Paquette

	 Name:
	 	 Lynne-Marie Paquette

	 Title:
	 	 Associate

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 ING CAPITAL LLC, as a Lender

		
	 By:
	 	 /s/ Juli Bieser

	 Name:
	 	 Juli Bieser

	 Title:
	 	 Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 ROYAL BANK OF CANADA, as a Lender

		
	 By:
	 	 /s/ Don J. McKinnerney

	 Name:
	 	 Don J. McKinnerney

	 Title:
	 	 Authorized Signatory

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 CREDIT AGRICOLE CORPORATE

	 AND INVESTMENT BANK, as a Lender

		
	 By:
	 	 /s/ Dennis Petito

	 Name:
	 	 Dennis Petito

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Michael Willis

	 Name:
	 	 Michael Willis

	 Title:
	 	 Managing Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 COMERICA BANK, as a Lender

		
	 By:
	 	 /s/ Dustin Hansen

	 Name:
	 	 Dustin Hansen

	 Title:
	 	 Senior Vice President

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 DEUTSCHE BANK TRUST COMPANY

	 AMERICAS, as a Lender

		
	 By:
	 	 /s/ Carin Keegan

	 Name:
	 	 Carin Keegan

	 Title:
	 	 Director

		
	 By:
	 	 /s/ Erin Morrissey

	 Name:
	 	 Erin Morrissey

	 Title:
	 	 Vice President

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 EXPORT DEVELOPMENT CANADA,

	 as a Lender

		
	 By:
	 	 /s/ Vivianne Bouchard

	 Name:
	 	 Vivianne Bouchard

	 Title:
	 	 Financing Manager

		
	 By:
	 	 /s/ Carl Burlock

	 Name:
	 	 Carl Burlock

	 Title:
	 	 Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 RAYMOND JAMES BANK, FSB, as a

	 Lender

		
	 By:
	 	 /s/ James M. Armstrong

	 Name:
	 	 James M. Armstrong

	 Title:
	 	 Vice President

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 SUMITOMO MITSUI BANKING

	 CORP., NEW YORK, as a Lender

		
	 By:
	 	 /s/ Masakazu Hasegawa

	 Name:
	 	 Masakazu Hasegawa

	 Title:
	 	 General Manager

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 TORONTO DOMINION (NEW YORK),

	 LLC, as a Lender

		
	 By:
	 	 /s/ Bebi Yasin

	 Name:
	 	 Bebi Yasin

	 Title:
	 	 Authorized Signatory

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 U.S. BANK NATIONAL ASSOCIATION, as

	 a Lender

		
	 By:
	 	 /s/ Bruce E. Hernandez

	 Name:
	 	 Bruce E. Hernandez

	 Title:
	 	 Vice President

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

			
	 NATIXIS, as a Lender

		
	 By:
	 	 /s/ Donovan Broussard

	 Name:
	 	 Donovan Broussard

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Carlos Quinteros

	 Name:
	 	 Carlos Quinteros

	 Title:
	 	 Managing Director

  

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO CREDIT AGREEMENT] 

 First Amendment 

CONSENT AND AGREEMENT 

Each of the undersigned (in their individual capacity, each a “Guarantor”), hereby (i) consents to the
provisions of this Amendment and the transactions contemplated herein, (ii) ratifies and confirms the Guaranty dated as of September 30, 2009 made by it for the benefit of Administrative Agent and Lenders executed pursuant to the Credit
Agreement and the other Loan Documents, (iii) agrees that all of its respective obligations and covenants thereunder shall remain unimpaired by the execution and delivery of this Amendment and the other documents and instruments executed in
connection herewith, and (iv) agrees that the Guaranty and such other Loan Documents shall remain in full force and effect. 
  

					
	 BLUESTEM GAS SERVICES, L.L.C., an

Oklahoma limited liability company

	
	 CHESAPEAKE MIDSTREAM GAS

SERVICES, L.L.C., an Oklahoma limited liability company

	
	 OKLAHOMA MIDSTREAM GAS SERVICES, L.L.C., an Oklahoma limited liability company

	
	 PONDER MIDSTREAM GAS SERVICES, L.L.C., a Delaware limited liability company

	
	 TEXAS MIDSTREAM GAS SERVICES, L.L.C., an Oklahoma limited liability company

	
	 By: Chesapeake MLP Operating, L.L.C., sole manager

			
		 	By:	 	 /s/ J. Mike Stice

		 		 	J. Mike Stice
		 		 	Chief Executive Officer

[CONSENT AND AGREEMENT TO FIRST AMENDMENT
TO CREDIT AGREEMENT] 

 SCHEDULE 1.1A 

Commitments 
  

				
	 LENDER
	  	REVOLVING
COMMITMENT
	 Wells Fargo Bank, National Association
	  	$	60,000,000.00
	 The Royal Bank of Scotland plc
	  	$	60,000,000.00
	 Bank of Montreal
	  	$	60,000,000.00
	 Compass Bank
	  	$	60,000,000.00
	 The Bank of Nova Scotia
	  	$	50,000,000.00
	 Barclays Bank PLC
	  	$	35,000,000.00
	 Bank of America, N.A.
	  	$	35,000,000.00
	 Citibank, N.A.
	  	$	35,000,000.00
	 Goldman Sachs Bank USA
	  	$	35,000,000.00
	 Morgan Stanley Bank, N.A.
	  	$	35,000,000.00
	 UBS Loan Finance, LLC
	  	$	35,000,000.00
	 Credit Suisse AG, Cayman Islands Branch
	  	$	25,000,000.00
	 ING Capital LLC
	  	$	25,000,000.00
	 Royal Bank of Canada
	  	$	25,000,000.00
	 Credit Agricole Corporate and Investment Bank
	  	$	20,000,000.00
	 Comerica Bank
	  	$	20,000,000.00
	 Deutsche Bank Trust Company Americas
	  	$	20,000,000.00
	 Export Development Canada
	  	$	20,000,000.00
	 Raymond James Bank, FSB
	  	$	20,000,000.00
	 Sumitomo Mitsui Banking Corp., New York
	  	$	20,000,000.00
	 Toronto Dominion (New York), LLC
	  	$	20,000,000.00
	 U.S. Bank National Association
	  	$	20,000,000.00
	 Natixis
	  	$	15,000,000.00
	 Total
	  	$	750,000,000.00

  

 [CONSENT AND AGREEMENT TO
FIRST AMENDMENT TO CREDIT AGREEMENT]Sixth Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 

SIXTH AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

This SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment”) is entered into effective as of
July 30, 2010 (the “Effective Date”), among NORTHWEST PIPE COMPANY, an Oregon corporation (the “Borrower”), and BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”).

 RECITALS 

Borrower, Administrative Agent and certain lenders party thereto from time to time are parties to that certain Amended and Restated
Credit Agreement entered into as of May 31, 2007 (as amended, modified or supplemented from time to time, the “Credit Agreement”). Borrower and Administrative Agent desire to amend the Credit Agreement as set forth herein. The
Required Lenders (as that term is defined in the Credit Agreement), and Bank of America, N.A., as Swing Line Lender and L/C Issuer, have consented to the amendments to the Credit Agreement set forth herein as indicated by their signatures below.

 NOW THEREFORE, the parties agree as follows: 

AGREEMENT 

1. Recitals. The Recitals are true. 

2. Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings given in the Credit Agreement.

 3. Temporary Waiver of Financial Covenants. Application of the financial covenants set forth in Section 6.17 of
the Credit Agreement is hereby temporarily waived for the period from July 30, 2010, through, but excluding, September 17, 2010; provided, however, that nothing in this paragraph shall be construed to suspend or waive Borrower’s
obligation to (a) be in compliance with the financial covenants then set forth in Section 6.17 of the Credit Agreement on and after September 17, 2010, and (b) deliver a Compliance Certificate not later than September 30,
2010, demonstrating Borrower’s compliance with the financial covenants then contained in Section 6.17 of the Credit Agreement as of June 30, 2010, and any failure to be in compliance or to deliver such Compliance Certificate shall
constitute an Event of Default under the Credit Agreement. The Compliance Certificate (including a completed Schedule 1 thereto) required to be delivered under the Credit Agreement not later than August 30, 2010, may note the foregoing waiver,
but shall otherwise be delivered in form and substance as required by the Credit Agreement. The foregoing waiver does not constitute a waiver of any Default now existing or hereafter arising, whether known or unknown by Administrative Agent. The
foregoing waiver does not represent any amendment of, or any agreement to amend, any provision of the Credit Agreement. 
  

 Page 1 – SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 4. Amendment to Section 6.01(a)(i) of the Credit Agreement.
Section 6.01(a)(i) of the Credit Agreement is amended in its entirety to read as follows: 
 “(a)(i) as
soon as available, but in any event within 273 days after the end of Borrower’s 2009 fiscal year, and within 105 days after the end of each other fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as
at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year,
all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable
to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or
exception as to the scope of such audit; and” 
 5. Amendment to Section 6.01(b)(i) of the Credit Agreement.
Section 6.01(b)(i) of the Credit Agreement is amended in its entirety to read as follows: 
 “(b)(i) as
soon as available, but in any event within (x) 183 days after the end of the first fiscal quarter of Borrower’s 2010 fiscal year, (y) 92 days after the end of the second fiscal quarter of Borrower’s 2010 fiscal year, and
(z) 60 days after the end of each of the other first three fiscal quarters of each fiscal year of Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding
fiscal quarter of the previous fiscal year and corresponding portion of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be certified by the chief executive officer, chief
financial officer, treasurer or controller of the Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to
normal year end audit adjustments and the absence of footnotes; and” 
  

 Page 2 – SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 6. Amendments to Section 6.01 of the Credit Agreement. 

(a) Section 6.01(d) of the Credit Agreement is amended to read in its entirety as follows: 

“(d)(i) On each of June 30, 2010, July 16, 2010, July 30,
2010, August 13, 2010, August 31, 2010, September 15, 2010, and September 30, 2010, (i) a forecast prepared by management of the Borrower with the assistance of a certified public accountant or consultant
acceptable to the Administrative Agent and the Required Lenders and in a form satisfactory to the Administrative Agent and the Required Lenders, of the weekly cash flows of the Borrower and its Subsidiaries for the periods commencing on Monday of
the immediately succeeding week, and ending 13 weeks thereafter, together with a statement of the actual cash flows of the Borrower and its Subsidiaries since the date of the then-most recently delivered cash flow forecast and a description of
material variances between forecast cash flows and actual cash flows for such period, and (ii) not later than eighth
(8th) Business Day of each of August
2010, September 2010 and October 2010, a report of the bookings and backlog of Borrower and its Subsidiaries, in a form and containing details satisfactory to the Administrative Agent and the Required Lenders, as of the last day of the
immediately preceding month.” 
 (b) Section 6.01(e) of the Credit Agreement is amended to read in its entirety as
follows: 
 “(e) Not later than August 30, 2010, a revised financial projection model and business plan
for the Borrower and its Subsidiaries, in form and substance satisfactory to the Administrative Agent and the Required Lenders, together with a written review and assessment thereof by an independent certified public accountant or consultant
acceptable to Administrative Agent and the Required Lenders.” 
 7. Release. As a material part of the consideration
of Administrative Agent entering into, and the Required Lenders consenting to, this Amendment, Borrower hereby releases and forever discharges Administrative Agent, the Lenders and each of their respective successors, assigns, officers, managers,
directors, shareholders, employees, agents, attorneys, representatives, parent corporations, subsidiaries, and affiliates (all the foregoing, collectively, the “Releasees” and individually, a “Releasee”), jointly and severally
from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions and causes of action of any nature whatsoever, including all claims, demands, and
causes of action for contribution and indemnity, whether arising at law or in equity, whether presently possessed or possessed in the future, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether
presently accrued or to accrue hereafter, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which Borrower may have or claim to have against Releasees (or any one or more of them); provided,
however, that neither Administrative Agent nor any Lender nor any other Releasee shall be released hereby from: (i) any obligation to pay to Borrower any amounts that Borrower may have on deposit with Administrative Agent or any Lender,
in accordance with applicable laws and the terms of the documents establishing any such 
  

 Page 3 – SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 
deposit relationship; or (ii) any claim (including without limitation any claim for breach of the Credit Agreement or other Loan Document) arising from any action, inaction or conduct of
Administrative Agent or the Lenders or the other Releasees after the effective date of this Amendment. 
 8. Amendment
Fee. Upon the execution and delivery hereof, Borrower shall pay to the Required Lenders consenting hereto an amendment fee of $312,500, such amendment fee to be allocated among such Required Lenders in proportion to the amounts of their
respective Commitments. 
 9. Effective Date. This Amendment shall be effective upon the last to occur of
(a) execution and delivery hereof by Borrower, Administrative Agent and the Required Lenders, and (b) execution and delivery of an amendment to the Amended and Restated Note Purchase and Private Shelf Agreement dated as of May 31,
2007 (as amended) by Borrower and the Purchasers thereunder, in form and substance satisfactory to Administrative Agent. 
 10.
No Further Amendment, Expenses. Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents shall remain unmodified in full force and effect and the parties hereby ratify their respective obligations
thereunder. Without limiting the foregoing, Borrower expressly reaffirms and ratifies its obligation to pay or reimburse Administrative Agent and Lenders on request for all reasonable expenses, including legal fees actually incurred by
Administrative Agent and Lenders in connection with the preparation of this Amendment, any other amendment documents and the closing of the transaction contemplated hereby and thereby. 

11. Miscellaneous. 

(a) Counterparts. 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 Amendment, it being understood that the Administrative Agent may rely on a facsimile counterpart
signature page hereof for purpose of determining whether a party hereto has executed a counterpart hereof. 
 (b) Governing
Law. This Amendment and the other agreements provided for herein and the rights and obligations of the parties hereto and thereto shall be construed and interpreted in accordance with the laws of the State of Oregon. 

(c) Certain Agreements Not Enforceable. UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE LENDERS CONCERNING
LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE SIGNED BY THE LENDERS TO BE ENFORCEABLE. 

 

 Page 4 – SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 EXECUTED AND DELIVERED by the duly authorized officers of the parties as of the date first
above written. 
  

							
	BORROWER:	 		 	NORTHWEST PIPE COMPANY
				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

			
	ADMINISTRATIVE AGENT:	 		 	 BANK OF AMERICA, N.A., as

Administrative Agent

				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

  

 

 Page 5 – SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

							
	CONSENTED TO BY THE REQUIRED LENDERS:	 		 		 	
			
		 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

			
	:	 		 	 UNION BANK, N.A., formerly known as

Union Bank of California, N.A.

				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

			
		 		 	 HSBC BANK USA, NATIONAL

ASSOCIATION

				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

  

 

 Page 6 – SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

							
		 		 	U.S. BANK NATIONAL ASSOCIATION
				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

				
	 CONSENTED TO BY SWING LINE LENDER

AND L/C ISSUER
	 		 		 	
			
		 		 	 BANK OF AMERICA, N.A., as Swing Line

Lender and L/C Issuer

				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

  

 Page 7 – SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

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