Document:

EX-10.23

 

Exhibit
10.23

First Amendment

to

Amended And Restated Credit Agreement 

Among

Linn Energy, LLC

as Borrower,

BNP Paribas,

as Administrative Agent,

and

The Lenders Signatory Hereto

Effective as of May 5, 2006

 

 

First Amendment to Amended and Restated Credit Agreement

     This First Amendment to Amended and Restated Credit Agreement (this “First
Amendment”) executed effective as of the 5th of May, 2005 (the “First Amendment Effective
Date”) is among Linn Energy, LLC, a limited liability company formed under the laws of
the State of Delaware (the “Borrower”); each of the undersigned guarantors (the “Guarantors”, and
together with the Borrower, the “Obligors”); each of the Lenders that is a signatory hereto; and
BNP Paribas, as administrative agent for the Lenders (in such capacity, together with its
successors, the “Administrative Agent”).

Recitals

     A. The Borrower, the Administrative Agent and the Lenders are parties to that certain
Amended and Restated Credit Agreement dated as of April 7, 2006 (the “Credit Agreement”), pursuant
to which the Lenders have made certain credit available to and on behalf of the Borrower.

     B. The Borrower has requested and the Administrative Agent and the Lenders have agreed to
amend certain provisions of the Credit Agreement.

     C. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     Section 1. Defined Terms. Each capitalized term which is defined in the Credit Agreement,
but which is not defined in this First Amendment, shall have the meaning ascribed such term in the
Credit Agreement. Unless otherwise indicated, all section references in this First Amendment refer
to the Credit Agreement.

     Section 2. Amendments to Credit Agreement.

     2.1 Definitions. Section 1.02 is hereby amended by amending and restated the
definition of “Agreement” as follows:

     “ ‘Agreement’ means this Amended and Restated Credit Agreement, as amended by that certain
First Amendment to Amended and Restated Credit Agreement, dated as of May 5, 2006, and as the same
may from time to time be further amended, modified, supplemented or restated.”

     2.2 Swap Agreements. Section 9.18 is hereby amended and restated in its entirety
as follows:

“Section 9.18 Swap Agreements. Neither the Borrower nor any of its Subsidiaries will enter
into any Swap Agreements with any Person other than (a) Swap Agreements in respect of commodities
(i) with an Approved Counterparty, (ii) the notional volumes for which (when aggregated with other
commodity Swap Agreements then in effect other than basis differential swaps on volumes already

Page 2

 

 

hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement
is executed, 85% of the reasonably anticipated projected production from Proved Properties for each
month during the period during which such Swap Agreement is in effect for each of crude oil and
natural gas, calculated separately, for the remainder of the calendar year plus the next two full
calendar years succeeding the execution of such Swap Agreement and 70% of the reasonably
anticipated projected production from Proved Properties for each month during the period during
which such Swap Agreement is in effect for each of crude oil and natural gas, calculated
separately, for each month thereafter, and (iii) the notional volumes for which do not exceed the
current net monthly production (regardless of projected production levels) at the time such Swap
Agreement is executed, calculated separately for each of crude oil and natural gas, and (b) Swap
Agreements in respect of interest rates with an Approved Counterparty, which effectively convert
interest rates from floating to fixed, the notional amounts of which (when aggregated with all
other Swap Agreements of the Borrower and its Subsidiaries then in effect effectively converting
interest rates from floating to fixed) do not exceed 75% of the then outstanding principal amount
of the Borrower’s Debt for borrowed money which bears interest at a floating rate. In no event
shall any Swap Agreement contain any requirement, agreement or covenant for the Borrower or any of
its Subsidiaries to post collateral or margin to secure their obligations under such Swap Agreement
or to cover market exposures.

     Section 3. Conditions Precedent. The effectiveness of this First Amendment is subject to
the receipt by the Administrative Agent of the following documents and satisfaction of the other
conditions provided in this Section 3, each of which shall be reasonably satisfactory to the
Administrative Agent in form and substance:

     3.1 Payment of Outstanding Invoices. Payment by the Borrower to
the Administrative Agent of all fees and other amounts due and payable on or prior to the First
Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Borrower.

     3.2 First Amendment. The Administrative Agent shall have received multiple
counterparts as requested of the this First Amendment from each Lender.

     3.3 No Default. No Default or Event of Default shall have occurred and be
continuing as of the First Amendment Effective Date.

     Section 4.
Representations and Warranties; Etc. Each Obligor hereby
affirms: (a) that as of
the date of execution and delivery of this First Amendment, all of the representations and
warranties contained in each Loan Document to which such Obligor is a party are true and correct in
all material respects as though made on and as of the First Amendment Effective Date (unless made
as of a specific earlier date, in which case, was true as of such date); and (b) that after giving
effect to this First Amendment and to the transactions contemplated hereby, no Defaults exist under
the Loan Documents or will exist under the Loan Documents.

Page 3

 

 

     Section 5. Miscellaneous.

     5.1 Confirmation. The provisions of the Credit Agreement (as amended by this First
Amendment) shall remain in full force and effect in accordance with its terms following the
effectiveness of this First Amendment.

     5.2 Ratification and Affirmation of Obligors. Each of the Obligors hereby expressly
(i) acknowledges the terms of this First Amendment, (ii) ratifies and affirms its obligations under
the Guarantee Agreement and the other Security Instruments to which it is a party, (iii)
acknowledges, renews and extends its continued liability under the Guarantee Agreement and the
other Security Instruments to which it is a party and agrees that its guarantee under the Guarantee
Agreement and the other Security Instruments to which it is a party remains in full force and
effect with respect to the Indebtedness as amended hereby.

     5.3 Counterparts. This First Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such counterparts taken together
shall be deemed to constitute one and the same instrument.

     5.4 No Oral Agreement. This written First Amendment, the Credit Agreement
and the other Loan Documents executed in connection herewith and therewith represent the final
agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or
unwritten oral agreements of the parties. There are no subsequent oral agreements between the
parties.

     5.5 Governing Law. This First Amendment (including, but not limited to, the
validity and enforceability hereof) shall be governed by, and construed in accordance with, the laws of the State of Texas.

Page 4

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed
effective as of the date first written above.

	 	 	 	 	 	 	 	 	 
	BORROWER:	 	LINN ENERGY, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Kolja Rockov	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Kolja Rockov, Executive Vice President
and Chief Financial Officer	 	 

First Amendment

Signature Page - 1

 

 

	 	 	 	 	 	 	 
	GUARANTORS:	 	LINN ENERGY HOLDINGS, LLC  
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kolja Rockov	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Kolja Rockov, Executive Vice President and
Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	LINN OPERATING, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kolja Rockov	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Kolja Rockov, Executive Vice President
and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MID ATLANTIC WELL SERVICE, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Roland P. Keddie	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Roland P. Keddie	 	 
	 

	 	 	 	Vice President	 	 

First Amendment

Signature Page - 2

 

 

	 	 	 	 	 	 	 
	ADMINISTRATIVE AGENT:	 	BNP PARIBAS,  
	 	 	as Administrative Agent and Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Betsy Jocher	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Betsy Jocher	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gabe Ellisor	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Gabe Ellisor	 	 
	 

	 	Title:
	 	Vice President	 	 

First Amendment

Signature Page - 3

 

 

	 	 	 	 	 	 	 
	LENDERS:	 	ROYAL BANK OF CANADA, as a Syndication  
	 	 	Agent and a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Don J. McKinnerney	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Don J. McKinnerney	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

First Amendment

Signature Page - 4

 

 

	 	 	 	 	 	 	 
	 	 	SOCIETE GENERALE, as a Syndication Agent  
	 	 	and a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Graeme R. Bullen	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Graeme R. Bullen	 	 
	 

	 	Title:
	 	Director	 	 

First Amendment

Signature Page - 5

 

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK, as a Documentation Agent  
	 	 	and a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Huma Vadgama	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Huma Vadgama	 	 
	 

	 	Title:
	 	Vice President	 	 

First Amendment

Signature Page - 6

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as a Documentation  
	 	 	Agent and a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles W. Patterson	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Charles W. Patterson	 	 
	 

	 	Title:
	 	Managing Director	 	 

First Amendment

Signature Page - 7

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF SCOTLAND, as a Lender  
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karen Weich	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Karen Weich	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

First Amendment

Signature Page - 8

 

 

	 	 	 	 	 	 	 
	 	 	FORTIS CAPITAL CORP., as a Lender  
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Montgomery	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	David Montgomery	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Darrell Holley	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Darrell Holley	 	 
	 

	 	Title:
	 	Managing Director	 	 

First Amendment

Signature Page - 9

 

 

	 	 	 	 	 	 	 
	 	 	LEHMAN COMMERICAL PAPER INC. and  
	 	 	its affiliates, as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Maria Maslennikova Lund	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Maria Maslennikova Lund	 	 
	 

	 	Title:
	 	Vice President	 	 

First Amendment

Signature Page - 10exv10w1

 

Exhibit 10.1

For Non-Employee Directors

With Acceleration of Vesting

PEOPLESUPPORT, INC.

2004 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNITS AGREEMENT

Name

c/o 1100 Glendon Avenue, Suite 1250

Los Angeles, CA 90024 USA

PeopleSupport, Inc. (the “Company”) has granted you the number of Restricted Stock Units set forth
below under this stock award (“Award”) under the PeopleSupport, Inc. 2004 Stock Incentive Plan (the
“Plan”), subject to the following terms. Each of the capitalized terms herein shall have the
meaning given it by the Plan except if the context of such term clearly assumes a different
meaning.

	 	 	 
	Date of Grant

	 	Number of Restricted Stock Units Covered By this Award

     1. Grant of Award. The Company has granted you the above-listed number of Restricted
Stock Units (which is the right to receive one share of the common stock of the Company (“Common
Stock”) for each one of the Restricted Stock Units), (“RSUs”) subject to provisions of this
Agreement and the Plan.

     2. Distribution of Shares of Common Stock Subject to Vesting. You will be issued one share of
the Common Stock for each of the RSUs that becomes vested subject to the following vesting
schedule: [Initial Grant: One-third (33%) of the RSUs will become vested on each of the three
anniversary dates of the above Date of Grant of this Award provided that you have remained in
continuous service on the Board of Directors of the Company from the above Date of Grant through
each anniversary of the Date of Grant] [Annual Grant: All of RSUs will become vested in full on
the one year anniversary of the above Date of Grant of this Award provided that you have remained
in continuous service on the Board of Directors of the Company from the above Date of Grant through
such date]. In the event of a Change in Control (as hereinafter defined), all of the RSUs will
become vested in full upon the effective date of such event.

     A “Change in Control” shall mean the occurrence of any of the following events:

     (i) A change in the composition of the Board of Directors occurs, as a result of which fewer
than one-half of the incumbent directors are directors who:

          (A) Had been directors of the Company on the “look-back date” (as hereinafter defined) (the
“original directors”); and

 

 

          (B) Were elected, nominated for election or appointed to the Board of Directors with the
affirmative vote of at least a majority of the aggregate of the original directors, or a committee
thereof, who were still in office at the time of the election, nomination or appointment and the
directors whose election, nomination or appointment was previously so approved (the “continuing
directors”); or

     (ii) Any “person” (as hereinafter defined) who by the acquisition or aggregation of
securities, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act
(as defined in the Plan)), directly or indirectly, of securities of the Company representing 50% or
more of the combined voting power of the Company’s then outstanding securities ordinarily (and
apart from rights accruing under special circumstances) having the right to vote at elections of
directors (the “Base Capital Stock”); except that any change in the relative beneficial ownership
of the Company’s securities by any person resulting solely from a reduction in the aggregate number
of outstanding shares of Base Capital Stock, and any decrease thereafter in such person’s ownership
of securities, shall be disregarded until such person increases in any manner, directly or
indirectly, such person’s beneficial ownership of any securities of the Company; or

     (iii) The consummation of a merger or consolidation of the Company with or into another entity
or any other corporate reorganization, if persons who were not stockholders of the Company
immediately prior to such merger, consolidation or other reorganization own immediately after such
merger, consolidation or other reorganization 50% or more of the voting power of the outstanding
securities of each of (A) the continuing or surviving entity and (B) any direct or indirect parent
corporation of such continuing or surviving entity; or

     (iv) The sale, transfer or other disposition of all or substantially all of the Company’s
assets.

     For purposes of subsection (i) above, the term “look-back” date shall mean the later of (1)
the Effective Date (as defined in the Plan) or (2) the date 24 months prior to the date of the
event that may constitute a Change in Control.

     For purposes of subsection (ii) above, the term “person” shall have the same meaning as when
used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude (1) a trustee or other
fiduciary holding securities under an employee benefit plan maintained by the Company or a Parent
(as defined in the Plan) or Subsidiary (as defined in the Plan) and (2) a corporation owned
directly or indirectly by the stockholders of the Company in substantially the same proportions as
their ownership of the Stock.

     Notwithstanding the foregoing, a transaction shall not constitute a Change in Control if its
sole purpose is to change the state of the Company’s incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held the Company’s
securities immediately before such transaction, and a Change in Control shall not be deemed to
occur if the Company files a registration statement with the Securities and Exchange Commission for
the initial offering of Stock to the public.

 

 

     3. Term of Award. The Award shall have a term beginning on [Date] and ending on [Date], with
the settlement of the Award if vested or the expiration of the Award if not vested.

     4. Distribution of Shares of Common Stock. A share of Common Stock shall be issued as soon
as administratively practicable following the time that an RSU becomes vested but not later than
two and one-half months or such shorter period of time required to qualify for an exemption from
the application of Section 409A of the Internal Revenue Code.

     5. Transfer of Award. The RSUs shall not be transferable, except by will or the laws of
descent and distribution, provided that any such transfer shall be subject to the terms of this
Agreement and the Plan. Any other attempt to transfer or dispose of the RSUs shall be null and
void and unenforceable.

     6. Plan Terms Govern. The grant of this Award and the settlement of earned RSUs are subject
to the provisions of the Plan and any rules that the Committee may prescribe. In the event of any
conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan shall
control.

     7. Limitations. Nothing in this Agreement or the Plan shall be construed to give you any
right to continue in service of the Company or any of its Affiliates or to interfere in any way
with the right of the Company or any of its Affiliates to terminate your service at any time. The
distribution of any Common Stock in settlement of the vested RSUs is not secured by a trust,
insurance contract or other funding medium, and you shall not have any interest in any fund or
specific asset of the Company by reason of this Award or the bookkeeping account established on
your behalf.

     8. Tax Withholding. The settlement of your vested RSUs may be subject to applicable tax
withholdings. As a condition of this Award and the settlement of the vested RSUs hereunder, you
must make arrangements with the Company for the withholding and payment of applicable taxes, if
any.

     9. Severability. The invalidity or unenforceability of any provision of this Agreement shall
not affect the validity or enforceability of the other provisions of this Agreement which shall
remain in full force and effect. Moreover, if any provision is found to be excessively broad in
duration, scope or covered activity, the provision shall be construed so as to be enforceable to
the maximum extent consistent with applicable law.

     10. Compliance with Applicable Laws, Regulations and Rules and the Company’s Policies. In
accepting the Award, you agree to comply with all applicable laws, regulations and rules of
governing state and federal governmental agencies as well as the
applicable regulations and rules of any stock exchange on which the securities of the Company are
traded, and any policies as now or hereafter established by the Company, with regard to the Award.
You acknowledge and agree that you may be required to disgorge any and all gains and payments under
the Award to the extent required by applicable laws, stock exchange regulations and rules, and the
policies of the Company. This Award shall be construed and administered as necessary to qualify
for an exemption from the application of Section 409A of the Internal Revenue Code. This Award is
granted under and governed by the terms and conditions of this

 

 

Restricted Stock Units Agreement and
the Plan, a copy of which is attached and made a part of this instrument.

	 	 	 
	DIRECTOR NAME

	 	PEOPLESUPPORT, INC.
	 
	 	 
	 

	 	 
	 

	 	Peter Phan
	 
	 	 
	 

	 	 
	 

	 	Corporate Counsel

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}]]