Document:

Exhibit 10.1

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT dated as of September 27, 2013 (this “Amendment”), is among TETRA TECH, INC., a Delaware corporation (the “Company”), TETRA TECH CANADA HOLDING CORPORATION, a Canadian corporation (together with the Company, collectively, the “Borrowers”), BANK OF AMERICA, N.A., in its capacities as the Administrative Agent (in such capacity, the “Administrative Agent”) and a Lender, each of the other Lenders party hereto and each of the Subsidiary Guarantors party hereto.

 

RECITALS:

 

A.        The Borrowers, the Lenders and the Administrative Agent have entered into an Amended and Restated Credit Agreement dated as of May 7, 2013 (the “Credit Agreement”).  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

 

B.        The Subsidiary Guarantors and the Administrative Agent have entered into Subsidiary Guaranties dated of even date with the Credit Agreement (the “Subsidiary Guaranties”) and various Security Instruments.

 

C.        The Borrowers have requested to amend the Credit Agreement as set forth below.

 

D.        Subject to the terms and conditions set forth below, the parties hereto have agreed to so amend the Credit Agreement.

 

In furtherance of the foregoing, the parties agree as follows:

 

Section 1.       Amendments to Credit Agreement.  Subject to the covenants, terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, the Credit Agreement is amended as follows:

 

(a)        Section 1.01 is amended by adding the following new definition in the appropriate alphabetical location therein:

 

“Four Programs” means the four programs referenced in each of the Form 8-K filed by the Borrower with the SEC on June 18, 2013, the Form 8-K filed by the Borrower with the SEC on August 7, 2013 and the Form 10-Q filed by the Borrower for the fiscal quarter ended June 30, 2013.

 

(b)        The definition of “Consolidated EBITDA” in Section 1.01 is amended and restated in its entirety to read as follows:

 

 

“Consolidated EBITDA” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the tax expense for Federal, state, local and foreign income taxes of the Company and its Subsidiaries for such period (net of tax benefit), (iii) depreciation and amortization expense for such period, (iv) other non-recurring expenses of the Company and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, (v) cost of employee services received in share-based payment transactions (in accordance with FASB ASC 718) which do not represent a cash item in such period or any future period, (vi) in the case of each of the four fiscal quarter periods ending September 29, 2013, December 29, 2013 and March 30, 2014 and subject to the proviso below, up to $34,000,000 in non-recurring charges incurred during the fiscal quarter ended June 30, 2013 in connection with corporate restructurings and (vii) in the case of each of the four fiscal quarter periods ending September 29, 2013, December 29, 2013 and March 30, 2014 and subject to the proviso below, up to $36,000,000 in non-cash charges incurred during the fiscal quarter ended June 30, 2013 in connection with the Four Programs and minus (b) to the extent included in calculating such Consolidated Net Income, all non-cash items increasing Consolidated Net Income for such period; provided when calculating the Consolidated Leverage Ratio for the purpose of determining the Applicable Rate in effect at any time, Consolidated EBITDA shall be calculated without giving effect to the add backs set forth in the foregoing clauses (a)(vi) and (a)(vii).

 

(c)        Exhibit D is amended in its entirety such that it reads as set forth on Exhibit D attached hereto.

 

The amendments to the Credit Agreement are limited to the extent specifically set forth above and no other terms, covenants or provisions of the Loan Documents are intended to be affected hereby.

 

Section 2.       Conditions Precedent.  The parties hereto agree that the amendments set forth in Section 1 above shall not be effective until the satisfaction of each of the following conditions precedent:

 

(a)        Documentation.  The Administrative Agent shall have received a counterpart of this Amendment, duly executed and delivered by the Borrowers, the Subsidiary Guarantors and the Required Lenders.

 

(b)        Fees.  The Company shall have paid to the Administrative Agent for the benefit of each Lender (including Bank of America) that executes and delivers a signature page to this Amendment to the Administrative Agent on or before 5:00 p.m. (Eastern) on September 25, 2013, an amendment fee equal to 0.025% (2.5 basis points) of the sum of (i) the then outstanding principal amount of the Term Loan then held by each such Lender plus (ii) the then existing Revolving Credit Commitment of each such Lender.

 

(c)        Legal Fees and Expenses.  All fees and expenses of counsel to the Administrative Agent estimated to date shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).

 

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Section 3.       Representations And Warranties.

 

(a)        In order to induce the Administrative Agent and the Lenders to enter into this Amendment, each Borrower represents and warrants to the Administrative Agent and the Lenders as follows:

 

(i)       The representations and warranties of the Borrowers and the other Loan Parties contained in Article V of the Credit Agreement or any other Loan Document are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Amendment, the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively.

 

(ii)      Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

(iii)     No Default has occurred and is continuing or will exist after giving effect to this Amendment.

 

(b)        In order to induce the Administrative Agent and the Lenders to enter into this Amendment, each Borrower and each Subsidiary Guarantor represents and warrants to the Administrative Agent and the Lenders that this Amendment has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation.

 

Section 4.       Miscellaneous.

 

(a)        Ratification and Confirmation of Loan Documents.  Each Borrower and each Subsidiary Guarantor hereby consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all respects the Loan Documents to which such Person is a party (including without limitation, with respect to each Subsidiary Guarantor, the continuation of its payment and performance obligations under the Subsidiary Guaranty to which it is a party upon and after the effectiveness of the amendments contemplated hereby and, with respect to each Borrower and each Subsidiary Guarantor, the continuation and extension of the liens granted under the Security Instruments to secure the Secured Obligations, in each case after giving effect to the amendments set forth herein).

 

(b)        Fees and Expenses.  The Company shall pay on demand all reasonable costs and expenses of the Administrative Agent in connection with the preparation, negotiation, execution, and delivery of this Amendment and any other documents prepared in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent.

 

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(c)        Headings.  Section and subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

 

(d)        Governing Law; Jurisdiction; Waiver of Jury Trial; Etc.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York, and shall be further subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement.

 

(e)        Counterparts.  This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic transmission (including .pdf file) shall be effective as delivery of a manually executed counterpart hereof.

 

(f)        Entire Agreement.  This Amendment, together with all the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise except in writing in accordance with Section 10.01 of the Credit Agreement.

 

(g)        Enforceability.  Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

 

(h)        Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns (subject to Section 10.06 of the Credit Agreement).

 

(i)        Amendment Fees.  The amendment fees payable pursuant to Section 2(b) above shall be fully-earned upon execution and delivery by the applicable Lender of a signature page to this Amendment in accordance with such Section, shall be non-refundable for any reason whatsoever and shall be in addition to any other fee, cost, or expense payable pursuant to this Amendment or any other Loan Document.

 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 

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The following parties have caused this Amendment to be executed as of the date first written above.

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
BORROWERS:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TETRA TECH, INC.
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ DAN L. BATRACK
    	
 
    
	
 
    	
Name:
    	
Dan L. Batrack
    	
 
    
	
 
    	
Title:
    	
Chairman and Chief   Executive Officer
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TETRA TECH CANADA HOLDING   CORPORATION
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ DAN L. BATRACK
    	
 
    
	
 
    	
Name:
    	
Dan L. Batrack
    	
 
    
	
 
    	
Title:
    	
President
    	
 
    
							

 

 

	
 
    	
SUBSIDIARY GUARANTORS:

 

ADVANCED MANAGEMENT TECHNOLOGY,   INC.

AMERICAN ENVIRONMENTAL   GROUP,   LTD.

ARD, INC.

ARDAMAN & ASSOCIATES, INC.

COSENTINI ASSOCIATES, INC.

PRO-TELLIGENT, LLC

ROONEY ENGINEERING, INC.

TETRA TECH CONSTRUCTION, INC.

TETRA TECH EC, INC.

TETRA TECH ES, INC.

TETRA TECH TESORO, INC.

WESTERN UTILITY CONTRACTORS, INC.

BPR INC.

BPR - BÂTIMENT INC.

BPR-ÉNERGIE INC.

BPR-INFRASTRUCTURE INC.

EBA ENGINEERING CONSULTANTS   LTD.

FRANSEN ENGINEERING (FE) LTD.

PARKLAND PIELINE CONTRACTORS   LTD.

PARKLAND PIPELINE EQUIPMENT   LTD.

PARK L PROJECTS LTD.

TETRA TECH INDUSTRIEL INC.

TETRA TECH INDUSTRIES INC.

TETRA TECH WEI INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ DAN L. BATRACK
    	
 
    
	
 
    	
Name:
    	
Dan L. Batrack
    	
 
    
	
 
    	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TETRA TECH EXECUTIVE SERVICES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ DAN L. BATRACK
    	
 
    
	
 
    	
Name:
    	
Dan L. Batrack
    	
 
    
	
 
    	
Title:
    	
Chief Executive Officer
    	
 
    
	
 
    	
 
    
	
 
    	
TETRA TECH HOLDING LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
TETRA TECH, INC., its   Sole Member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/S/ DAN L. BATRACK
    	
 
    
	
 
    	
 
    	
Name:
    	
Dan L. Batrack
    	
 
    
	
 
    	
 
    	
Title:
    	
Chairman and Chief   Executive Officer
    
								

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
ADMINISTRATIVE   AGENT:
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.,   as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ ROBERT J.   RITTELMEYER
    	
 
    
	
 
    	
Name:
    	
 Robert J. Rittelmeyer
    	
 
    
	
 
    	
Title:
    	
 Vice President
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ ARTHUR NG
    	
 
    
	
 
    	
Name:
    	
 Arthur Ng
    	
 
    
	
 
    	
Title:
    	
 Vice President
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ JOYCE P. DORSETT
    	
 
    
	
 
    	
Name:
    	
 Joyce P. Dorsett
    	
 
    
	
 
    	
Title:
    	
 Vice President
    	
 
    
	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL ASSOCIATION,
   CANADA BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ JOSEPH RAUHALA
    	
 
    
	
 
    	
Name:
    	
 Joseph Rauhala
    	
 
    
	
 
    	
Title:
    	
 Principal Officer
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
WELLS FARGO BANK, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ CATHERINE ABE
    	
 
    
	
 
    	
Name:
    	
 Catherine Abe
    	
 
    
	
 
    	
Title:
    	
 Senior Vice President
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
BANK OF MONTREAL
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ MICHAEL GIFT
    	
 
    
	
 
    	
Name:
    	
 Michael Gift
    	
 
    
	
 
    	
Title:
    	
 Vice President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/S/ SEAN P. GALLAWAY
    	
 
    
	
 
    	
Name:
    	
 Sean P. Gallaway
    	
 
    
	
 
    	
Title:
    	
 Vice President
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
HSBC BANK USA, NATIONAL   ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ JAMES C. COLMAN
    	
 
    
	
 
    	
Name:
    	
 James C. Colman
    	
 
    
	
 
    	
Title:
    	
 Vice President
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
UNION BANK, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ ERIK SIEGFRIED
    	
 
    
	
 
    	
Name:
    	
 Erik Siegfried
    	
 
    
	
 
    	
Title:
    	
 Vice President
    	
 
    
	
 
    	
 
    
	
 
    	
UNION BANK, Canada Branch
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ ANNE COLLINS
    	
 
    
	
 
    	
Name:
    	
 Anne Collins
    	
 
    
	
 
    	
Title:
    	
 Vice President
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
SUMITOMO MITSUI BANKING   CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ DAVID W. KEE
    	
 
    
	
 
    	
Name:
    	
 David W. Kee
    	
 
    
	
 
    	
Title:
    	
 Managing Director
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
THE BANK OF NOVA SCOTIA
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ EUGENE DEMPSEY
    	
 
    
	
 
    	
Name:
    	
 Eugene Dempsey
    	
 
    
	
 
    	
Title:
    	
 Director
    	
 
    
							

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
THE NORTHERN TRUST COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ BRANDON C. ROLEK
    	
 
    	
 
    
	
 
    	
Name:
    	
 Brandon C. Rolek
    	
 
    
	
 
    	
Title:
    	
 Senior Vice PresidentExhibit 10.1

 

Execution Version

 

ASSIGNMENT AND FOURTH AMENDMENT TO CREDIT AGREEMENT

 

THIS ASSIGNMENT AND FOURTH AMENDMENT TO CREDIT AGREEMENT (hereinafter called this “Amendment”) is entered into as of September 26, 2013, by and among MIDSTATES PETROLEUM COMPANY, INC., a Delaware corporation (the “Parent”), MIDSTATES PETROLEUM COMPANY LLC, a Delaware limited liability company (the “Borrower”), the Lenders party hereto, and SUNTRUST BANK, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”), as an Issuing Lender and as Swing Line Lender.

 

WITNESSETH:

 

WHEREAS, Borrower, Administrative Agent, the Issuing Lender, the Swing Line Lender and the lenders party thereto (the “Lenders”) entered into that certain Second Amended and Restated Credit Agreement dated as of June 8, 2012 (as amended, restated, modified or supplemented from time to time prior to the date hereof, the “Credit Agreement”), whereby the Lenders have agreed to make certain loans to Borrower upon the terms and conditions set forth therein;

 

WHEREAS, Administrative Agent has recommended, and Borrower and each Lender has agreed, that the Borrowing Base be increased to an amount equal to $500,000,000;

 

WHEREAS, certain Lenders (each, an “Assignee Lender”) have informed Borrower and Administrative Agent that they intend to purchase and assume (severally and not jointly) a portion of the Commitment, outstanding Loans, outstanding LC Obligation, and other rights and obligations under the Credit Agreement and the other Loan Documents of certain existing Lenders (each, an “Assignor Lender”), and each Assignor Lender has agreed to sell and assign (severally and not jointly) a portion of such Commitment, outstanding Loans, outstanding LC Obligation, and other rights and obligations under the Credit Agreement such that, after giving effect thereto, each Lender will have a Commitment and corresponding Pro Rata Share of the aggregate outstanding Loans and LC Obligation under the Credit Agreement as set forth on Annex A;

 

WHEREAS, Borrower has asked Administrative Agent, Issuing Lender and the Lenders to amend the Credit Agreement as described herein; and

 

WHEREAS, Administrative Agent, Issuing Lender and the Lenders are willing to amend the Credit Agreement as requested by Borrower, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, the parties to this Amendment hereby agree as follows:

 

Section 1.              Terms Defined in Credit Agreement.  As used in this Amendment, except as may otherwise be provided herein, all capitalized terms that are defined in the Credit Agreement (as amended hereby) shall have the same meaning herein as therein defined, all of such terms and their definitions being incorporated herein by reference.

 

 

Section 2.              Amendment to Credit Agreement.  Subject to the occurrence of the Fourth Amendment Effective Date, Section II.B of Appendix II to the Credit Agreement is hereby amended and restated in its entirety as follows:

 

B.            Leverage Ratio.  As of the last day of any fiscal quarter, Borrower’s ratio of Total Net Indebtedness to EBITDA for the trailing four fiscal quarter period ending on the last day of such fiscal quarter shall not exceed (i) 4.75:1.0, for the fiscal quarters ending September 30, 2013, December 31, 2013 and March 31, 2014, (ii) 4.50:1.0, for the fiscal quarter ending June 30, 2014, (iii) 4.25:1.0, for the fiscal quarters ending September 30, 2014 and December 31, 2014, and (iv) 4.00:1.0, for the fiscal quarter ending March 31, 2015 and each fiscal quarter thereafter.

 

Section 3.              Scheduled Borrowing Base Redetermination.

 

(a)           Pursuant to Section 2.04(a) of the Credit Agreement, on and as of October 1, 2013, but subject to the occurrence of the Fourth Amendment Effective Date, the Borrowing Base shall automatically increase to $500,000,000 until adjusted in accordance with Section 2.04(f) of the Credit Agreement or otherwise redetermined.

 

(b)           Both the Parent and the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other hand, agree that the redetermination of the Borrowing Base pursuant to clause (a) of this Section 3 shall not constitute a discretionary redetermination of the Borrowing Base by either the Borrower, on the one hand, or the Administrative Agent or Lenders, on the other hand, pursuant to Section 2.04(e) of the Credit Agreement.

 

Section 4.              Conditions of Fourth Amendment Effective Date.  The amendment set forth in Section 2, the Borrowing Base Increase set forth in Section 3 and the assignments set forth in Section 7 will become effective on the date on which each of the following conditions precedent are satisfied or are waived by the Arrangers in their sole discretion (the “Fourth Amendment Effective Date”).

 

(a)           Borrower and each Lender shall have delivered to Administrative Agent duly executed counterparts of this Amendment;

 

(b)           Borrower shall have made payment of all fees and expenses then due and payable under the Credit Agreement, including any fees and expenses then due and payable in connection with this Amendment pursuant to Section 12.04(a) of the Credit Agreement, in the case of expenses to the extent invoiced at least three business days prior to the Fourth Amendment Effective Date (except as otherwise reasonably agreed by Borrower); and

 

(c)           Administrative Agent shall have received a certificate executed by a Responsible Officer of each of Borrower and Parent stating that (i) the representations and warranties in Article VI of the Credit Agreement shall be true and correct in all material respects (except for representations and warranties already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects), on and as of the Fourth Amendment Effective Date with the same effect as if made on and as of such date (except to the extent such representations and warranties expressly refer to an earlier date in which case they shall be true

 

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and correct in all material respects, except for representations and warranties already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects as of such earlier date), and (ii) no Default or Event of Default has occurred and is continuing.

 

Section 5.              Upfront Fees.  Borrower agrees to pay to the Administrative Agent on the Fourth Amendment Effective Date (a) for the account of each Lender that has increased its Commitment to the Borrowing Base under the Credit Agreement pursuant to this Amendment relative to such Lender’s Commitment to the Borrowing Base under the Credit Agreement immediately prior to the Fourth Amendment Effective Date (each such Lender described the foregoing clause, an “Increasing Lender”), a one-time upfront fee in an amount of fifty (50.0) basis points on each such Increasing Lender’s increased Commitment to such Borrowing Base under the Credit Agreement (it being understood and agreed that such upfront fee shall not be payable with respect to any Lender or its affiliates if the total Commitment of such Lender and its affiliates to the Borrowing Base is less than or equal to the total Commitment of such Lender and its affiliates to the Borrowing Base under the Credit Agreement immediately prior to the Fourth Amendment Effective Date) and (b) for the account of each Lender a one-time upfront fee in an amount of ten (10.0) basis points on the lesser of (i) such Lender’s Commitment to the Borrowing Base immediately prior to the Fourth Amendment Effective Date and (ii) such Lender’s Commitment to the Borrowing Base immediately after giving effect to the Fourth Amendment Effective Date; provided, that for purposes of determining any Lender’s Commitment to the Borrowing Base before or after giving effect to the Fourth Amendment Effective Date pursuant to this Section 5, the Commitments of any Lender and of its affiliates shall be deemed to be a single Commitment.

 

Section 6.              Representations and Warranties.  On the Fourth Amendment Effective Date, each of Parent and Borrower represents and warrants to Administrative Agent and each of the Lenders that:

 

(a)           Each Loan Party: (i) is validly existing and (ii) has the power and authority to execute, deliver, and perform its obligations under this Amendment and each other Loan Document to which it is a party except where the failure does not constitute a Default and could not reasonably be expected to have a Material Adverse Effect.

 

(b)           The execution, delivery and performance by each of Parent and Borrower of this Amendment and each other Loan Document to which it is a party has been duly authorized by all necessary limited liability company or corporate action, as applicable, and does not and will not contravene the terms of any of such Person’s Organization Documents.

 

(c)           This Amendment and each other Loan Document to which each Loan Party is a party constitutes the legal, valid and binding obligations of such Person to the extent it is a party thereto, enforceable against such Person in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability.

 

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Section 7.              Assignment and Assumption.

 

(a)           As of the Fourth Amendment Effective Date (and subject to the conditions set forth in Section 4 above), each Assignor Lender hereby irrevocably sells and assigns, severally and not jointly, to the Assignee Lenders, and the Assignee Lenders hereby irrevocably purchase and assume from each Assignor Lender, severally and not jointly, (i) all of each such Assignor Lender’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other document or instrument delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor Lender under the Credit Agreement (including any letters of credit thereunder) to the extent related to the amount and percentage interest necessary to cause the Commitments and Pro Rata Shares of all Lenders to be, after giving effect to such assignments, as set forth on Annex A hereto, and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of such Assignor Lender (in its capacity as Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other document or instrument delivered pursuant thereto or the transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) being referred to herein collectively for all Assignor Lenders as the “Assigned Interests”), subject to and in accordance with this Section 7.  Such sale and assignment is without recourse to the Assignor Lenders and, except as expressly provided in this Section 7, without representation or warranty by the Assignor Lenders.

 

(b)           Each Assignor Lender (i) represents and warrants that (A) it is the legal and beneficial owner of the Pro Rata Share of its Assigned Interests, (B) such Assigned Interests are free and clear of any lien, encumbrance or other adverse claim, and (C) it has full power and authority, and has taken all action necessary, to execute and deliver this assignment and to consummate the transactions contemplated by this Section 7, and (ii) assumes no responsibility with respect to (A) any statements, warranties or representation made in or in connection with the Credit Agreement or any other Loan Document, (B) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any Collateral thereunder, (C) the financial condition of Borrower or any other Loan Party, or (D) the performance or observance by Borrower or any other Loan Party of any of their respective obligations under any Loan Document.

 

(c)           Each Assignee Lender (i) represents and warrants that (A) it has full power and authority, and has taken all action necessary, to execute and deliver this assignment and to consummate the transactions contemplated hereby, (B) it satisfies the requirements specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interests being assigned to it hereunder, (C) it has received copies of the most recent financial statements delivered pursuant thereto, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and to purchase the Assigned Interests purchased by it hereunder on the basis of which it has made such analysis and decision independently and without reliance on Administrative Agent, the Arrangers, or any other Lender, and (D) if it is a Foreign Lender, it

 

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has supplied to Administrative Agent any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by such Assignee, and (ii) agrees that (A) it will, independently and without reliance on Administrative Agent, any Assignor Lender or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (B) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

(d)           From and after the Fourth Amendment Effective Date, the Administrative Agent shall distribute all payments in respect of the Assigned Interests (including payments of principal, interest, fees and other amounts) to the appropriate Assignor Lenders for amounts that have accrued to but excluding the Fourth Amendment Effective Date and to the appropriate Assignee Lenders as specified on Annex A hereto for amounts that accrue from and after the Fourth Amendment Effective Date.

 

(e)           Borrower shall pay to the Assignor Lenders all break funding payments actually incurred payable in accordance with Section 3.04 of the Credit Agreement in connection with the assignments made pursuant to this Section 7.

 

(f)            After giving effect to this Section 7 each Assignor Lender and each Assignee Lender will have a Commitment and corresponding Pro Rata Share of the aggregate outstanding Loans and LC Obligation under the Credit Agreement as set forth on Annex A.

 

Section 8.              Reference to and Effect on the Credit Agreement.

 

(a)           Upon the Fourth Amendment Effective Date and thereafter, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference to the Credit Agreement as amended hereby.

 

(b)           Except as specifically amended by this Amendment, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed.

 

Section 9.              Cost and Expenses.  Each of Parent and Borrower agrees to pay fees and expenses in connection with this Amendment pursuant to the terms and conditions of Section 12.04(a) of the Credit Agreement.

 

Section 10.            Extent of Amendments.  Except as specifically set forth in this Amendment, the Credit Agreement and the other Loan Documents are not amended, modified or affected hereby.  Each of Parent and Borrower hereby ratifies and confirms that (i) except as specifically set forth in this Amendment, all of the terms, conditions, covenants, representations, warranties and all other provisions of the Credit Agreement remain in full force and effect, (ii) each of the other Loan Documents are and remain in full force and effect in accordance with their respective terms, and (iii) the Collateral is unimpaired by this Amendment.

 

Section 11.            Execution and 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 and delivered shall be deemed to be an original and all of which taken together

 

5

 

shall constitute but one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile shall be equally as effective as delivery of a manually executed counterpart of this Amendment.

 

Section 12.            Governing Law.  This Amendment shall be governed by, construed and interpreted in accordance with the laws of the State of New York, except to the extent that federal laws of the United States of America apply.

 

Section 13.            Headings.  Section headings in this Amendment are included herein for convenience and reference only and shall not constitute a part of this Amendment for any other purpose.

 

Section 14.            No Waiver.  Borrower hereby agrees that except as expressly set forth in this Amendment, no Default or Event of Default has been waived or remedied by the execution of this Amendment by Administrative Agent, the Swing Line Lender, any Issuing Lender or any Lender, and any such Default or Event or Default heretofore arising and currently continuing shall continue after the execution and delivery hereof.  Nothing contained in this Amendment nor any past indulgence by Administrative Agent, the Swing Line Lender, any Issuing Lender or any Lender, nor any other action or inaction on behalf of Administrative Agent, the Swing Line Lender, any Issuing Lender or any Lender shall constitute or be deemed to constitute an election of remedies by Administrative Agent, the Swing Line Lender, any Issuing Lender or any Lender.

 

Section 15.            Loan Document.  This Amendment is a Loan Document.

 

Section 16.            NO ORAL AGREEMENTS.  THE RIGHTS AND OBLIGATIONS OF EACH OF THE PARTIES TO THE LOAN DOCUMENTS SHALL BE DETERMINED SOLELY FROM WRITTEN AGREEMENTS, DOCUMENTS, AND INSTRUMENTS, AND ANY PRIOR ORAL AGREEMENTS BETWEEN SUCH PARTIES ARE SUPERSEDED BY AND MERGED INTO SUCH WRITINGS.  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER WRITTEN LOAN DOCUMENTS EXECUTED BY PARENT, BORROWER, ADMINISTRATIVE AGENT, THE SWING LINE LENDER, ANY ISSUING LENDER AND/OR LENDERS (TOGETHER WITH THE FEE LETTERS) REPRESENT THE FINAL AGREEMENT REGARDING THE MATTERS HEREIN BETWEEN SUCH PARTIES, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY SUCH PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN SUCH PARTIES.

 

[Signature Pages Follow]

 

6

 

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

 

	
 
    	
MIDSTATES   PETROLEUM COMPANY LLC, a
    
	
 
    	
Delaware   limited liability company, as Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas L. Mitchell
    
	
 
    	
 
    	
Name:   
    	
Thomas   L. Mitchell
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MIDSTATES   PETROLEUM COMPANY, INC., a
    
	
 
    	
Delaware   corporation, as Parent
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas L. Mitchell
    
	
 
    	
 
    	
Name:   
    	
Thomas   L. Mitchell
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
SUNTRUST   BANK, as Administrative Agent,
    
	
 
    	
as   Swing Line Lender and as an Issuing Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shannon Juhan
    
	
 
    	
 
    	
Name:   
    	
Shannon   Juhan
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SUNTRUST   BANK, as a Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shannon Juhan
    
	
 
    	
 
    	
Name:   
    	
Shannon   Juhan
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
BANK   OF AMERICA, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Elizabeth Gallagher
    
	
 
    	
 
    	
Name:   
    	
Elizabeth   Gallagher
    
	
 
    	
 
    	
Title:
    	
Assistant   Vice President
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
CAPITAL   ONE, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matthew L. Molero
    
	
 
    	
 
    	
Name:   
    	
Matthew   L. Molero
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
CITIBANK,   N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Peter Kardos
    
	
 
    	
 
    	
Name:
    	
Peter   Kardos
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
GOLDMAN   SACHS BANK USA, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Walton
    
	
 
    	
 
    	
Name:
    	
Mark   Walton
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
KEYBANK   NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul J. Pace
    
	
 
    	
 
    	
Name:
    	
Paul   J. Pace
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
MORGAN   STANLEY BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kelly Chin
    
	
 
    	
 
    	
Name:
    	
Kelly   Chin
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
MORGAN   STANLEY SENIOR FUNDING, INC., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kelly Chin
    
	
 
    	
 
    	
Name:
    	
Kelly   Chin
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
NATIXIS,   as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stuart Murray
    
	
 
    	
 
    	
Name:
    	
Stuart   Murray
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mary Lou Allen
    
	
 
    	
 
    	
Name:
    	
Mary   Lou Allen
    
	
 
    	
 
    	
Title:
    	
Director
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
ROYAL   BANK OF CANADA, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Don J. McKinnerney
    
	
 
    	
 
    	
Name:
    	
Don   J. McKinnerney
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
SOCIÉTÉ   GÉNÉRALE, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. Bornstein
    
	
 
    	
 
    	
Name:
    	
David   M. Bornstein
    
	
 
    	
 
    	
Title:
    	
Director
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
THE   ROYAL BANK OF SCOTLAND PLC, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jim Moyes
    
	
 
    	
 
    	
Name:
    	
Jim   Moyes
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Revolver Amendment Signature Page]

 

 

	
 
    	
THE   BANK OF NOVA SCOTIA, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Terry Donovan
    
	
 
    	
 
    	
Name:
    	
Terry   Donovan
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

[Revolver Amendment Signature Page]

 

 

ANNEX A

 

SCHEDULE 2.01

 

COMMITMENTS AND
 PRO RATA SHARES

 

	
Lender
    	
 
    	
Maximum
   Loan Amount
    	
 
    	
Pro Rata Share
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
SunTrust Bank
    	
 
    	
$
    	
90,000,000.00
    	
 
    	
12.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Bank of America, N.A.
    	
 
    	
$
    	
78,750,000.00
    	
 
    	
10.5
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Capital One, National Association
    	
 
    	
$
    	
45,000,000.00
    	
 
    	
6.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Citibank, N.A.
    	
 
    	
$
    	
45,000,000.00
    	
 
    	
6.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Goldman Sachs Bank USA
    	
 
    	
$
    	
52,500,000.00
    	
 
    	
7.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
KeyBank National Association
    	
 
    	
$
    	
45,000,000.00
    	
 
    	
6.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Morgan Stanley Bank, N.A.
    	
 
    	
$
    	
75,000,000.00
    	
 
    	
10.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Morgan Stanley Senior Funding, Inc.
    	
 
    	
$
    	
11,250,000.00
    	
 
    	
1.5
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Natixis
    	
 
    	
$
    	
52,500,000.00
    	
 
    	
7.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Royal Bank of Canada
    	
 
    	
$
    	
75,000,000.00
    	
 
    	
10.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Société Générale
    	
 
    	
$
    	
75,000,000.00
    	
 
    	
10.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
The Royal Bank of Scotland plc
    	
 
    	
$
    	
52,500,000.00
    	
 
    	
7.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
The Bank of Nova Scotia
    	
 
    	
$
    	
52,500,000.00
    	
 
    	
7.0
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total:
    	
 
    	
$
    	
750,000,000.00
    	
 
    	
100.0
    	
%
    

 

Annex A to Amendment

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