Document:

exv10w2

 

Exhibit
10.2

Execution Copy

AMENDMENT NO. 1

     This Amendment No. 1 dated as of April 18, 2007 (“Amendment”) is among Callon
Petroleum Company, a Delaware corporation (“Borrower”), the Lenders, and Union Bank of
California, N.A., as administrative agent (“Administrative Agent”).

INTRODUCTION

     A. The Borrower, the Lenders, and the Administrative Agent are parties to the Amended and
Restated Credit Agreement dated as of August 30, 2006 (“Credit Agreement”).

     B. The Borrower has requested and the Majority Lenders have agreed to make certain amendments
to the Credit Agreement.

     THEREFORE, the Borrower, the Majority Lenders and the Administrative Agent hereby agree as
follows:

     Section 1. Definitions. Unless otherwise defined in this Amendment, each term used in
this Amendment that is defined in the Credit Agreement has the meaning assigned to such term in the
Credit Agreement.

     Section 2. Amendments.

     (a) Section 1.02 of the Credit Agreement is hereby amended as follows:

     (i) The pricing grid set forth in the definition of “Applicable Margin” is hereby
amended in its entirety as follows:

	 	 	 	 	 	 	 	 	 
	Borrowing Base Utilization	 	Applicable Margin
	 	 	LIBOR Loans	 	Base Rate Loans
	Less than 50%

	 	 	1.875	%	 	 	0.50	%
	Greater than or equal to 50%, but less
than 75%

	 	 	2.125	%	 	 	0.50	%
	Greater than or equal to 75%, but less
than 90%

	 	 	2.250	%	 	 	0.75	%
	Greater than or equal to 90%

	 	 	2.500	%	 	 	1.00	%

     (ii) The definition of “Entrada Field is hereby amended in its entirety as follows:

     “Entrada Field” means any and all Oil and Gas Properties on, under or
related to Garden Banks Blocks 738, 782, 785, 826 and 827 located in the federal
offshore waters of the Gulf of Mexico.

     (iii) The following new definitions will be added in correct alphabetical order therein as
follows:

 

 

     “ML Credit Agreement” shall mean that certain Revolving Credit
Agreement dated as of April 18, 2007 by and among Borrower, the lenders party
thereto and Merrill Lynch Capital Corporation, as administrative agent for such
lenders, as the same may be modified or amended from time to time to the extent
permitted under this Agreement.

     “ML Loan Documents” shall mean the ML Credit Agreement and all
promissory notes, mortgages, security agreements and other documents, agreements
and instruments entered into in connection therewith or related thereto.

     (b) A new Section 2.08(f) is hereby added to the Credit Agreement as follows:

     (f) If a Borrowing Base Deficiency (as defined in the ML Credit Agreement)
exists at any time, the Borrower shall promptly notify the Administrative Agent
and the Majority Lenders may initiate a redetermination of the Borrowing Base as
they so elect by specifying in writing to the Borrower the date by which the
Borrower is to furnish a Reserve Report in accordance with Section 8.07(b) and the
date on which such redetermination is to occur.

     (c) Section 7.21 of the Credit Agreement is hereby amended by adding after “the agreements and
instruments governing the Existing Other Debt” the phrase “or evidencing Debt permitted under
Section 9.01(k) with respect to the Entrada Assets”.

     (d) A new Section 8.12 is hereby added to the Credit Agreement as follows:

     Section 8.12 Entrada Field.

     (a) On or before July 31, 2007, the Borrower shall have entered into a
Production Handling Agreement with ConocoPhillips and Devon Energy Corporation in
form and substance reasonably satisfactory to the Administrative Agent and the
Majority Lenders.

     (b) On or before December 31, 2007, the Borrower shall have entered into a
purchase and sale agreement, farmout agreement, joint exploration or development
or similar agreement with a third party and in form and substance reasonably
satisfactory to the Administrative Agent and the Majority Lenders to transfer or
convey an interest in the Entrada Field.

     (c) On or before March 31, 2008, the Borrower shall have closed on the
purchase and sale agreement, farmout agreement, joint exploration or development
or similar agreement referenced in clause (b) above.

2

 

     (e) Section 9.01 of the Credit Agreement is hereby amended by deleting the “and” at the end of
subsection (i) thereof, replacing the period at the end of subsection (j) with “; and “ and adding
the following new subjection (k):

     (k) secured Debt of the Borrower and its Subsidiaries in an amount not to
exceed the maximum principal amount of $200,000,000 under the ML Credit Agreement,
plus all other interest, fees and other obligations under the ML Credit Agreement.

     (f) Section 9.02 of the Credit Agreement is hereby amended by deleting the “and” at the end of
subsection (f) thereof, replacing the period at the end of subsection (g) with “; and “ and adding
the following new subjection (h):

     (h) Liens on the Entrada Assets securing Debt permitted under Section
9.01(k).

     (g) Section 9.19 of the Credit Agreement is hereby amended by adding after “Except for
provisions in Existing Other Debt documents” the phrase “or documents evidencing Debt permitted
under Section 9.01(k)”.

     (h) A new Section 9.24 to the Credit Agreement is hereby added as follows:

     Section 9.24 ML Loan Documents.

     (a) The Borrower shall not make any optional termination or reduction of the
Aggregate Maximum Credit Amounts (as defined in the ML Agreement); provided that,
the Borrower may prepay such Debt (and correspondingly reduce the Aggregate
Maximum Credit Amounts) with proceeds from either (i) a sale of all or a portion
of the Entrada Assets or (ii) Excess Entrada Cash Flow (as defined in the ML
Agreement) as required under Section 2.07(b)(ii) of the ML Credit Agreement.

     (b) The Borrower will not amend, supplement or otherwise modify any of the ML
Loan Documents without the prior written consent of the Administrative Agent and
the Majority Banks if the effect of such amendment, supplement or modification
would (i) shorten the final maturity date of such Debt or any other scheduled date
for the payment of principal, interest or other sums payable in respect of such
Debt, (ii) increase the principal amount of such Debt, or (iii) impose rates of
interest (other than imposing the default rate as provided for in the ML Loan
Documents), prepayment charges, premiums, closing fees or other fees or other
amounts that are greater than the respective amounts thereof in effect immediately
prior to such amendment, modification or supplement (except that (A) the weighted
average interest rate originally specified in the ML Credit Agreement applicable
to payments of interest may only be increased by up to 100 basis points from the
highest applicable interest margins or spreads and (B) any commitment reduction
premium may be imposed provided that such premium does not exceed 3% during the

3

 

second year after the closing thereof, 2% during the third year after such
closing, and 1% during the fourth year after closing, and (C) the Borrower may pay
customary fees for amendments, providing consents, waiving defaults or granting
forbearances or to the reimbursement of any reasonable out-of-pocket expenses
(including fees of attorneys, appraisers, consultants and advisors) in accordance
with the terms of the ML Loan Documents), or (iv) impose any additional mandatory
prepayments other than the terms and provisions of the ML Loan Documents as in
effect on the date hereof.

     (c) Upon the closing of the ML Credit Agreement, the Borrower shall deliver
to the Administrative Agent (i) a copy of the ML Credit Agreement and the initial
ML Loan Documents, each in form and substance reasonably acceptable to the
Administrative Agent and the Majority Lenders, and (ii) an intercreditor agreement
duly executed by the Administrative Agent and Merrill Lynch Capital Corporation,
as administrative agent for the lenders under the ML Credit Agreement, in form and
substance reasonably acceptable to the Administrative Agent and the Majority
Lenders.

     (i) Section 10.01(d) of the Credit Agreement is amended by adding “, 8.12” after “8.01(c)”
therein.

     (j) A new Section 12.20 is hereby added to the Credit Agreement as follows:

     Section 2.20 USA PATRIOT Act Notice. Each Lender that is subject to
the Act (as hereinafter defined) and the Administrative Agent (for itself and not
on behalf of any Lender) hereby notifies the Borrower that pursuant to the
requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies the Borrower, which information includes the
name and address of the Borrower and other information that will allow such Lender
or the Administrative Agent, as applicable, to identify the Borrower in accordance
with the Act.

     (k) During the period from and after the effective date of this Amendment until the first
redetermination pursuant to Section 2.08(d) or as adjusted pursuant to Section 8.08(c), the amount
of the Borrowing Base shall be $50,000,000.

     Section 3. Representations and Warranties. The Borrower represents and warrants that
(a) the execution, delivery and performance of this Amendment are within the corporate power and
authority of the Borrower and have been duly authorized by appropriate proceedings, (b) the Liens
under the Security Instruments are valid and subsisting and secure the Borrower’s obligations under
the Credit Agreement as amended hereby, (c) this Amendment constitutes the legal, valid, and
binding obligation of the Borrower, enforceable in accordance with its terms, except as limited by
applicable

4

 

bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and general principles of equity, (d) the representations and warranties of the
Borrower contained in the Loan Documents are true and correct as of the date hereof, except as
otherwise previously disclosed to the Agent, and (e) no Default or Event of Default has occurred
and is continuing as of the date hereof.

     Section 4. Reaffirmation of Guaranty. Each Guarantor hereby ratifies, confirms, and
acknowledges that its obligations under the Guaranty Agreement are in full force and effect and
that each Guarantor continues to unconditionally and irrevocably, jointly and severally, guarantee
the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or
otherwise, all of the Obligations (subject to the terms of the Guaranty Agreement), as such
Obligations may have been amended by this Amendment. Each Guarantor hereby acknowledges that its
execution and delivery of this Amendment does not indicate or establish an approval or consent
requirement by the Guarantors under the Guaranty Agreement in connection with the execution and
delivery of amendments to the Credit Agreement, the Notes or any of the other Loan Documents.

     Section 5. Effectiveness. The Credit Agreement shall be amended as provided in this
Amendment on the date first set forth above when:

     (a) the Administrative Agent shall have received this Amendment duly executed by the Borrower,
the Majority Lenders and the Administrative Agent thereto;

     (b) the Administrative Agent shall have received title information satisfactory to the
Administrative Agent setting forth a status of title acceptable to the Administrative Agent to at
least 75% of the value of the Oil and Gas Properties included in the most recently delivered
Reserve Report;

     (c) the Administrative Agent shall have received Security Instruments, if necessary, duly
completed and executed in sufficient number of counterparts for recording, in order to ensure the
Borrower’s compliance with Section 8.09(a) of the Credit Agreement; and

     (d) the Borrower shall have paid to the Administrative Agent for the ratable benefit of the
Lenders executing this Amendment a work fee equal to 0.25% of such Lender’s Percentage Share of the
Borrowing Base after giving effect to this Amendment, together with all costs and expenses which
have been invoiced and are payable pursuant to Section 2.04.

     Section 6. Choice of Law. This Amendment shall be governed by, and construed and
enforced in accordance with, the laws of the State of Texas.

     Section 7. Release of Entrada Assets. Contemporaneously with the effectiveness of the
ML Credit Agreement, the Administrative Agent and the Lenders shall execute and deliver to Borrower
or its designee such lien releases, financing statements and other documents, instruments or
agreements as may be reasonably necessary to release, discharge and reassign any and all Liens on
the Entrada Assets existing under the Loan Documents.

5

 

     Section 8. Counterparts. This Amendment may be signed in any number of separate
counterparts (including facsimile transmission), all of which when taken together shall be deemed
to be an original.

     This written agreement and the Loan Documents, as defined in the Credit Agreement,
represent the final agreement among 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 between the parties.

[Remainder of this page intentionally left blank. Signature page follows.]

6

 

     Executed as of the date first written above.

	 	 	 	 	 
	 	CALLON PETROLEUM COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Address for Notices:

P.O. Box 1287

Natchez, MS 39121-1287; or

200 North Canal Street,

Natchez, MS 39121-1287

Telecopier No.: 601-446-1410

Telephone No.: 601-442-1601

Attention: Rodger W. Smith, Treasurer

7

 

	 	 	 	 	 
	 	UNION BANK OF CALIFORNIA, N.A.,

as Lender and Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Address for Notices:

Energy Capital Service — Houston Office

Four Houston Center

1331 Lamar Street, Suite 1360

Houston, Texas 77010

Telecopier No.: 713-286-3051

Telephone No.: 713-286-3058

Attention: Daniel A. Davis

With copy to:

Energy Capital Services — Dallas Office

500 N. Akard, Suite 4200

Dallas, TX 75201

Telecopier No.: 214-922-4209

Telephone No.: 214-922-4200

Attention: Hannah Payne

8

 

	 	 	 	 	 
	 	GUARANTY BANK,

as Lender and Syndication Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Address for Notices:

Guaranty Bank

Oil and Gas Banking

333 Clay Street, Suite 4400

Houston, TX 77002

Tel: (713) 890-8849

Fax: (713) 890-8868

Attn: Kelly L. Elmore III

With copy to:

Guaranty Bank

Commercial Loan Support

8333 Douglas Ave.

Dallas, TX 75225

Tel: (214) 390-3342

Fax: (214) 390-5109

Attn: Sherye O’Neal

9

 

	 	 	 	 	 
	 	NATIXIS,

as Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

10

 

	 	 	 	 	 

	 	 	 	 	 
	 	For Purposes of Section 5 Only.

GUARANTORS:

CALLON PETROLEUM OPERATING COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CALLON OFFSHORE PRODUCTION, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MISSISSIPPI MARKETING, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Address for Notices:

P.O. Box 1287, Natchez, MS 39121-1287; or

200 North Canal Street, Natchez, MS 39120

Telecopier No.: 601-446-1410

Telephone No.: 601-442-1601 (x235)

Attention: Rodger W. Smith, Treasurer

11exv4w1

 

Exhibit 4.1

AMENDMENT NO. 3 AND CONSENT

     This Amendment No. 3 and Consent (“Agreement”) dated as of April 23, 2007 (“Effective Date”)
is among Mariner Energy, Inc., a Delaware corporation (the “Parent”), Mariner Energy Resources,
Inc., a Delaware corporation (“Mariner Energy Resources” and together with the Parent, the
“Borrowers”, each a “Borrower”), the Lenders (as defined in the Credit Agreement described below),
and Union Bank of California, N.A., as administrative agent for such Lenders (in such capacity, the
“Administrative Agent”) and as issuing lender for such Lenders (in such capacity, the “Issuing
Lender”).

RECITALS

     A. The Borrowers, the Lenders, the Issuing Lender and the Administrative Agent are parties to
the Amended and Restated Credit Agreement dated as of March 2, 2006, as amended by Amendment No. 1
and Consent dated as of April 7, 2006 and by Amendment No. 2 dated as of October 13, 2006 (as so
amended and as the same may be further amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”).

     B. The Parent wishes to issue up to $300,000,000 of new Debt (as defined in the Credit
Agreement). In connection with such issuance, the Borrowers have requested that the Lenders (a)
consent to maintaining the Borrowing Base (as defined in the Credit Agreement) at its current
amount and (b) amend certain provisions of the Credit Agreement.

     C. At the request of the Borrowers, the Administrative Agent and the Lenders wish to, subject
to the terms and conditions of this Agreement, (1) consent to the Borrowing Base remaining in
effect at its current amount, and (2) amend certain provisions of the Credit Agreement.

     THEREFORE, the Borrowers, the subsidiaries of the Borrowers signatory hereto (the
“Guarantors”), the Lenders, the Issuing Lender and the Administrative Agent hereby agree as
follows:

ARTICLE I.

DEFINITIONS

     Section 1.01 Terms Defined Above. As used in this Agreement, each of the terms
defined in the opening paragraph and the Recitals above shall have the meanings assigned to such
terms therein.

     Section 1.02 Terms Defined in the Credit Agreement. Each term defined in the Credit
Agreement and used herein without definition shall have the meaning assigned to such term in the
Credit Agreement, unless expressly provided to the contrary.

     Section 1.03 Other Definitional Provisions. The words “hereby”, “herein”,
“hereinafter”, “hereof”, “hereto” and “hereunder” when used in this Agreement shall refer to this
Agreement as a whole and not to any particular Article, Section, subsection or provision of this
Agreement. Article, Section, subsection and Exhibit references herein are to such Articles, Sections, subsections and Exhibits of this Agreement unless otherwise specified. All titles or
headings to Articles, Sections, subsections or other divisions of this Agreement or the exhibits

 

 

hereto, if any, are only for the convenience of the parties and shall not be construed to have any
effect or meaning with respect to the other content of such Articles, Sections, subsections, other
divisions or exhibits, such other content being controlling as the agreement among the parties
hereto. Whenever the context requires, reference herein made to the single number shall be
understood to include the plural; and likewise, the plural shall be understood to include the
singular. Words denoting sex shall be construed to include the masculine, feminine and neuter,
when such construction is appropriate; and specific enumeration shall not exclude the general but
shall be construed as cumulative. Definitions of terms defined in the singular or plural shall be
equally applicable to the plural or singular, as the case may be, unless otherwise indicated.

ARTICLE II.

AMENDMENT TO CREDIT AGREEMENT

     Section 2.01 Amendments to Credit Agreement.

          (a) Section 1.01 of the Credit Agreement is amended by deleting the first clause of the
definition of “Bond Issuance” in its entirety and replacing it with the following:

"“Bond Issuance” means the issuance by the Parent of up to
$600,000,000 of Debt”; and

          (b) Section 6.02(h) of the Credit Agreement is amended by deleting such sub-Section in its
entirety and replacing it with the following:

"(h) Debt arising pursuant to the Bond Issuance and any refinancing
thereof with another Bond Issuance; provided that, the aggregate
outstanding principal amount of all Bond Issuances at any time may not
exceed $600,000,000;”.

ARTICLE III.

CONSENT

     Section 3.01 Consent. Subject to the terms of this Agreement, the Administrative
Agent and the Lenders agree that if the Parent issues new Debt in the form of a Bond Issuance (a)
that is in an aggregate amount not to exceed $300,000,000 and (b) with an effective date that is no
later than April 30, 2007 (the “2007 Bond Issuance”), the provisions of Section 2.02(e)
regarding a reduction of the Borrowing Base shall not apply to such 2007 Bond Issuance. The
provisions of Section 2.02(e) shall apply to all subsequent Bond Issuances. After the occurrence
of the 2007 Bond Issuance, the Borrowing Base shall remain at its current level of $450,000,000
until redetermined in accordance with Section 2.02.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

     Section 4.01 Borrowers Representations and Warranties. Each of the Borrowers
represents and warrants that: (a) its representations and warranties contained in Article IV of the
Credit Agreement and its representations and warranties contained in the Security Instruments,
the Guaranties, and each of the other Loan Documents to which it is a party are true and
correct in all material respects on and as of the Effective Date, after giving effect to the terms
of this

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Agreement, as though made on and as of such date, except those representations and
warranties that speak of a certain date, which representations and warranties were true and correct
as of such date; (b) after giving effect to the terms of this Agreement, no Default has occurred
and is continuing; (c) the execution, delivery and performance of this Agreement and the other
documents, instruments, certificates and agreements (“Other Documents”) required to be delivered by
this Agreement and to which each of the Borrowers is a party are within the corporate power and
authority of each of the Borrowers and have been duly authorized by appropriate corporate action
and proceedings; (d) this Agreement and the Other Documents to which each of the Borrowers is a
party constitute legal, valid, and binding obligations of such Borrower enforceable in accordance
with their respective terms, except as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting the rights of creditors generally and general
principles of equity; (e) there are no governmental or other third party consents, licenses and
approvals required in connection with the execution, delivery, performance, validity and
enforceability of this Agreement or any of the Other Documents; and (f) the Liens under the
Security Instruments are valid and subsisting and secure each of the Borrowers’ obligations under
the Loan Documents.

     Section 4.02 Guarantors Representations and Warranties. Each Guarantor represents and
warrants that: (a) its representations and warranties contained in Article IV of the Credit
Agreement and its representations and warranties contained in the Security Instruments, the
Guaranties, and each of the other Loan Documents to which it is a party are true and correct in all
material respects on and as of the Effective Date, as though made on and as of such date, except
those representations and warranties that speak of a certain date, which representations and
warranties were true and correct as of such date; (b) after giving effect to the terms of this
Agreement, no Default has occurred and is continuing; (c) the execution, delivery and performance
of this Agreement and the Other Documents to which such Guarantor is a party are within the
corporate power and authority of such Guarantor and have been duly authorized by appropriate
corporate action and proceedings; (d) this Agreement and the Other Documents to which such
Guarantor is a party constitute legal, valid, and binding obligations of such Guarantor enforceable
in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting the rights of creditors generally and general
principles of equity; (e) there are no governmental or other third party consents, licenses and
approvals required in connection with the execution, delivery, performance, validity and
enforceability of this Agreement or any of the Other Documents; (f) it has no defenses to the
enforcement of its Guaranty; and (g) the Liens under the Security Instruments are valid and
subsisting and secure such Guarantor’s obligations under the Loan Documents.

ARTICLE V.

CONDITIONS

     This Agreement shall become effective and enforceable against the parties hereto, and the
Credit Agreement shall be amended as provided herein, upon the occurrence of the following
conditions precedent:

     Section 5.01 Documents; Certificates.

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          (a) The Administrative Agent shall have received multiple original counterparts, as requested
by the Administrative Agent, of this Agreement duly and validly executed and delivered by duly
authorized officers of the Borrowers, the Guarantors, the Administrative Agent, and the Lenders.

          (b) The Administrative Agent shall have received a signed certificate of the secretary or an
assistant secretary of each of the Borrowers and any Guarantor in form and substance reasonably
satisfactory to the Administrative Agent.

          (c) The Administrative Agent shall have received such other instruments, documents and
amendments or supplements as the Administrative Agent may reasonably request.

     Section 5.02 No Default. No Default shall have occurred and be continuing as of the
Effective Date.

     Section 5.03 Representations. The representations and warranties in this Agreement
shall be true and correct in all material respects.

     Section 5.04 Fees. The Borrower shall have paid (a) to the Administrative Agent for
the benefit of certain Lenders a consent fee in an amount disclosed to such Lenders, and (b) all
reasonable fees and expenses of the Administrative Agent under the Credit Agreement that have been
invoiced and are then due and owing.

ARTICLE VI.

MISCELLANEOUS

     Section 6.01 Effect on Loan Documents; Acknowledgments.

          (a) Each of the Borrowers acknowledges that on the date hereof all Obligations are payable
without defense, offset, counterclaim or recoupment.

          (b) The Administrative Agent, the Issuing Lender, and the Lenders hereby expressly reserve all
of their rights, remedies, and claims under the Loan Documents. Nothing in this Agreement shall
constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Loan
Documents other than as expressly set forth above, (ii) any of the agreements, terms or conditions
contained in any of the Loan Documents other than as expressly set forth above, (iii) any rights or
remedies of the Administrative Agent, the Issuing Lender or any Lender with respect to the Loan
Documents, or (iv) the rights of the Administrative Agent, any Issuing Lender or any Lender to
collect the full amounts owing to them under the Loan Documents.

          (c) Each of the Borrowers, the Guarantors, Administrative Agent, Issuing Lender, and Lenders
does hereby adopt, ratify, and confirm the Credit Agreement, as amended hereby, and acknowledges
and agrees that the Credit Agreement, as amended hereby, and all other Loan Documents are and
remain in full force and effect, and each of the Borrowers and the Guarantors acknowledges and
agrees that its liabilities under the Credit Agreement and the other Loan Documents are not
impaired in any respect by this Agreement or the consents granted hereunder.

-4-

 

          (d) From and after the Effective Date, all references to the Credit Agreement and the Loan
Documents shall mean such Credit Agreement and such Loan Documents as amended by this Agreement.

          (e) This Agreement is a Loan Document for the purposes of the provisions of the other Loan
Documents. Without limiting the foregoing, any breach of representations, warranties, and
covenants under this Agreement shall be a Default or Event of Default, as applicable, under the
Credit Agreement.

     Section 6.02 Reaffirmation of the Guaranty. Each Guarantor hereby ratifies, confirms,
acknowledges and agrees that its obligations under its Guaranty are in full force and effect and
that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual
payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the
Guaranteed Obligations (as defined in its Guaranty), as such Guaranteed Obligations may have been
amended by this Agreement, and its execution and deliver of this Agreement does not indicate or
establish an approval or consent requirement by such Guarantor under its Guaranty in connection
with the execution and delivery of amendments to the Credit Agreement, the Notes or any of the
other Loan Documents.

     Section 6.03 Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original and all of which, taken together, constitute a
single instrument. This Agreement may be executed by facsimile signature and all such signatures
shall be effective as originals.

     Section 6.04 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the Lenders, the Borrowers and the Administrative Agent hereto and their
respective successors and assigns permitted pursuant to the Credit Agreement.

     Section 6.05 Invalidity. In the event that any one or more of the provisions
contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of
this Agreement.

     Section 6.06 Governing Law. This Agreement shall be deemed to be a contract made
under and shall be governed by and construed in accordance with the laws of the State of Texas.

     Section 6.07 Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS
AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE
PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS,
WRITTEN OR ORAL, WITH RESPECT THERETO.

     THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

[SIGNATURES BEGIN ON NEXT PAGE]

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     EXECUTED effective as of the date first above written.

	 	 	 	 	 
	 	MARINER ENERGY, INC.

 	 
	 	By:  	/s/ John H. Karnes
 	 
	 	 	John H. Karnes 	 
	 	 	Senior Vice President and Chief Financial Officer 	 
	 
	 	MARINER ENERGY RESOURCES, INC.

 	 
	 	By:  	/s/ John H. Karnes
 	 
	 	 	John H. Karnes 	 
	 	 	Senior Vice President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	MARINER LP LLC, a Delaware

limited liability company

 	 
	 	     By:  	Mariner Energy, Inc., its sole member
 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                            /s/ John H. Karnes
 	 
	 	 	John H. Karnes 	 
	 	 	Senior Vice President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	MARINER ENERGY TEXAS LP, a Delaware limited partnership

 	 
	 	     By:  	Mariner Energy, Inc., its sole general partner
 	 

	 	 	 	 	 
	 	 	 
	 	          By:  	                                                   /s/ John H. Karnes
 	 
	 	 	John H. Karnes 	 
	 	 	Senior Vice President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	UNION BANK OF CALIFORNIA, N.A.,

as Administrative Agent, as Issuing Lender, and as a

Lender

 	 
	 	By:  	/s/ Damien Meiburger
 	 
	 	 	Damien Meiburger, Senior Vice President 	 
	 	 	 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	LENDERS:

BNP PARIBAS

 	 
	 	By:  	/s/ Betsy Jocher
 	 
	 	 	Name:  	Betsy Jocher 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                                            /s/ Polly Schott
 	 
	 	 	Name:  	Polly Schott 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ Jo Linda Papadakis
 	 
	 	 	Name:  	Jo Linda Papadakis 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	NATEXIS BANQUES POPULAIRES

 	 
	 	By:  	/s/ Louis P. Laville, III
 	 
	 	 	Name:  	Louis P. Laville, III 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	
/s/ Timothy L. Polvado
 	 
	 	 	Name:  	Timothy L. Polvado 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	CAYLON NEW YORK BRANCH

 	 
	 	By:  	/s/ Tom Byargeon
 	 
	 	 	Name:  	Tom Byargeon 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                                            /s/ Michael Willis
 	 
	 	 	Name:  	Michael Willis 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	GUARANTY BANK

 	 
	 	By:  	/s/ David M. Butler
 	 
	 	 	Name:  	David M. Butler 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Kenneth R. Batson, III
 	 
	 	 	Name:  	Kenneth R. Batson, III 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK

FRANKFURT AM MAIN, NEW YORK BRANCH

 	 
	 	By:  	/s/ William G. Roos
 	 
	 	 	Name:  	William G. Roos 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By:  	                                            /s/ John Hammarskjold
 	 
	 	 	Name:  	John Hammarskjold 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	CITICORP USA, INC.

 	 
	 	By:  	/s/ David E. Hunt
 	 
	 	 	Name:  	David E. Hunt 	 
	 	 	Title:  	Vice-President 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ C. W. Randall
 	 
	 	 	Name:  	C. W. Randall 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By:  	/s/ Josh Strong
 	 
	 	 	Name:  	Josh Strong 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

 

 

	 	 	 	 	 
	 	BMO CAPITAL MARKETS FINANCING, INC.

(f / k / a / HARRIS NESBITT FINANCING, INC.)

 	 
	 	By:  	 /s/ James V. Ducote	 
	 	 	Name:  	James V. Ducote 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Amendment No. 3 and Consent

(Mariner Energy, Inc. and Mariner Energy Resources, Inc.)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]